Thomson Reuters shares surged over 11% on Tuesday, marking their largest percentage gain since 2009. The rally followed news that its artificial intelligence-powered business assistant, CoCounsel, has attracted one million users, mitigating concerns over disruption from emerging AI technologies.
The company's stock had previously declined amid broader market anxieties surrounding AI's impact on software revenue streams. However, CoCounsel's substantial user adoption signals a maturing legal AI market, where practical application outweighs speculative hype.
Thomson Reuters President and CEO Steve Hasker emphasized the company's "fiduciary-grade AI strategy" and its capacity to lead the sector's evolution. The launch of CoCounsel was a direct result of Thomson Reuters' $650 million acquisition of AI legal startup Casetext in 2023.
The CoCounsel assistant leverages proprietary intellectual property, including extensive legal archives, to automate critical tasks for legal professionals such as research, document review, and drafting. This specialized approach distinguishes it from general-purpose AI solutions.
The Legal Professionals division represents Thomson Reuters' largest revenue contributor, accounting for approximately one-third of its total sales.