While professional service firms have traditionally been slow to adopt new technologies, AI adoption is now surging across the industry. Thomson Reuters has positioned itself at the forefront of this revolution with its Cocounsel platform, a solution that arrives just as 72% of professionals report using AI tools at work—up markedly from last year's numbers.
The timing couldn't be better. Nearly 88% of firms are either using AI or will integrate it soon. Half of professionals are already using unapproved AI tools anyway. They're not waiting for permission. Why would they? The productivity gains are too tempting to ignore. Indeed, 62% of respondents find AI highly useful in their daily work activities.
Thomson Reuters' entry into this space acknowledges the reality on the ground: professionals expect generative AI to become part of their daily workflow within five years. Period. Most implementations utilize narrow AI systems for specific tasks like data analysis and document processing. The professional services sector's current 20% adoption rate lags behind IT (38%) and retail (31%), but that gap is closing fast.
The AI revolution waits for no one. Professional services may be late to the party, but they're making up for lost time.
The benefits are obvious. Increased productivity. Improved creativity. Better client engagement. Companies anticipate a 38% increase in profitability by 2025 thanks to AI implementation. That's real money, not theoretical gains.
Of course, challenges exist. Half of businesses lack skilled professionals for proper AI implementation. Leadership vision is missing in 43% of cases. And let's not forget regulatory hurdles and those clunky legacy systems that refuse to die.
The market doesn't care about these obstacles. Global AI is valued at $184 billion now and heading toward $826.7 billion by 2030. Thomson Reuters knows this. So do the 92% of companies planning to increase AI investment over the next three years.
For professionals, the writing is on the wall. Sixty percent of companies will require basic AI skills from employees by 2028. Train up or get left behind. Employees are more prepared than many leaders realize, with self-reported usage of AI tools already three times higher than what executives estimate.
Thomson Reuters' Cocounsel isn't just another tech product—it's riding the inevitable wave of AI integration into professional workflows. As firms scramble to update policies and align workforce capabilities, platforms like Cocounsel offer a ready solution for an industry that's ultimately embracing its digital future.