Knowledge workers could save up to 12 hours per week within the next five years due to advancements in artificial intelligence (AI), according to a new report from Thomson Reuters.
The 2024 Future of Professionals report, based on a survey of more than 2,200 professionals globally, highlights AI’s potential to significantly enhance productivity, innovation, and economic opportunities across various sectors.
The report predicts that AI will free up four hours per week for professionals over the next year alone. For lawyers, for example, this timesaving could translate into approximately $100,000 in additional billable hours annually, equivalent to adding an extra colleague for every 10 team members.
“Professionals no longer need to speculate on AI’s potential; they are now witnessing its effects firsthand. With AI set to save them up to 200 hours in the next year, the economic impact could be substantial,” said Steve Hasker, president and CEO of Thomson Reuters.
Key findings
Key findings from the report include:
Optimism and productivity: 77% of respondents believe AI will have a high or transformational impact on their work over the next five years, with 78% viewing AI as a positive force in their professions. The majority (79%) also anticipate that AI will drive significant or moderate improvements in innovation.
Appetite for AI standards: There is strong support for the introduction of certification processes for AI systems, with 57% of professionals advocating for such measures. Additionally, 55% believe that professional or industry bodies should establish AI standards.
Current AI usage and future outlook: Although 63% of respondents are already using AI-powered technologies for tasks such as research, summarization, and drafting, 37% have yet to integrate AI into their workflows. The report notes that AI adoption is expected to rise, with 56% of work predicted to utilize new AI-powered technology in the next five years.
Limits of AI
The survey also revealed a broad consensus on the responsible use of AI. Nearly all respondents (95%) agree that AI should not represent clients in court or make final decisions on complex legal, tax, or compliance matters. However, professionals are comfortable with AI assisting in drafting basic documents, conducting research, and performing administrative tasks.
Thomson Reuters has announced plans to invest over $100 million annually in AI technologies and partnerships, such as collaborations with Microsoft’s generative AI technology and the launch of AI-powered tools like Westlaw Precision and CoCounsel Drafting for legal professionals.
The report underscores the significant potential of AI to enhance professional services. As AI continues to evolve, its role in driving productivity, innovation, and economic growth is expected to become increasingly critical.
The survey, conducted in April and May 2024, included professionals from legal, tax and accounting, and risk and compliance fields, with a substantial representation from the United States, the United Kingdom, Canada, Latin America, Australia, and New Zealand. The respondents ranged from Millennials to Baby Boomers, with a few from Gen Z and the Silent Generation.