Media & Internet: The State of Legal AI

研报英文原文证据摘录

Media & Internet: The State of Legal AI

his core use case. RELX and TRI can leverage large existing businesses RELX: Reiterate Buy ahead of H1’s rebuttal to AI

and deep expertise to offer workflow functionality at likely low incremental cost and risk doubts 9

to the customer. Prominent examples of AI errors in court filings, and data privacy/ Thomson Reuters: More legal proof needed

confidentiality concerns drive home the importance of trust and accuracy. New market before rerating 11

entrants likely challenge for adjacent workflow opportunities, but within a fragmented Private Profile – Harvey 13

and far larger addressable market. Anthropic’s push into law firms via Claude for Legal is

a case in point - positioning alongside existing platforms rather than replacing them.

David Amira, CFA >>

RELX: Maintain Buy ahead of 1H rebuttal to AI concerns ResearchMLI (UK) Analyst

1H results should deliver further growth acceleration in RELX’s Legal division (to 10% vs. +44 20 7995 7559 david.amira@bofa.com

9% in FY25) in the face of AI concern. Recent updates point to strong new sales, while

Curtis Nagle, CFA

expansion of Lexis+ with Protégé – increasingly replicating Harvey functionality – likely Research Analyst

fuels ongoing upgrades and pricing power. This could come alongside a “strengthening” of BofAS+1 646 855 2939

guidance in the STM division. Despite this, RELX still trades at a discount to info services c.nagle@bofa.com

peers, and Legal likely on <10x EV/EBITDA, creating a particularly attractive entry point. Adrien de Saint Hilaire >>

Research Analyst

TRI: CoCounsel & margin ramp possible 2H catalysts MLIadrien.de_saint_hilaire@bofa.com(UK)

We see two possible catalysts for TRI re-rating higher: 1) A successful launch of the fully Wahid Amin