Mariusz Kowalski of Waterwalk Partners, who brings decades of experience in management, strategy and business development with professional services firms, moderated this Law Firm Management session. He was joined by Chris Vaagt, a consultant to law firms since 1997 who advises on organisation development, strategy and economics, and Jaap Bosman, Strategy Consultant at TGO Consulting and author of a 2015 book on the death of a law firm. Together they examined the unravelling of Weil through the lens of partnership governance, strategy and risk management.

Overview

Bosman rejected the press explanation that a mercenary partner culture brought Weil down, arguing that such a culture is a consequence, not a cause. Partners leave when they stop believing the firm is a winning team, so every firm should ask whether it gives its partners compelling reasons to stay. Kowalski added that such events are not sudden: risks build gradually and are addressed too late.

Bosman described Weil as a sound firm with roughly two billion in revenue and no debt or claims that he knew of, whose profitability merely trailed its peers. Leadership split between those who wanted to grow, citing Kirkland, and those who wanted to shrink and focus on the high end; Bosman thinks the second school was right. Merger talks were then announced and abandoned a day later, and another elite firm was hired to restructure the finances, which, he suggested, would panic ordinary partners into leaving. Vaagt asked why such firms keep making poor decisions. His answer: managing partners act as politicians who must keep peers happy, experienced business services leaders are often not heard, and busy partners live in a bubble, so warning signs go unseen.

The speakers differed on whether the leadership transition mattered. Kowalski thought it a critical moment for any firm, while Bosman did not see it as the issue. On private equity, Bosman expected professional management and a daily focus on growth, though he noted regulatory hurdles and that investors favour firms whose brand outweighs individual partners, so it would not have rescued Weil. Vaagt pointed to German firms that split profit share into three parts, paying one only after several years, to give partners a lasting stake.

Key Takeaways

• Treat retention as a strategic test. Ask honestly whether your firm gives partners and associates a reason to stay and believe in it, particularly as AI makes the people the main differentiator.
• Map concentration risk. Kowalski’s example was a group of 10–20 partners in a 200-partner firm whose departure would sink it; plan scenarios before it happens.
• Do not copy the most successful rival. Bosman warned that imitating a firm like Kirkland does not make sense on its own, and outside advisers with legal sector experience can test whether your solution fits your firm.
• Give business services leaders a real voice. Vaagt argued that COOs and similar leaders often see the risks first but are dismissed by partners.
• Reduce managing partners’ political exposure. Vaagt noted that elected leaders are rewarded for harmony and often keep billing hours, which limits their capacity to challenge the partnership.
• Build a long-term partner stake. Deferred profit share is one way to reward staying put, whether or not private equity arrives.