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Opendata, web and dolomites

IURIO SIGNED

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

Total Cost €

EC-Contrib. €

Partnership

Views

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.

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

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

Map

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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