The Thomson Reuters Future of Professionals
report shows knowledge workers are optimistic about significant
boosts to productivity, with AI poised to redefine workflows, drive
innovation, and unlock new opportunities for growth
- Critical time savings: Survey respondents predict
AI to free up 12 hours per week within the next five years, with
four hours per week saved in the next year alone – the equivalent
of adding an additional colleague for every 10 team members. For a
U.S. lawyer, this could translate to an additional $100,000 in
billable hours.*
- Positive outlook on impacts of AI: 77% of
professionals believe AI will have a high or transformational
impact on their work over the next five years. Additionally, 78%
say AI is a "force for good" in their profession, while 37% of
respondents haven't yet used GenAI in their work.
- Catalyst for innovation: 79% of professionals predict
significant or moderate improvement in innovation within their
companies over the next five years. Over that same period, they
anticipate 56% of work will utilize new AI-powered technology.
- Strong appetite for AI standards: 57% of professionals
believe certification processes for AI systems should be
introduced, and 55% believe professional or industry bodies should
make their own standards.
TORONTO, July 9, 2024
/CNW/ -- Thomson Reuters (TSX/NYSE: TRI), a global content and
technology company, today released its 2024 Future of
Professionals report, an annual survey of more than 2,200
professionals working across legal, tax, and risk & compliance
fields globally.
Respondents predicted that artificial intelligence (AI) has the
potential to save them 12 hours per week in the next five years, or
four hours per week over the upcoming year – equating to 200 hours
annually. This timesaving potential is the equivalent productivity
boost of adding an extra colleague for every 10 team members on
staff. Harnessing the power of AI across various professions opens
immense economic opportunities. For a U.S. lawyer, this could
translate to an estimated $100,000
in additional billable hours.*
The sharp uptick in interest in AI is a major catalyst for
innovation across industries. Overall, 77% of professionals now
predict AI will have a high or transformational impact on their
work over the next five years, up 10 percentage points from last
year. In addition, 79% anticipate innovation at their companies
will increase.
"Professionals no longer need to speculate on the potential for
AI to impact their work as they are now witnessing its effects
firsthand. As we look to the future, one thing is clear:
AI-empowered professionals and their companies will outpace those
who resist this transformative era," said Steve Hasker, President and CEO, Thomson
Reuters. "With professionals predicting that AI will save them up
to 200 hours in the next year, the potential economic impact is
significant. For a U.S. lawyer, the time saved could translate to
up to $100,000 a year in additional
billable time, and we can expect similar productivity gains across
other professions. The responsible use of AI is crucial, with
nearly two-thirds of professionals stressing human oversight. As we
navigate this change, we must remember the future of AI is ours to
shape."*
This year's study underscores the overwhelming sense of
enthusiasm professionals have for AI. AI, and specifically
generative AI (GenAI), solutions for the legal, tax, and risk &
compliance sectors have been among the most widely adopted
categories of professional-grade AI applications to date. In fact,
63% of those surveyed are already using AI-powered technologies as
a starting point for tasks, with research, summarization, and
drafting cited as the most common use cases.
The report's findings are categorized into three main themes:
productivity, responsibility, and value. The following are some of
the study's key insights:
Productivity:
- Key driver of innovation, job growth and improved
productivity: The top areas professionals expect to see
concrete improvements over the next five years are "more
innovation" (79%), "more time spent on engaging, judgement-based or
expertise-driven work" (66%), "greater opportunity for continual
skill building" (57%), and "improved work-life balance" (51%).
- AI as top strategic priority for legal profession: Asked
to indicate their strategic priorities for the next 18 months, 50%
of law firm respondents selected AI in their top five, edging out
productivity (49%). The top areas where corporate C-suite
respondents anticipate AI will have the biggest impact are
operational strategy (59%), product/service strategy (53%), and
talent strategy (40%).
Responsibility:
- AI holdouts seek guidance from their employers:
While the majority (63%) of respondents are already using
AI-powered technologies as a starting point for tasks, 37% of those
surveyed have not tried the technology in their work. Among the top
reasons for staying on the sidelines, 35% are unsure what type of
work the technology can be used for and 28% are unsure how to
access it.
- Responsible use of AI is crucial: The vast majority
(95%) of professionals agree it's a step too far to allow AI to
represent clients in court or make final decisions on complex
legal, tax and risk, fraud & compliance matters.
Areas where professionals are more comfortable with AI include
drafting basic documents, research and analysis, and basic
administrative tasks. A majority (57%) of respondents say
certification processes for AI systems should be introduced, and
55% believe professional or industry bodies should be tasked with
developing these standards.
Value:
- AI and data to have transformational impact on professional
services: When asked the impact of various trends over the next
five years, respondents overwhelmingly identified "the rise of AI
and GenAI" as having the greatest impact (77% predicting high or
transformational impact), followed by "explosion in data volumes"
(59%).
- Positive market sentiment and transformative potential:
Professionals view AI as a "force for good" (78%), recognizing its
potential to enhance efficiency and bring new value to their work.
With widespread adoption, we could see AI drive significant
innovation, improve work-life balance, and provide substantial
economic benefits over the next five years.
