Thomson Reuters acquires casetext AI law firm for $650M
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Canadian media company Thomson Reuters announced on the $650 million acquisition of Casetext, a California-based legal startup that has developed a smart assistant using artificial intelligence (AI). Launched this year, the CoCounsel assistant works using the GPT-4 chatbot. It analyzes legal documents, contracts and litigation materials in minutes.
Casetext currently employs over 10,000 law firms and legal departments across companies with just about 100 employees. The acquisition of Casetext is expected to close later this year, as part of Thomson Reuters’ overall strategy to actively use AI in customer service.
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