Thomson Reuters Expands Legal Technology Partnerships with Laurel
Thomson Reuters has announced a partnership with Laurel, a time recording system, as part of its ongoing efforts to enhance its legal technology offerings. This collaboration follows the recent spin off of Elite, which previously included time recording capabilities.
The partnership aims to integrate Laurel's work intelligence platform with Thomson Reuters' Fiduciary Grade AI, providing law firms with enhanced transparency and measurement tools. This integration is designed to help firms understand the impact of AI on legal work, client service, and overall firm performance.
Laurel's platform records activities in real time across various devices, including time spent on emails, documents, calls, and applications, automatically classifying this information by client and matter. This functionality allows for the generation of ready to review timesheets, real time profitability insights, and measurements of return on investment for AI initiatives.
The collaboration is positioned as a means to bridge the gap in visibility regarding the lifecycle of AI powered legal work, enabling firms to gain a clearer understanding of efficiency gains, matter performance, profitability, and the return on technology investments.
Ryan Alshak, CEO and Co Founder of Laurel, remarked on the historical disconnect between AI investments and business operations within law firms. He stated that this partnership aims to provide a comprehensive view of how time is spent, identify potential write down risks, and assess the effectiveness of AI investments.
Camillo Speroni, Head of Partnerships and Alliances at Thomson Reuters, highlighted the importance of this partnership in helping firms measure the value of their technology investments. He noted that while AI adoption is rising among legal professionals, many organisations still face challenges in linking AI usage to tangible business outcomes.
This partnership represents a significant step forward in the legal sector's ongoing efforts to leverage technology for improved operational performance and client service. As firms continue to navigate the complexities of AI integration, the insights gained from this collaboration may prove invaluable in optimising their technology strategies.
In related news, Thomson Reuters will be participating in two major Legal Innovators Conferences this November, taking place in London and New York. These events aim to bring together industry leaders and innovators to discuss the future of legal technology.