鈥淲hen I think about efficiencies in the tax industry, especially given the staffing shortages and the uptick in retirements, efficiencies are so important and a huge driver for the development of our tax tools,鈥� Hawkins said. 鈥淲e know from our research that customers are prioritizing these efficiency gains and looking to technology to really help them unlock them.鈥�

Wong cited findings from the latest 成人VR视频 Future of Professionals report that demonstrated a shift in the tax and accounting industry鈥檚 adoption of AI tools.

鈥淚n contrast to a year ago, where we had the most excitement and the most interest from the legal industry, this year in 2024, we’ve had a much clearer signal from the tax, accounting and audit industry that they are ready and eager to apply some of the AI technology to their work to seek efficiencies,鈥� Wong said.

He added that this shift can help the tax and accounting industry address a labor crunch.

鈥淭here aren鈥檛 enough CPAs or enough people who are willing to jump into the tax and accounting profession, and technology is seen as this sort of savior for this ever-growing pile of work within the industry,鈥� Wong said. 鈥淎I is one additional set of tools to help the industry get to a new frontier of automation.鈥�

Wong and Hawkins noted that AI tools must work in conjunction with the other workflow tools tax and accounting professionals already depend on.

鈥淭he exacting nature of the tax profession is extremely unforgiving when it comes to inaccuracies or mistakes,鈥� Hawkins said. 鈥淎s we put our AI-Assisted Research together, we really had that in mind 鈥� to help with making research more efficient for the new entrants into the industry.鈥�

鈥淗aving an efficient way to research is critical,鈥� Hawkins added. 鈥淭he AI-Assisted Research that we have in Checkpoint Edge really allows someone to come in and simply ask a question, like you would to a trusted colleague down the hall and get an answer back that is easily digestible.鈥�

Hawkins said she hears customers talk about how senior members of firms want to mentor junior members but don鈥檛 have the time. She said firm leaders are excited about how generative AI tools can help 鈥渦pskill more junior members of a firm quickly to have the mature and robust conversations around tax topics.鈥�

Watch the聽of the TechConnect series, which brings diverse and dynamic perspectives from all corners of the technology world with thought-provoking questions and conversation.

Now generally available in the United States, Checkpoint Edge with CoCounsel helps tax firms leverage the transformative capabilities of GenAI by using large language models (LLMs) to provide an intuitive interface for tax professionals to pose questions to in everyday language.

Two thirds of customers that took part in the beta program expected Checkpoint Edge with CoCounsel to become their primary method for starting federal tax research upon launch.

鈥淐heckpoint Edge with CoCounsel is an innovative tool that allows the use of a question to get a specific response, plus it provides citations without having to search multiple responses to find an answer to a query,鈥� said Gary Brown, owner and principal at Gary Brown CPA, who was among the customers that took part in the beta program. 鈥淭his saves significant time by providing a focused response versus a list of multiple responses that need to be sorted through to find the desired result, providing significant time savings for research.鈥�

鈥淭rying to read an entire document for up to 30 minutes and trying to really understand those very minute differences and paragraphs and sub-paragraphs, Checkpoint Edge with CoCounsel will now give us the opportunity to receive this answer in a more simplified and relatable format where we can read it and understand it, see the citations as we need, and provide that answer to a client or internally to our own staff,鈥� said Brent Forbush, managing partner, Forbush & Associates.

Checkpoint Edge with CoCounsel is the latest milestone in the 成人VR视频 expanded vision for CoCounsel 鈥� the professional-grade GenAI assistant 鈥� to enable professionals to seamlessly complete complicated work involving multiple products through a single generative AI assistant. The launch follows last week鈥檚 rollouts of Claims Explorer, a new generative AI skill in Westlaw Precision with CoCounsel, and CoCounsel Drafting, an end-to-end drafting solution that streamlines and improves the drafting process for legal professionals within Microsoft Word.

For more on Checkpoint Edge with CoCounsel, visit , check out , or read the press release.

And here at 成人VR视频 鈥� we haven鈥檛 stood still; in fact, we have never moved faster!

Within this 24-month period Professionals no longer need to speculate how AI聽肠辞耻濒诲听affect their work because they now have a better sense of how it聽will 鈥斅�and in some cases already聽is.

