Save time and achieve more with AI  

The current state of adoption

Professionals feel they don't have enough time during their working days to complete everything they'd like to achieve in their practice. According to the report, 63% of surveyed professionals have used AI-powered technologies in their work, with 12% using them regularly. Among AI users, 50% describe the output as a basic starting point, 28% as a strong starting point, and 13% as very strong or better than their own work.

The perception of AI output as a basic starting point by half of the users indicates that significant human input is still required. Those who view it as a strong starting point typically only need to edit the AI-generated content.

Most respondents have a positive outlook on AI adoption in their professions. The report predicts that 56% of their work will incorporate AI-powered tools within five years. 

This data suggests that AI adoption is likely to accelerate, implying that legal, tax, and risk professionals should prepare for the future by familiarizing themselves with AI's possibilities and potential changes to their operations and workflows. 

Saving time with AI

Why are professionals optimistic that the benefits of AI in their work will become more apparent soon? According to those surveyed in the “2024 Future of Professionals Report,” 54% were most excited about the benefit of saving time through AI technology, particularly by freeing them from necessary but repetitive tasks. 

Professionals believe that the amount of time they'd save by adopting AI technology could be as much as four hours a week by next year and 12 hours a week in five years. These numbers could equate to almost 200 hours per person freed up in 2025.

With the value of AI technology, not only are professionals excited about the potential of new technology freeing up time, but almost 40% stated they are also excited to add value to their work. With more time, the value of the work will center around the expertise of professionals.

Drafting, summarization, and research were listed among cited use cases as among the most common ways professionals use AI-powered technology to free up time and add value. Between these use cases, there’s even more that AI-powered technology can do for several industries.

Time savings for tax professionals

AI can help corporate tax professionals track changes in laws and regulations so that their companies can maintain compliance. In practice, this could mean an AI system monitoring global tax legislation updates in real time, allowing tax professionals to focus on strategic planning rather than manual research. Moreover, tax auditors could make use of well-designed AI tools to reveal potential risks in a business's financial statements. AI tools can analyze vast amounts of data in minutes, identifying patterns and anomalies that might take auditors days or weeks to uncover. As a result, tax professionals can devote more of their time to making more fully informed decisions about the company's financial future.

Time savings for legal professionals 

A time-consuming task for many legal professionals is drafting legal documents, such as contracts and other agreements, which AI-powered technology can help speed up. According to research by Thomson Reuters, lawyers spend between 40 and 60% of their time drafting legal documents and reviewing contracts. With AI, legal professionals can review complex agreements in minutes, flagging potential issues and suggesting standardized clauses, allowing them to focus on higher-level work such as strategy and negotiation. 

Time savings for risk professionals

For risk professionals, AI could also help organizations and professionals more quickly detect and mitigate risks such as fraud and global regulatory changes. In the realm of risk management, AI algorithms can process vast amounts of data to identify potential compliance issues or fraudulent activities. In the area of financial crimes, professionals can deploy AI algorithms to detect patterns indicative of money laundering. By automating various standard processes, AI tools can help make workflows more efficient.

Time savings for government professionals  

AI is revolutionizing investigative and regulatory processes for government professionals, particularly in law enforcement and compliance. In criminal investigations, AI-powered tools are enhancing data analysis capabilities, allowing law enforcement agencies to process vast amounts of evidence more efficiently and increase suspect identification rates. On the compliance front, government agencies are leveraging AI to monitor regulatory adherence across industries. These advancements not only save time but also significantly enhance the effectiveness of government efforts in maintaining public safety and regulatory compliance.

A more fulfilling career

With so many use cases for AI-powered technology to free up time and enhance value, how might these professionals use the extra time that AI technology could save them? Not surprisingly, many said they’d devote those extra hours to boosting their productivity and focusing on work that adds value for their clients or companies, such as creative problem-solving, strategic planning, and building stronger client relationships. One could argue that two of the main benefits of AI — adding value and saving time — are two sides of the same coin.

These advancements underscore the transformative potential of AI across legal, risk, tax, and government sectors. By automating routine tasks and enhancing analytical capabilities, AI is not just saving time — it's enabling professionals to focus on higher-value activities that require human judgment, creativity, and expertise. 

As AI technology continues to evolve, its integration into professional workflows promises to redefine efficiency in various industry sectors and provide professionals with time they can use to pursue opportunities for greater success, competitive advantage for their companies and clients, and more satisfying work lives. 

To learn more about the benefits of AI, download the second annual Future of Professionals Report from Thomson Reuters.