Relx hosted an investor seminar focused on AI in the Legal division On 31 Oct, Relx Legal CEO and Head of Product hosted an investor seminar focussed on how AI is contributing to faster growth and higher cost efficiency. While there was little new information disclosed, the overall tone was supportive. Management focus is on continuing to improve organic revenue growth from the current 7% In our view, the two main takeaways were: 1) The ARPU uplift when moving from Lexis+ to Lexis+AI is higher than when clients move from Lexis Advance to Lexis+. 2) Management also indicated that electronic reference revenues (est.30-40% of divisional revenues) were benefiting from a growth pick-up when integrated into Lexis+ and Lexis+ AI. From this, we conclude that with an average contract length of 3 years, most of the Gen AI acceleration is likely to be ahead and reaffirm our above-consensus forecast of 8% organic revenue growth in Legal in FY25. A long-term roadmap to develop more Gen AI assistants Management announced the commercial launch of Protege (the third instalment in Relx Legal AI products based on personalised Gen AI) for early 2025. It also presented a roadmap for developing additional Gen AI assistants for ''thousands of specific personas and tasks''. Like in previous Risk seminars, management talked of ''a decade or more'' of faster growth. Gen AI also contributes to improved cost efficiency Relx has deployed Gen AI modules internally to improve editorial processes and streamline software coding and debugging. Internal efficiencies are likely to support further margin expansion in our view. Relx claims market-leading position Management pointed to its proprietary content and its modern, flexible, scalable, modern tech platform as drivers of its rapid pace of AI innovation. We maintain our Outperform rating.