Thomson Reuters has made significant strides in integrating generative artificial intelligence (AI) into its legal research and drafting tools, announcing the addition of new AI-powered features to its Practical Law platform and the expansion of its standalone product, CoCounsel Core.
Introduction of AI-Powered Tools in Practical Law
The latest advancements include two new features within Practical Law: “Ask Practical Law AI” and “Practical Law Clause Finder.” Both are fueled by Thomson Reuters’ proprietary generative AI algorithms, which have been meticulously trained by the company’s subject matter experts. According to Erica Kitaev, Vice President of Product Management at Thomson Reuters, these tools are now accessible on the Practical Law homepage.
- Ask Practical Law AI: This innovative chat feature, presently in beta, is designed to answer research queries inputted by users. It provides summarized answers with hyperlinked footnotes, allowing users to trace the source material. Kitaev emphasized that a unique aspect of this chatbot is its ability to acknowledge when it does not have an answer, thus tackling the issue of AI “hallucinations” seen in other generative AI solutions.
- Practical Law Clause Finder: Accessible as a Microsoft Word add-on, this feature streamlines the process of locating, adding, and editing legal clauses. It scans for necessary clauses in the Practical Law database, U.S. Securities and Exchange Commission agreement templates, and users’ internal documents.
CoCounsel Core Expansion
Thomson Reuters has also expanded its CoCounsel Core offering, initially launched at the end of 2023. This expansion follows Thomson Reuters’ acquisition of Casetext, the parent company of CoCounsel Core. The solution, initially available in a limited capacity, is now being rolled out to English-speaking countries, including Canada and Australia.
Advancements in AI Integration Strategy
These developments are part of Thomson Reuters’ comprehensive “Build, Buy and Partner” strategy for AI implementation, backed by a significant $100 million investment in AI tool development. The strategy aims to harness the potential of AI to enhance legal research and drafting processes, making them more efficient and accurate.
Implications for the Legal Industry
The integration of these advanced AI features into Thomson Reuters’ platforms marks a transformative phase in the legal industry. With AI-driven solutions like Ask Practical Law AI and Practical Law Clause Finder, legal professionals can expect more precise, efficient, and user-friendly research and drafting processes. The expansion of CoCounsel Core further demonstrates Thomson Reuters’ commitment to leading the legal technology landscape with innovative AI applications.
Future Prospects
As AI continues to evolve, Thomson Reuters is positioned at the forefront of this technological revolution in the legal field. The company’s dedication to enhancing its platforms with AI capabilities not only reflects a commitment to innovation but also underscores the growing importance of AI in the legal industry. This trend is likely to continue, with further advancements and refinements in AI technology shaping the future of legal research and practice.
