Weil Gotshal leaders recommend winding down, and AI firm Crosby bids
Leaders of Weil, Gotshal and Manges have recommended that the famed law firm shut down, CNN reports. Its partners are set to vote on that plan in the coming days. An AI law firm called Crosby has bid for its brand, TechCrunch reports.
Leaders at Weil, Gotshal and Manges, a law firm founded in 1931, have recommended that it close, CNN reports. The firm's management committee said on Wednesday that it should "pursue an orderly wind-down."
The firm's partners are expected to vote on the plan "in the coming days," according to the firm's statement, CNN reports. Weil is not filing for bankruptcy.
Weil has about 1,200 lawyers in offices from New York to Munich to Hong Kong, CNN reports. It advised Lehman Brothers during the 2008 financial crisis and guided General Motors and Enron through their bankruptcies.
The firm had lost a string of top partners to rivals, CNN reports, citing Law.com. A possible merger with another firm, Willkie Farr and Gallagher, fell through this year. TechCrunch, citing The New York Times, says the expected next leader also turned down the role.
Crosby, an AI-focused law firm about two years old, has bid to buy some of Weil's assets, TechCrunch reports. They include its trademark, its brand and some internal data. Crosby is also trying to hire some of Weil's lawyers. The Information first reported the bid.
Crosby has raised about $85 million, including a $60 million round in March led by Lux and Index, TechCrunch reports. Terms of the bid were not disclosed, and there is no guarantee Crosby will win.
What we know: Weil's leaders want to close the firm, and Crosby has bid for some of its assets.
What we don't: How the partners will vote, and whether Crosby's bid will succeed.
Where outlets agree CNN and TechCrunch report Weil Gotshal is moving toward a wind-down, with a partner vote in the coming days.
Where they differ The cited reports agree on the key facts so far.