Thomson Reuters is using generative AI to transform the legal industry by addressing information retrieval and content creation problems. Their AI-driven digital solution enables intelligent law searches and automates drafting and analyzing legal documents. The company prioritizes ethical concerns by providing AI development guidelines and participating in drafting ethical guidelines for the industry. Generative AI has the potential to increase access to justice and productivity for legal professionals, but there are still concerns regarding job replacement.
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insights INSIGHT
Generative AI's Importance for Thomson Reuters
Thomson Reuters' products solve information retrieval or written content generation problems.
Generative AI is crucial for them as it excels in both areas.
question_answer ANECDOTE
Lawyers' Work and Generative AI
Lawyers, similar to tax professionals, perform extensive research, reading, and synthesis, culminating in written work products.
Generative AI is poised to play a significant role in these tasks.
question_answer ANECDOTE
Lawyers' Demand for AI
Lawyers are actively demanding AI solutions, similar to the Blackberry's impact on productivity.
This demand is driven by the desire for enhanced efficiency in legal work.
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Thomson Reuters, the global content and technology company, is transforming the legal industry with generative AI.
In the latest episode of NVIDIA’s AI Podcast, host Noah Kravitz spoke with Thomson Reuters’ Chief Product Officer David Wong about its potential — and implications.
Many of Thomson Reuters offerings for the legal industry either address an information retrieval problem or help generate written content.
It has a AI-driven digital solution that enables law practitioners to search laws and cases intelligently within different jurisdictions. It also provides AI-powered tools that are set to be integrated with commonly used products like Microsoft 365 to automate the time-consuming processes of drafting and analyzing legal documents.
These technologies increase the productivity of legal professionals, enabling them to focus their time on higher value work. According to Wong, ultimately these tools also have the potential to help deliver better access to justice.
To address ethical concerns, the company has created publicly available AI development guidelines, as well as privacy and data protection policies. And it’s participating in the drafting of ethical guidelines for the industries it serves.
There’s still a wide range of reactions surrounding AI use in the legal field, from optimism about its potential to fears of job replacement. But Wong underscored that no matter what the outlook, “it is very likely that professionals that use AI are going to replace professionals that don’t use AI.”
Looking ahead, Thomson Reuters aims to further integrate generative AI, as well as retrieval-augmented generation techniques into its flagship research products to help lawyers synthesize, read and respond to complicated technical and legal questions. Recently, Thomson Reuters acquired Casetext, which developed the first AI legal assistant, CoCounsel. In 2024 Thomson Reuters is building on this with the launch of an AI assistant that will be the interface across Thomson Reuters products with GenAI capabilities, including those in other fields such as tax and accounting.
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