Welcome to the twenty-eighth edition of The Weekly Briefing!
Each week, we pick out the biggest business stories you should know about. From major deals and legal battles to new regulations and trends changing industries, breaking down why they matter.
The goal is simple: to help you understand the business world around you and the legal issues behind the headlines.
Thomson Reuters Enters the Legal AI Arms Race
Legal AI is becoming increasingly competitive. Specialist platforms such as Harvey and Legora have built tools for law firms using leading AI models while established legal information providers such as Thomson Reuters and LexisNexis are bringing AI into the research platforms lawyers already use.
Thomson Reuters is now taking that competition even further. The company has developed its own AI model, Thomson, which it says performs strongly against leading AI models from OpenAI, Anthropic and Google. It is also integrating AI more deeply into CoCounsel, alongside Westlaw and Practical Law.
That puts Thomson Reuters in a more advantageous position to newer legal AI companies. It already has the legal content, research platforms and relationships with law firms that AI companies are trying to build.
For law firms, the impact will depend on how Thomson performs in practice once it is fully rolled out. If the model delivers on its claims, Thomson Reuters could be in a strong position to package AI alongside the legal research tools firms already rely on.
That could create a challenge for standalone legal AI providers. By controlling the underlying legal content, research platforms and AI technology, Thomson Reuters may be able to offer a more integrated solution at a more competitive price.
Why Legal Teams Are Starting to Build Their Own AI Tools
Legal AI has largely been driven by technology companies creating tools for lawyers. However, a shift is taking place, with lawyers becoming more involved in shaping the technology they use.
Vodafone’s legal team is one example; working on an AI platform designed around its own legal operations. Similar efforts are emerging across the profession, with law firms and in-house teams exploring how AI can be adapted to solve specific challenges.
The attraction is simple. Lawyers working within these teams often have the clearest understanding of where time is lost and where automation could create value. Rather than relying only on off-the-shelf products, some organisations are exploring whether tailored tools can better support the way they work.
Building effective AI is not straightforward. It requires investment, technical expertise and reliable data. Many organisations will continue relying on specialist legal AI providers, but others may choose to develop their own solutions where they see a clear advantage.
As more lawyers become comfortable with technology, AI may become something they actively shape rather than simply use.
Freshfields advises IG Group on $1.3bn acquisition of Underdog
Freshfields has advised IG Group on its $1.3bn acquisition of Underdog, a US-based sports gaming and prediction markets company. While the deal gives IG Group access to a growing sports prediction market, it also highlights a wider trend that prediction markets are becoming increasingly viewed as potential sources of real-time information.
Unlike traditional financial reporting, which often explains what has already happened, prediction markets capture what participants believe may happen next. As users trade on the likelihood of future events, these markets can generate data around expectations, from economic trends to consumer behaviour.
The growth of prediction markets also raises important legal questions. Regulators must consider how these platforms fit within existing financial services and gambling frameworks, while businesses must address concerns around market integrity and consumer protection.
The transaction shows how companies are increasingly looking beyond traditional data sources, as they search for new ways to understand uncertain markets.