Nashville Salary Scale + Bonus Forum

[Anonymous User]

Damn, H&K/Waller merger official and to be completed this quarter. Looks at least from the outside like they're buying the whole thing, less profitable parts included. Anyone got the inside scoop?

Spoke to a friend there. Apparently the firm is struggling. Pointed to the fact that financials from 2021 were worse than 2020 (AmLaw reported numbers), and 2022 was worse than 2021.

[Anonymous User]

I heard they had record years recently, but people don't usually brag about their struggles so who knows. That said, they did lose a significant cohort to K&L Gates and Epstein Becker Green over the past two years, so that must have hurt their bottom line. It is probably wise for them to merge with a big firm now, on their own terms, than keep getting poached as more and more biglaw firms move into town in the next 5-10 years. It will be interesting to see how long Bass holds out on a similar move. No doubt there are V25s flirting hard for that book, either by sale or poaching.

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

The last thing an acquiror is thinking about is how to destroy synergies and increase pro forma expenses of the combined enterprise. I'd expect the combined firm to drag their feet on any SG&A expansion, including associate raises.

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

The last thing an acquiror is thinking about is how to destroy synergies and increase pro forma expenses of the combined enterprise. I'd expect the combined firm to drag their feet on any SG&A expansion, including associate raises.

I would usually agree, but doesn't HK pay the same salary across almost all of its U.S. offices?

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

The last thing an acquiror is thinking about is how to destroy synergies and increase pro forma expenses of the combined enterprise. I'd expect the combined firm to drag their feet on any SG&A expansion, including associate raises.

I would usually agree, but doesn't HK pay the same salary across almost all of its U.S. offices?

Don't know, but even if they have done so historically, I wouldn't expect them to match immediately on the heels of a transformatively large capital expenditure against a backdrop of increasingly deteriorating macroeconomic conditions. You must be at Waller hoping for a raise, which is naive in light of the business realities at play here.

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

The last thing an acquiror is thinking about is how to destroy synergies and increase pro forma expenses of the combined enterprise. I'd expect the combined firm to drag their feet on any SG&A expansion, including associate raises.

I would usually agree, but doesn't HK pay the same salary across almost all of its U.S. offices?

Don't know, but even if they have done so historically, I wouldn't expect them to match immediately on the heels of a transformatively large capital expenditure against a backdrop of increasingly deteriorating macroeconomic conditions. You must be at Waller hoping for a raise, which is naive in light of the business realities at play here.

Original anon chiming back in here, but asking because I had heard they were raising but not to the level of their other offices. First years in the neighborhood of 200k were the whispers, etc.

[Anonymous User]

Any idea on the new salary/bonus scale now that it's part of a bigger firm?

The last thing an acquiror is thinking about is how to destroy synergies and increase pro forma expenses of the combined enterprise. I'd expect the combined firm to drag their feet on any SG&A expansion, including associate raises.

I would usually agree, but doesn't HK pay the same salary across almost all of its U.S. offices?

Don't know, but even if they have done so historically, I wouldn't expect them to match immediately on the heels of a transformatively large capital expenditure against a backdrop of increasingly deteriorating macroeconomic conditions. You must be at Waller hoping for a raise, which is naive in light of the business realities at play here.

Original anon chiming back in here, but asking because I had heard they were raising but not to the level of their other offices. First years in the neighborhood of 200k were the whispers, etc.

I've heard the same...anyone have confirmation?

[Anonymous User]

I heard they had record years recently, but people don't usually brag about their struggles so who knows. That said, they did lose a significant cohort to K&L Gates and Epstein Becker Green over the past two years, so that must have hurt their bottom line. It is probably wise for them to merge with a big firm now, on their own terms, than keep getting poached as more and more biglaw firms move into town in the next 5-10 years. It will be interesting to see how long Bass holds out on a similar move. No doubt there are V25s flirting hard for that book, either by sale or poaching.

People have been saying this crap for years. Bass is an extremely healthy firm that would probably suffer partner defections if they tried to merge with a large firm because of rates.

I don’t think people in the Nashville market truly understand how large the gap in billing rates is in Nashville v. markets with V20 firms.

At my prior V20, a fourth year associate bills at $1100/hr. That’s significantly more than most equity partners at the big firms in Nashville.

The rate structures don’t align, which is why most large firms are opening in Miami instead (a market that can swallow those rates).

