AI-powered legal startup Crosby has submitted an acquisition bid for assets, brand, and internal data from prominent law firm Weil, Gotshal & Manges, which prepares to vote on dissolution following leadership changes and a failed merger.
The news of the offer was first reported by the website The Information, while Weil Gotshal confirmed to the New York Times that it is preparing to vote on its closure in the coming days.
Crosby's offer and the 1.200 lawyers
Crosby's proposal includes Weil Gotshal's trademark, brand name and some internal data. The startup is also working to hire some of Weil Gotshal's 1.200 lawyers.
Crosby provides legal services at high speed using its own technology developed in-house, rather than simply selling software to others. It has raised about $85 million in funding to date, including a $60 million investment round last March.
The reasons behind the closure of Weil Gotshal
The decision to dissolve Weil Gotshal comes after the departure of top lawyers, the refusal of a proposed successor to take over leadership, and the cancellation of a planned merger with the firm Willkie Farr & Gallagher.
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The terms of Crosby's offer have not been disclosed, and there is no guarantee that her proposal will ultimately be accepted.
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