成人VR视频 President and CEO Steve Hasker shared a state of the industry outlook, noting generative AI is as disruptive and transformative as previous technology shifts yet is happening even faster. He emphasized what differentiates 成人VR视频, including investments the company is making in generative AI to enable professionals to accelerate and streamline entire workflows and deliver more value for clients. 听听

Hasker said 成人VR视频 has invested more than $200M in AI in the last year. He discussed the company鈥檚 vision to provide each professional it serves with an AI assistant; the launch of CoCounsel 2.0, which generates answers three times faster than the previous version; and new work with Microsoft on autonomous agents to increase revenue, reduce costs, and scale impact for customers.鈥�听

Tax, Audit & Accounting听听

鈥淎I is not just changing the landscape of accounting, it’s reshaping it.鈥� That was the message from Elizabeth Beastrom, president of Tax & Accounting at 成人VR视频. 听

While the profession sees AI as a game-changer to help them work differently, tax and accounting professionals also continue to wrestle with the perennial challenge of a talent shortage. This, combined with escalating complexity and more tax regulations, as well as changing client expectations, leaves tax professionals in need of a critical solution.听

成人VR视频 sees the potential of AI to help alleviate these challenges by augmenting human capabilities. Automating mundane, time-consuming tasks will enhance efficiency for tax professionals, helping them reclaim time to channel into higher value tasks. 成人VR视频 is working to bring the power of generative AI, machine learning and automation into its solutions in the following ways:

1. Saving time in tax preparation:

Coming in beta during the upcoming busy season, 成人VR视频 will launch an AI-assisted tax preparation experience to increase firm efficiency. The solution combines the power of CoCounsel, 成人VR视频 professional-grade generative AI assistant, with workflow automation and software integrations. It supports the delegation of data gathering to simplify mundane tasks and automate tax preparation. 成人VR视频 research shows that customers using this solution will save at least two hours per 1040 tax return on average.听

2. Supporting firms鈥� growth with advisory: 听

As client expectations continue to evolve, they鈥檙e increasingly looking to their accountants as trusted advisors. Firms of all sizes are focusing on growing their advisory practices to help bring their clients additional value, as well as supporting their growth. In 2025, the 成人VR视频 Advisory Solution will combine the power of CoCounsel and Checkpoint content to identify advisory opportunities. Advisory services are integrated directly into a firm鈥檚 practice, with technology empowering junior staff to take on higher-value advisory work and seasoned professionals to move beyond technical expertise to value-added synthesis. 听

鈥淚t helps firms build their advisory practice with confidence to deliver unprecedented value to meet clients鈥� evolving needs,鈥� said Nancy Hawkins, vice president of Product Management, Research.听

3. Transforming audit efficiency:听

Halving sample sizes, boosting efficiency and sharpening the focus on high-risk areas are all at the heart of 成人VR视频 Audit Intelligence Analyze solution, which launched in October. Further functionality will be coming in 2025 as it expands the Audit Intelligence suite capabilities. 鈥楾est鈥� will support with automating substantive testing with dynamic transaction tracing, while 鈥楶lan鈥� will harness full data populations with cutting-edge analytics for superior risk assessment. Both will launch with beta programs next year, along with the addition of CoCounsel to the Audit Intelligence suite.听

All three solutions 鈥� Review Ready, 成人VR视频 Advisory Solution and the Audit Intelligence suite 鈥� will be further enhanced with 惭补迟别谤颈补鈥檚 generative and agentic AI capabilities.听

Corporates听

Laura Clayton McDonnell, president of the Corporates segment, shared how enterprise technology, including AI and generative AI, is revolutionizing the profession with innovative and emerging solutions. She emphasized that companies are taking a streamlined and proactive approach to addressing risk and compliance across the enterprise, while driving towards their business goals, will maintain their competitive advantage. Clayton McDonnell also shared how organizations are using solutions including ONESOURCE Pagero, CoCounsel Core, Legal Tracker, Checkpoint Edge with CoCounsel and CLEAR to solve challenges and realize value for their business.听

