Thomson Reuters, a global content and technology company, has revealed its plan to revolutionize the work of professionals through the use of generative artificial intelligence (AI). In a time of fast-paced global innovation, Thomson Reuters is at the forefront, offering its customers the ability to automate workflows, gain valuable insights, and increase efficiency through content-driven AI technology.
In addition to announcing its intention to invest over $100 million annually on AI capabilities in Q1 FY23, Thomson Reuters has also unveiled a new plugin with Microsoft 365 Copilot, Microsoft’s advanced AI features for its productivity suite. This integration will improve efforts to redefine professional work, starting with legal research, drafting, and client collaboration.
According to Steve Hasker, President and CEO of Thomson Reuters, “Generative AI allows professionals to redefine their work and explore innovative approaches. Thomson Reuters AI technology works alongside our customers, augmenting their knowledge and assisting them in working smarter, freeing up their time to focus on what’s important. We are thrilled to partner with Microsoft, leading the legal profession towards unlocking the potential of Microsoft 365 Copilot for our customers and their clients.”
Thomson Reuters is solidifying its position as a technology leader by embracing new innovations like AI and ML. For more than three decades, the company has utilized increasingly advanced AI and ML tools to enhance search functionality and provide advanced analytics for its customers. To further this commitment, Thomson Reuters is integrating Microsoft 365 Copilot and plans to implement generative AI features across its product suite, including:
- Westlaw Precision – With generative AI, customers can find answers to complex legal questions in seconds, based on proprietary, expert content.
- Practical Law – Smarter, faster access to the expertise of more than 650 attorney editors combined with the power of generative AI.
- Checkpoint Edge – Providing fast, reliable answers to complex tax and accounting questions.
- Legal Document Review and Summary – With generative AI reading through hundreds or even thousands of relevant documents in just seconds, customers can spot key risks, resolve questions, execute tasks, and generate powerful work product. Powered by HighQ, Practical Law, and Document Intelligence.
- Legal Drafting – Bringing together Thomson Reuters trusted content and intelligence from across Westlaw, Practical Law, and Document Intelligence to surface key insights, legal knowledge, and answers to complex questions.
Thomson Reuters plugin with Microsoft 365 Copilot
Thomson Reuters has partnered with Microsoft to create a contract drafting solution. This solution is powered by Thomson Reuters’ legal products and content, as well as Copilot for Word. Professionals can use their expertise to edit, validate, and build the final document within Microsoft Word, with access to Thomson Reuters knowledge, content, and AI technology.
A demonstration of the integration between Thomson Reuters Legal Drafting and Microsoft 365 Copilot for Word will be shown at the Microsoft Build event in Seattle this week. With the help of a Thomson Reuters plugin, Copilot creates a draft contract by surfacing intelligence and content from Westlaw, Practical Law, and Document Intelligence. This saves legal professionals time and delivers work in minutes that used to take hours.
Andrew Lindsay, Corporate Vice President of Industry, Apps & Data, Business Development at Microsoft, said, “Microsoft 365 Copilot is reinventing productivity for people and organizations, and we are thrilled to collaborate with Thomson Reuters to extend Copilot with new AI-powered experiences that will support legal professionals by saving them time and helping them drive value for the clients and businesses they serve.”
Investing in Trust
Thomson Reuters invests over $100 million annually to integrate generative AI into its solutions. They use a build, buy, and partnership strategy, ensuring customers receive trusted solutions quickly. Their goal is to augment professional knowledge and workflows with AI while supporting customers on this journey. They have shared their updated AI and Data Principles, reflecting their dedication to building trustworthy, practical, and beneficial AI for customers. The update recognizes the evolving AI technology landscape and the need to demonstrate a commitment to unlocking AI in secure, transparent, and accountable ways. Solutions for Tax, Risk, and the News profession are also in the works.
Product availability
- Thomson Reuters will be releasing generative AI capabilities into its native platforms Westlaw, Practical Law and Drafting in the second half of 2023.
- Legal drafting, integrated with Copilot for Microsoft 365 will be available for legal professionals in beta alongside the Microsoft Copilot release schedule.
- Tax and Compliance, Risk and Fraud generative AI solutions to follow in 2024.
