How a 245-year-old City firm stays ahead: Wedlake Bell’s Camilla Wallace on external capital, culture and what juniors want today

In this episode, we sit down with Camilla Wallace, senior partner of Wedlake Bell. A private client specialist who has spent 18 years at the firm, Camilla talks through Wedlake Bell’s evolution from a sub-20 partner outfit to a headcount of more than 350, why it has stayed a single-office City firm, and how it balances its 245-year heritage with a “1780 but contemporary” mindset.

Camilla explains how she defines the senior partner role today - part chair, part ambassador, part counsellor - and why that structure works alongside managing partner Martin Arnold. She also discusses the firm’s measured stance on international expansion and external capital, and how culture underpins many of those decisions.

A major theme of the conversation is mental health in the legal industry. Camilla shares the data she’s seeing through her work with LawCare, the pressures on junior lawyers, and the initiatives Wedlake Bell has launched, including anonymous learning reviews aimed at building psychological safety across teams.

Finally, Camilla turns to the ‘millionaire exodus’ and what’s driving high-net-worth clients out of the UK. She outlines the broader economic impact, her concerns about policy uncertainty, and her own surprisingly simple idea for tax reform.

Chapters

00:01 Introduction

01:10 Camilla’s Background

01:46 WedLake Bell's Growth and Market Position

04:41 Balancing Heritage and Innovation in Law

08:06 The Role of Technology and AI in Law

10:58 Growth Plans and Market Positioning

12:55 The Senior Partner Role in Modern Law Firms

15:46 Challenges in Leading a Modern Law Firm

19:29 Mental Health in the Legal Industry

24:27 The Changing Expectations of Junior Lawyers

27:28 The Impact of Wealth Migration from the UK

32:15 Taxation and Its Effects on the Legal Sector

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