Project description
AI for automation of contract management in European legal services
Legal services contribute significantly to EU economy and must challenge any technical constraints to optimise their efficiency. Contract management, which generates 70 % of the revenue of legal enterprises, is best fitted for automation, however most of it is still carried out manually as there are no proper IT tools available with a high degree of automation. The EU-funded IURIO project will create such a tool for contract management by combining artificial intelligence (AI), cloud computing and data encryption in software. IURIO will allow the smart drafting of contracts and the optimisation of legal parties’ cooperation through the contracting process. It will reduce the whole procedure by 90 % and minimise risk from poor manual management.
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.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques.
- natural sciencescomputer and information sciencesartificial intelligence
- social sciencessociologyindustrial relationsautomation
- social scienceslaw
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Programme(s)
Funding Scheme
SME-1 - SME instrument phase 1Coordinator
8010 GRAZ
Austria
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.