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

Project Information

IURIO

Grant agreement ID: 882577

DOI

10.3030/882577

Project closed

EC signature date 3 December 2019

Start date 1 January 2020

End date 30 April 2020

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

LEGAL TECH SERVICES GMBH
Austria

Periodic Reporting for period 1 - IURIO (Artificial Intelligence for optimal contract management and enhanced legal teams' collaboration)

Reporting period: 2020-01-01 to 2020-04-30

Summary of the context and overall objectives of the project

Legal services represent a key sector for the European economy (~1% of European GDP) where, according to 71% of law firms, digital innovation is critical to fully exploit business opportunities. The novel fixed-fees tendency forces legal companies to optimize in efficiency, driving most of the technical development of the industry to focus on automation. Particularly, in contracts' management that is key in any legal process, work is still carried out manually by 71% of the professionals, causing up to 40% revenue losses. While IT tools exist that support the legal processes, none has yet been able to offer a high degree of automation and efficiency.
We have developed IURIO, a novel and high secure project and contract management platform. IURIO integrates the latest technologies of AI, cloud-computing and data-encryption for (a) discovering and exploiting the hidden patterns beneath contracts' databases and (b) enabling a set of collaboration functionalities fully integrated into legal teams' daily IT tools. IURIO extremely speeds up the contract drafting process and thus reduces costs, while improving contract compliance and lowering its associated financial risks.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

Since our foundation in 2017, we have developed IURIO minimum viable product that provides the main functionalities of a project and contract management platform. We have also established business agreements with 2 partners operating in Austria and Germany to support us in IURIO commercialization in the DACH market. During the reporting period, we have studied the technical, commercial and financial feasibility of IURIO full product for market development and scaling.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Our aim is to develop IURIO full product till the end of 2022. This will integrate AI features aiming to optimize and automate the whole contract management process. We will also expand our business capacity and market reachability by establishing new business agreements with IT integrators and distributors. Our target customers –law firms and corporates’ in-house legal departments – will reap significant benefits from IURIO: 90% reduction in contract drafting time, 65% reduction in documentation search-time and 70% acceleration of contract management process. These benefits result up to 90% contract compliance and 40% reduction of financial risk.

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