Crosby's bid is not final. Its financial terms are a range rather than a specific offer because the firm needs to evaluate Weil's data first. The partnership vote has not been scheduled in the sources reviewed, and no asset purchase agreement has been signed. The effect of the wind-down on Weil's workforce is not yet clear. Separately, a group of at least 10 former Weil attorneys has hired Foley & Lardner litigator Peter Wang, according to Law.com.
The bids raise an open question: can a law firm's internal data be sold to an outside buyer? Bloomberg frames the core issue as what a law firm's data is worth. Few precedents exist to answer it. Law.com found that nine of the 12 most significant law firm dissolutions since 2007 involved litigation during or after the wind-down, so attorneys with exposure to Weil or its clients should watch for disputes over asset ownership, client data, and partner obligations. The partnership vote and any signed asset purchase will show whether these bids become deals. Weil has also seen more than 30 partners leave this year, and its merger talks and succession plans have collapsed, so the firm's next moves will be closely watched.