Artificial Intelligence Revolutionizes Tax Consulting

LexisNexis continues to lead innovations in the field of tax consulting, particularly with its recent advancements in artificial intelligence (AI). The company has launched Lexis+ AI, a comprehensive AI solution designed for legal and tax professionals, marking a significant milestone in its ongoing AI initiative.

Lexis+ AI is built on extensive research and development, enhanced by rigorous quality assurance processes involving feedback from industry experts and academic authorities. The tool offers four primary functions that streamline the consulting process:

• Conversational Search: Users can engage with Lexis+ AI in a dialogue, receiving intelligent responses to their inquiries.
• Draft Generation: The AI can quickly produce drafts for memos, arguments, and contract clauses based on reliable information.
• Summary Provision: Users can obtain concise summaries of legal decisions in a matter of seconds.
• Document Insight Analysis: Lexis+ AI can analyze user-uploaded documents, extracting key insights and providing quick summaries or answers to specific questions.

In the context of responsible AI usage, LexisNexis emphasizes the importance of ethical practices. The company adheres to its own transparent 'Responsible AI' guidelines and collaborates with external experts to ensure the scientific development of its AI solutions. The WU Legal Tech Center, under the guidance of Claudia Wutscher, plays a pivotal role in this endeavor, ensuring that the AI-generated outputs undergo academic scrutiny for quality assurance.

To achieve high-quality responses from AI, a solid foundation of knowledge is essential. LexisNexis has invested in creating high-quality legal literature, such as Lexis Briefings, which provide concise yet comprehensive coverage of various legal areas. With over 3,500 briefings available across fields like civil law, commercial law, labor law, and tax law, the quality of these resources significantly contributes to the effectiveness of Lexis+ AI.

Despite the rise of AI, human expertise remains crucial in tax consulting. Lexis+ AI is not intended to fully replace human decision-making but rather to serve as a valuable tool that enhances productivity. The integration of AI into the consulting process allows professionals to operate more efficiently, facilitating quicker workflows. LexisNexis advocates for the verification of AI-generated results, emphasizing that the human element is still vital in ensuring accuracy and reliability in legal practices.

In a strategic move to enhance its offerings, LexisNexis acquired the Oberlaa Seminar at the end of 2024. This seminar is recognized as a cornerstone for continuing education in the tax consulting field. The decision to incorporate this seminar into their portfolio was motivated by the exceptional expertise of its authors and the complementary nature of its content with the company's AI solutions. The goal is to elevate the educational experience, making it more modern, digitally connected, and accessible.

Looking ahead, LexisNexis plans to evolve the Oberlaa Seminar further. The traditional seminars and accompanying materials will continue as usual, now available as online sessions, allowing participants to engage with the content at their convenience. Future developments will enable users to access Oberlaa's content through Lexis+ AI, providing swift and accurate responses to their queries in the tax sector.