AI is transforming every aspect of work across industries, and Thomson Reuters is at the forefront of revolutionizing how legal professionals work.
The 2023 launch of AI-Assisted Research on Westlaw Precision was the first in a series of key legal product rollouts integrating generative AI. Later this month, generative AI capabilities will be introduced in Practical Law, and drafting capabilities will roll out in the first half of 2024. These product-development efforts come as Thomson Reuters integrates the Casetext acquisition and CoCounsel Core into its portfolio.
With Thomson Reuters making significant investments in AI and leading how the technology will transform the legal profession, a new report shows how fundamental shifts in the legal market, plus the rapid emergence of generative AI, may upend traditional law firm business models. The 2024 Report on the State of the US Legal Market, from Thomson Reuters and the Center on Ethics and the Legal Profession at Georgetown Law, considers how the legal industry’s use of AI may be a bellwether of the changing professional landscape.
Leading legal journalists have emphasized the report’s AI findings.
“If you only read one part of the report, skip ahead to the hypothetical generative AI scenarios,” Jean O’Grady advised in her coverage of the report. Noting the legal industry is in “the early days of AI adoption,” O’Grady added, “Most firms are still grappling with an array of ethical and client disclosure issues which accompany any adoption of Generative AI. However the report warns leaders against ignoring the potential disruption to the traditional law firm business models.”
Karen Sloan’s report recap also called out the potential impact of AI, noting: “The rise of generative artificial intelligence also promises major shifts that could affect staffing and profitability, though it remains unclear how that technology
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