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

Respondents predicted that artificial intelligence (AI)听has the potential to save them听12 hours per week in the next five years,听or听four听hours per week over the听upcoming听year 鈥� 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.听Harnessing the power of AI across various professions opens immense economic opportunities.听For听a听U.S. lawyer, this could translate听to an听estimated $100,000 in听additional听billable听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.

鈥淧rofessionals no longer need to speculate on the potential for AI to impact their work as they are now witnessing its effects firsthand.听As we look to the future, one thing is clear: AI-empowered professionals and their companies will outpace those who resist this transformative era,鈥� said Steve Hasker, President and CEO, 成人VR视频. 鈥淲ith 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.鈥�

Read the press release for more details and access the full report here.

* 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. 成人VR视频 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 成人VR视频 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.

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.