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AI set to save professionals 12 hours per week by 2029
Wednesday, July 17, 2024
The Thomson Reuters Future of Professionals report shows knowledge workers are optimistic about significant boosts to productivity, with AI poised to redefine workflows, drive innovation, and unlock new opportunities for growth
-- Critical time savings: Survey respondents predict AI to free up 12 hours
per week within the next five years, with four hours per week saved in
the next year alone - the equivalent of adding an additional colleague
for every 10 team members. For a U.S. lawyer, this could translate to an
additional $100,000 in billable hours.*
-- Positive outlook on impacts of AI: 77% of professionals believe AI will
have a high or transformational impact on their work over the next five
years. Additionally, 78% say AI is a "force for good" in their
profession, while 37% of respondents haven't yet used GenAI in their
work.
-- Catalyst for innovation: 79% of professionals predict significant or
moderate improvement in innovation within their companies over the next
five years. Over that same period, they anticipate 56% of work will
utilize new AI-powered technology.
-- Strong appetite for AI standards: 57% of professionals believe
certification processes for AI systems should be introduced, and 55%
believe professional or industry bodies should make their own standards.
TORONTO, July 9, 2024 /PRNewswire/ -- Thomson Reuters (TSX/NYSE: TRI), a global content and technology company, today released its 2024 Future of Professionals report, an annual survey of more than 2,200 professionals working across legal, tax, and risk & compliance fields globally.
Respondents predicted that artificial intelligence (AI) has the potential to save them 12 hours per week in the next five years, or four hours per week over the upcoming year - 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. Harnessing the power of AI across various professions opens immense economic opportunities. For a U.S. lawyer, this could translate to an estimated $100,000 in additional billable 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.
"Professionals no longer need to speculate on the potential for AI to impact their work as they are now witnessing its effects firsthand. As we look to the future, one thing is clear: AI-empowered professionals and their companies will outpace those who resist this transformative era," said Steve Hasker, President and CEO, Thomson Reuters. "With 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."*
This year's study underscores the overwhelming sense of enthusiasm professionals have for AI. AI, and specifically generative AI (GenAI), solutions for the legal, tax, and risk & compliance sectors have been among the most widely adopted categories of professional-grade AI applications to date. In fact, 63% of those surveyed are already using AI-powered technologies as a starting point for tasks, with research, summarization, and drafting cited as the most common use cases.
The report's findings are categorized into three main themes: productivity, responsibility, and value. The following are some of the study's key insights:
Productivity:
-- Key driver of innovation, job growth and improved productivity: The top
areas professionals expect to see concrete improvements over the next
five years are "more innovation" (79%), "more time spent on engaging,
judgement-based or expertise-driven work" (66%), "greater opportunity
for continual skill building" (57%), and "improved work-life balance"
(51%).
-- AI as top strategic priority for legal profession: Asked to indicate
their strategic priorities for the next 18 months, 50% of law firm
respondents selected AI in their top five, edging out productivity
(49%). The top areas where corporate C-suite respondents anticipate AI
will have the biggest impact are operational strategy (59%),
product/service strategy (53%), and talent strategy (40%).
Responsibility:
-- AI holdouts seek guidance from their employers: While the majority (63%)
of respondents are already using AI-powered technologies as a starting
point for tasks, 37% of those surveyed have not tried the technology in
their work. Among the top reasons for staying on the sidelines, 35% are
unsure what type of work the technology can be used for and 28% are
unsure how to access it.
-- Responsible use of AI is crucial: The vast majority (95%) of
professionals agree it's a step too far to allow AI to represent clients
in court or make final decisions on complex legal, tax and risk, fraud &
compliance matters. Areas where professionals are more comfortable with
AI include drafting basic documents, research and analysis, and basic
administrative tasks. A majority (57%) of respondents say certification
processes for AI systems should be introduced, and 55% believe
professional or industry bodies should be tasked with developing these
standards.
Value:
-- AI and data to have transformational impact on professional services:
When asked the impact of various trends over the next five years,
respondents overwhelmingly identified "the rise of AI and GenAI" as
having the greatest impact (77% predicting high or transformational
impact), followed by "explosion in data volumes" (59%).