In addition, Ray Grove, head of Corporate Tax and Trade, 成人VR视频, highlighted the company鈥檚 efforts to build a seamless, integrated compliance network, and Kevin Appold, vice president of US Public Records, 成人VR视频, shared how the company鈥檚 risk and fraud solutions play a critical role in the convergence of compliance and commerce. Also, Valerie McConnell, senior director of CoCounsel Customer Success, discussed how CoCounsel is transforming the general counsel鈥檚 office.听

Legal听

A highlight from the Legal Professionals segment included an in-depth look at the 成人VR视频 2025 AI product roadmap from David Wong, chief product officer; Mike Dahn, head of Westlaw Product; and Valerie McConnell, senior director of CoCounsel Customer Success. They outlined upcoming generative AI features and innovations to support legal professionals, including deeper integration of CoCounsel 2.0 in Westlaw and Practical Law plus generative AI research features including Claims Explorer, Mischaracterization Identification in Quick Check and AI Jurisdictional Surveys.听

Legal SYNERGY attendees also participated in interactive sessions and CLE courses on advanced prompting techniques, the science behind large language models, and optimizing generative AI for tasks like drafting and legal research. Sessions offered attendees a comprehensive view of the future of AI in law.鈥�听

SYNERGY 2024 also included several customer panels and executive briefing sessions. Watch the Innovation Blog for highlights from these sessions and for 2025 product and innovation highlights.听

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

CoCounsel will unify the entire customer experience and give customers a new way to access 成人VR视频 product capabilities through a single GenAI assistant with applications across Legal, Tax, Risk & Fraud, and Media.

CoCounsel is an AI assistant that acts like a team member 鈥� handling complex tasks with natural language understanding. Completing tasks at superhuman speeds, CoCounsel provides high-quality information at the right time, maintains multiple threads of work, as well as keeping context and memory across the different tasks and products customers use each day. By augmenting professional work with GenAI skills, CoCounsel delivers accelerated and streamlined workflows, enables professionals to produce higher-quality work more quickly, all while keeping customer data secure. Watch more听here.

Over time CoCounsel will link 成人VR视频 products across its entire portfolio, meaning customers can bring together multiple skills and workflows from different products into one place to enhance user experience and value.

鈥淭oday, 成人VR视频 published a global AI study sharing that 81% of professionals believe AI could be applied to their work; responding to customers changing needs challenges us to build and apply the very best applications of GenAI to professional work,鈥� said David Wong, 成人VR视频 Chief Product Officer. 鈥淥ur unique combination of resources means we can deliver on our vision of providing professionals a new, human-centric point of access to our suite of 成人VR视频 products. As our products continue to expand and improve, the customer experience will remain centered in our GenAI assistant as CoCounsel learns new skills and capabilities – unlocking productivity and becoming the way professionals work.鈥�

成人VR视频 uses cutting-edge generative AI technologies. For example, CoCounsel is powered by GPT-4, thanks to an early and ongoing partnership with OpenAI.

鈥淲e are excited to continue working with 成人VR视频. By powering solutions like CoCounsel, their new professional-grade AI Assistant, together we make knowledge workers more creative and productive,鈥� said Brad Lightcap, COO at OpenAI. 鈥淎I automates routine tasks and makes it possible to quickly analyze huge amounts of data 鈥� but even more importantly, it helps people come up with new ways to solve complex problems.鈥�

Delivering new CoCounsel skills for Tax and Legal professionals

CoCounsel is embedded in and delivers the power of GenAI where professionals work, whether it鈥檚 in听Westlaw Precision听with CoCounsel, and听Practical Law Dynamic Tool Set听with CoCounsel. Today, the company is announcing new, additional skills for both Tax and Legal professionals including:

Checkpoint Edge with CoCounsel 鈥�听Our first generative AI product for tax professionals delivers better, faster answers to complex tax research questions, rooted in 成人VR视频 trusted proprietary content, enhancing efficiency for seasoned researchers and enabling inexperienced researchers to work with reduced supervision.

