The Non-Billable Podcast

Weil was still generating more than $2 billion a year when its partnership unravelled. Yale Law School professor John Morley says that its collapse was driven not by financial distress, but by a decline in profitability relative to its closest rivals and a failure to choose between scale and a smaller, more elite model.Morley’s paper Why Law Firms Collapse examined around three dozen failures and identified a recurring “run on the partnership”. Because partners own the business and can leave with their clients, the departure of one productive partner reduces the profits available to everyone who remains - making the next departure more attractive.The conversation explores why superstar partners can make firms more fragile, how widening pay gaps have weakened traditional partnership cultures and why a merger may be the best escape route for a formerly elite firm losing ground.Morley also considers the lessons for London firms, the challenge facing private equity investors and what law firm leaders should watch for before a partner run becomesThe Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters00:01 Introduction01:50 Why Morley began studying law firm collapses04:07 Why law firms shatter rather than bounce10:29 Why US law firms are especially fragile12:51 The warning signs at Weil18:00 Why merger talks can stop a partner run23:15 Superstar partners and the decline of community29:32 What ultimately killed Weil35:08 AI, private equity and lessons for law firm leadersAbout Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk

Offshore law firms play a central role in major cross-border deals and disputes, yet the market remains unfamiliar to many lawyers. Harneys global managing partner William Peake explains how the model works, why onshore law firms are its most important clients and how offshore jurisdictions compete for international business.Peake reflects on the $9.2bn dispute that helped make his career and what lawyers can expect from a move offshore. The conversation covers recruitment, partner pay, advocacy opportunities and the reality behind the promise of high-quality work and weekends in the Caribbean.We also examine private equity’s growing interest in offshore legal services, how Harneys is funding its expansion and the competitive risk posed by better-capitalised rivals. Peake also explains how his unusually candid LinkedIn presence has generated millions of views, opened doors with major firms and brought new work into Harneys.The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters00:01 Introduction01:40 How the offshore law firm model works03:26 The $9.2bn litigation that made Peake’s career07:56 Winning referrals from onshore law firms10:29 Recruiting lawyers and building a career offshore15:52 Partner pay, talent and accessible leadership20:24 Private equity and the Harneys Fiduciary sale33:06 Building Harneys’ profile through LinkedIn43:10 Ireland and the firm’s next phase of growthAbout Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk

PwC’s latest law firm survey points to a growing divide in the UK legal market. The largest firms are pulling ahead, specialist players are finding profitable niches and parts of the mid-market are coming under increasing pressure.Mark Anderson, who leads PwC’s professional business services sector, joins the podcast to explain why more law firm mergers are inevitable and how firms caught in the “squeezed middle” can respond.We also discuss why widespread AI adoption has yet to translate into financial returns, how the technology could reshape pricing, whether external capital has a role in Big Law and why cyber risk is back at the top of the agenda.The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters00:01 Introduction01:40 What PwC’s survey says about the UK legal market04:13 Why the top ten are pulling away06:18 The problem facing the squeezed middle11:19 Why more law firm mergers are inevitable13:51 AI adoption versus AI monetisation16:26 How AI could change law firm pricing24:44 Partner funding, private equity and Big Law32:21 Why cyber risk is back at the top of the agendaAbout Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk

King & Spalding is in growth mode in London. The office increased revenue by 48% last year, has expanded its footprint at 8 Bishopsgate and recently hired a major international arbitration and litigation team from WilmerHale.London managing partner Tom Sprange explains why the office has become central to the US firm’s international strategy. It is now King & Spalding’s fourth-largest office, its biggest outside the US and a hub connecting the firm’s practices across Europe, the Middle East and Asia.The ambition is not to become a conventional full-service firm. Sprange describes a more selective model built around elite disputes, finance, private capital, investigations and regulatory work. He also explains why collaboration matters more than individual books of business, and why King & Spalding looks for practice builders rather than lawyers who simply claim to bring clients with them.The conversation also explores the changing economics of international arbitration, the rise of the highly paid superstar partner and how firms can stop their best lawyers being poached. Sprange closes by setting out where King & Spalding could expand next and why the firm’s trainee pipeline remains important to its London plans.The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters00:01 Introduction01:40 Why London matters to King & Spalding03:33 Revenue growth and the London practice mix09:48 Not going full-service13:12 Fund finance and making major team hires work19:53 The WilmerHale raid and the changing arbitration market23:36 How international disputes lawyers win clients27:44 Superstar partners, pay and retention32:51 The modern partner, AI and what comes nextAbout Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk

Walker Morris has nearly doubled in size over the past seven years while holding on to a model that looks increasingly distinctive: one office in Leeds and no international network of its own. Revenue reached a record £90.2m last year, leaving the firm within reach of its £100m Ambition 27 target.Managing partner Jeanette Burgess explains why she believes the single-site model still works. The bigger question is what happens beyond £100m. Burgess says Walker Morris can continue scaling from Leeds for now, although the firm is reviewing its options as it develops its post-2027 strategy. She also discusses why the firm is attracting lawyers looking for greater autonomy than they may find at larger City and national firms.In relation to AI, Burgess expects firms may need “fewer, better people” in some areas and anticipates a gradual move away from hourly rates for routine work. But she rejects private equity as an answer to the investment challenge, arguing that surrendering control would cut against Walker Morris’ partnership model.The Non-Billable Podcast is sponsored by Thomson Reuters. Request a demo of CoCounsel Legal, visit: https://legalsolutions.thomsonreuters.co.uk/en/products-services/cocounsel-legal-uk.html Chapters00:01 Introduction01:35 Record growth and Jeanette’s path to leadership05:13 Evolution, innovation and leading the firm07:33 Walker Morris’ position in the market09:13 The advantages of a single office in Leeds16:01 How far can the model scale?18:51 AI, talent and the future law firm pyramid28:13 Why private equity is not right for Walker Morris33:02 What comes after Ambition 27?About Non-BillableNon-Billable is the media company for modern legal professionals across private practice, in-house and legal tech.Visit our website: ⁠⁠https://www.nonbillable.co.uk