According to the second edition of the Future of Professionals report by Thomson Reuters, artificial intelligence (AI) has the potential to save professionals 12 hours per week in the next five years. The report, based on a survey of over 2,200 professionals in legal, tax, risk, and compliance fields globally, predicts that AI could take over 600 hours of a professional’s annual work within five years.
Thomson Reuters highlighted that this productivity boost from AI could be equivalent to adding an extra colleague for every 10 team members, potentially translating to $100,000 in additional billable hours for a US law firm. However, the study also found that most professionals in the legal and tax sectors feel uncomfortable with AI representing clients in court or making final decisions. Thomson Reuters emphasized the importance of finding a balance in using AI to unlock productivity benefits while ensuring ethical and responsible deployment.
Steve Hasker, president and CEO of Thomson Reuters, stressed the need for responsible and ethical development of AI applications. He encouraged professionals to shape the future of AI by incorporating the same ethical principles that govern their professions. The survey revealed that professionals expect operational efficiency to be the area most impacted by AI, leading nearly half of respondents to plan increased investments in technical infrastructure to support AI over the next five years.
David Wong, chief product officer at Thomson Reuters, noted that AI has the potential to automate routine tasks, boosting business effectiveness and efficiency. While professionals are increasingly aware of AI’s potential applications in their jobs, concerns remain over the accuracy of outputs and data security. Thompson Reuters suggested the implementation of a certification process or industry standards for AI systems to ensure responsible and ethical use.
