Discover how Thomson Reuters is revolutionizing legal practices with advanced AI tools. From drafting contracts to conducting legal research, learn how AI is enhancing efficiency worldwide.
Thomson Reuters, a global leader in providing intelligent information to legal professionals, has recently launched groundbreaking artificial intelligence (AI) solutions aimed at transforming various aspects of legal operations. The new AI tools are designed to facilitate tasks such as drafting contracts, conducting legal research, and enhancing overall workflow efficiency for legal professionals worldwide.
Enhancing Efficiency with AI: Insights from David Wong
David Wong, Chief Product Officer at Thomson Reuters, shed light on the pivotal role of AI in empowering legal professionals. He emphasized how the company’s AI solutions excel in two key areas: information retrieval from proprietary databases and generating tailored content for specific tasks. According to Wong, “Generative AI is really good at information retrieval… for us it’s the proprietary content and databases that we have.”
Wong further elaborated on the versatility of Thomson Reuters’ software tools, stating, “They’re all essentially written work product… generative AI is also very good at producing written work, so that’s why we’re excited about the application of large language models and gen AI to the product problems that we solve at TR.”
Introducing AI Capabilities in Practical Law Platform
Thomson Reuters has integrated AI capabilities into its widely used Practical Law tool, aiming to provide legal professionals with prompt and accurate responses to their queries. Wong likened Practical Law to a “SparkNotes or Wikipedia of the law,” emphasizing its role in offering practical guidance to facilitate legal work. He highlighted the platform’s ability to complement Westlaw, a deep research system, by providing actionable insights tailored to specific legal tasks.
Empowering Legal Professionals Globally with CoCounsel Tool
The company’s AI-driven CoCounsel tool, initially launched in the U.S. last year, is now expanding to international markets, with recent releases in Australia and Canada and plans for further expansion. CoCounsel leverages generative AI to assist legal professionals in a wide range of activities, including deposition preparation, document summarization, and data extraction from contracts.
Prioritizing Accuracy and Transparency
Thomson Reuters places a strong emphasis on accuracy and transparency in its AI systems. Answers provided by the AI are footnoted to ensure transparency, and the system is trained to acknowledge limitations. Wong emphasized the importance of transparency, stating, “It’s much better to be able to say ‘I don’t know’ than to make something up.” By prioritizing accuracy and transparency, Thomson Reuters aims to build trust and credibility among its users.
In conclusion, Thomson Reuters continues to lead the legal tech industry with its innovative AI solutions tailored to meet the evolving needs of legal professionals. By harnessing the power of AI, the company is revolutionizing legal practices, streamlining workflows, and empowering legal professionals to achieve excellence in the digital age.
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