Contract analysis: Difference between revisions

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{{a|devil|<nowiki>{{Subtable|</nowiki>
{{a|devil|{{image|Zen|jpg|“Sir! Sir! I’ve found an [[indemnity]]!”}}}}Luminaries, [[thought leader]]s and [[digital prophet]]s will tell you that machines can now read and annotate contracts, such that yon poor [[legal eagles]] are no longer needed and will shortly have no choice but to work as [[technological unemployment|pleasure droids]] for our transistor-based overlords.  
<nowiki>[[File:Zen.jpg|450px|frameless|center|}}“Sir! Sir! I've found an </nowiki>[[indemnity]]<nowiki>!”}}</nowiki>
}}Luminaries, [[thought leader]]s and [[digital prophet]]s will tell you that machines can now read and annotate contracts, such that yon poor [[legal eagles]] are no longer needed and will shortly have no choice but to work as [[technological unemployment|pleasure droids]] for our transistor-based overlords.  


Quoth one such [[digital prophet]]:
Quoth one such [[digital prophet]]:


:''... machines are also increasingly encroaching on tasks that, until now, have required a human ability to think and reason. In the legal sphere, for example, J. P. Morgan has developed a system that reviews commercial [[loan|loan agreements]]. It does in a few seconds what would have required, they estimate, about 360,000 hours of human lawyer time.''
:''... machines are also increasingly encroaching on tasks that, until now, have required a human ability to think and reason. In the legal sphere, for example, J. P. Morgan has developed a system that reviews commercial [[loan|loan agreements]]. It does in a few seconds what would have required, they estimate, about 360,000 hours of human lawyer time.''<ref>{{author|Daniel Susskind}}, {{br|A World Without Work}}. Not a fan, to be honest.</ref>
::— {{author|Daniel Susskind}}, {{br|A World Without Work}}


''Three hundred and sixty thousand hours of professional work carried out in seconds''. Christ on a bike! Sounds — literally — incredible, doesn’t it? Preternaturally intelligent silicon minds scanning gigabytes of text in an instant, extracting all material quirks and issues, like Marvin the Paranoid Android, or Zen from ''Blake’s Seven''.  
''Three hundred and sixty thousand hours of professional work carried out in seconds''. Christ on a bike! Sounds — literally — incredible, doesn’t it? Preternaturally intelligent silicon minds scanning gigabytes of text in an instant, extracting all material quirks and issues, like Marvin the Paranoid Android, or Zen from ''Blake’s Seven''.  


[[Get your coat]], [[legal eagles]].
[[Get your coat]], [[legal eagles]].
<center>[[***TOP URGENT***|+++ TOP URGENT UPDATE +++]] </center>
J.P. Morgan’s “COIN” machine was reported as long ago as June 2017. Since then, about 2.8 million minutes have floated under the bridge and into the dark maw of history. Now, if they left COIN running that whole time, it would have accumulated one ''trillion'' lawyer hours by now. At 50 chargeable hours a week (conservative!) and factoring holidays, that would equate to the power of 1.8 ''billion'' ''lawyers'' working full time ''since the beginning of the Christian era''.  With all that lawyering, we would like to think the world would be slightly better legal shape than it seems to be. We can therefore only conclude that J.P. Morgan has since switched its machine off. Does anyone know for sure? Do [mailto:enquiries@jollycontrarian.com write in].
<center>+++ END OF UPDATE +++</center>
===Contract analysis or data extraction?===
===Contract analysis or data extraction?===
But remember what is going on here: a  bank is reviewing thousands of ''its own'' contracts. They will be rendered in overwrought prose no doubt, but — even allowing for template variations and [[Legal evolution|evolution]],<ref>By which I mean periodic [[Cambrian explosion]]s  of [[flannel|flannelry]] to which not even the House of Morgan is immune.</ref> ''the contracts will all be basically the same''.  
But remember what is going on here: a  bank is reviewing thousands of ''its own'' contracts. They will be rendered in overwrought prose no doubt, but — even allowing for template variations and [[Legal evolution|evolution]],<ref>By which I mean periodic [[Cambrian explosion]]s  of [[flannel|flannelry]] to which not even the House of Morgan is immune.</ref> ''the contracts will all be basically the same''.