Technology continues to transform every aspect of the real estate industry. Our real estate lawyers know that clients want their legal work carried out effectively and efficiently, and technology has a key role to play. It shapes how we do business, how we communicate and how we present information. It fosters greater collaboration and flexibility and lets us serve our clients better and faster.
Our dedicated technology team is developing a suite of specialised PropTech tools to speed up the way our lawyers work. Data manipulation tools push and pull data automatically from public sources, including the Land Registry or Companies House at the start of a real estate transaction, or from HMRC at the end of it. Using machine learning technology our real estate lawyers can improve the way our clients manage their assets, including the automated extraction of key lease and management data into a format that can be instantly uploaded to property management systems. We build secure datasite platforms, with project management functions, that allow information and documents to be exchanged between ourselves and our clients' teams.
As a result, our lawyers spend less time on historically labour-intensive tasks and more time on strategic work that adds value. Our clients save time and money and, using data more intelligently, are able to make decisions in real time.
Our PropTech team has collaborated with HM Land Registry on their Digital Street research and development initiative to complete the UK's first successful digitised end-to-end residential property transaction.
In addition, we are into the third year of MDR LAB, our incubator programme for tech start-ups in the legal space. MDR LAB start-ups have included Orbital Witness, a bespoke satellite imagery product for real estate lawyers, and Thirdfort, a platform to onboard clients remotely. To promote the rise of PropTech, we have also involved the likes of property investors Derwent London and tech partner Coyote, which co-sponsored MDR LAB’s dedicated real estate category in 2018.
In collaboration with sector-leading provider of legal artificial intelligence, Kira Systems, we have used software to increase the accuracy and efficiency of document review in all of our real estate related practice areas, including residential, commercial, tax, construction and planning. We have also helped Kira to enhance its software, specifically the machine learning models for real estate transactions.
At the same time our in-house IT team has created Mishcon Maps, an interactive tool which makes client portfolios as well as our own internal data searchable on a map.