AI Law Firm Crosby Bids for Weil Gotshal's Brand Assets Amid Dissolution
Startup Crosby offers to buy the trademark and brand of dissolving Wall Street firm Weil Gotshal while seeking to hire some of its lawyers.
According to TechCrunch, Crosby, a two-year-old "AI-first" law firm, has submitted a bid to purchase certain assets of the traditional Wall Street law firm Weil, Gotshal & Manges. The proposed acquisition includes the firm's trademark, brand, and unspecified internal data. Separately, Crosby is working to recruit some of Weil Gotshal's approximately 1,200 lawyers. The offer was first reported by The Information and subsequently confirmed by TechCrunch.
The bid comes as Weil Gotshal faces imminent dissolution. The New York Times reported that the once-prestigious firm confirmed this week it is preparing to vote on dissolution in the coming days. The wind-down follows the refusal of the presumed leadership heir apparent to take the role, the departure of several top-producing lawyers, and the shelving of a hoped-for merger with rival Willkie Farr & Gallagher.
Unlike vendors such as Harvey or Legora that sell AI technology to existing firms, Crosby operates as an actual law firm providing legal services. The startup claims its internally developed AI enables service delivery at a speed never before possible. Financially, Crosby has raised about $85 million, including a $60 million Series B round in March led by Lux and Index, with participation from Sequoia.
While no one has directly attributed Weil Gotshal's downfall to the rise of legal AI, the event highlights the shifting market structure within the industry. Terms of the bid were not disclosed, and there is no guarantee Crosby will prevail. If successful, it would represent a significant instance of an AI-native entity acquiring the legacy brand and talent of a traditional firm.