The key facts

  • Crosby filed a bid for Weil Gotshal's assets: the trademark, brand, and part of its internal data
  • The firm is preparing for a dissolution vote after top lawyers left and a merger fell through
  • Crosby has raised about $85 million and positions itself as a 'new type of law firm'

Bid for the assets of a bankrupt Wall Street legend

Crosby, a two-year-old startup operating as an 'AI-first law firm,' has filed a bid to purchase part of the assets of the well-known New York firm Weil, Gotshal & Manges — including its trademark, brand, and some unspecified internal data trove. At the same time, the company is in talks to hire some of the firm's 1,200 lawyers. The Information was first to report the offer, and TechCrunch confirmed the bid.

Why Weil Gotshal is falling apart

Weil Gotshal itself this week confirmed to The New York Times that a vote on dissolution is expected in the coming days. According to the newspaper, this was brought about by the presumed leadership successor's withdrawal from the role, the departure of several of the firm's most productive lawyers, and a postponed merger with competitor Willkie Farr & Gallagher.

How Crosby differs from other AI companies in law

Unlike Harvey or Legora, which sell their AI technology to existing firms, Crosby is itself a law firm and uses its own AI to deliver legal services, promising unprecedented speed. The startup came out of stealth in 2025 with a $5.8 million seed round, and has raised about $85 million in total, including a $60 million Series B in March led by Lux and Index with participation from Sequoia, Elad Gil, 01 Advisors, and Bain Capital Ventures.

What remains unknown

The terms of the bid are not disclosed, and there is no guarantee that Crosby will win. TechCrunch notes that no one has pointed to the rise of legal AI as a factor in Weil Gotshal's collapse; however, if the deal goes through, the firm's legacy could be revived in the form of an AI-focused company.