Thomson Reuters has announced an expanded vision for CoCounsel, its AI-driven professional assistant, designed to enhance the user experience across its suite of products.
The company detailed plans for CoCounsel to integrate various functionalities from its legal, tax, risk and fraud, and media segments into a unified GenAI assistant platform.
CoCounsel is engineered to perform complex tasks with advanced natural language understanding, functioning at speeds described as superhuman. It is capable of managing multiple work threads while maintaining context and memory, attributes that Thomson Reuters expects will streamline professional workflows and increase productivity while ensuring data security.
David Wong, Chief Product Officer at Thomson Reuters, emphasized the transformative potential of AI in professional settings. “A recent global AI study revealed that 81% of professionals see applicable benefits of AI in their work. Our initiative with CoCounsel aims to center the customer experience in a human-centric AI assistant, evolving with our expanding product suite,” Wong said.
The AI assistant is underpinned by generative AI technologies, including GPT-4, developed through a collaboration with OpenAI. Brad Lightcap, COO at OpenAI, highlighted the benefits of this partnership, noting, “By enabling solutions like CoCounsel, we enhance the creativity and productivity of knowledge workers, automating routine tasks and simplifying complex data analysis.”
CoCounsel’s new capabilities for tax and legal professionals include Checkpoint Edge for tax queries and Westlaw Edge UK for legal research in the United Kingdom. These tools are designed to deliver faster, more accurate answers and facilitate easier research processes.
Additionally, Thomson Reuters plans to integrate CoCounsel with Microsoft 365, enabling applications in Teams, Word, Outlook, and SharePoint to support research and document management tasks.
Darth Vaughn, Managing Director of Legal Ops+ and Litigation Counsel at Ford Motor Company, shared positive feedback from their experience with CoCounsel. “As a beta customer, we recognized its potential immediately. It has significantly enhanced the efficiency and thoroughness of our operations,” said Vaughn.
The rollout of these new features will begin in the summer of 2024 in the United States and the UK, with further expansion planned across Thomson Reuters’ product lines.
Thomson Reuters is leveraging its 30-plus years of experience and its proprietary content to continue enhancing its GenAI capabilities, aiming to provide seamless professional solutions through its innovative AI assistant platform. For more information, visit tr.com.
