.As Weil’s partners dismantle a once-formidable institution, AI startups are competing for something less glamorous but potentially lucrative which is the firm’s accumulated knowledge.
AI-native law firm Crosby, barely two years old, has made a bid for the brand, trademark and selected internal data of Weil, Gotshal & Manges, whose partners voted on November 10 to dissolve the firm.
Crosby has raised approximately $85 million since its launch, while Weil generated more than $2 billion in revenue last year. Yet the startup is now seeking assets from a firm whose annual revenue dwarfed its entire fundraising history.
According to TechCrunch, Crosby’s offer covers Weil’s name and unspecified internal data. Financial terms remain undisclosed.
Unlike conventional legaltech companies, Crosby employs lawyers using its own AI technology to deliver legal services, including rapid contract reviews.
Weil’s Treasure Trove
Crosby isn’t alone, either. AI law firm Scissero has shown interest in Weil’s technology, intellectual property and data, while AI-native firm Vetta is pursuing the firm’s legal precedents and negotiating playbooks.
Those IP assets represent decades of accumulated legal expertise, potentially valuable for developing specialist AI systems.
The catch however is such tedious details as client confidentiality, privilege and contractual restrictions could severely limit what buyers can acquire or use. Not every document sitting on a law firm’s servers is an asset available for sale.
The bidding comes as surviving BigLaw firms pour extraordinary sums into AI.
Kirkland & Ellis has committed $500 million to developing its AI platform, while A&O Shearman has announced a $1.1 billion, five-year AI investment.
So grabbing the Weil data continues to attract the AI legal treasure hunters as they circle the still-warm body of the legal institution.
