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IURIO SIGNED

Artificial Intelligence for optimal contract management and enhanced legal teams' collaboration

Total Cost €

EC-Contrib. €

Partnership

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IURIO project word cloud

Explore the words cloud of the IURIO project. It provides you a very rough idea of what is the project "IURIO" about.

speaking cloud reducing central 1 70 add documents eliminates candidate contract financial automated forces profits 22 tool house degree gdp tech austrian enterprises shares 50 law volumes service professionals manually overcomes optimize 46m fee efficiency critical offers universities 71 services intelligence 5 sense team huge business drafting piloting computing revenues structure 2026 innovative scene poor source sw automation fixed german market departments latest risk agreements techniques compliance reaching actors tendency economy contracts seamlessly providers people contractual either innovation ideal companies contracting data parties overcome international integrating time arising post commercialization iurio count 14 artificial legal repetitive encryption firms accumulated smart word microsoft 90 digital drawbacks

Project "IURIO" data sheet

The following table provides information about the project.

Coordinator	LEGAL TECH SERVICES GMBH Organization address address: SCHORGELGASSE 31 city: GRAZ postcode: 8010 website: n.a. contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.
Coordinator Country	Austria [AT]
Total cost	71˙429 €
EC max contribution	50˙000 € (70%)
Programme	1. H2020-EU.3. (PRIORITY 'Societal challenges) 2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs) 3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
Code Call	H2020-SMEInst-2018-2020-1
Funding Scheme	SME-1
Starting year	2020
Duration (year-month-day)	from 2020-01-01 to 2020-04-30

Partnership

Take a look of project's partnership.

#	participants	country	role	EC contrib. [€]
1	LEGAL TECH SERVICES GMBH LEGAL TECH SERVICES GMBH Organization address address: SCHORGELGASSE 31 city: GRAZ postcode: 8010 website: n.a. contact info title: n.a. name: n.a. surname: n.a. function: n.a. email: n.a. telephone: n.a. fax: n.a.	AT (GRAZ)	coordinator	50˙000.00

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Project objective

Legal services are key for EU economy (~1% GDP), and digital innovation is critical to overcome technical challenges and fully exploit business opportunities in the sector. The novel fixed-fee tendency forces legal companies to optimize in efficiency, focusing their technical developments on automation, since 30-50% of their tasks may be automated. Within these, contract management is an ideal candidate for automation, since it shares a common structure, and represent a major source of revenues: 70% of enterprises' revenues are generated from contractual agreements. However, no IT tool today offers a high degree of automation, and 71% of legal professionals still manage contracts manually. Thus, the potential market is huge, and includes all Legal Service Providers (either law firms or in-house legal departments) commonly managing high volumes of legal documents. IURIO overcomes current drawbacks of contract management by integrating the latest techniques in Artificial Intelligence, cloud-computing and data-encryption into a simple SW tool to (1) enable smart drafting of contracts and to (2) optimize legal parties' collaboration during the contracting process; all seamlessly integrated as a Microsoft Word add-on. In this way, IURIO eliminates repetitive tasks, reducing contracts drafting time by up to 90% and improving post-execution contract compliance by up to 90% (reducing on average 22.5% the financial risk due to poor contract management). IURIO is already arising great interest: we are currently piloting in 2 Austrian law firms and count with the support of 14 international companies, key actors within the Central European legal-tech scene and some of the most innovative German-speaking law and technical universities. In this sense, we expect a major impact upon commercialization, reaching accumulated profits of €14.46M by 2026 and growing our team in over 100 people.

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The information about "IURIO" are provided by the European Opendata Portal: CORDIS opendata.

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