New feature in Westlaw Edge predicts legislative outcomes
Thomson Reuters unveiled a new feature in Westlaw Edge on Wednesday that uses artificial intelligence to provide a variety of information about federal legislation, including predictions about a bill’s likelihood of passage.
The company said in a press release that its Legislative Insights tool is powered by machine learning and natural language processing methodology from Skopos Labs, a New York City-based artificial intelligence company that predicts the impact of policymaking on companies and markets.
Legislative Insights evaluates more than 250 factors in generating a “Probability of Enactment” score for each bill, Thomson Reuters said.
These factors include the bill’s text, political variables and external variables. The composition of Congress is one political variable taken into consideration, while gross domestic product is an external factor that is reviewed.
In addition, the new tool will highlight the different industries likely to be impacted by a bill’s passage.
“Legal professionals want to exhibit a deep level of understanding of their clients’ businesses and operations,” said Lisa Mulrooney, Thomson Reuters’ director of product development, in a statement. “Legislative Insights on Westlaw Edge enables users to deliver greater value through deeper insights and strengthen their trusted partnership with their clients.”
The company said it plans to continue to partner with outside companies that can complement the AI applications it has built in-house.
Thomson Reuters invested in Skopos Labs via its Thomson Reuters Ventures, a venture capital group that aims to grow and mentor early-stage startups.
“The capabilities of Skopos Labs are impressive, and we’re excited to bring more AI and machine learning to Westlaw Edge through Legislative Insights,” said Khalid Al-Kofahi, Thomson Reuters’ vice president of research and development.
.jpg)
