Explaining legal contracts to SMEs through conversational AI trained on open sourced contracts

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SMEs make up 99.2% of UK businesses (ONS), yet only 24% can find an affordable legal services provider (LSB 2017). In fact, YouGov and CEBR found SMEs often completely fail to resolve their legal issues, resulting in legal costs worth £13.6bn a year.Genie's data shows that service-based businesses have increased contractual needs due to their variety of clients and partners. Despite this, a survey of 43 users on Genie's platform stated "understanding" legal documents was their biggest challenge.Our proposal is to create a state of the art, large scale transformer language models that can explain and summarize legal clauses, but secondly, to augment it with retrieval capability so that it can also explain what is market standard, whether that's a liability cap in a service agreement or a salary in an employment contract.This means when a small services company is trying to offer their services, employ someone, transfer IP or raise investment, they can receive unparalleled automatic guidance of how to create/review legal agreements. This includes summarizing clauses to aid understanding, explaining what is often negotiated and which commercial terms are market standard.