Thomson Reuters (TRI) Barclays 18th Annual Americas Select Conference summary

Strategic positioning and growth drivers

• Benefiting from increasing compliance complexity in legal, tax, and audit, driving high single-digit to potential double-digit growth in core franchises.

• AI is a major tailwind, with decades of machine learning experience and recent launches like CoCounsel Legal and Westlaw Advantage accelerating innovation.

• Focus on "fiduciary-grade AI" for professions where accuracy is critical, leveraging proprietary content and expert-driven training.

• Customer support and data privacy protocols differentiate offerings, ensuring client trust and adoption.

• Organic revenue growth reached 8% company-wide, with legal business ex-government growing 11% organically, driven by AI-enabled products.

AI strategy, partnerships, and competitive landscape

• AI offerings are model-agnostic, using best-in-class frontier models and developing proprietary LLMs for legal tasks.

• Partnerships with vendors like Anthropic are primarily vendor relationships, with no complex revenue sharing; proprietary content is not shared.

• Market sees experimentation with multiple AI tools, but demand is growing for integrated, single-pane solutions like CoCounsel.

• Legal and tax professionals require high accuracy and security, making proprietary data and verification tools a strong moat.

• Workflow AI solutions represent a significant new market opportunity, with strong early adoption and user growth for CoCounsel.

Operational transformation and innovation

• Accelerated product development cycles, now releasing major updates every four months versus years previously.

• Internal operations are being reinvented to leverage AI, increasing speed and efficiency across functions.

• Early adoption of AI is driving up productivity, especially in engineering and support teams.

• Change management in client firms is still in early stages, with multi-year journeys expected for full integration.