-- Positive market sentiment and transformative potential: Professionals
view AI as a "force for good" (78%), recognizing its potential to
enhance efficiency and bring new value to their work. With widespread
adoption, we could see AI drive significant innovation, improve
work-life balance, and provide substantial economic benefits over the
next five years.
To access the full report, visit https://www.thomsonreuters.com/en/c/future-of-professionals.html
Methodology
Research was conducted in April and May 2024 via an online survey. More than 2,200 professionals from the legal, tax and accounting, and risk & compliance fields employed by corporations, firms, and government agencies completed the survey. Approximately 44% of participants were based in the United States, with the majority of other respondents in the UK, Canada, Latin America, Australia, and New Zealand.
Most of the respondents were in traditional roles, meaning those in the legal industry were lawyers, those in the tax and accounting industry were accountants and CPAs; in addition, respondents included 200 corporate C-suite professionals. From a generational perspective, the largest number of respondents represented Millennials (those born between 1981-1996), followed by Gen X (those born between 1965-1980), and Baby Boomers (those born between 1946-1964), and Gen Z (those born between 1997-2012). A handful of respondents represented the Silent Generation (born prior to 1946).
* 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. Thomson Reuters 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 Thomson Reuters 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.
Note to Editor
Thomson Reuters - Investing in Artificial Intelligence:
Thomson Reuters is at the forefront of delivering professional-grade AI in the fields of legal, tax, accounting, risk, fraud, compliance, and news. Thomson Reuters is delivering this through its build, partner, buy strategy, and last year, announced its intention to make a Thomson Reuters is at the forefront of delivering professional-grade AI in the fields of legal, tax, accounting, risk, fraud, compliance, and news. Thomson Reuters is delivering this through its build, partner, buy strategy, and last year, announced its intention to make an additional investment of more than $100 million annually for the next few years, integrating responsible AI into its flagship content and technology solutions.
Key AI milestones include:
-- Collaboration with Microsoft's generative AI technology and plugin with
Microsoft 365 Copilot.
-- Strategic acquisitions that drive the AI agenda, including Casetext
-- Launch of Westlaw Precision with AI-Assisted Research
-- Generative AI results from Westlaw Precision are trusted by
customers as they are based a closed loop LLM that searches 90m
terabytes of content all verified by 1.6k attorney editors.
-- Since launch over 1.5M searches have been run through AI-Assisted
Research since launch.
-- Further product launches including Practical Law Answers, CoCounsel
Drafting, integrated with Microsoft 365, and Checkpoint Edge with
CoCounsel, the first GenAI product for Tax Professionals.
-- Plus, the expanded vision for CoCounsel to provide a GenAI assistant for
every professional Thomson Reuters serves.
-- Internationalization of GenAI products outside of the USA including
CoCounsel Core (formerly Casetext CoCounsel) in Canada, United Kingdom,
and Australia, and Westlaw with CoCounsel in Canada, Australia the
United Kingdom.
-- Launch of partnership between Thomson Reuters Institute and National
Center for State Courts AI Policy Consortium for Law and Courts to
inform and educate the judiciary about the opportunities and challenges
of evolving AI and generative AI solutions.
With thousands of colleagues employed in the field of data science, engineering, designers and UX specialists and analysts, Thomson Reuters provides trusted and secure GenAI experience for its customers. The company's generative AI capabilities are built on 30 years of advancements in machine learning and natural language processing technology and over 125 years of professional expertise. This is all underpinned by a comprehensive collection of editorially-enhanced content.
The company's commitment to AI is also reflected in the comprehensive governance structures it has in place exampled by its updated Data and AI Ethics Principles, which guides its approach to AI development and deployment. With a focus on responsibility, safety, and transparency, Thomson Reuters is dedicated to creating AI solutions that not only augment professional capabilities but also adhere to the highest ethical standards.
Thomson Reuters is also investing in AI learning and development programs for its 26,000 colleagues globally, delivering ongoing training and access to technology built in alignment with its AI and Data Principles. In addition, the organization also created Distinguished Scientist and Engineering pathways to ensure Labs colleagues can continue to grow in their careers as they help grow TR's solutions.
Thomson Reuters
Thomson Reuters (TSX/NYSE: TRI) ("TR") informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news. For more information, visit tr.com.
Media Contact
Lindsay Bomar
Lindsay.Bomar@thomsonreuters.com
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SOURCE Thomson Reuters
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