AI law firm Crosby makes an offer for the brand of Weil and its data

Crosby is a new law firm that uses AI. It made an offer for the trademark, the brand and some internal data of the law firm Weil, Gotshal & Manges. TechCrunch reported the offer on 30 October. Crosby has raised about $85 million. That is about 4% of the more than $2 billion that Weil earned in 1 year.

What Crosby does

Crosby does not sell software. It employs lawyers who use AI that the company made. It sells checks of contracts. Crosby has not told how it will use the Weil data.

The numbers

The offer has no firm price. A person who knows the offer says that Crosby must first examine the data. Kirkland & Ellis has committed $500 million in 3 to 4 years to make its AI platform. A&O Shearman has committed $1.1 billion in 5 years.

What is not known

The type of data and the terms are not public. Client confidentiality limits the data that a buyer can use. Artificial Lawyer says that a buyer can use a template only if it has no client data.

Insight: A closed law firm puts its data on sale

Weil voted to dissolve less than 2 weeks after the offer of Crosby. Scissero and Vetta, 2 more AI law firms, also want its assets. Brokers tell that AI labs pay between $350,000 and $1.8 million for company records. This seems to be a race for data that rivals cannot copy. Leaders: know the value of your records before you must sell.