Barron’s Roundtable panelists discuss the evolution of AI and how investors can look for opportunities in emerging technologies.
Thomson Reuters (TR) recently announced a new Artificial intelligence (AI) Solutions that help legal professionals draft contracts and briefs and research complex legal topics more efficiently.
David Wong, chief product officer at Thomson Reuters, said in an interview with FOX Business that the two main areas in which the company’s tools help customers are finding information in specific specialized databases and for the task at hand. He said the aim is to generate tailored content.
“As we’ve seen, generative AI is very good at information retrieval, so most of the amazing use cases we’ve seen for things like ChatGPT are about synthesizing and extracting information from these databases. It’s the web, but for us it’s our own content and database,” Wong said.
“Many of our software tools are draft contract“These are all essentially written work products, and of course generative AI is also very good at creating written works. That’s why we’re excited about applying languages at scale. That’s why we’re doing it,” he added. Generate models and AI for the product problems you solve with TR. ”
‘AI Skills Factory’ created by Thomson Reuters to build expertise for non-engineers
“We think of it as the SparkNotes or Wikipedia for law,” David Wong, chief product officer at Thomson Reuters, says of the Practical Law tool. (Eduardo MunozAlvarez/VIEWpress via Getty Images/Getty Images)
Thomson Reuters brings AI capabilities to its practical law tools. It uses generative AI to enable rapid information delivery. legal expert Get the right answers to your questions, along with tools and insights to improve your workflow.
“Practical Law is a product that lawyers across the industry – large corporate lawyers, law firm lawyers, and independent solo practitioners – use to provide practical guidance on how to do their jobs.” Mr Wong explained. “I think of it as his SparkNotes or Wikipedia of the law, but he’s very good at doing his job, as opposed to Westlaw, which is a system that examines the details of the law in great detail. It’s helpful.”
Thomson Reuters launches generative AI tool for legal research
Thomson Reuters’ Ask Practical Law tool uses AI to generate answers. (Thomson Reuters/FOX News)
The firm is also building new AI capabilities within its Practical Law platform. This includes Ask Practical Law AI, which allows users to access summarized content from platforms hand-picked by his team of over 650 lawyers. We also rolled out tools that allow legal professionals to find specific clauses while using the platform, Securities and Exchange Commission contracts, and internal documents. microsoft word.
“Ask Practical Law AI is a question-and-answer feature that provides the right answers to questions and resources within our practical law products,” Wong explained. “We launched Practical Law Clause Finder, a database of clauses that lawyers use to draft contracts. You get this massive database, and it’s partnered with Microsoft. Words.”
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| bird | Thomson Reuters | 159.29 | +1.50 | +0.95% |
Thomson Reuters is also bringing to international markets its AI-powered CoCounsel tool, which launched in the US last year, is now officially available in Australia and Canada, and is being developed globally. UK and Europe.
What is artificial intelligence (AI)?
Thomson Reuters Clause Finder. (Thomson Reuters/FOX News)
The CoCounsel tool uses generative AI to help clients prepare for depositions, draft correspondence, search databases and documents, summarize documents, extract data from contracts, and more.
Wong said Thomson Reuters’ AI systems are built on commercially available large-scale language models, and the company trains the tools by “providing the right laws and parsing the right cases.” , explained that the result is “less irrelevant information that needs to be filtered and filtered.” Large-scale language models to answer questions. ”
CLICK HERE TO GET FOX BUSINESS ON THE GO
Answers provided to users are footnoted, Wong added, adding that Thomson Reuters’ AI systems are trained to notify users if the tool is not successfully obtaining the results they are looking for. Ta. Prevent AI hallucinations and building relationships of trust with customers.
“Obviously you don’t want your system to generate an ‘I don’t know’ message 50% of the time, but if you can’t answer a question and are transparent about your inability to answer it, it’s an illusion. It creates incredible trust because it’s one of our most powerful ways of trying to limit … “It’s much better to say, ‘I don’t know,’ than to make something up.”
