A legal tech founder on a 'bad idea' that led to a $60m raise for his AI startup
Will Pearce started out in the space industry before building Orbital into a real estate platform used by the world’s top law firms.
Contents
After graduating from university and working in the space industry, Will Pearce was told his first startup concept was “a bad idea”. Today, he leads Orbital, a fast-growing AI technology company focused on transforming real estate deals.
Orbital recently raised a $60 million Series B led by New York-based growth fund Brighton Park Capital and its roster of investors includes RELX Group, which owns LexisNexis, The LegalTech Fund, Seedcamp and real estate company Grosvenor Group.
Last year, the company supported 200,000 residential and commercial real estate transactions across the US and the UK.
I sat down with Pearce to talk about the journey so far.
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Pearce started his career in the space industry, working for a UK government-run agency focused on commercialising space technology. One of the ideas he became interested in was how AI could be applied to satellite imagery. It was there he also met his future co-founder Edmond Boulle.
“You can count the number of cars in a parking lot outside Walmart across the United States on any given day and have a proxy for footfall, and potentially a proxy for sales,” he says. “We thought maybe you could apply this to real estate and monitor assets globally from space.”
It was, as he puts it, “literally a pie in the sky idea”. Pearce, then 23 years old, and his co-founder Boulle took that idea to some potential customers.
“We took this idea to some real estate investment funds and they basically looked at me and my co-founder and said, ‘this is a bad idea’.”
They did not need satellite monitoring, but they did need help with far more practical matters.
From orbit to outsiders
Pearce and Boulle pivoted into solving the real friction: the legal process of transacting property. “We’ve been focused on real estate legal work ever since,” he says.
Not being real estate lawyers themselves, or even from the industry, shaped the way they approached the problem.
We’re not from this world and we’re not real estate lawyers.
“We’re not from this world and we’re not real estate lawyers. We’ve had to learn, we’ve had to question and we’ve had to work very closely with our customers,” he says.
He believes being outsiders made it easier “to ask why” and to challenge “old processes that really hadn’t changed”. He describes that early stage as having “a valuable level of creative naivety”.
Slow to evolve
For all its size and significance, the real estate industry has been slow to modernise.
“Real estate is the most significant and largest asset class in the world.” It “drives by far the most commercial value in the global economy” and is “the most important purchase that any human will ever make in their lives,” he says.
“And yet the transactional and legal processes underpinning this asset class are paper-based, tax-heavy and haven’t really changed in 150 years.”
What Orbital does
Orbital builds AI-powered tools for real estate lawyers and the wider property ecosystem.
“Our very first product was all about how we can access the real estate data that a real estate lawyer needs to start diligence,” he says.
The solution was a map-based interface bringing together title information, flood risk, zoning, rights of way and easements, allowing lawyers to see how different issues intersect with a property.
From there, the scope expanded. Today Orbital supports drafting, complex document review, and client communication across real estate transactions using generative AI tools.
We’re focused on one thing. We’re focused on real estate as an asset class. We go very deep in that domain.
Its customers include REITs, retailers, developers, real estate investment funds and law firms, including A&O Shearman, BCLP, Goodwin, Macfarlanes, Mishcon de Reya and Clifford Chance.
“It’s really this ecosystem of real estate work that involves document review and drafting and legal work, but it’s not confined to attorneys in a law firm,” he says.
Even so, Pearce is clear that product breadth is not the same as being generic.
“Too much of legal tech at the moment is very general around document drafting and review.”
“We’re focused on one thing. We’re focused on real estate as an asset class. We go very deep in that domain,” he says.
