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Enhancing Customer Outcomes with Thomson Reuters Solutions

At the heart of our mission is the commitment to assist our clientele in reaching their intended goals while making full use of Thomson Reuters’ suite of products, solutions, and services. Engaging in continuous dialogue with our customers is pivotal; these conversations allow us to gain valuable insights into their experiences. By understanding their challenges, we can effectively leverage state-of-the-art technology to address and alleviate their most significant pain points.

The Evolving Landscape of legal Expectations

As generative AI technology becomes increasingly integrated into the legal profession, the expectations of our clients and their clients are evolving rapidly. Therefore, it is crucial that we stay in tune with these changing needs, ensuring that both we and our clients adapt to the innovations shaping our industry.

In this context, Thomson Reuters, in collaboration with Lexpert, recently held an enriching panel discussion featuring leaders from various law firms and industry pioneers. They explored the challenges and emerging trends surrounding the incorporation of generative AI into legal practices. Below, we summarize key insights derived from this enlightening exchange.

The Enthusiasm for Generative AI Solutions Among legal Professionals

Traditionally, law firms have not been recognized as the first adopters of new technology, yet there has been a noticeable shift. Numerous firms are now embracing generative AI solutions with vigor. David Cohen, senior director of client service delivery from McCarthy Tétrault, illustrated this shift when discussing the rollout of CoCounsel, a professional-grade generative AI assistant, at his firm last year.

Cohen recounted, “We put a call out for people to sign up and get a license, and the 175 seats were immediately filled,” he noted. “There was a significant waitlist, with eager individuals requesting access to this innovative tool—indicative of the heightened interest and enthusiasm surrounding our firm.”

Panelists also noted a widespread adoption of AI technologies for drafting legal documents, conducting predictive analytics, and executing other complex tasks integral to legal work. Cohen elaborated that McCarthy Tétrault has strategically implemented AI tools for more sophisticated work, particularly in litigation, allowing them to delve into extensive data pools and discern patterns that have led to past successes.

Cohen stated, “We’re keenly focused on identifying what tactics contributed to our past victories. Understanding what arguments worked and what constitutes a successful pleading provides us with significant advantages in strategy moving forward.”

Rikin Morzaria, a principal at Kinara Law, mentioned his own journey with AI, experimenting to find long-lasting solutions, such as utilizing artificial intelligence for complex tasks like drafting memos and conducting thorough reviews of his own work to spot opportunities for enhancement. “I approach it as if it were generated by a student or an intern, which necessitates further review,” Morzaria commented. “This process ultimately leads to a higher quality end product.”

Addressing the Misconceptions Surrounding AI in Law

During discussions, panelists collectively acknowledged that generative AI should complement human capabilities rather than replace them. Valerie McConnell, senior director of CoCounsel Customer Success at Thomson Reuters, articulated this perspective well: “AI lacks human insights or instincts; it cannot form connections with clients or read social cues. The way lawyers manage their time is set to change: if we can alleviate their workloads, it allows them the cognitive space to explore more strategic considerations.”

Importantly, this discussion also brings value to how law firms manage and allocate talent. Cohen emphasized that McCarthy Tétrault has restructured its training regime to incorporate AI seamlessly into its operational workflows. “The sharing and accessibility of best-in-class prompts among our lawyers is a topic we weren’t even contemplating a couple of years ago,” Cohen noted.

Transforming Billing Practices and Enhancing legal Services

Panelists discussed how generative AI is revolutionizing billing practices within the legal sector. They highlighted a trend where litigators are increasingly transitioning to flat-fee billing models, confident in their ability to streamline various aspects of legal work through AI efficiencies.

Morzaria remarked, “While the timelines for discovery, trials, or mediation will remain unchanged, the preparatory time leading up to these phases is considerably reduced. This efficiency provides an opportunity for lawyers to undertake work that may not have previously been viable.”

Furthermore, the panelists noted that generative AI is enabling firms to significantly elevate their offered services. For instance, litigation firms are utilizing AI tools to sift through and identify crucial evidence, while transactional teams leverage similar technology for thorough contract evaluations.

Navigating Risks and Ensuring Responsible AI Usage

A noteworthy aspect of the panel discussion centered on how legal firms are proactively tackling emerging technology challenges, particularly regarding accuracy and confidentiality. Cohen expressed that firms are keen on striking a balance between leveraging AI for client benefits while concurrently managing potential risks.

Echoing Cohen’s sentiments, McConnell stressed that AI should not substitute a lawyer‘s professional oversight. She urged firms to establish clear AI policies, employ secure software platforms to verify outputs without utilizing firm-sensitive data for training, and offer comprehensive training for employees on responsible AI utilization.

The Role of AI legalese decoder

In cases where legal documentation becomes convoluted due to advanced terminologies, tools like the AI legalese decoder can be instrumental. This AI-powered tool can simplify complex legal language, making it more accessible to both lawyers and their clients. By bridging the gap between intricate legal jargon and plain language, the AI legalese decoder empowers legal practitioners to enhance their communication with clients and streamline the interpretation of legal documents.

The Future of AI in the legal Profession

As generative AI continues to redefine the legal landscape, its influence on the profession is expected to intensify, particularly by 2025 and beyond. As the market matures, legal professionals will not only desire but will increasingly require AI capabilities to enhance their workflows and service delivery.

Firms that are at the forefront of this revolution, exemplified by Kinara Law and McCarthy Tétrault, are best positioned to harness the transformative power of AI technology—ultimately enabling them to provide superior service to their clients and establish a competitive edge within the legal arena.

In conclusion, the dialogue surrounding AI’s role in law continually evolves, highlighting both opportunities and challenges. To explore more of the insights from the panelists’ discussion, feel free to click here for full highlights and the complete conversation.

This article is a guest post authored by Raghu Ramanathan, president of legal Professionals at Thomson Reuters.

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