Ragunath Ramanathan on AI adoption
From Are Lawyers Adopting AI? Thomson Reuters' David Wong and Raghu Ramanathan #AI #chatgpt #lawyers · · Zach Abramowitz is Legally Disrupted
“If GenAI saves about 240 hours per legal professional each year, that's roughly $19,000 in savings per lawyer, and multiplied across roughly one million U.S. lawyers it amounts to about $20 billion in effort saved across the legal sector.”
On , Ragunath Ramanathan, President of the Legal Professionals at Thomson Reuters Corporation, spoke about AI adoption during Are Lawyers Adopting AI? Thomson Reuters' David Wong and Raghu Ramanathan #AI #chatgpt #lawyers on Zach Abramowitz is Legally Disrupted.
About Ragunath Ramanathan
Raghu Ramanathan, President of Legal Professionals at Thomson Reuters, has stated that artificial intelligence is not replacing lawyers but is significantly enhancing their work. In a BBC Radio Tech Life interview, he said AI can build legal timelines "78% faster with 60% more details" and described Thomson Reuters' product, Co-Counsel, as handling tasks such as summarizing documents, creating timelines, and conducting legal research. He noted that "lawyers with AI in court" are already appearing, citing a client who used AI during cross-examination to generate questions that helped win a case, and added that judges are beginning to use AI on complex cases. Ramanathan also said that if lawyers continue delivering the same output, they will need "30 to 40% less lawyers in a few years' time," but predicted that demand for lawyers will remain strong as legal services evolve. In other appearances, Ramanathan discussed the adoption of AI in the legal profession. He said that Thomson Reuters is taking more risks by developing harder AI skills, such as a "claims explorer" tool, and that the company must invest in AI or its solutions will become obsolete. He stated that professional services companies need to shift from "time-based antiquated pricing mechanisms to outcome-based pricing." Ramanathan also noted that Thomson Reuters has an agreement to deploy its AI across 25,000 users in U.S. federal courts, including judges and court staff.