September 7, 2023
Thomson Reuters Innovates Across Its Legal Product Suite to Enable Law Firms and Legal Departments to Automate Processes and Increase Efficiencies
Technology enhancements in Westlaw, Practical Law, HighQ, Document Intelligence, and other products help legal professionals work smarter
TORONTO, September 7, 2023 – Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today shared a summary of its first half legal product innovations that enable professionals to operate more efficiently. From automating workflows to improving productivity, legal professionals will save time and better control costs with these enhancements to Thomson Reuters legal solutions.
“Law firms and legal professionals face tremendous pressure to operate more efficiently and deliver accurate, quality results to their clients – internally and externally,” said Kriti Sharma, chief product officer, LegalTech, Thomson Reuters. “In fact, in our recent Future of Professionals Report, three quarters of legal professionals shared that increased productivity was a top priority – higher than in other professions. Solutions that save our legal customers time and resources are essential. Our latest product enhancements enable our customers to streamline workflows and deliver trusted insights and therefore better serve their clients.”
- Thomson Reuters signed a definitive agreement to acquire Casetext, a California-based provider of technology for legal professionals, in June and closed the acquisition in August. Together, Thomson Reuters and Casetext will accelerate breakthroughs in generative AI for the benefit of customers and markets – revolutionizing the way professionals work and the work they do.
- Additionally, Thomson Reuters announced its commitment to invest more than $100 million annually on AI capabilities and the development of new generative AI experiences across its product suite, as well as a new plugin with Microsoft and Microsoft 365 Copilot for legal professionals.
Driving efficiencies for customers through easier, faster access to quality legal research and workflow.
- Westlaw introduced Searchable Docket PDFs, a collection of filings retrieved from Westlaw dockets that are available for keyword searching along with dockets, briefs, and trial court documents. Westlaw Precision also added new topic areas including State Civil Procedure, Arbitration, Insurance and Real Estate, State Discovery & Evidence, and State Remedies.
- Additional notable Westlaw Precision enhancements include an AI-driven industry type filter, a new Precision Research attribute that allows users to classify parties by the type of business they do. The filter enables faster discovery of cases, fact scenarios, and frequently litigated claims unique to a particular type of business or industry.
- Thomson Reuters continued to enhance Practical Law Dynamic Tool Set by adding content, incorporating customer feedback, and increasing functionality and access points. Recent developments include expanding the topics and jurisdictions covered by the state and country comparison tool Quick Compare; launching the dynamic visualization of content relationships via Knowledge Map in U.S. Westlaw and Practical Law experiences in Australia and Canada; and integrating the ABA’s Business Law Section M&A Committee’s flagship Private Target M&A Deal Points Study with What’s Market Analytics.
- FindLaw Legal Forms & Services enhancements provide consumers with access to easy-to-use legal forms and informational content, making the law accessible and understandable for everyone. Also, FindLaw introduced Legal Network Advertising, a customizable advertising program that enables law firms to better reach their targeted audience in specific geographic regions and practice areas and successfully generate new business.
- After leveraging increasingly sophisticated AI and machine-learning capabilities to improve search and expand advanced analytics for legal customers for decades, Thomson Reuters is incorporating generative AI capabilities across Westlaw Precision, Practical Law, Drafting tools, and Legal Document Review and Summary solutions. By leveraging its proprietary, expert content and emerging technologies, Thomson Reuters will help legal professionals surface key insights faster and find answers to complex questions more quickly with generative AI tools that will begin to be rolled out later this year.
Streamlining workflows with automation, visualization, reporting, and other features to save time for legal professionals.
- In Document Intelligence, Thomson Reuters released several new AI models for contract analysis, including Syndicated Loans, Public Merger Agreements, Stock Purchase Agreements, Executive Employment, Distribution Agreements, Manufacturing Supply, and an IP licensing bundle that includes Patent/Know-How, Software, Trademark/Licensing Agreements to better serve customers’ needs.
- In HighQ, Thomson Reuters introduced new use-case solution templates – Fund Formation, Will Writing, and Digital Vaults – and simplified Document Automation to enable users to publish documents faster. In addition to investing to strengthen product reliability and cloud capabilities, HighQ enhanced the overall contract lifecycle management journey with powerful visualizations and workflow.
- The addition of Matter Pricing and RFPs in Legal Tracker Advanced helps customers choose the right firm for the right matter. Legal Tracker, Legal Tracker Advanced, and HighQ expanded support of the Legal Matter Standard Specification (LMSS) from the Standards Advanced for the Legal Industry (SALI) Alliance. The expansions include the addition of open standards for accounts payable/billing and firms in Legal Tracker Advanced as well as matters in HighQ, allowing data to be combined and migrated across systems, improving reporting capabilities.
- Case Center enhancements included a redesigned, accessible user interface to provide modernized technology that helps court staff and lawyers operate more efficiently.
- A new API-enabled solution, Thomson Reuters Customer Verification, helps government agencies fight fraud by allowing them to verify their customers’ identities at account opening and quickly flag high-risk individuals for additional review. This solution enables government agencies to better guard against sophisticated identity-based fraud schemes while assisting them in preserving the integrity of social assistance programs.
Thomson Reuters (NYSE / TSX: TRI) (“TR”) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world leading provider of trusted journalism and news. For more information, visit tr.com.