Charting the Three Waves of Legal AI Transformation with Thomson Reuters' Raghu Ramanathan

The Geek In Review

Content provided by Greg Lambert & Marlene Gebauer, Greg Lambert, and Marlene Gebauer. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Greg Lambert & Marlene Gebauer, Greg Lambert, and Marlene Gebauer or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://staging.podcastplayer.com/legal.

8d ago 42:25

MP3•Episode home

This week we welcome Raghu Ramanathan, President of Legal Professionals at Thomson Reuters, for an insightful discussion on the profound impact of Artificial Intelligence (AI) on the legal industry. Raghu shares why he believes the legal sector, alongside healthcare, stands at the forefront of the AI revolution. His journey into the legal tech world, driven by the transformative potential of AI, sets the stage for a deep dive into current trends, future predictions, and the strategic initiatives shaping the future of law.

Central to the conversation is Raghu's updated perspective on the evolution of law firms, revisiting predictions he first made in 2017. He outlines a compelling framework describing "three waves" of AI adoption currently underway. The first wave, "Optimization," which many firms are experiencing now, focuses on using AI to enhance existing workflows, making tasks faster and more efficient. The second wave, "Re-engineering," involves fundamentally rethinking processes, staffing models (including the traditional pyramid structure), pricing strategies, and the very nature of legal work to leverage AI's capabilities more deeply. Looking further ahead, the third wave anticipates the emergence of entirely "New Business Models."

Thomson Reuters is actively navigating and shaping this transformation, particularly through its AI platform, CoCounsel. Raghu highlights the rapid evolution of CoCounsel, emphasizing the continuous development of new "skills"—capabilities ranging from summarization and research to drafting and complex analysis like the innovative "Claims Explorer." He explains TR's strategy involves integrating proprietary data (like Westlaw), client-provided documents, and public information, leveraging advancements in Large Language Models (LLMs) from various providers to deliver comprehensive and powerful AI assistance. Prioritizing new skill development involves balancing significant client value with technical feasibility, constantly informed by close collaboration with innovation-focused customers.

Beyond law firms, the conversation explores the crucial role and adoption of AI within the court system. Raghu notes a surprising enthusiasm among courts, driven by the urgent need to address growing case backlogs and enhance access to justice within tight budgets. He points to Thomson Reuters' significant partnerships, including a major agreement to deploy AI tools across the US federal courts and ongoing collaboration with the National Center for State Courts (NCSC), which is fostering education and policy discussions among judges and court staff nationwide. Complementing product innovation, TR's expanded "Customer Success" initiative underscores the importance of user adoption, providing dedicated resources and best practices to help lawyers and legal professionals effectively integrate AI tools into their daily workflows, ensuring technology translates into tangible value.

Raghu anticipates that smaller and mid-sized law firms may initially leverage AI more aggressively as a competitive equalizer, pushing larger firms to make bolder, more strategic moves beyond simple optimization. He stresses that the ultimate differentiator for success in the AI era will likely be less about the technology itself and more about effective change management. The rapid pace of AI adoption already witnessed in the legal sector signals that this transformation is not a distant prospect but a present reality reshaping the industry at an unprecedented speed.

Listen on mobile platforms: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Apple Podcasts⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Spotify⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠YouTube⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

[Special Thanks to ⁠Legal Technology Hub⁠ for their sponsoring this episode.]

Blue Sky: ⁠⁠@geeklawblog.com⁠⁠ ⁠⁠@marlgeb⁠⁠
⁠⁠⁠⁠⁠Email: [email protected]
Music: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jerry David DeCicca⁠⁠⁠⁠⁠⁠⁠⁠⁠

Transcript

299 episodes

#Business #Greg Lambert & Marlene Gebauer #Greg Lambert #Marlene Gebauer