In this interview, Steve Hasker, President and CEO of Thomson Reuters, discusses how the company leverages AI to simplify complex legal, tax, and accounting work while ensuring high accuracy and reliability. Thomson Reuters is a leading provider of content and technology to legal and tax professionals, offering AI-powered tools that help users manage increasing complexity without adding headcount. AI enables the company to expand its role by automating the creation of first drafts for contracts, briefs, and tax returns, enhancing efficiency and effectiveness for professionals.
Hasker emphasizes the importance of “fiduciary grade AI,” a concept Thomson Reuters coined to describe AI that meets the high standards required by professionals who must be 100% accurate. Unlike many AI tools prone to hallucinations or errors, Thomson Reuters’ AI products are built on proprietary, expertly curated content, supported by thousands of on-site experts, and backed by strict data privacy guarantees. Additionally, the company offers transparent AI processes and customer support to help users understand and verify AI-generated outputs, which is critical in high-stakes legal and tax environments.
The conversation also touches on the financial and operational challenges of adopting AI, including the rising costs of AI tokens and the need for internal change management within firms. Thomson Reuters addresses these challenges by developing its own large language model, the Thomson model, which is tailored for legal and tax tasks and offers cost flexibility. The company also supports customers with engineers and consultants to help integrate AI tools effectively into workflows, aiming to bridge the gap between AI usage and realizing tangible business value.
Regarding workforce impact, Hasker clarifies that recent job cuts at Thomson Reuters reflect a retooling to acquire new skills rather than pure reductions due to AI. He believes AI will transform job roles rather than eliminate them, creating new opportunities and economic growth over time. Internally, Thomson Reuters encourages employees to use AI to automate mundane tasks, making work more efficient and enjoyable. In the Reuters newsroom, AI is expected to significantly increase output without reducing headcount, illustrating how AI can augment human work rather than replace it.
Finally, Hasker shares insights from his professional journey, highlighting the value of continuous learning and customer engagement. He stresses the importance of understanding customer needs firsthand, which informs Thomson Reuters’ product development and strategy. Looking ahead, he hopes the company will achieve double-digit growth driven by AI adoption and demonstrate clear ROI for customers, helping legal and tax professionals improve efficiency and profitability while navigating an increasingly complex regulatory landscape.
