By Ashwin Gohil
Thomson Reuters this week announced that CoCounsel, its AI platform, is now accessible to one million professionals – a significant milestone for a product launched only in 2023, and further evidence of the rapid adoption of AI within the professional services sector.
David Wong, the media and data giant’s chief product officer, said CoCounsel is used in more than 100 countries and territories, and by about a quarter of Fortune 1000 companies, representing a “shared global consensus” on its value.
Designed to draft, analyse and compare documents, and to carry out research, CoCounsel includes tools designed to serve particular industries, such as CoCounsel Legal and CoCounsel Tax and Audit. Thomson Reuters says the one million figure comprises professionals in the legal, tax, accounting, audit, risk, compliance, corporate, and government sectors whose subscriptions give them access to CoCounsel.
The company declined to say how many of these were in the legal sector, where its brands also include research and knowledge platforms Westlaw and Practical Law, and deal management software HighQ.
Commenting on the one million milestone, Thomson Reuters chief executive Steve Hasker said: “Professionals are not deciding whether to use AI anymore… [but] which AI they trust.”
Competition is fierce in the legal tech market including RELX-owned LexisNexis, as well as fast-growing start-ups such as US-based Harvey and Sweden-based Legora. Thomson Reuters is spending heavily to ensure that its products are the preferred choice. In a 2024 interview with the Financial Times, Hasker said the company planned to spend $100m a year to develop AI technology, with a run of product launches representing “an unprecedented rate of innovation”.
The company said that “the next generation” of CoCounsel Legal is currently being tested by its own legal teams. A full public launch is expected this year, though no date has been announced.
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