Thomson Reuters Withholds CoCounsel Revenue Data Amidst Analyst Inquiry on AI Market Share

During its second-quarter 2025 earnings call, Thomson Reuters faced direct questioning from Wells Fargo analyst Jason Haas regarding the revenue performance of its AI-powered legal assistant, Westlaw CoCounsel. Haas specifically sought to compare CoCounsel's revenue with the reported $100 million Annual Recurring Revenue (ARR) of rival legal AI firm Harvey. Thomson Reuters' Chief Financial Officer, Michael Eastwood, declined to disclose specific revenue figures for individual products, stating the company is "very, very pleased" with CoCounsel's progress.

The inquiry highlights the intensifying competition in the burgeoning legal artificial intelligence market. Westlaw CoCounsel, integrated into Thomson Reuters' flagship Westlaw platform, is a key component of the company's "agentic AI" strategy, designed to automate complex legal workflows. Thomson Reuters reported a 7% organic revenue growth in Q2 2025, with its "Big Three" segments, including Legal, growing by 9%. The company also noted that 22% of its Annualized Contract Value (ACV) now comes from generative AI-enabled products.

Harvey AI, a prominent startup in the legal tech space, has garnered significant attention, reporting an ARR of $75 million as of April 2025, and securing substantial funding, with its Series E round in May 2025 valuing the company at $5 billion. Harvey's offerings, including its Assistant, Vault, Knowledge, and Workflows, aim to provide specialized AI solutions for legal professionals. Notably, Harvey AI has also formed a strategic partnership with LexisNexis, a direct competitor to Thomson Reuters.

The broader legal AI software market is experiencing rapid expansion, projected to grow from $3.11 billion in 2025 to $10.82 billion by 2030, driven by increased eDiscovery needs and the adoption of natural language processing. This growth underscores the strategic importance of AI solutions for law firms and corporate legal departments seeking efficiency and competitive advantage. The non-disclosure by Thomson Reuters regarding CoCounsel's specific revenue figures leaves analysts and the market to speculate on its exact standing against well-funded and rapidly growing competitors like Harvey AI.