Westlaw Edge UK with CoCounsel 鈥�听The first 成人VR视频 generative AI legal research offering in the UK streamlines the initial phase of legal research, allowing customers to ask complex questions in natural language and delivering a synthesized answer grounded in trusted Westlaw content with detailed insights from top results including a list of key cases, legislation, and related topics.

CoCounsel Integrations with Microsoft 365 鈥�听With third-party integrations, CoCounsel will connect professionals with the tools they use daily starting with Microsoft 365 – adding CoCounsel applications for Teams, Word, Outlook, and SharePoint to accelerate research, drafting and review.

鈥淎t Ford, we constantly pursue technology at the forefront of AI and machine learning innovation, to strengthen operations across the company, from design and manufacturing to legal and compliance. When I first saw CoCounsel as a beta customer, I knew it was a game-changer,” said Darth Vaughn, Managing Director, Legal Ops+ and Litigation Counsel at Ford Motor Company. “With CoCounsel, we work more efficiently and thoroughly, giving people in a wide range of roles more time for higher-level, strategic work, as well as cross-functional coordination. We eagerly anticipate skills that continue to enhance our legal professionals and our broader organization.”

成人VR视频 will use its GenAI platform to create even more GenAI skills, and they鈥檒l be introduced into products across every business segment it serves under the CoCounsel brand. 成人VR视频 is well-positioned to deliver an experience that will transform professional work by calling on its 30+ years of experience in this field and its proprietary content used to continue to expand its GenAI platform.

The GenAI platform – accelerating the delivery of professional-grade GenAI

成人VR视频 has invested in infrastructure positioning them to innovate with GenAI鈥攄esigning, developing, and launching new, high-quality GenAI features鈥攓uickly and securely, aligned to its听Data and AI Ethics Principles.

成人VR视频 has both trusted, proprietary, content knowledge-based models, as well as a portfolio of workflow-embedded software tools, all brought together through its one-of-a-kind GenAI engineering platform. This common development platform enables the company to design, build, and deploy reusable GenAI components that become the building blocks for future skills and products, positioning the company to deliver on a vision for enabling professionals across multiple industries to seamlessly complete complicated work involving multiple products through a single GenAI assistant.

Availability

• Westlaw Edge UK with CoCounsel is available to customers in the UK.
• Checkpoint Edge with CoCounsel is expected initially in the United States, starting from summer 2024.
• CoCounsel Integrations with Microsoft 365 are expected to be available in BETA to customers in the USA and UK from summer 2024.
• Further roll out of CoCounsel skills are expected across 2024 and beyond

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL RISKS AND MATERIAL ASSUMPTIONS.听Certain statements in this news release are forward-looking, including, but not limited to, statements regarding the company鈥檚 strategic priorities, initiatives and opportunities. The words 鈥渆xpect鈥�, 鈥渂elieve鈥� and similar expressions identify forward-looking statements. While the company believes that it has a reasonable basis for making forward-looking statements in this news release, they are not a guarantee of future performance or outcomes and there is no assurance that any of the other events described in any forward-looking statement will materialize. Forward-looking statements are subject to a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from current expectations. Many of these risks, uncertainties and assumptions are beyond our company鈥檚 control and the effects of them can be difficult to predict. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, 成人VR视频 disclaims any obligation to update or revise any forward-looking statements.

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听2024 Generative AI in Professional Services听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听AI and data principles听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:听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:听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.

Following 成人VR视频 announcement that it intends to invest more than $100 million annually on AI capabilities at its Q1 FY23 results, the company also today announces a new plugin with Microsoft 365 Copilot, Microsoft鈥檚 advanced AI experiences across its productivity suite. This integration will bolster efforts for redefined professional work starting with legal research, drafting, and client collaboration.

