From Pymnts · PYMNTS · · 1m 30s
AI Law Firm Crosby Bids for Weil Gotshal’s Name and Data
AI law firm Crosby seeks Weil Gotshal’s brand and data as Wall Street firm dissolves.
In brief
AI law firm Crosby seeks Weil Gotshal’s brand and data as Wall Street firm dissolves. Crosby, a two-year-old AI law firm, bid for Weil, Gotshal & Manges’ name and internal data as the firm dissolved. Originally reported by Pymnts.
Crosby bids for Weil Gotshal’s name and data
Two-year-old AI law firm Crosby made a bid for Weil, Gotshal & Manges' trademark, brand, and some internal data.
“Crosby made the offer for the trademark, brand and some internal data of Weil, Gotshal & Manges”
Weil dissolves after bid
Weil, Gotshal & Manges voted to dissolve the firm two weeks after Crosby's bid was reported.
“Weil’s partners voted Tuesday (Nov. 10) to dissolve the firm”
Crosby’s funding and scale
Crosby has raised about $85 million since launching, while Weil generated over $2 billion in revenue last year.
“Crosby has raised about $85 million since it launched”
Weil’s revenue vs Crosby’s funding
All the money Crosby has raised equals about 4% of what Weil billed in one year.
“All the money Crosby has ever raised equals about 4% of what Weil billed in one year”
Crosby’s AI model
Crosby employs lawyers who use AI to review contracts in under an hour, not selling software.
“Crosby promised then to review a client contract in under an hour”
Crosby’s data use plan
Crosby has not specified how it would use Weil’s data, which could include merger templates and negotiation contracts.
“A large firm’s non-client data, such as merger agreement templates and contracts at different stages of negotiation”
Other AI law firms
Scissero and Vetta are also seeking Weil’s data, with Scissero targeting technology and Vetta focusing on private equity deals.
“Scissero has submitted an expression of interest in Weil’s technology, intellectual property and data assets”
Law firms race for AI
Kirkland & Ellis invested $500 million and A&O Shearman committed $1.1 billion over five years to build their own AI platforms.
“Kirkland & Ellis has committed $500 million over three to four years to build its own AI platform”
The bottom line
Crosby, a two-year-old AI law firm, bid for Weil, Gotshal & Manges’ name and internal data as the firm dissolved.
