January 24, 2024
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
TORONTO, January 24, 2024 – Thomson Reuters (TSX/NYSE: TRI), 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.
Ask Practical Law AI on Practical Law
Ask Practical Law AI on Practical Law is a generative AI intuitive chat that dramatically improves how customers access trusted expertise and content from Practical Law. It quickly provides summarized and synthesized answers grounded in Practical Law know-how, while connecting customers to deeper insights – all validated by trusted Practical Law content created and maintained by a team of more than 650 lawyers.
This first phase of Ask Practical Law AI decreases the amount of time needed to sift through results and read and summarize the material – moving users from questions to work product, faster. Future enhancements will leverage generative AI to deliver more in-depth access to features and capabilities in Practical Law, including What’s Market Analytics and Quick Compare. Additionally, Ask Practical Law AI will be integrated with the intelligent drafting solution that will launch later this year.
Practical Law Clause Finder
Practical Law Clause Finder enables customers to quickly find and add market and gold standard clauses from Practical Law, SEC agreements, and their own internal documents into their drafts without leaving Microsoft Word. Using AI models built and trained by Practical Law expert editors, the tool allows customers to access the best terms for their agreement and streamline their drafting without leaving the page, significantly reducing the time spent searching various platforms or locations to find and insert relevant clauses.
A foundational component to the future intelligent drafting solution that will leverage generative AI technology, Practical Law Clause Finder initially will be available in the United States with 12 agreement types before expanding to the UK and Canada.
“Lawyers rely on Practical Law to provide them with the right answer, quickly, along with tools and insights to improve their workflow,” said Emily Colbert, senior vice president, Product Management, Thomson Reuters. “Our new generative AI tool capitalizes on the efficiency and know-how of Practical Law, quickly giving users a summarized answer. Practical Law Clause Finder takes efficiency to the next level by giving customers access to the resources they need – whether from Practical Law or their own – within the document they’re drafting, meeting them where they are working.”
CoCounsel Core, introduced in the United States last year, is being launched to international markets. Its legacy CoCounsel skills are being rolled out to English-speaking countries beginning with its launch to customers in Canada and Australia, further demonstrating the strategic value of the Casetext acquisition. CoCounsel Core leverages innovation to empower customers with generative AI-powered core skills, including Prepare for a Deposition, Draft Correspondence, Search a Database, Review Documents, Summarize a Document, Extract Contract Data, Contract Policy Compliance, and Timeline.
Note to editor: Screenshots are available via the links below.
- Ask Practical Law AI: Home Page; Summarized Answer; Supporting Content
- Practical Law Clause Finder: Home Page; Clause Taxonomy; Practical Law Standard Clauses; SEC Agreement Clauses; Internal Document Clauses
- Thomson Reuters Generative AI Platform
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.