Thomson Reuters delivers key milestones in its AI technology strategy
Speed of Innovation Demonstrated with the Launch of Three AI-Enabled Solutions in Three Months
- Ask Practical Law AI on Practical Law provides a generative AI-powered intuitive chat experience, improving access to trusted expertise and content from Practical Law
- Practical Law Clause Finder, integrated with Microsoft Word, allows customers to find highly relevant clauses from Practical Law, SEC agreements, and their own internal documents – using AI models trained by Practical Law editors
- Internationalization of CoCounsel Core executes on its M&A strategy by expanding generative AI-powered skills to Canada and Australia
Thomson Reuters, a global content and technology company, is advancing its AI technology strategy announcing today the launch of its second and third AI-enabled solutions in the last three months. Further demonstrating its leadership in the transformation of how legal professionals work, Thomson Reuters also announced that it has begun the international expansion of CoCounsel Core. These efforts are driven by the Thomson Reuters commitment to invest more than $100 million annually on AI capabilities as part of its “build, buy, partner” strategy.
Two of the new AI-driven capabilities were developed by leveraging the expertise derived from the Thomson Reuters Generative AI Platform and insights from Practical Law experts – powered by Thomson Reuters content and capabilities. Ask Practical Law AI on Practical Law is a generative AI-powered intuitive chat experience that dramatically improves how customers access trusted expertise and content – all in a single skill. Practical Law Clause Finder, built using AI models trained by Practical Law editors, is integrated with Microsoft Word and designed to dramatically streamline and improve efficiency in drafting contracts. Clause Finder allows customers to find contract language created by Practical Law experts, previously filed contracts with the SEC, and a customer’s own internal documents.
In addition, Thomson Reuters delivers a key milestone by making its generative AI skills available to international customers with CoCounsel Core in Canada and Australia. Following the acquisition of Casetext, Thomson Reuters is delivering on its strategy to make this key product available to customers in additional countries with access to the full suite of skills that are used to complete everyday legal tasks. The power of a combined team and resources has made the internationalization of the product a reality, with a more robust product drawing on both companies’ strengths.
“Last year, we began the introduction of new and exciting generative AI skills to the market. This will be the year that customers begin to realize tremendous improvements in productivity and work product quality. We are moving faster, launching more innovative products to better serve our customers than ever before,” said David Wong, chief product officer, Thomson Reuters. “Our entire approach to generative AI starts with our customers and how best to meet their needs, bring together our strongest assets: our leadership in AI, our trusted content, and human expertise.”
These updates further strengthen the Thomson Reuters industry-leading legal solutions and include the first in a series of 2024 generative AI-powered product rollouts. Foundational to these enhancements is the Thomson Reuters Generative AI platform, an overarching innovation resource that enables the company to quickly and easily launch new solutions by leveraging reusable components and bringing together content, artificial intelligence, generative AI, and more, as the building blocks for future products.
