Case study
AI-Driven Innovation in Audit: Plante Moran's Journey with Thomson Reuters CoCounsel
Plante Moran catapulted their audit practice into the future by piloting Thomson Reuters CoCounsel, an AI-powered tool that dramatically improved efficiency, confidence, and accuracy across their team. This case study reveals how firm-wide adoption of cutting-edge technology set new industry standards and empowered staff to deliver exceptional value to clients.
Introduction
Plante Moran is among the nation's largest audit, tax, consulting, and wealth management firms. It provides comprehensive services to organizations across manufacturing and distribution, financial services, healthcare, private equity, public sector, real estate, construction, and energy industries. With more than 3,800 professionals throughout the United States and international offices in Shanghai, Mumbai, Tokyo, and Monterrey, the firm has built a reputation for excellence over its 100-year history.
3,800
Number of employees
“AI integration elevates Plante Moran's efficiencies and future-proofs various audit practices.”
Plante Moran Pilot Program User
Challenge
As technology rapidly advances, Plante Moran recognized the need to enhance their auditing processes with AI tools to maintain their competitive edge and continue delivering exceptional value to clients.
The firm needed a solution that could unblock complex, novel work, providing starting points for auditors to get on the right path and brainstorm solutions efficiently. Traditional research methods were time-consuming and didn't offer the speed and accuracy required in today's fast-paced audit environment.
Additionally, Plante Moran needed to implement AI technologies while ensuring strict security measures, including new AI security protocols and robust software controls to safeguard data and maintain industry-leading standards.
Solution
After careful evaluation against their essential criteria, Plante Moran selected Thomson Reuters CoCounsel as their AI solution. CoCounsel stood out for several key reasons:
- Seamless integration of authoritative guidance for quality and compliance
- Advanced document processing capabilities
- Accurate responses with embedded citations for reliable research
- Customizable workflows to fit audit procedures
- User-friendly interface promoting easy adoption
- Ease of integrating internal documents and templates into the system
- Advanced search functionality that simplifies finding answers
A key differentiator was CoCounsel's workflow function and ability to upload documents and prompt against them, which users found "fantastic" and capable of adding "a tremendous amount of efficiency in areas across the entire firm."
“The workflow function, ability to upload documents, prompt against them, etc., is fantastic and can add a tremendous amount of efficiency in areas across the entire firm.”
Plante Moran CoCounsel Program User
Plante Moran launched a comprehensive pilot program with 140+ participants to thoroughly test CoCounsel's effectiveness and gather honest, anonymous feedback. The pilot was designed to evaluate the tool's impact across different organizational levels and use cases, from technical research to complex document analysis.
With guidance from Thomson Reuters, Plante Moran implemented AI technologies while establishing strict security measures. The collaboration included new AI security protocols and robust software controls, safeguarding data and maintaining industry-leading standards.
CoCounsel's integration enhanced Plante Moran's audit technology, tools, processes, and efficiencies, setting new standards for excellence in their practice.
Outcomes
The results from Plante Moran's CoCounsel implementation exceeded expectations, demonstrating significant impact across the organization:
"Time savings" emerged as the most commonly referenced benefit in open-answer feedback from pilot participants. Users reported that CoCounsel saved them significant time on technical research and document review, with 91% confirming it was faster than traditional methods.
77% of respondents felt more confident using generative AI tools after using CoCounsel, indicating successful change management and technology adoption. The tool helped future-proof various audit practices by elevating operational efficiencies.
The pilot program revealed overwhelming support for CoCounsel, with 87% of respondents believing the firm should purchase the solution and make it available to all staff. This strong endorsement came from honest, anonymous feedback, demonstrating genuine value creation.
Following the successful pilot, Plante Moran scaled its user base by 450%, showcasing exceptional innovation in adoption techniques, upskilling, and AI usage. This strategic decision to deepen their partnership with Thomson Reuters involved significantly expanding the number of users on the CoCounsel platform and further integrating it into their audit processes.
Based on internal survey results, pilot users identified significant potential impact across different organizational levels:
- 96% believed it would impact Managers
- 96% believed it would impact Seniors
- 90% believed it would impact Senior Managers/Principals
- 83% believed it would impact Partners
- 84% overall potential adoption rate
By refining AI security procedures, Plante Moran boosted efficiency and accuracy, setting industry-leading standards for their clients. AI integration significantly improved operational efficiency, enabling the team to confidently deliver unparalleled value to their client base.
Equipping every staff member with CoCounsel positioned Plante Moran as a desirable workplace, offering prospective hires the opportunity to leverage technology. The firm has been recognized by Fortune magazine as one of the country's best places to work, and this technology investment reinforces that reputation.
Plante Moran's dedication to embracing innovative technology reflects their leadership in the industry, continually pushing boundaries to enhance efficiency and accuracy in their work.
At a glance
Industry
Professional Services
HQ region
Throughout the United States, China, India, Japan, and Mexico
Solutions
CoCounsel
Year founded
1924