This summer has been notable for legal market activity, most notably the announcement in June that Thomson Reuters had signed an agreement to acquire Casetext, a legal research and AI company, for an impressive $650 million. At the time of the announcement, the deal was yet to receive regulatory approvals and meet customary closing conditions, and the closure was expected later in the year.

Fast forward a few months and the acquisition has been completed. As announced by Thomson Reuters, the company has successfully closed its acquisition of Casetext.

Thomson Reuters’ President and CEO, Steve Hasker, has expressed excitement about the deal: “We are thrilled to welcome the Casetext team to the Thomson Reuters family. Together, we will accelerate breakthroughs in generative AI for the benefit of our customers and markets. We believe this will revolutionize the way professionals work, and the work that they do.”

Jake Heller, the founder and CEO of Casetext, also shares the optimism about the acquisition: “Joining Thomson Reuters provides us with an unparalleled opportunity to scale the Casetext vision and accelerate breakthroughs for legal professionals. As we look to unlock generative AI’s full potential to drive greater productivity, more impactful work, and increased access to justice, there could not be a better home for our brand, talent, and products.”

This deal not only showcases the increasing integration of AI in legal research but also emphasizes the growth and consolidation within the legal technology market.