Orbital Launches Its Own Real Estate Law Firm

Orbital, the legal tech / prop tech company focused on property sales, is to launch its own law firm, called Farringdon, in the UK focused on residential transactions – in what is another NewMod move.

A key aspect here, as Orbital co-founder Ed Boulle, explained, is that: ‘Every insight we gain from building Farringdon – every repetitive workflow we automate, every bottleneck we solve – feeds back into the technology we provide to our customers. If Farringdon helps us build a better conveyancing experience, every conveyancing firm that runs on Orbital benefits – and so do their clients.

‘Farringdon is how we will prove what’s possible in the age of AI. Orbital is how we help everyone else get there too.’

And that’s a really smart way to look at things. I.e. Orbital continues to sell its software to what are now competitors of Farringdon in the UK property market, (AKA conveyancing firms over here). But, what they learn from applying AI to Farringdon’s workflows will then be recycled back into improving their product for everyone else.

This is a very mature way to look at the NewMod approach. It also says to AL that other legal AI companies could do this, even some of the very large ones. As long as the learnings are fed back into the product, which helps everyone, then why not do this?

Why not use AI and NewMod business structures to ‘lift all the boats’ at the same time?

The UK real estate market is large enough for Farringdon and all of Orbital’s customers, as well.

As to its size, Boulle told AL: ‘The Farringdon team will have six experienced conveyancing lawyers in various roles:

• 3 Conveyancing Engineers (specialist legal engineers embedded in tech teams building and evaluating our AI workflows)
• 2 Conveyancing Lawyers (client-facing, running cases assisted by AI workflows),
• Head of Legal Practice (oversight, escalation, compliance).’

He added that Farringdon is already regulated, and will start taking instructions in May.

The move comes after two other NewMods launched for UK property sales:

Keith – see here.

And,

Conveyd – see here.

Is this a big deal?

Yes, and AL has to say it’s a great approach. Not only is this a NewMod business, packed with AI. But what Orbital learns will be fed back to its customers. It’s a win-win.

It would be great if other legal tech companies did this!

In fact, it’s quite possible we will see others do this soon. Wink-wink!

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More about Farringdon here.

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