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JPMorgan Software Does in Seconds What Took Lawyers Many Hours

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Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#61

Post by contingencies »

Just1689 wrote: post #34
F_J_H wrote: post #3

You've likely heard the quote that "every company is a technology company", mostly used in the context of companies needing to be doing everything they can to leverage and exploit new technology, or they'll be left in the dust by more proactive competitors. With that in mind, a key quote for me in the article was this: >To help spur internal disruption, the company keeps tabs on 2,000 technology ventures, using about…

> I think there will be a role emerging within Enterprises, (sort of like an "insurance broker" who finds the best coverage options among a sea of choices), that will be responsible for surveying new technologies that could potentially help the firm, and running pilot programs to see how they potentially help make the org. more efficient or more competitive. You have just described my role. We're calling ourselves Em…

As someone who built a major crypto exchange working on a second fintech business, this sounds interesting. Can you explain a bit more about where you work, the types of tech you've worked with and how you see this evolving? Feel free to reach me by email if you'd prefer not to discuss here.

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#62

Post by _acme »

fenwick67 wrote: post #55
ycombinete wrote: post #5

This makes me wonder if we'll be entering a legal world that's complex to the degree that only computers can understand it.

Fortunately there is a precedent to this called the Vagueness Doctrine (at least in US law). Basically, a law is void if an "average person of common intelligence" can't interpret it.

Unfortunately, I don't believe that is correct. To the extent of my understanding, the vagueness doctrine applies only in some criminal law circumstances, while contract litigation would generally be within the realm of civil law, so it would be inapplicable. There may, however, be relief available under doctrines like that of unconscionability.

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#63

Post by sjy »

dboreham wrote: post #35

Finally an article about self-driving lawyers. My belief is that we won't have (real) self-driving cars until long after we've automated lawyers -- legal work being a much more constrained, simpler problem without too much potential to kill people.

Then why are there so many more drivers than lawyers?

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#64

Post by gaius »

AlwaysRock wrote: post #22

In Chicago JPMorgan is where a lot of software developers go to work for 5-7 years before getting a VP promotion and leaving for a C level role. I've seen dozens of developers follow this exact track. Glad to hear they are doing something interesting during that time.

A VP in a bank is mid-level, an investment bank will have literally thousands of VPs. You could hop from MD (2 levels above VP) to the c-suite perhaps, but there are still hundreds of MDs.

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#66

Post by obsolete_ideas »

Zork212 wrote: post #56

Automation: less jobs, Government (at least in Europe/Cdn) say more people we need to import more people to fill the jobs... but millions of jobs will disappear over the next 10 yrs.

Supply and Demand: The supply of humans does not balance with the demand for humans; there are just too many people—society doesn't need them.

Perhaps it's time to start thinking earnestly about the supply-side economics of population; perhaps, society should reconsider how it subsidizes reproduction (or lack there of).

Is it better to use resources to build more people who have a lower quality of life, or is it better to use resources to build a higher quality of life for a population of fewer people?

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#67

Post by jsmooth47 »

There will be a point where "software" will automate all of this stuff. 360,000 hours is a ton of full time employees. I wonder how they feel, and if they are typing up resumes as we speak. Looks like machine learning and similar skills are going to be more sought after than the normal finance or law skills!

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#68

Post by funtober »

kriztw wrote: post #39
dboreham wrote: post #35

Finally an article about self-driving lawyers. My belief is that we won't have (real) self-driving cars until long after we've automated lawyers -- legal work being a much more constrained, simpler problem without too much potential to kill people.

Definitely not for full automation. The question "do I have a case?" could involve basically anything, and sounds very AI-complete to me. Of course, discovery and a lot of the repetitive work can be automated much more easily, but that's more like keeping the car in a highway lane, which we can already do for cars.

Attorney here. Frequently do case evaluations for my firm. I prototyped this last year. It was not as hard as you would think if you have some experience in the area of law.

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#69

Post by walterbell »

__jal wrote: post #49
raverbashing wrote: post #9

Earlier quoted context omitted.

Blaming the algo is a nice cop-out by Google and Paypal and on top of that they can afford canning their customer without many issues for them But how much is that going to cost them over long term instead of having actual thinking people reviewing the cases remains to be seen

Paypal does naive keyword matching. I know this, because I used the word 'aleph' in the comments field when sending someone money, because that word was in the name of the thing I was buying. Turns out, there is some terror group with the same word in their name. Also turns out, PP's "sophisticated" fraud detection will hold a payment for nearly a month, when a human looking at the transaction is going to figure out…

Is there a open source github-hosted file with keywords that can be screened by a browser plugin?

Re: JPMorgan Software Does in Seconds What Took Lawyers Many Hours

#70

Post by adrenalinelol »

While this article seems to be a bit light on specifics, the automation of most legal practices is something that ML will have a great affect on in the near future (imo). Junior associates get paid insane salaries to do very meaningless grunt-work at biglaw firms. Those who aren't on track to become partners, are essentially burning the firms' resources, thus there exists an big incentive to automate the work.
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