Thomson Reuters spends greater than $100 million a 12 months on generative AI

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At Thomson Reuters Started rolling out generative AI in its merchandise, notably its flagship product Westlaw Precision, and doubled down on its promise to spend greater than $100 million yearly on AI capabilities.

CEO Steve Hasker initially revealed the corporate’s massive AI plans in Could, and a month later signed a closing settlement to implement them. Acquisition of Casetext for US$650 millionan organization that makes use of synthetic intelligence and machine studying to construct know-how for authorized professionals.

The corporate then mentioned that the deal, now accomplished, enhances its commitments within the subject of synthetic intelligence.

Casetext’s key merchandise embody CoCounsel, an AI-powered authorized assistant launched in 2023 powered by GPT-4, able to delivering doc overview, authorized analysis memos, deposition preparation, and contract evaluation on the fly.

The corporate revealed that Casetext will probably be built-in with Thomson Reuters’ options.

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Moreover, the corporate’s flagship product, Westlaw Precision, will quickly have a brand new generative AI talent, referred to as Westlaw Precision AI-Assisted Analysis, permitting prospects to ask advanced questions in conversational language and obtain advanced solutions shortly.

Westlaw Precision’s Generative AI Abilities will probably be obtainable to US prospects on November 15. These capabilities may even be launched to the Westlaw Edge Canada platform within the first half of 2024.

Thomson Reuters additionally introduced Sensible Legislation Solutions, a brand new chat-type interface for Sensible Legislation prospects, enabling them to ship queries and obtain solutions created by greater than 650 authorized consultants. This characteristic is presently in beta, and will probably be obtainable to US prospects in January 2024.

“Analysis that beforehand took hours can now be delivered in minutes, eradicating uncertainty and delivering correct outcomes, enabling our prospects to focus their time the place their experience issues most,” mentioned David Wong, chief product officer at Thomson Reuters.

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As a part of its generative AI roadmap, the Toronto-based tech group has additionally been searching for acquisitions and partnerships left, proper and centre. Earlier this 12 months, it acquired SurePrep, a supplier of tax automation software program that makes use of synthetic intelligence to assist U.S. accounting corporations increase productiveness.

It has additionally invested in Neo.Tax and TrueWind, which leverage synthetic intelligence to automate tedious tax processes.

Earlier this 12 months, Thomson Reuters additionally partnered with Microsoft, saying a brand new plugin referred to as Clever Drafting. The add-on, presently in beta, will present authorized content material from Thomson Reuters merchandise that may be considered inside Microsoft Phrase for quicker preliminary drafting, then edited, with built-in entry to Thomson Reuters data, content material and AI know-how.

Lastly, Thomson Reuters mentioned it’s investing in studying and improvement applications to lift the talents of its 26,000 workers globally, together with these in Canada.

The corporate’s aggressive generative AI technique comes because it reported third-quarter earnings of $367 million, in comparison with $228 million in the identical quarter final 12 months, beating estimates.

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