Thomson Reuters has introduced CoCounsel, an AI-driven platform aimed at automating complex tasks for professionals. Early users, like accounting firm BLISS 1041, have achieved significant efficiency gains, cutting code review times from days to less than an hour.
CoCounsel for Tax, the platform’s specialized tool for tax, audit, and accounting professionals, consolidates internal knowledge, regulatory information, and firm data into a single workspace. This supports faster, more accurate decision-making and streamlines compliance processes. The solution maintains audit trails and strict data controls, which is crucial for industries with regulatory obligations.
Drawing on a database of over 20 billion documents and the expertise of 4,500 subject matter specialists, CoCounsel leverages AI partnerships with OpenAI, Anthropic, Google Cloud, and AWS. By automating routine reviews and integrating seamlessly with existing professional applications, businesses can reduce operational costs, enhance accuracy, and free up staff to focus on higher-value work.
The company’s roadmap includes expanding CoCounsel into other areas such as legal, compliance, and risk management. The upcoming Ready to Review product will further automate tax return preparation, offering additional time savings for firms. Recent acquisitions, including Materia and Casetext, have strengthened Thomson Reuters’ AI capabilities, supporting its strategy to embed advanced automation across its services.
CoCounsel exemplifies how AI is transforming knowledge-intensive sectors by automating repetitive tasks, providing actionable insights, and ensuring accountability through built-in oversight. Businesses adopting such platforms can expect improved productivity, greater compliance, and a competitive edge in delivering client services.