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Addleshaw Goddard | £52,000 | £56,000 | £100,000 |
| Akin | £60,000 | £65,000 | £174,418 |
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Ashurst | £57,000 | £62,000 | £140,000 |
| Baker McKenzie | £56,000 | £61,000 | £145,000 |
| Bird & Bird | £48,500 | £53,500 | £102,000 |
| Bristows | £48,000 | £52,000 | £95,000 |
| Bryan Cave Leighton Paisner | £55,000 | £58,000 | £125,000 |
| Burges Salmon | £49,500 | £51,500 | £76,000 |
| Charles Russell Speechlys | £52,000 | £55,000 | £93,000 |
| Cleary Gottlieb | £62,500 | £67,500 | £164,500 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Clyde & Co | £48,500 | £51,000 | £85,000 |
| CMS | £50,000 | £55,000 | £120,000 |
| Cooley | £55,000 | £60,000 | £157,000 |
| Davis Polk | £65,000 | £70,000 | £180,000 |
| Debevoise | £55,000 | £60,000 | £173,000 |
| Dechert | £55,000 | £61,000 | £165,000 |
| Dentons | £52,000 | £56,000 | £104,000 |
| DLA Piper | £52,000 | £57,000 | £130,000 |
| Eversheds Sutherland | £50,000 | £55,000 | £110,000 |
| Farrer & Co | £47,000 | £49,000 | £88,000 |
| Fieldfisher | £48,500 | £52,000 | £100,000 |
| Freshfields | £56,000 | £61,000 | £150,000 |
| Fried Frank | £55,000 | £60,000 | £175,000 |
| Gibson Dunn | £60,000 | £65,000 | £180,000 |
| Goodwin Procter | £55,000 | £60,000 | £175,000 |
| Gowling WLG | £48,500 | £53,500 | £105,000 |
| Herbert Smith Freehills Kramer | £56,000 | £61,000 | £145,000 |
| HFW | £50,000 | £54,000 | £103,500 |
| Hill Dickinson | £43,000 | £45,000 | £80,000 |
| Hogan Lovells | £56,000 | £61,000 | £140,000 |
| Irwin Mitchell | £43,500 | £45,500 | £78,000 |
| Jones Day | £60,000 | £68,000 | £165,000 |
| K&L Gates | £50,000 | £55,000 | £115,000 |
| Kennedys | £43,000 | £46,000 | £85,000 |
| King & Spalding | £62,000 | £67,000 | £175,000 |
| Kirkland & Ellis | £60,000 | £65,000 | £174,418 |
| Latham & Watkins | £60,000 | £65,000 | £174,418 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Mayer Brown | £55,000 | £60,000 | £150,000 |
| McDermott Will & Schulte | £65,000 | £70,000 | £174,418 |
| Milbank | £65,000 | £70,000 | £174,418 |
| Mills & Reeve | £45,000 | £47,000 | £84,000 |
| Mischon de Reya | £50,000 | £55,000 | £100,000 |
| Norton Rose Fulbright | £56,000 | £61,000 | £135,000 |
| Orrick | £60,000 | £65,000 | £160,000 |
| Osborne Clarke | £55,500 | £57,500 | £97,000 |
| Paul Hastings | £60,000 | £68,000 | £173,000 |
| Paul Weiss | £60,000 | £65,000 | £180,000 |
| Penningtons Manches Cooper | £48,000 | £50,000 | £83,000 |
| Pinsent Masons | £52,000 | £57,000 | £105,000 |
| Quinn Emanuel | n/a | n/a | £180,000 |
| Reed Smith | £53,000 | £58,000 | £125,000 |
| Ropes & Gray | £60,000 | £65,000 | £165,000 |
| RPC | £48,000 | £52,000 | £95,000 |
| Shoosmiths | £45,000 | £47,000 | £105,000 |
| Sidley Austin | £60,000 | £65,000 | £175,000 |
| Simmons & Simmons | £54,000 | £59,000 | £120,000 |
| Simpson Thacher | n/a | n/a | £178,000 |
| Skadden | £58,000 | £63,000 | £177,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
| Squire Patton Boggs | £50,000 | £55,000 | £110,000 |
| Stephenson Harwood | £50,000 | £55,000 | £105,000 |
