Thomson Reuters (NYSE/TSX: TRI), a global content and technology company, has unveiled its ambitious global multi-year strategy for Generative Artificial Intelligence (AI). This strategy encompasses integrating generative AI capabilities into its product development, strategic acquisitions, fostering partnerships, and ensuring comprehensive AI training for its global workforce. The announcement coincides with the launch of advanced generative AI features in its flagship product, Westlaw Precision, which will be available to U.S. customers on November 15.

The AI Revolution

Thomson Reuters is committed to spearheading the AI movement, investing over $100 million annually in AI. This visionary approach acknowledges that AI will revolutionize and reshape the future of work for professionals worldwide.

“This is an exciting moment as Thomson Reuters continues to expand, scale, and enhance its AI capabilities, offering unwavering support to professionals navigating the evolving AI landscape,” said Steve Hasker, President and CEO of Thomson Reuters.

Building AI-Powered Capabilities

After the synergistic acquisition of Casetext in August 2023, Thomson Reuters is set to integrate Casetext with its proprietary solutions. Adopting a “best of both worlds” approach in product development, Thomson Reuters will leverage Casetext to accelerate time-to-market, blend content with workflows, and extend beyond legal research to deliver significant benefits to customers across all sectors.

Elevating Westlaw Precision

Thomson Reuters is poised to introduce a groundbreaking generative AI skill into Westlaw Precision later this month. Known as Westlaw Precision AI-Assisted Research, this innovative skill allows customers to pose complex questions in conversational language and receive rapidly synthesized responses. Building on CoCounsel’s innovation, this feature harnesses Thomson Reuters’ reliable industry-leading content of statutes, cases, and regulations to swiftly address queries that used to take hours to resolve. Customers in the United States can access the generative AI capabilities in Westlaw Precision on November 15.

Empowering Practical Law Users

Practical Law users will also benefit from generative AI through a new chat-style interface. With the introduction of Practical Law Answers, users can submit queries in conversational language and promptly receive validated responses from over 650 legal experts. The generative AI capabilities in Practical Law Dynamic Tool Set are currently in beta and will be available to U.S. customers in January 2024.

Strategic Acquisitions

Thomson Reuters continues to fortify its strategy of acquisitions to accelerate generative AI capabilities. Earlier this year, the company acquired SurePrep, designed to enhance productivity and profitability for U.S. accounting firms through AI and mobile-friendly consumer-driven design. This integration bolsters the company’s efforts to deliver seamless cloud-based workflow solutions to the professionals it serves.

Partnerships for Success

Thomson Reuters Ventures, a corporate technology venture fund, recently invested in Neo.Tax, integrated with ONESOURCE Income Tax. Neo.Tax employs AI to apply tax rules and regulations, eliminating the manual process that can take companies hundreds of hours, if not months, to complete. Additionally, Thomson Reuters collaborates with Microsoft to develop a contract drafting solution for Microsoft 365 Copilot for Word, empowering professionals to unlock generative AI’s potential with legal content from Thomson Reuters.

Building Colleague Skills

Thomson Reuters is committed to investing in programs that promote learning and development for its 26,000 global colleagues who utilize AI across all teams. Based on the company’s ethical principles regarding data and AI, it provides training and technology to enhance colleagues’ understanding of AI in a secure and effective environment, including specialized AI learning paths for technologists and customer-facing sales teams. Thomson Reuters Labs also created Open Arena, a broad language model (LLM) learning environment for the entire organization, which has stimulated experimentation with generative AI across the company.

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