The AI Helping Law Firms Break Tradition
A digital legal assistant is massively expanding capability in Australian legal practices.
AI is at the heart of digital transformation for Australian law firms. Thomson Reuters’ Future of Professionals 2024 report surveyed 1,000 professionals in the Asia Pacific and neighbouring regions and found that professionals expect AI to impact their jobs, and almost three in four (70 per cent) are keen for AI to help them with work product creation.
Specialist generative AI technologies such as Thomson Reuters CoCounsel Core is the answer for lawyers who want to augment their work. It is the first AI application in the country which has been customised for legal practice. Equipped with eight legal capabilities in its ‘skills factory’, CoCounsel includes document and contract creation, review and analysis.
What makes it different to other large language models (LLMs) is its unique conversational search and intuitive interface which has been optimised for legal professionals.
Jackie Rhodes, Managing Director for Thomson Reuters, Asia & Emerging Markets, is excited to see how firms use it to grow their business.
"Introducing CoCounsel to the Australian legal market marks a significant achievement for us. We believe this is Australia’s first professional-grade solution tailored specifically for lawyers. With it, Australian legal professionals can harness the power of generative AI with the necessary data and security standards unique to our market."
Although AI technology is still in relative infancy within the sector, nearly half of all law firm professionals already believe that AI can help deliver growth, by increasing efficiency of internal processes (48 per cent) and improving collaboration within the firm (47 per cent).
Leading Australian law firm Maddocks is testing the technology, and is excited about CoCounsel’s benefits of efficiency and collaboration. Led by CEO, David Newman, the firm has been among the first in Australia to usher in the AI legal assistant.
"As a modern Australian law firm, being an early adopter of CoCounsel is consistent with our strategy to evolve the way we work with each other and our clients. We’re already seeing great opportunities to optimise our internal processes and to provide more time for our lawyers to focus on tasks that provide greater value for our clients. It has also allowed us to explore opportunities to enrich our client service model. These technologies are evolving at a rapid pace, and the tremendous scope for our firm and our clients in partnering with Thomson Reuters was obvious.”
The technology is not just a glimpse into the future of legal practice. It is a powerful tool already in the hands of today’s legal professionals. More than 50,000 lawyers in the United States are leveraging the benefits of CoCounsel. In Australia, Maddocks’' early success shows that the legal industry is ready to expand its capabilities with AI.
The AI legal assistant is transforming legal practice by enhancing operational efficiency, work quality and client service delivery. It can cut down document review and preparation time from hours to just minutes.
CoCounsel examines a vast amount of data fast and precisely which helps to minimise the risk of expensive mistakes. It can also increase client retention and help win new business. Lawyers tap into quick and accurate responses to provide more comprehensive legal guidance. Many law firms typically operate on the billable hour, however, Thomson Reuters’ AI legal assistant can help firms expand into value-based pricing models.
“Thomson Reuters is committed to driving the AI revolution in legal practices through strategic investments such as Casetext for Counsel”, says Jackie Rhodes. The company recently shared its intention to invest more than $100 million annually to integrate AI into its flagship content and technology solutions. Innovative solutions like CoCounsel are a testament to their vision of a more efficient, effective, and empowered legal profession.
This advertorial was originally published by The Australian