Machine Learning Cuts Lawyer Hours by 360,000 a Year for JPMorgan

cageymaru

cageymaru

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JPMorgan has developed machine learning software that saves the company 360,000 lawyer hours per year. Normally it takes a team of lawyers many hours interpreting the 12,000 commercial-loan agreements that JPMorgan processes per year. With the new Contract Intelligence software nicknamed COIN; JPMorgan is finding far less mistakes being made and it only takes seconds to process a form.

JPMorgan invests heavily into technology by budgeting 9% of their projected revenue into development of new technology. This amount exceeded $1 billion dollars of technology investment over the part two years. They are looking into other systems that can utilize A.I.bots such as credit-default swaps and custody agreements. They have another program called X-Connect that matches potential prospects with acquaintances within the company to arrange introductions. JPMorgan would like to invest 40% of it's budget into technology to get rid of redundant, antiquated systems. Much of this desire to invest into technology comes after the 2014 hack of it's core business networks.

To help spur internal disruption, the company keeps tabs on 2,000 technology ventures, using about 100 in pilot programs that will eventually join the firm’s growing ecosystem of partners. For instance, the bank’s machine-learning software was built with Cloudera Inc., a software firm that JPMorgan first encountered in 2009.

“We’re starting to see the real fruits of our labor,” Zames said. “This is not pie-in-the-sky stuff.”
 
Maybe I'm reading this wrong, but X-Connect isn't some dating software, right?
 
This should go right along with robo-signing of housing loan documents! :LOL:
 
krotch said:
Maybe I'm reading this wrong, but X-Connect isn't some dating software, right?
Click to expand...

From the article I thought it was talking about recruiting people to the company.

Another program called X-Connect, which went into use in January, examines e-mails to help employees find colleagues who have the closest relationships with potential prospects and can arrange introductions.
 
Pusher of Buttons said:
Automate blue-collar workers out of a job and nobody really raises an eye-brow....start automating lawyers out of a job and I bet you start seeing some legislation passed....
Click to expand...

I may have a great news article for you coming up that addresses workers losing jobs. ;)
 
Pusher of Buttons said:
Automate blue-collar workers out of a job and nobody really raises an eye-brow....start automating lawyers out of a job and I bet you start seeing some legislation passed....
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This is not a problem. All those lawyers just need to reeducate themselves into more useful jobs in the new economy, like polishing the displays of the robo-lawyers and making sure their air conditioning is at the right temperature.
 
cageymaru said:
JPMorgan has developed machine learning software that saves the company 360,000 lawyer hours per year. Normally it takes a team of lawyers many hours interpreting the 12,000 commercial-loan agreements that JPMorgan processes per year. With the new Contract Intelligence software nicknamed COIN; JPMorgan is finding far less mistakes being made and it only takes seconds to process a form...
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For a second I thought it saved 360,000 hr/yr, but that is the number lawyers gave to their clients.

Me: "How long will it take to check this contract (7 paragraphs)."
Lawyers: "5 hours (which took them less than 5 minutes in reality.)"
Me: "Does it include the time I talk to you?"
Lawyers: "No. That is going to be one hour if it is less than one hour."

I guess the less mistakes mean whether the lawyer actually spell/grammar checked the document. In other words, the so called machine learning software is probably some notepad with spelling, grammar and some logic checks. I am pretty sure the difficult part is to extract the logic out of a sentence, which is going to cost a few billions every year to implement/upgrade, until someone finally realised that browsers actually does that too.
 
If you give 2,500 (2,080 is a standard full time equivalent) billable hours per year per lawyer, that's ~144 lawyers.
 
cageymaru said:
From the article I thought it was talking about recruiting people to the company.

Another program called X-Connect, which went into use in January, examines e-mails to help employees find colleagues who have the closest relationships with potential prospects and can arrange introductions.
Click to expand...
So does that mean that this program can be readjusted to help Sextron find a wife? :LOL:
 
serious said:
For a second I thought it saved 360,000 hr/yr, but that is the number lawyers gave to their clients.

Me: "How long will it take to check this contract (7 paragraphs)."
Lawyers: "5 hours (which took them less than 5 minutes in reality.)"
Me: "Does it include the time I talk to you?"
Lawyers: "No. That is going to be one hour if it is less than one hour."

I guess the less mistakes mean whether the lawyer actually spell/grammar checked the document. In other words, the so called machine learning software is probably some notepad with spelling, grammar and some logic checks. I am pretty sure the difficult part is to extract the logic out of a sentence, which is going to cost a few billions every year to implement/upgrade, until someone finally realised that browsers actually does that too.
Click to expand...

That's called unit billing and in every U.S. state I know of, it's illegal and unethical. (which really do mean very different things in a legal context!) In John Grisham's the Firm exposing the firm's unit billing was what got them taking down, not their other shady practices.
 
serious said:
In other words, the so called machine learning software is probably some notepad with spelling, grammar and some logic checks. I am pretty sure the difficult part is to extract the logic out of a sentence, which is going to cost a few billions every year to implement/upgrade, until someone finally realised that browsers actually does that too.
Click to expand...
Nothing about what you said here makes any sense. 'So-called' machine learning software. What the fuck are you talking about? Extracting logic out of a sentence is what some machine learning algorithms are designed for. Clueless.
 
Yes, finally! A dream fulfilled.

"The first thing we do, let's kill all the lawyers." W. Shakespeare Henry VI

:)
 
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