Much has been written about Weil’s demise, and I have hesitated to add to the commentary. But one group deserves more attention: its people, particularly its business-services professionals.
Many lawyers’ face uncertainty. Some will find opportunities together, moving with partners or practice groups. But what about those in Finance, IT, HR, Business Development, Marketing, Recruiting, secretarial support and other essential roles?
Some have devoted their careers to the firm, helping build the institution without a meaningful voice in decisions shaping its future. They do not necessarily have a partner or book of business to follow.
They deserve more than a passing mention.
Weil’s situation also raises difficult questions about law firm leadership and governance. We need to rethink several things:
- Leadership must be a full-time responsibility
Whether CEO, Managing Partner or Chair, running the firm should be the job—not something squeezed between client matters. Leaders must understand their partners, establish direction and build a supportive culture. The board should set their compensation accordingly.
- Governance needs an independent perspective
Partner representation matters, but so does independent challenge—especially when decision-makers have personal compensation and capital at stake. Outside voices deserve meaningful involvement, within the applicable regulatory framework.
- Succession planning must be continuous
Leadership, practice groups and client relationships need succession plans long before anyone announces a departure.
- Business leaders need a meaningful voice
The Model Rule 5.4 debate should include nonlawyer executives—not just outside investment. Those responsible for the business’ health deserve a genuine governance voice. We should also examine whether they can have an appropriate stake in their success.
The general counsel role deserves stature and independence.
This should be a dedicated leadership position, not a pre-retirement assignment. Compliance, judgment and the ability to challenge decisions belong at governance’s heart.
And then there is culture.
We hear that culture beats strategy. But how resilient is culture when another firm offers a partner substantially more compensation? Loyalty matters. So do incentives. Leaders must acknowledge both.
None of these changes guarantees survival, nor does any single governance failure explain Weil’s situation. But these questions deserve attention before a crisis.
Above all, my thoughts are with Weil’s business-services team. I hope the attention translates into introductions, referrals, interviews and opportunities.
They helped build the firm, too.