Crosby is pursuing Weil Gotshal's trademark, brand, and internal data after the prominent firm suffered key attorney departures and the collapse of a planned merger with Willkie Farr & Gallagher. Unlike traditional software providers, the two-year-old startup operates directly as a full-service legal practice powered by proprietary artificial intelligence. Weil Gotshal's partnership is set to vote on full dissolution, leaving the outcome of Crosby's undisclosed acquisition offer uncertain.
Key points
An AI-centric legal practice is attempting to absorb the intellectual property and talent…: An AI-centric legal practice is attempting to absorb the intellectual property and talent of an unraveling legacy law firm.
Weil Gotshal's collapse stems from internal management issues and canceled merger discuss…: Weil Gotshal's collapse stems from internal management issues and canceled merger discussions rather than direct disruption from artificial intelligence.
Venture capital heavyweights including Lux, Index, and Sequoia are actively funding Crosb…: Venture capital heavyweights including Lux, Index, and Sequoia are actively funding Crosby's effort to operate as a full-service, tech-driven firm.
Sources checked by our analysis pipeline: 1
Like a real-life episode of Suits, the demise of famed white-shoe Wall Street law firm Weil, Gotshal & Manges has been the talk of the legal industry this week. And now, Silicon Valley has entered the picture.
Two-year old AI-first law firm Crosby has put in a bid to buy some of the assets of Weil Gotshal, including its trademark, its brand, and some unspecified internal data, TechCrunch has confirmed. Separately, it is also working to hire some of the firm’s 1,200 lawyers. The Information was first to report this offer.
The once-prestigious Weil Gotshal confirmed to the New York Times this week that it was preparing to vote on dissolution in the coming days. The wind down is happening after the firm’s presumed leadership heir apparent turned down the role, a number of its top-producing lawyers left, and a hoped for merger with its rival, Willkie Farr & Gallagher, was shelved, the Times reported.
Meanwhile, Crosby’s founders believe they are the future of law firms. Rather than selling their internally developed AI tech to existing firms like Harvey or…
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