| Sullivan & Cromwell | £65,000 | £70,000 | £174,418 |
| Taylor Wessing | £52,000 | £57,000 | £115,000 |
| TLT | £44,000 | £47,500 | £85,000 |
| Travers Smith | £55,000 | £60,000 | £130,000 |
| Trowers & Hamlins | £47,000 | £51,000 | £85,000 |
| Vinson & Elkins | £60,000 | £65,000 | £173,077 |
| Watson Farley & Williams | £51,500 | £56,000 | £107,000 |
| Weightmans | £36,000 | £38,000 | £70,000 |
| Weil | £60,000 | £65,000 | £170,000 |
| White & Case | £62,000 | £67,000 | £175,000 |
| Willkie Farr & Gallagher | £60,000 | £65,000 | £170,000 |
| Withers | £47,000 | £52,000 | £95,000 |
| Womble Bond Dickinson | £43,000 | £45,000 | £83,000 |
Rank | Law Firm | Revenue | Profit per Equity Partner (PEP) |
|---|---|---|---|
| 1 | DLA Piper* | £3,130,000,000 | £2,500,000 |
| 2 | A&O Shearman | £2,900,000,000 | £2,000,000 |
| 3 | Clifford Chance | £2,400,000,000 | £2,100,000 |
| 4 | Hogan Lovells | £2,320,000,000 | £2,400,000 |
| 5 | Linklaters | £2,320,000,000 | £2,200,000 |
| 6 | Freshfields | £2,250,000,000 | Not disclosed |
| 7 | CMS** | £1,800,000,000 | Not disclosed |
| 8 | Norton Rose Fulbright* | £1,800,000,000 | Not disclosed |
| 9 | HSF Kramer | £1,360,000,000 | £1,400,000 |
| 10 | Ashurst | £1,030,000,000 | £1,390,000 |
| 11 | Clyde & Co | £854,000,000 | Not disclosed |
| 12 | Eversheds Sutherland | £769,000,000 | £1,400,000 |
| 13 | Pinsent Masons | £680,000,000 | £790,000 |
| 14 | Slaughter and May*** | £650,000,000 | Not disclosed |
| 15 | BCLP* | £640,000,000 | £790,000 |
| 16 | Simmons & Simmons | £615,000,000 | £1,120,000 |
| 17 | Bird & Bird** | £580,000,000 | £720,000 |
| 18 | Addleshaw Goddard | £550,000,000 | £1,000,000 |
| 19 | Taylor Wessing | £526,000,000 | £1,100,000 |
| 20 | Osborne Clarke** | £476,000,000 | £800,000 |
| 21 | DWF | £466,000,000 | Not disclosed |
| 22 | Womble Bond Dickinson | £450,000,000 | Not disclosed |
| 23 | Kennedys | £428,000,000 | Not disclosed |
| 24 | Fieldfisher | £385,000,000 | £1,000,000 |
| 25 | Macfarlanes | £371,000,000 | £3,100,000 |
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The first proof point
For Pearce, Orbital’s value crystallised on its first sale in 2020 involving a private equity fund buying a large UK pub chain.
The law firm on the transaction told Orbital it had “massively accelerated this deal and massively reduced legal fees for the client”, enabling lawyers to review documents in one go and understand the real estate assets quickly.
That was the moment we realised we’d created a ton of value.
“That was the moment we realised we’d created a ton of value,” he says.
A founder’s allocation of time
Pearce’s role has evolved alongside the company. “About a third of my time at the moment as CEO is hiring,” he says.
Broadly, another third of his time is external facing, meeting customers, prospects and partners across the real estate and legal sectors. The remaining third is spent with the product team, thinking about the roadmap and new ideas.
Scaling across the Atlantic
Orbital now employs around 120 people and plans to double headcount in the next year, with a significant part of that growth focused on the United States.
