I've been having a relatively easy time with Labrys in this regard.
Labrys 5A is such short range, and MT's 5a has craaazy range as we know.
Is she using the 5B axe? that can be easily punished with a j.B just gotta watch for the overhead crushing your face. As for a misplaced D, MT's 5D attack is very risky I feel, and really is for mindgames more than spamming (but I'm not 1k+ psn player). I find against Labrys that using the 5D is generally a terrible idea. Labrys has a really hard time rushing MT down because of the range difference, no reason to bring Labrys closer to you/give her an opening.
Labrys has some tough air attacks, the B (I think) goes through MT's 2B, but if you ever get scared, just use The Box and you will get out safely. The Box is MT's best tool, use it!
Don't forget about A coup droit as well, it may seem to be a bad idea, but if you range Labrys right, you can actually get right into that sweet spot where Labrys has to use the slow-as-fuck 5B instead of the tiny-as-fuck 5A to start a combo.
Just a few cents from someone else learning the mighty MT!