And for our customers in November 2023, we launched聽AI-Assisted Research聽鈥� which allows customers to ask complex legal research questions in natural language and quickly receive synthesized answers, with links to supporting authority from Westlaw content and links to further examine that authority. AI-Assisted Research streamlines the initial phase of legal research with sophisticated answers to questions and the authority those answers are based on, saving hours of work. In fact, this is how one of our valued customers describes the solution:

鈥淏ecause 成人VR视频 has the best case law database, lawyers can feel confident that the answer AI-Assisted Research is generating in response to our questions is well supported.聽 The fact that the AI-Assisted Research delivers all the resources it relied upon in coming up the answer, right beneath the answer, amplifies the confidence we all can have in using the program to help with our research needs.鈥�聽Andrew Bedigian, Larson LLP

And since launch 6k customers have run more than 1.5M searches through AI-Assisted Research. 成人VR视频 closed loop LLM is trained on millions of terabytes of our trusted and verified content 鈥� rather than publicly available information 鈥� and this generates the most trusted and reliable answer on the market today.

鈥淚 did go through and compare the ChatGPT paid version as compared to this AI-Assisted Research. What I can tell you is there is a major difference in the libraries that Westlaw has versus any other program. There is no other program that has the secondary sources, the court orders, the appellate documents, the primary sources 鈥� every single thing that Westlaw offers, which is not only on point and published, you have the citations, there鈥檚 a source of truth from where the information comes from and it鈥檚 only as good as the prompts you give it and the parameters you put.鈥�聽Jesse Guth, owner, Guth Law Office

Our customers tell us each day what a critical tool AI assisted Research is for their legal research both to those new to the profession and those that are experienced in the field. By design our intuitive user experience guides customers to run follow-up research 鈥� AI Assisted Research provides customers with a comprehensive answer which can be easily interrogated, linking to more sources for validation.

鈥�At Blank Rome, we are committed to providing the highest levels of innovative client service. As part of this effort, last year we were excited to implement Westlaw Precision and Practical Law Dynamic AI capabilities for our attorneys, which has resulted in increased efficiencies and enhanced results.鈥�聽 Frank Spadafino, chief information officer, Blank Rome

Over the years 成人VR视频 has always been at the forefront of legal research innovation, helping customers to reduce research times and ensure nothing important is missed. AI-Assisted Research is among the very best of these tools, and when it鈥檚 used as intended, it offers enormous benefits with very little risk of harm. I strongly encourage you to try it yourself 鈥� you will find it鈥檚 a powerful research tool you鈥檒l want to employ regularly in your research processes.

Tax research has historically been a labor-intensive process, often requiring extensive manual effort and expertise, combined with the pressure of ensuring accuracy to enable professionals to take and defend tax positions with confidence. The introduction of Checkpoint Edge with CoCounsel gives tax professionals the ability to leverage the transformative capabilities of AI-Assisted Research. Through dialogue with a GenAI assistant, tax professionals can simply ask a question in everyday language. The solution will provide a relevant answer with links to trusted Checkpoint Edge editorial content and source materials in moments.

鈥淩esearch is essential for tax professionals and getting it right can take hours; it is hard and time-consuming,鈥� said Nancy Hawkins, vice president of Product Management, Research, 成人VR视频. 鈥淵et accountants are not lawyers trained in interpreting legislation, and the workforce is shrinking. That is why a GenAI-powered solution has the power to transform the profession. GenAI enables accountants to get it right, fast.鈥�

When it comes to how GenAI can help reduce the burden, 77% of tax professionals think GenAI can be applied to professional work, with increased efficiency and productivity being rated the top reason it should be applied to tax work according to the聽2024 Generative AI in Professional Services聽report by 成人VR视频.

Trusted technology the tax industry can rely on

Tax firms (83%) and corporate tax professionals (71%) rate technology companies as the primary influencers on the future of GenAI. With influence comes responsibility, and 成人VR视频 works within a rigorous set of聽AI and data principles聽to ensure trustworthiness in its design, development, and deployment of AI in its solutions.

To expand access to GenAI by unlocking its potential in tax research for its customers, 成人VR视频 built Checkpoint Edge with CoCounsel securely using Amazon Bedrock. Amazon Bedrock is a fully managed service that offers a choice of high-performing foundation models from leading AI companies via a single API, along with a broad set of capabilities for building GenAI applications that meet the high 成人VR视频 standards for security, privacy, and responsible AI.

The use of Amazon Bedrock enabled the 成人VR视频 engineering team to accelerate AI model deployment time from days to hours. The solution is rooted in 成人VR视频-verified databases to deliver reliable, accurate results, while keeping customer data private and secure.

