JPMorgan Chase Uses Tech to Save 360,000 Hours of Legal Work

Tech can free up lawyers from legal work so that they can focus on more complex matters – such as keeping their jobs:

“JPMorgan Chase has found a way to save on legal spending. The bank is using new software called “COIN”—short for Contract Intelligence—to review commercial loan agreements, according to Bloomberg News. The software reviews documents in seconds, doing work that once required 360,000 hours of work each year by lawyers and loan officers, the story reports. The bank says the software has helped reduce loan-servicing mistakes that were often attributable to human error in interpreting 12,000 new contracts per year.”

Read: JPMorgan Chase uses tech to save 360,000 hours of annual work by lawyers and loan officers at ABA Journal – Daily News

* Like this post? Click here to get our free weekly newsletter featuring in-house counsel news and jobs *