80% of professionals say AI will transform how they work

Nearly four out of five (77%) tax and law professionals believe that artificial intelligence will transform their roles within five years. 

And six out of ten (56%) tax and law professionals will be using AI-powered technologies within the next five years. 

Professionals predict that new AI-powered technologies will enable them to save an average of four hours per week in the next year, equating to an estimated 200 hours saved per year. 

In its Future of Professionals Report, Thomson Reuters asked 2,205 people working in the global legal, tax, accounting and anti-fraud sectors how AI would transform their work. 

In addition to freeing up time for higher-level work, professionals identified opportunities for AI to deliver value in new ways, such as handling large volumes of data, improving response times and reducing human error.

This reflects a prediction made by Google CEO Sundar Pichai at the UN headquarters on Saturday that AI will boost global labour productivity by 1.4 percentage points and increase global GDP by 7 points within the next decade. 

Steve Hasker, president and CEO of Thomson Reuters, says: “Professionals no longer need to speculate on the potential for AI to impact their work as they are now witnessing its effects first-hand. 

“As we look to the future, one thing is clear: AI-empowered professionals and their companies will outpace those who resist this transformative era.”

According to Thomson Reuters, this amounts to a combined 266 million hours of increased productivity for US lawyers alone. That could translate into US$100,000 in new, billable time per lawyer each year, based on current average rates, with similar productivity gains projected across various professions.

How to use time saved 

However, nearly a quarter of employees said they would rather use the extra time saved to improve their work-life balance or wellbeing, spending more time on hobbies or relaxation. 

And this rises to just over one third (34%) of professionals working in tax or accounting who would rather use the time saved to switch off.

A step too far

The professions divide regarding whether it is ethically acceptable for AI to provide professional and strategic recommendations. Legal professionals are the least keen on accepting advice from an AI. Overall, 66% of legal, tax and risk & compliance professionals believe it would represent a step too far. 

Hasker says: “A vast majority of professionals in the legal and tax sector believe that allowing AI to represent clients in court or make final decisions would be a step too far.

“We must insist that the same ethics that have long governed the legal, tax and accounting, and other knowledge-industry professions, also must inform and inspire the professional use of AI. We would be wise to also listen to the professionals themselves.”

Information group Thomson Reuters surveyed 2,200 professionals and C-level corporate executives from over 50 countries as to their attitudes towards AI and professional development.