Matt Wood, vice president of Artificial Intelligence Products, AWS said: 鈥淕enerative AI has the potential to revolutionize industries, significantly enhancing operational and cost efficiency. By choosing Amazon Bedrock to build and scale generative AI applications like Checkpoint Edge with CoCounsel, 成人VR视频 can access leading foundation models and customize them using their proprietary data, with the confidence that this data is secure and private by default. We look forward to continuing our work with 成人VR视频 to support generative AI-powered tools that increase productivity and boost innovation.鈥�

Key features of Checkpoint Edge with CoCounsel

Checkpoint Edge with CoCounsel empowers tax professionals with trusted answers in a simple chat interface.

• Trusted answers:聽The solution enhances customers鈥� efficiency by delivering synthesized, easily digestible answers along with links to Checkpoint Edge editorial content and source materials, helping professionals spot key risks and resolve questions using powerful summaries from thousands of documents in a matter of seconds.

Since AI-Assisted Research is grounded in 成人VR视频 curated, vetted, and up-to-date Checkpoint Edge content, customers can be assured that they are getting trusted guidance and expert analysis.

• Simple chat interface:聽The solution leverages large language models (LLMs) to provide a conversational interface to deliver straightforward answers to customers鈥� questions, as if they were speaking directly to a trusted subject matter expert or advisor. With an easy-to-use, intuitive interface, AI-Assisted Research can be successfully used by tax professionals at all skill levels.

In addition, by synthesizing the most accurate answers from pertinent sources, the solution empowers junior tax professionals to conduct research faster and with confidence, without an over-reliance on the expertise of senior colleagues.

Available for purchase now as part of an early adopter program, Checkpoint Edge with CoCounsel is expected to debut initially in the United States, starting from summer 2024.

The company also announced that AI-Assisted Research on Westlaw Edge UK will be available in the coming weeks. The generative AI legal research solution will help legal professionals get better, faster answers to complex research questions grounded in trusted Westlaw content. Together, they will lead the transformation of the UKs legal profession.

CoCounsel Core equips legal professionals with eight generative AI-powered core legal skills: Prepare for a Deposition, Draft Correspondence, Search a Database, Review Documents, Summarize a Document, Extract Contract Data, Contract Policy Compliance, and Timeline.

鈥淭his latest international launch of CoCounsel Core is yet another significant milestone in our mission to empower legal professionals to do better work, more efficiently, for more clients,鈥� said Jake Heller, head of Product, CoCounsel, 成人VR视频. 鈥淚n just over a year since CoCounsel debuted, our goal of transforming how people work is becoming a reality in more places across the world, more quickly than we could have imagined. It鈥檚 proof that the 成人VR视频 build, buy and partner strategy is accelerating how quickly we can deliver generative AI solutions to the professionals who rely on us.鈥�

Designed with the technical controls and data governance to meet legal professionals鈥� ethical and confidentiality obligations, CoCounsel Core is the only professional-grade generative AI assistant built specifically for the practice of law. Together with AI-Assisted Research on Westlaw Edge UK, CoCounsel Core’s capabilities constitute the industry鈥檚 most comprehensive set of generative AI skills, designed to help lawyers quickly gather deeper insights and deliver a better work product. No other suite of generative AI legal products offers this breadth of use, depth of content, and reliability of results. CoCounsel Core can save legal professionals as much as 60% of the time they spend on commonly executed tasks, freeing them for more high-value, strategic, and creative work.

CoCounsel Core is already being used by multiple UK law firms, including Addleshaw Goddard LLP and Linklaters LLP. Employing more the 1,600 lawyers in 19 offices worldwide, Addleshaw Goddard鈥檚 origins reach back to the UK鈥檚 first public record of solicitors, the Law List, in 1775. Linklaters is currently exploring use-cases for CoCounsel within its business. Linklaters has operated in the legal market for over 185 years, and is a leading global law firm, employing more than 3,100 lawyers in 31聽offices across 21 countries.

“Generative AI has untold potential to support our lawyers and transform our client services now and in years to come.” said Kerry Westland, partner and head of the Innovation Group at Addleshaw Goddard. “While researching and exploring over 100 generative AI solutions, CoCounsel stood out as a solution that could be highly effective for a range of use cases, including bulk document analysis. We are already applying CoCounsel in the work we are delivering for our clients, and it is exciting to see the value that this technology can bring. We are looking forward to seeing CoCounsel and 成人VR视频 other AI solutions working together, delivering a powerful suite of tools to our lawyers to enhance our delivery of legal services.”

Foundational to these launches and product developments planned for 2024 is the 成人VR视频 Generative AI Platform, an overarching innovation resource that enables the company to quickly and easily launch new solutions by leveraging reusable components and bringing together content, AI, generative AI, and more, as the building blocks for future products.