Thomson Reuters (TRI) Barclays 18th Annual Americas Select Conference summary

Strategic positioning and growth drivers

• Benefiting from increasing compliance complexity in legal, tax, and audit, driving growth from low to high single digits with a path to double-digit expansion for core franchises.

• AI is a major tailwind, with decades of machine learning experience and recent launches like CoCounsel Legal and Westlaw Advantage accelerating innovation.

• Focus on "fiduciary-grade AI" for professions where accuracy is critical, leveraging proprietary content and expert-driven training.

• Customer support includes 24/7 access to expert attorneys, enhancing trust and reliability for mission-critical tasks.

• Organic revenue growth reached 8% company-wide, with legal business for law firms (excluding government) up 11%.

AI strategy and competitive landscape

• AI offerings are model-agnostic, using best-in-class frontier models and developing an in-house legal-specific LLM, "Thomson."

• Partnerships with vendors like Anthropic are flexible, with no current revenue sharing or IP sharing; proprietary content remains protected.

• Legal and tax professionals require specialized, accurate tools, creating a moat general-purpose models cannot match.

• Innovation pace has accelerated, with new Westlaw versions released every four months and agentic products outperforming competitors.

• Workflow AI solutions represent a significant new market, with CoCounsel positioned as a leading integrated tool.

Customer adoption and product performance

• CoCounsel Legal beta has reached one million users and ARR comparable to leading legal tech competitors.

• Beta users report a threefold increase in problem-solving capabilities, driving strong demand and scalability challenges.

• Customers prefer integrated solutions over multiple tools, favoring platforms that combine research and workflow capabilities.

• Security, privacy, and data integration are top concerns for clients, especially in legal and corporate segments.