“We’re hiring very aggressively in the United States. We’re hiring engineers, product people, salespeople and real estate lawyers in New York and eventually in Austin, Chicago and Los Angeles as well.”
Pearce has himself relocated to New York to lead the expansion. “I’ve moved my life to New York,” he says.
In America, I can sit on a plane for six hours and still be in America.
The scale of the opportunity is immediately apparent to him. “The depth and size of both the real estate and legal ecosystems and more generally just the size of the country is so significant.”
In London, many of his customers were within walking distance of his office. “In America, I can sit on a plane for six hours and still be in America,” he says.
About a month into life in New York, he is still exploring the city between his work trips to Chicago and Los Angeles. The food scene, he says, is impressive, though he adds one caveat: “Indian food in London is superior”.
| Firm | London office since | Known for in London |
|---|---|---|
| Akin | 1997 | Restructuring, funds |
| Baker McKenzie | 1961 | Finance, capital markets, TMT |
| Davis Polk | 1972 | Leveraged finance, corporate/M&A |
| Gibson Dunn | 1979 | Private equity, arbitration, energy, resources and infrastructure |
| Goodwin | 2008 | Private equity, funds, life sciences |
| Kirkland & Ellis | 1994 | Private equity, funds, restructuring |
| Latham & Watkins | 1990 | Finance, private equity, capital markets |
| McDermott Will & Schulte | 1998 | Finance, funds, healthcare |
| Milbank | 1979 | Finance, capital markets, energy, resources and infrastructure |
| Paul Hastings | 1997 | Leveraged finance, structured finance, infrastructure |
| Paul Weiss | 2001 | Private equity, leveraged finance |
| Quinn Emanuel | 2008 | Litigation |
| Sidley Austin | 1974 | Leveraged finance, capital markets, corporate/M&A |
| Simpson Thacher | 1978 | Leveraged finance, private equity, funds |
| Skadden | 1988 | Finance, corporate/M&A, arbitration |
| Sullivan & Cromwell | 1972 | Corporate/M&A, restructuring, capital markets |
| Weil | 1996 | Restructuring, private equity, leverage finance |
| White & Case | 1971 | Capital markets, arbitration, energy, resources and infrastructure |
| Law firm | Type | First-year salary |
|---|---|---|
| White & Case | US firm | £32,000 |
| Stephenson Harwood | International | £30,000 |
| A&O Shearman | Magic Circle | £28,000 |
| Charles Russell Speechlys | International | £28,000 |
| Freshfields | Magic Circle | £28,000 |
| Herbert Smith Freehills | Silver Circle | £28,000 |
| Hogan Lovells | International | £28,000 |
| Linklaters | Magic Circle | £28,000 |
| Mishcon de Reya | International | £28,000 |
| Norton Rose Fulbright | International | £28,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £57,000 | £62,000 | £140,000 |
| Bryan Cave Leighton Paisner | £55,000 | £58,000 | £125,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £145,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £55,000 | £60,000 | £130,000 |
| Firm | Merger year | Known for in London |
|---|---|---|
| BCLP | 2018 | Real estate, corporate/M&A, litigation |
| DLA Piper | 2005 | Corporate/M&A, real estate, energy, resources and infrastructure |
| Eversheds Sutherland | 2017 | Corporate/M&A, finance |
| Hogan Lovells | 2011 | Litigation, regulation, finance |
| Mayer Brown | 2002 | Finance, capital markets, real estate |
| Norton Rose Fulbright | 2013 | Energy, resources and infrastructure, insurance, finance |
| Reed Smith | 2007 | Shipping, finance, TMT |
| Squire Patton Boggs | 2011 | Corporate/M&A, pensions, TMT |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £57,000 | £62,000 | £140,000 |
| Bryan Cave Leighton Paisner | £55,000 | £58,000 | £125,000 |
| Herbert Smith Freehills Kramer | £56,000 | £61,000 | £145,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £55,000 | £60,000 | £130,000 |
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