Report: AI could save some professionals 200 hours per year

Legal, tax and compliance workers expect AI will save them four hours of work per week in the next year, and 12 hours per week within the next five years, according to a Thomson Reuters survey of more than 2,200 professionals.  

“Assuming a professional works 48 to 50 weeks per year, this could result in up to 200 hours saved annually and is equivalent to adding an extra colleague for every 10 team members,” according to the report. “For U.S. lawyers, that time savings could translate to nearly $100,000 in extra billable time annually.” 

More than 3 in 5 professionals surveyed have added AI tools to their workflows. Research, summarization and draft creation were the most commonly cited use cases. 

As more employees navigate the early stages of AI adoption, many are looking for clear governance and usage guidance. 

Most legal, tax and compliance workers are bullish on the impact of AI technologies at work, but employees in these fields also crave guardrails, comparison metrics and standardized testing methods, according to the report.  

“What we know, and heard from all categories of respondents, is that the rapid pace of change requires a significant shift in strategy, as well as placing some fundamental guardrails in place to ensure the responsible and ethical use of this technology — a responsibility we all share,” Steve Hasker, president and CEO of Thomson Reuters, said in the report.  

The U.S. has worked to level up its AI knowledge before placing concrete parameters around AI technologies by bolstering its ranks of skilled workers, gathering information and conducting internal audits as tasked by President Biden’s executive order in October. Local and state governments are also progressing on AI rules, which are advancing with mixed reactions from stakeholders.  

More than half of legal, tax and risk and compliance workers want certification processes for AI systems, according to Thomson Reuters data. But workers are split on how these practices should be introduced.  

Half of workers would prefer professional and industry groups make their own standards, according to the Thomson Reuters report. Others want regulators to step in.  

“The picture isn’t finished evolving,” the report said.