Fast Data Science at The 4th Annual Conference on the Intersection of Corporate Law and Technology on 23 June 2025

Fast Data Science at will be presenting at the 4th Annual Conference on the Intersection of Corporate Law and Technology at Nottingham Trent University

Join Thomas Wood of Fast Data Science, Marton Ribary and Eugenio Vaccari for their presentation “A Generative AI-Based Legal Advice Tool for Small Businesses in Distress” at the 4th Annual Conference on the Intersection of Corporate Law and Technology at Nottingham Trent University

Talk abstract:

We developed and tested the performance of a retrieval augmented generation (RAG) system for answering legal queries related to corporate insolvency in England and Wales. The Insolvency Bot relies on open-source legal information and HMRC forms to provide sound responses to a user’s query focusing on insolvency matters regulated by English law. According to a tailor-made mark scheme, we show that our Insolvency Bot consistently outperforms LLMs queried without our RAG setup, and we show that newer versions of LLMs consistently outperform older ones when queried with the Insolvency Bot’s RAG enhancements, and its data sources. An additional user experience survey suggested the need for creating two versions of the bot, one for lay people who expect practical and actionable advice and another for professionals with the relevant legal authorities. Our legal chatbot demonstrates potential to ensure “access to justice” to affected business owners by combining a generative AI system with a trusted knowledge base. The system could be expanded to cover cross-jurisdictional and insolvency-related queries and could be further improved in its technical architecture.

More information: https://www.ntu.ac.uk/about-us/events/events/2025/6/the-4th-annual-conference-on-the-intersection-of-corporate-law-and-technology