TORONTO, May 23, 2023 /PRNewswire/ — Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today brings forward its vision to redefine the future of professionals through generative artificial intelligence (AI). At a time of rapid global innovation, Thomson Reuters is at the forefront, helping its customers unlock the potential to automate workflows, provide powerful insights, and drive efficiencies with content-driven AI technology.
Following Thomson Reuters announcement that it intends to invest more than $100 million annually on AI capabilities at its Q1 FY23 results, the company also today announces a new plugin with Microsoft 365 Copilot, Microsoft’s advanced AI experiences across its productivity suite. This integration will bolster efforts for redefined professional work starting with legal research, drafting, and client collaboration.
“Generative AI empowers professionals to redefine their work and discover innovative approaches,” said Steve Hasker, president and CEO, Thomson Reuters. “With our customers in the driver’s seat, Thomson Reuters AI technology augments knowledge, helping professionals work smarter, giving them time back to focus on what matters. We are very proud to partner with Microsoft, leading the legal profession towards unlocking the value from Microsoft 365 Copilot for our customers, and their clients.”
Redefining work with Generative AI
Today’s announcements further cements Thomson Reuters as a leader in leveraging new technologies, including AI and machine learning (ML). For over 30 years Thomson Reuters has leveraged increasingly sophisticated AI and ML capabilities to improve search and expand advanced analytics for its customers. In addition to integrating Microsoft 365 Copilot, Thomson Reuters today shares plans to incorporate new generative AI capabilities 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.
Find out more here.
Thomson Reuters plugin with Microsoft 365 Copilot
Working with Microsoft, Thomson Reuters has developed a contract drafting solution, powered by its legal products and content, and Copilot for Word. Delivering users with a draft working document and access to trusted content right where work happens – in Microsoft Word, professionals can use their expertise to edit, validate, and build the final document with integrated access to Thomson Reuters knowledge, content, and AI technology.
A demonstration of the integration between Thomson Reuters Legal Drafting, powered by its legal products and content, and Microsoft 365 Copilot for Word will be shown during this week’s Microsoft Build event in Seattle. In the demo, Copilot creates a draft contract with help from a Thomson Reuters plugin that surfaces intelligence and content from Westlaw, Practical Law, and Document Intelligence – delivering in minutes work that used to take hours directly into Microsoft Word.
“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,” said Andrew Lindsay, Corporate Vice President of Industry, Apps & Data, Business Development at Microsoft.
Watch the demonstration here
Investing in Trust
Investing more than $100 million annually, Thomson Reuters is focused on integrating generative AI into its solutions through a build, buy and partnership strategy – providing customers with the very best and trusted solutions at speed.
Hasker adds, “At Thomson Reuters we remain committed to augmenting professional knowledge and workflows with AI. Continuing to support our customers on this journey will enable them to first trust and then harness this new technology as we build on the opportunities ahead in Legal, with solutions for Tax, Risk, and the News profession to follow.”
Thomson Reuters has recently shared its updated AI and Data Principles, reflecting the rapid innovation and reinforcing its strong commitment to building trustworthy, practical, and beneficial AI for customers. The update reflects recognition of the evolving AI technology landscape and the need to demonstrate its commitment to unlocking AI in secure, transparent, and accountable ways.
- 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.
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About Thomson Reuters
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 the world’s leading provider of trusted journalism and news. For more information, visit tr.com.
Vice President, Product and Customer Communications
SOURCE Thomson Reuters