Thomson Reuters Corporation · TSX:TRI
Thomson Reuters — Investor Day (November 2022)
31 slides from Thomson Reuters's investor day presentation, Nov 28, 2022
Slide 1: Westlaw Precision Investor Webcast
New THOMSONREUTERS WESTLAWPRECISION CLIENT History Folders Mylinks CommunityNotifications Signout SearchTips> Enterterms,citations,databases,questions,anything... AllFederal Advanced> GETSTARTED: Cases Secondary Sources Practical Law Key Numbers Litigation Analytics PrecisionResearch Contenttypes Fe
Slide 2: Special Note
Special Note Special Note Regarding Forward-Looking Statements, Material Assumptions and Material Risks This presentation consists of these slides and the associated remarks and comments, which are related and intended to be presented and understood together. Certain statements in this presentation
Slide 3: Westlaw Precision
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Slide 4: Speaker Bios
Speaker Bios Paul Fischer Mike Dahn President, Legal Head of Product, Professionals Westlaw Jessica Platt Andy Martens VP – Sales & Client Head of Research Management, Global Product & Editorial & Large Law Firms 4
Slide 5: Westlaw History of Innovation and Market Leadership
Westlaw History of Innovation and Market Leadership Andy Martens Head of Research Product & Editorial THOMSONREUTERS 5
Slide 6: Attorney Editors + Technology = Value
Attorney Editors + Technology = Value Westlaw’s 150+ years of customer-inspired innovation WestiswSgs-Gn-MzreeutEntennEopdrerproxndtyWod ER-ven Fortk ntt/m o WwtaneJextOefy Weatfadaprints Weatthedhconrs Westlaw. Wtleymrssscuch may aready hz duisu WedarDatabesn Urt GehseCir Peyars HartetingYoar Forsw
Slide 7: American Bar Association Tech Survey – 2022
American Bar Association Tech Survey – 2022 “Which ONE fee-based online service do you use most often overall for legal research?” Westlaw 56.5% Lexis 26.5% Bloomberg 2.5% Other 14.5% 7
Slide 8: Westlaw Precision In-Depth
Westlaw Precision In-Depth Mike Dahn Head of Product, Westlaw THOMSONREUTERS 8
Slide 9: Difficulty and Time Needed For Legal Research
Difficulty and Time Needed For Legal Research Total US by Segment Average Difficulty of Legal Research Conducted Small Law Midsize Law Large Law Corporate (n=152) Government Firms Firms Firms Counsel (n=30) (n=31) (n=34) (n=35) (n=22) D E F G I Easy 31% 28% 38% 24% 33% 31% Moderate 34% 40% 30% 33% 3
Slide 10: Westlaw Precision Solves the Big Issues of Legal Research
Westlaw Precision Solves the Big Issues of Legal Research Westlaw Precision Research Cases tagged for law, facts, Traditional legal searching is inexact • We added 250 attorneys and outcomes by topic to our editorial staff and • Important cases can be have marked up and missed because different clas
Slide 11: Cases (285)
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Slide 12: 11 cases directly on point for the precise issue and outcome
11 cases directly on point for the Group One Bazarian precise issue and outcome Eight are in the first 100. Reading through the first 100 cases, at two minutes per case, takes about three hours. Identity Stronghold Fru Veg NBA Cottelli Halliburton Molex
Slide 13: Precision Research interface
THOMSONREUTERS WESTLAWPRECISION 43701-5000 History Folders Mylinks Notifications Signout AllFederal SearchTips> ÿ Enterterms,citations,databases,questions,anything.. Advanced> GETSTARTED: Cases Statutes Secondary Sources Practical Law Regulations PrecisionResearch Contenttypes Federalmaterials State
Slide 14: But we don't want to read 39 involving Contract Breaches…
Search Tips> Enter terms,citations,databases,questions,anything... All Federal Precision Search FindandcombinePrecisionAttributesbelowtosearchforcasesspecificallyrelevanttoyourmatter. Jurisdiction:AllFederal Search all Searchbyattribute Selections·363cases Clearall SearchforPrecisionResearchattribut
Slide 15: Precision Search
