16 January 2017: Law firm Mishcon de Reya has today launched a technology incubator programme – MDR LAB – for tech start-ups in the legal space. The programme will see the firm welcome a number of tech start-ups into the business for a ten week period in summer 2017.
Launched in conjunction with innovation specialists and investors L Marks, MDR LAB is open to early stage and growth technology start-ups. Applications are welcomed from companies at concept through to revenue-generating stage, as long as the product or service is applicable to the legal industry.
Successful applicants will have the opportunity to work within their target market to pilot and improve products and to gain a better understanding of how legal services are provided and where lawyers – and their clients – would benefit from new technologies. They will have access to Mishcon de Reya lawyers and other business experts throughout the firm for advice, mentorship and education.
In addition, those chosen to participate in MDR LAB will have access to Mishcon de Reya’s legal and business networks with opportunities for attracting investment and/or licensing products to Mishcon de Reya.
The firm is particularly interested in innovations that relate to one of the following categories:
Lawyers have seen an explosion in the amount of information they need to manage through the litigation process. Mishcon de Reya is looking for innovations that can help its lawyers make sense of and use this data in a more effective and efficient way to achieve better outcomes for clients.
- Transactional Law
Clients are constantly challenging lawyers to work quicker and more cost effectively. Mishcon de Reya wants to hear from businesses that are developing technology that could help streamline transactions. This might be through smarter document reviewing and creation, automation of processes or innovations that disrupt an entire category of transactional law.
- Business of Law
Providing the best service for clients relies on systems and infrastructure that are easy to use and efficient. From tracking the progress of cases to communicating with clients and managing costs, Mishcon de Reya is looking for technology that can help it run its business in a way that maintains the highest quality service.
Some innovations are hard to categorise, so the firm also wants to hear from start-ups working on ideas that it hasn’t thought about yet. The wildcard category is intended to capture those innovations that don’t fit within one of the above three category areas.
Applications are open until March, with a pitch day happening at the firm’s headquarters in central London in April. A full timeline is set out below.
Commenting on the launch of MDR LAB, Nick West, Chief Strategy Officer at Mishcon de Reya, said: “MDR LAB is part of Mishcon de Reya’s broader technology strategy and is one of a number of R&D projects designed to help us better understand and embrace new technologies.
“Innovation is happening across our industry and we want to be at the forefront of it. We are looking forward to hearing from the disruptors.”
L Marks has run successful tech start-up partnership programmes with some of the UK’s best known brands – including John Lewis, EDF Energy and BMW – however this is the first time it has run one with a law firm. Stuart Marks, Chairman of L Marks commented: “We’re very excited to be working with Mishcon de Reya on developing its innovation strategy. MDR LAB presents a unique opportunity for tech start-ups with disruptive solutions to trial and improve their products and gain access to expert mentorship across one of the best known law firms in the market.”
For more information, visit https://lab.mdr.london/
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