Technology

Thomson Reuters Buying Casetext... Just Like We Knew They Would

Seems like a win-win.

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robot piano artificial intelligenceA month ago, rumors swirled that Casetext, the company behind the impressive AI-driven Co-Counsel, would soon be bought. While the suitor remained anonymous, it was obviously Thomson Reuters. Last night, Thomson Reuters announced that it had, in fact, agreed to acquire Casetext for $650 million. Thus, closes the loop on a story that held all the suspense of an episode of Columbo.

There’s some chatter out there that Thomson Reuters is shutting down the competition, but it seems more like the company decided to buy a term paper the night before it was due. That’s probably unduly harsh, but I can’t think of a better analogy at the moment. It’s not that TR wasn’t in the AI game, but while Lexis showed off new generative AI tools, Thomson Reuters would only counter with pledges to “invest more than $100 million annually on AI capabilities.” This adds some heft to that promise.

With this purchase, Thomson Reuters can jumpstart its existing research with a turnkey solution from a company with around 10,000 clients among law firms and corporate legal departments. Co-Counsel can benefit from an influx of resources. Casetext CEO Jake Heller said, “Joining Thomson Reuters is an incredible opportunity to advance our mission and the field of generative AI solutions exponentially, not only for lawyers but across professions, ensuring this revolutionary technology can benefit as many people as possible.”

This feels like a win-win to me.

Earlier: One Of The Best Generative AI Products In Legal Rumored To Be In Acquisition Talks Worth ‘Hundreds Of Millions’

HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

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