To access the full report,
visit https://www.thomsonreuters.com/en/c/future-of-professionals.html
Methodology
Research was conducted in April and May
2024 via an online survey. More than 2,200 professionals
from the legal, tax and accounting, and risk & compliance
fields employed by corporations, firms, and government agencies
completed the survey. Approximately 44% of participants were based
in the United States, with the
majority of other respondents in the UK, Canada, Latin
America, Australia, and
New Zealand.
Most of the respondents were in traditional roles, meaning those
in the legal industry were lawyers, those in the tax and accounting
industry were accountants and CPAs; in addition, respondents
included 200 corporate C-suite professionals. From a generational
perspective, the largest number of respondents represented
Millennials (those born between 1981-1996), followed by Gen X
(those born between 1965-1980), and Baby Boomers (those born
between 1946-1964), and Gen Z (those born between 1997-2012). A
handful of respondents represented the Silent Generation (born
prior to 1946).
* Professionals predict that AI could save them four hours a
week in the next year and up to 12 hours per week within the next
five years. Thomson Reuters extrapolated this to demonstrate the
potential annual impact. Assuming a professional works 48 to 50
weeks per year, this could result in up to 200 hours saved annually
and is equivalent to adding an extra colleague for every 10 team
members, as the four hours saved per week per professional
represents approximately 10% of a full-time workload. For U.S.
lawyers, that time savings could translate to nearly $100,000 in extra billable time annually. This is
calculated with Thomson Reuters data gathered directly from
participating firms' financial management systems, which is then
anonymized and aggregated. Ultimately, the way lawyers choose to
reinvest their time savings will depend on their individual
priorities and goals, which may include increasing billable time,
pursuing new business opportunities, or other strategic
initiatives.
Note to Editor
Thomson Reuters – Investing in Artificial
Intelligence:
Thomson Reuters is at the forefront of delivering
professional-grade AI in the fields of legal, tax, accounting,
risk, fraud, compliance, and news. Thomson Reuters is
delivering this through its build, partner, buy strategy, and last
year, announced its intention to make a Thomson Reuters is at
the forefront of delivering professional-grade AI in the fields of
legal, tax, accounting, risk, fraud, compliance, and
news. Thomson Reuters is delivering this through its build,
partner, buy strategy, and last year, announced its intention to
make an additional investment of more than $100 million annually for the next few years,
integrating responsible AI into its flagship content and technology
solutions.
Key AI milestones include:
- Collaboration with Microsoft's generative AI technology and
plugin with Microsoft 365 Copilot.
- Strategic acquisitions that drive the AI agenda, including
Casetext
- Launch of Westlaw Precision with AI-Assisted Research
- Generative AI results from Westlaw Precision are trusted by
customers as they are based a closed loop LLM that searches
90m terabytes of content all verified
by 1.6k attorney editors.
- Since launch over 1.5M searches
have been run through AI-Assisted Research since launch.
- Further product launches including Practical Law
Answers, CoCounsel Drafting, integrated with Microsoft
365, and Checkpoint Edge with CoCounsel, the first GenAI
product for Tax Professionals.
- Plus, the expanded vision for CoCounsel to provide a GenAI
assistant for every professional Thomson Reuters serves.
- Internationalization of GenAI products outside of the
USA including CoCounsel Core
(formerly Casetext CoCounsel) in Canada, United
Kingdom, and Australia, and
Westlaw with CoCounsel in Canada, Australia the United Kingdom.
- Launch of partnership between Thomson Reuters Institute and
National Center for State Courts AI Policy Consortium for Law and
Courts to inform and educate the judiciary about the opportunities
and challenges of evolving AI and generative AI solutions.
With thousands of colleagues employed in the field of data
science, engineering, designers and UX specialists and analysts,
Thomson Reuters provides trusted and secure GenAI experience for
its customers. The company's generative AI capabilities are built
on 30 years of advancements in machine learning and natural
language processing technology and over 125 years of professional
expertise. This is all underpinned by a comprehensive collection of
editorially-enhanced content.
The company's commitment to AI is also reflected in the
comprehensive governance structures it has in place exampled by its
updated Data and AI Ethics Principles, which guides its approach to
AI development and deployment. With a focus on responsibility,
safety, and transparency, Thomson Reuters is dedicated to creating
AI solutions that not only augment professional capabilities but
also adhere to the highest ethical standards.
Thomson Reuters is also investing in AI learning and development
programs for its 26,000 colleagues globally, delivering ongoing
training and access to technology built in alignment with its AI
and Data Principles. In addition, the organization also created
Distinguished Scientist and Engineering pathways to ensure Labs
colleagues can continue to grow in their careers as they help grow
TR's solutions.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) ("TR") informs the way forward
by bringing together the trusted content and technology that people
and organizations need to make the right decisions. The company
serves professionals across legal, tax, accounting, compliance,
government, and media. Its products combine highly specialized
software and insights to empower professionals with the data,
intelligence, and solutions needed to make informed decisions, and
to help institutions in their pursuit of justice, truth, and
transparency. Reuters, part of Thomson Reuters, is a world-leading
provider of trusted journalism and news. For more information,
visit tr.com.
Media Contact
Lindsay Bomar
Lindsay.Bomar@thomsonreuters.com
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