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Thomson Reuters has reportedly raised $8 billion in investments in the field of artificial intelligence (AI).
In an interview with the Financial Times on Monday (March 11), CEO Steve Hasker said the company is developing an AI-driven It said it has “tremendous financial strength” to expand in professional services and information. London Stock Exchange Group (LSEG).
“As a result of the cash generation capacity of our existing businesses, our highly underleveraged balance sheet and divestitures, we have approximately $8 billion of dry powder. [our stake in] LSEG,” Hasker told the FT.
The company also aims to spend more than $100 million annually to develop proprietary AI technology for clients in the legal and accounting professions.
The FT notes that the company concluded a two-year effort last year to transform itself from a content provider to a “content-driven” technology company. But soon after, Generative AI (GenAI) came along and presented a new opportunity for transformation, Hasker said.
The CEO said it was still “very uncertain” how AI would change customers’ spending patterns, although it was one of several “tailwinds” driving Thomson Reuters. Stated.
In November, Thomson Reuters announced a series of generative AI initiatives aimed at transforming the legal profession, providing tools to enhance lawyers’ research and workflows.
That includes the addition of GenAI to AI-assisted research on the Westlaw Precision platform, enabling legal professionals to quickly find answers to complex research questions.
As PYMNTS wrote last year, the idea that GenAI will lead to an efficiency revolution in the legal profession is offset somewhat by the reservations many in the industry feel about preparing for an AI-powered future.
“Evangelists are very optimistic that generative AI will have a positive impact on the profession, but they make up about half of the profession,” the report said.
More than 6 in 10 law firms and corporate legal departments believe that AI has the potential to significantly benefit their business, but 72% of legal professionals believe their industry is not ready for AI. I’m wondering if there is.
As for the question of whether AI will replace lawyers, James Clough, chief technology officer and co-founder of Robin AI, told PYMNTS earlier this year that he doesn’t think that will happen. Ta.
“AI will not replace all lawyers, but lawyers who use AI will replace lawyers who do not use AI,” he said. “That’s why we call it co-pilot, right?” Because co-pilot implies the presence of a pilot, and it’s still the pilot who is in control. The pilot decides the direction. This is best thought of as a partnership between humans and machines, rather than a replacement. ”
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