Crosby Raises $60M Series B to Build AI-Native Law Firm

Crosby, an AI-native law firm, has raised a $60 million Series B round led by Lux and Index Ventures on March 31, 2026.

The round also drew participation from Sequoia, Elad Gil, 01 Advisors, and Bain Capital Ventures. The funding signals growing investor confidence in vertically integrated legal AI companies that take direct liability for their work, rather than selling software tools to traditional law firms.

The Problem

America's top 100 law firms generated a combined $69 billion in profit last year. That figure exceeds Google's annual research and development budget. Every dollar of that profit was distributed to partners as compensation, leaving nothing reinvested into the business.

Crosby co-founders John and Ryan argue this model has left the legal industry without meaningful innovation. Their firm is structured differently. It retains profits to fund technology development directly tied to legal work.

What Crosby Does

Crosby's primary service is contract review. The firm describes its reviews as fast and accurate, and it takes legal liability for the output, unlike software vendors that disclaim responsibility for results.