Nexus by DIA
We launched our first Innovation Lab in Spain with grocery giant Dia in 2017. Dia wanted to…Read more
2017 saw our first collaboration programme in the legal space with the launch of Mishcon de Reya’s MDR LAB. Following the success of the first Innovation Lab, Mishcon de Reya is currently working with the L Marks scouting team for the second iteration of the programme.
Flat demand for law firm services, declining profit margins, weakening collections, falling productivity and loss of market share to alternative providers are all undermining the profitability of law firms. In the face of these challenges, many mid-tier outfits have found themselves in a particularly vulnerable position. In response to these challenges and in order to tap into a new generation of technologies and ideas, Mischcon de Reya opened its doors to early and growth-stage technology startups. Applications came from companies at all stages – from concept through to revenue generating.
Representing a wide range of technologies, the following six companies were selected to join MDR LAB 2017:
The international cohort embraced the opportunity to speak to lawyers at all levels and worked hard to develop and refine their products and services. Mishcon de Reya continued working with participating startups following the completion of the collaboration programme. The law firm also invested in three of the companies.
Following the completion of the first programme, Mishcon de Reya continued to develop relationships with all of the participating companies and invested in three of them.
“We had a fantastic first year of MDR LAB. The programme achieved a lot. We met and worked with some great people and some innovative companies and are thrilled to announce these first two [of three] investments. We’re excited to continue to work with all of our 2017 cohort and to see what MDR LAB 2018 brings!”
Nick West, CTO Mishcon de Reya
Startup Profile: Ping
Ryan Alshak of San Francisco exemplifies the true entrepreneur’s ability to identify opportunities and pivot. A graduate of the University of Southern California School of Law, Alshak is working to solve the age-old problem slowing lawyers down: time entry. His efforts have already earned him a position as a 2017 ABA Journal Legal Rebel.
Alshak’s timekeeping software, Ping, not only automates the entry process but also records data so that lawyers can better understand how they use their time and create more accurate budgets.
Following 10 very successful weeks refining their product and proposal in MDR LAB, Ping secured investment from both Mishcon de Reya and L Marks. As the company gains traction across the US, Mishcon de Reya is the first major law firm to have implemented Ping’s technology.
“We’ve had many conversations with top law firms around the world who are interested in technology, but few have committed to driving innovation within legal in the way that Mishcon de Reya has. Our time in MDR LAB helped shape our product and better understand how Ping can help firms adapt to shifts that are occurring in the industry. We are very excited about our continued partnership together.”
Kourosh Zamanizadeh,Co-Founder, Ping