IURIO SIGNED
Artificial Intelligence for optimal contract management and enhanced legal teams' collaboration
Total Cost €
0EC-Contrib. €
0Partnership
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0IURIO 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.
Project "IURIO" data sheet
The following table provides information about the project.
| Coordinator |
LEGAL TECH SERVICES GMBH
Organization address contact info |
| 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.
| # | ||||
|---|---|---|---|---|
| 1 | LEGAL TECH SERVICES GMBH | 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.