Thomson Reuters (NASDAQ: TRI) reported an 8% organic revenue growth in its latest quarter, exceeding earlier guidance of 7%. CEO Steve Hasker highlighted a multi-year tailwind from rising compliance complexity and the company’s AI capabilities, which distinguish its offerings from general-purpose AI tools. Law firm customers, excluding government entities, grew by 11% organically, attributed to the success of Westlaw Advantage and the AI product CoCounsel.
Executives noted that 85% of Thomson Reuters’ content is non-public and curated by experts, aiding in the training of AI agents. CoCounsel has reached one million users, significantly expanding its use cases. The company maintains around $9 billion in available capital, with free cash flow projected at approximately $2.1 billion this year, positioning itself for targeted acquisitions primarily focused on legal and tax technologies.
Hasker reinforced the importance of automation in tax and accounting sectors due to decreasing numbers of graduates and the rising complexity of audits. The market for AI workflow tools in law firms remains nascent, with many firms simultaneously testing various products, and Thomson Reuters aims to streamline these offerings through integrated tools.
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