Waley practised as an equity draftsman, and in time became recognised as one of the most learned conveyancers in the profession.
Although conveyancers rarely appear in court, Waley was several times summoned in cases of particular difficulty relating to real property.
In 1867 he was nominated a member of the Royal Commission to consider the law on the transfer of real property, and he had a large share in framing the report on which was based the Lord Chancellor's bill passed in 1874.
He held the post until 1865–6, when the pressure of other work compelled his resignation, and he received the title of Emeritus Professor.
On the formation of the Anglo-Jewish Association he was chosen as the first president, a post which lack of time compelled him later to resign.
Waley married, on 28 July 1847, Matilda, third daughter of Joseph Salomons, by his wife Rebecca, sister of Sir Moses Haim Montefiore He left several children.