Already, the value of AI can be seen in the management of laborious, high volume, repetitive tasks. For example, JP Morgan invested in the development of in-house technology tool COIN (short for Contract Intelligence) which is able to extract 150 attributes from 12,000 commercial credit agreements in a matter of seconds, saving an estimated 36,000 lawyer hours. The technology is also said to be more accurate and was created after the bank became aware of an average of 12,000 contracts with blatant errors each year.
To find out more about how AI can be harnessed in the legal industry, join us in November for an interactive panel discussion with leading experts from Gilbert + Tobin, Minter Ellison, KL Discovery and Maddocks. Please click here to reserve – spaces are limited.