Multinational media conglomerate Thomson Reuters launches its new artificial intelligence (AI)-powered Legal Tracker Advanced solution.
This launch will help the organization strengthen its spend management, drive operational efficiencies, and improve workflow processes.
Thomson Reuters’ Legal Tracker Advanced uses artificial intelligence analytics and industry insights to Legal Tracker’s already robust data, reports, and visualizations.
According to the company, this is a step towards its aim of investing in legal tech and innovations. Legal Tracker’s network of over 66,000 law firms, comprehensive pricing data, and innovative analytics enable the legal department of organizations to reliably fulfill their legal service delivery goals.
The launch of Legal Tracker Advanced will further expand and strengthen the solution’s capabilities. Legal Tracker Advanced also comes with dashboard analytics that streamlines the rate management process through automation and advanced logic parameters.
Moreover, Legal Tracker Advanced is also backed by modern data storage and hosting that enables enterprise-grade speed and security, thanks to an engineering collaboration with Microsoft.
President of the Corporates business segment at Thomson Reuters, Sunil Pandita, said, “The office of the general counsel, like many professional services departments, is challenged with doing a lot more with a lot less while struggling to attract and retain the next generation of talent who want more engaging, less administrative tasks.”
Sunil further added that Legal Tracker Advanced is a more powerful way for legal departments to empower their teams to control costs and drastically increase efficiency. This is achieved using data-backed information and recommendations on outside counsel spending, freeing up time for the department to focus on high-impact.
The solution was developed in collaboration with The Counsel Management Group, which licensed their patented pricing tools and tested consulting methods.
“Legal Tracker is a cornerstone of the LegalTech vision for Thomson Reuters of creating an open, connected, and smart platform to empower legal professionals and their teams. Leveraging AI, machine learning, one universal language for matter mapping, and cutting-edge partners, we have created something really special,” said Chief Product Officer at LegalTech at Thomson Reuters, Kriti Sharma.