鈥�Generative AI empowers professionals to redefine their work and discover innovative approaches,鈥� said Steve Hasker, president and CEO, 成人VR视频. 鈥�With our customers in the driver鈥檚 seat, 成人VR视频 AI technology augments knowledge, helping professionals work smarter, giving them time back to focus on what matters. We are very proud to partner with Microsoft, leading the legal profession towards unlocking the value from Microsoft 365 Copilot for our customers, and their clients.鈥�

Redefining work with Generative AI

Today鈥檚 announcements further cements 成人VR视频 as a leader in leveraging new technologies, including AI and machine learning (ML).听 For over 30 years 成人VR视频 has leveraged increasingly sophisticated AI and ML capabilities to improve search and expand advanced analytics for its customers. In addition to integrating Microsoft 365 Copilot, 成人VR视频 today shares plans to incorporate new generative AI capabilities across its product suite including:

• Westlaw Precision听– With generative AI, customers can find answers to complex legal questions in seconds, based on proprietary, expert content.
• Practical Law听– Smarter, faster access to the expertise of more than 650 attorney editors combined with the power of generative AI.
• Checkpoint Edge听– Providing fast, reliable answers to complex tax and accounting questions.
• Legal Document Review and Summary听– With generative AI reading through hundreds or even thousands of relevant documents in just seconds, customers can spot key risks, resolve questions, execute tasks, and generate powerful work product.鈥疨owered by HighQ, Practical Law, and Document Intelligence.
• Legal Drafting听– Bringing together 成人VR视频 trusted content and intelligence from across Westlaw, Practical Law, and Document Intelligence to surface key insights, legal knowledge, and answers to complex questions.

Find out more听here.

成人VR视频 plugin with Microsoft 365 Copilot

Working with Microsoft, 成人VR视频 has developed a contract drafting solution, powered by its legal products and content, and Copilot for Word. Delivering users with a听draft working document and access to trusted content right where work happens 鈥� in Microsoft Word, professionals can use their expertise to edit, validate, and build the final document with integrated access to 成人VR视频 knowledge, content, and AI technology.

A demonstration of the integration between 成人VR视频 Legal Drafting, powered by its legal products and content, and Microsoft 365 Copilot for Word will be shown during this week鈥檚 Microsoft Build event in Seattle. In the demo, Copilot creates a draft contract with help from a 成人VR视频 plugin that surfaces intelligence and content from Westlaw, Practical Law, and Document Intelligence – delivering in minutes work that used to take hours directly into Microsoft Word.

鈥淢icrosoft 365 Copilot is reinventing productivity for people and organizations, and we are thrilled to collaborate with 成人VR视频 to extend Copilot with new AI-powered experiences that will support legal professionals by saving them time and helping them drive value for the clients and businesses they serve,” said Andrew Lindsay, Corporate Vice President of Industry, Apps & Data, Business Development at Microsoft.

Watch the demonstration听here.

Investing in Trust

Investing more than $100 million annually, 成人VR视频 is focused on integrating generative AI into its solutions through a build, buy and partnership strategy 鈥� providing customers with the very best and trusted solutions at speed.

Hasker adds, 鈥�At 成人VR视频 we remain committed to augmenting professional knowledge and workflows with AI. Continuing to support our customers on this journey will enable them to first trust and then harness this new technology as we build on the opportunities ahead in Legal, with solutions for Tax, Risk, and the News profession to follow.鈥�

成人VR视频 has recently shared its updated听AI and Data Principles, reflecting the rapid innovation and reinforcing its strong commitment to building trustworthy, practical, and beneficial AI for customers. The update reflects recognition of the evolving AI technology landscape and the need to demonstrate its commitment to unlocking AI in secure, transparent, and accountable ways.

Product availability

• 成人VR视频 will be releasing generative AI capabilities into its native platforms Westlaw, Practical Law and Drafting in the second half of 2023.
• Legal drafting, integrated with Copilot for Microsoft 365 will be available for legal professionals in beta alongside the Microsoft Copilot release schedule.
• Tax and Compliance, Risk and Fraud generative AI solutions to follow in 2024.

For more information please听click here.