Search Tips> Enter terms,citations,databases,questions,anything... All Federal Precision Search FindandcombinePrecisionAttributesbelowtosearchforcasesspecificallyrelevanttoyourmatter. Jurisdiction:AllFederal Search all Searchbyattribute Selections·363cases Selections·180cases Clearall Clearall Searc
Slide 16: Step 3
9 cases Step 3 Next we specify only the outcome we want to see service was: Sufficient View 23 cases 16
Slide 17: Step 3
10 cases Step 3 Next we specify only the outcome we want to see service was: Sufficient View 10 cases 17
Slide 18: Did alternative means of service of process satisfy due process
THOMSONREUTERS SearchTips> New WESTLAWPRECISION Allcontent Enterterms,citations,databases,questions,anything... AllFederal Advanced Signout 1-10 Sort: Relevance Contenttypes Filters Selectallitems·Noitemsselected Contenttype:Cases(10) Selectmultiplefilters 1. RioProperties,Inc.v.RioIntern.Interlink
Slide 19: Dramatically faster review of case results
Results Dramatically faster review of case results 10 of 10 10 of 200 19
Slide 20: Results
Results Traditional Research Precision Research 4.75 Hours 1.75 Hours Step 1 Run search and review 87 Step 1 Specify legal issue, outcome, and cases ⎼ 3 hours fact pattern, and review focused, highly relevant results ⎼ 45 minutes Step 2 Locate Key Number, and review Step 2 Read and follow citation n
Slide 21: Quality
Quality Classification by our attorney editors enables researchers to easily find relevant cases despite the wide variety of language courts use ATTRIBUTE CLASSIFICATION COURT’S LANGUAGE Legal Issue Reasonable Reliance “…[defendant’s] conduct exceeded justifiable reliance…” “…never received the pack
Slide 22: Performance Testing with Attorneys
Performance Testing Quality & Speed with 101 Attorneys Differences When using Westlaw Precision, attorneys were twice as fast and could find twice as much compared with using Westlaw Edge • 101 practicing attorneys conducted 1.5 hours of research, first using Westlaw Edge, then using Westlaw Precisi
Slide 23: Westlaw Precision
Launched September 2022 Westlaw Precision WESTLAWPRECISION ACM-100 Hidory foate LMRE Att ALSalekFedaa GETSTAETED: Ditedlas Bonddies Contenttype Precision Resaarch Federalmaterials StatematerialsPractice artas Mycontent Toole Thefastest way tofindwhatyou need PrecisionResearch Ose Pecan lerchti find
Slide 24: Growing Moat
Editorial Advantage Full Text of Case Growing Moat Law Westlaw Issue Wife of cruise ship passenger who suffered from ongoing injuries resulting from slip-and-fall accident on ship's deck, including vision and memory Outcome problems, could not recover loss of consortium damages for personal injury P
Slide 25: Growing Moat With AI + Editorial
Growing Moat With AI + Editorial AI looks for patterns. With less detailed data, it is more difficult for AI to find the right patterns or distinguish between similar situations. High resolution Lowresolution 25
Slide 26: Client Reaction
Client Reaction Jessica Platt VP – Sales, Client Management & Productivity, Global & Large Law Firms THOMSONREUTERS 26
Slide 27: Westlaw Precision: Client Reaction
Westlaw Precision: Client Reaction Reaction #1: The Precision Effect Westlaw Precision Reaction #2: Precision Search, Plus The fastest way to find what you need Reaction #3: Consistent & Unprompted Feedback 27 THOMSONREUTERS
Slide 28: Customer Experience
Customer Experience “ “ It's like the Westlaw team was in my head and reading my mind when developing Precision. “ KeyCite Cited With definitely found things I might not have - Law Firm Associate run across otherwise and certainly in less time. “ - Court staff attorney “ Westlaw Precision would make
Slide 29: Closing Remarks
Closing Remarks Steve Hasker CEO THOMSONREUTERS 29
Slide 30: Key Takeaways
Key Takeaways 1. Westlaw Precision is a great example of what TR does best: Content Enabled Technology 2. Westlaw = market leader with wide moat and strong competitive advantages 3. Westlaw Precision provides a significant step up in capability and value 4. Westlaw remains an important contributor t
Slide 31: Q&A
Q&A ···· THOMSONREUTERS 31