We’ve flagged before some of the innovative work that Mishcon is doing around document review and automation in the real estate space and today (8 October) the UK top 50 firm will announce that it is working with Kira Systems on building machine learning models for real estate transactions.
Mishcon has been using Kira’s software since 2016 to increase the accuracy and efficiency of document review in each of their real estate focused practice areas, including residential, commercial, tax, construction and planning. One example of Kira’s use has been in the acquisition of student housing portfolios (Mishcon’s de Reya’s real estate group acted on £1.5bn of student housing acquisitions for its clients during 2017/2018) , where the firm’s lawyers have been using the technology to deliver insights into tenancy documents faster and more efficiently . The team has used both Kira’s built-in provision models and their own bespoke models. This allows the real estate team to reduce their clients’ transaction risk by reviewing all of the leases in the portfolio, typically between 500 – 1,000, instead of choosing a small sample for review in order to manage timelines and costs.
As we first revealed in 2017, Mishcon has since around 2016 been developing tools to automate interactions with the Land Registry and the HMRC, creating data feeds and visualisation tools for clients. Through MDR Lab it has been working with a number of new proptech technologies including Orbital Witness and Third Fort and the firm has also welcomed their first head of data analytics and machine learning, Alastair Moore from UCL, who will has been supporting these efforts, amongst other work across the firm.
Nick Kirby, managing associate and real estate technology specialist at Mishcon de Reya, said: “We are dedicated to using technology to do our work faster and better to provide more value to clients, to deliver new technology driven services and to drive change in our firm. By collaborating with Kira to enhance their UK real estate offering we have already gained valuable insight into how artificial intelligence works and how we can best leverage AI to better support real estate clients, delivering our services innovatively and more efficiently and we look forward to continuing to working closely with them.”
Kira at the start of September received $50m from Insight Venture Partners to accelerate its growth plans.