[Anonymous User]

I heard they had record years recently, but people don't usually brag about their struggles so who knows. That said, they did lose a significant cohort to K&L Gates and Epstein Becker Green over the past two years, so that must have hurt their bottom line. It is probably wise for them to merge with a big firm now, on their own terms, than keep getting poached as more and more biglaw firms move into town in the next 5-10 years. It will be interesting to see how long Bass holds out on a similar move. No doubt there are V25s flirting hard for that book, either by sale or poaching.

People have been saying this crap for years. Bass is an extremely healthy firm that would probably suffer partner defections if they tried to merge with a large firm because of rates.

I don’t think people in the Nashville market truly understand how large the gap in billing rates is in Nashville v. markets with V20 firms.

At my prior V20, a fourth year associate bills at $1100/hr. That’s significantly more than most equity partners at the big firms in Nashville.

The rate structures don’t align, which is why most large firms are opening in Miami instead (a market that can swallow those rates).

Agreed. However, once many of the small firms sell out, the big law firms will then be able to raise rates. There are really only a handful of relevant firms in Nashville. If only one or two of those firms are left at lower rates, they will not be able to handle the entire city's legal needs and clients will need to stomach higher rates.

[Anonymous User]

Baker moved to 185k first year

Do you know what the scale looks like beyond first year?

Not the OP, but I imagine the standard amounts of high compression the Nashville firms have always been know for and will do little to protect against the high midlevel attrition.

Also, I'm now grossly underpaid either way, the rest of the big 4 needs to follow.

I believe seventh years are at $285k.

Newsflash: no such thing as “the big 4” anymore. If you’re at Waller, better hope they get acquired. Baker, Bradley, and Bass have much more to stand on. Bradley and Bass will struggle if they don’t raise soon. I don’t doubt Bass will but Bradley, who knows. They don’t pay close to market in any major market. They might be stretched too thin. They’ve always been a weird moderate between Baker and Bass, on several levels. Bass is more heavily concentrated in less markets and enjoys prime status in those places, except D.C. Honestly, all these firms are AmLaw fodder and have enjoyed a false sense of supremacy for too long.

Ha. I called the Waller merger a while back. HK will raise rates and the bubble is bursting. It’s slower than I thought so maybe leaking is more accurate.

[Anonymous User]

I heard they had record years recently, but people don't usually brag about their struggles so who knows. That said, they did lose a significant cohort to K&L Gates and Epstein Becker Green over the past two years, so that must have hurt their bottom line. It is probably wise for them to merge with a big firm now, on their own terms, than keep getting poached as more and more biglaw firms move into town in the next 5-10 years. It will be interesting to see how long Bass holds out on a similar move. No doubt there are V25s flirting hard for that book, either by sale or poaching.

People have been saying this crap for years. Bass is an extremely healthy firm that would probably suffer partner defections if they tried to merge with a large firm because of rates.

I don’t think people in the Nashville market truly understand how large the gap in billing rates is in Nashville v. markets with V20 firms.

At my prior V20, a fourth year associate bills at $1100/hr. That’s significantly more than most equity partners at the big firms in Nashville.

The rate structures don’t align, which is why most large firms are opening in Miami instead (a market that can swallow those rates).

Agreed. However, once many of the small firms sell out, the big law firms will then be able to raise rates. There are really only a handful of relevant firms in Nashville. If only one or two of those firms are left at lower rates, they will not be able to handle the entire city's legal needs and clients will need to stomach higher rates.

Exactly. It doesn’t matter how healthy Bass is. The small guys can’t compete, and that’s any industry. They put up a fight, in this case a very impressive one, but eventually, the big fish swallows the small one. No one seriously watching the market with a general awareness of firm financials and movements is still denying this. “Bass is an extremely healthy firm” 🥲. Sorry you slaved away for a potential downgrade. Do you think Miami happened overnight? The market was just suddenly able to “swallow” high rates? There are local firms already paying 200k for first years in Nashville. V100 firms are licking their lips looking at Nashville just waiting for the right moment.

[Baron7]

What is it about Nashville that makes it attractive to V100 firms? My sense is there are several larger metropolitan areas (in terms of economic activity and population) that are not currently moving toward market.

[Anonymous User]

Healthcare expertise and healthcare deal teams. Some of the preeminent healthcare regulatory experts are at Bass, Bradley, and Waller. Healthcare deals are profitable, but there are tons of onerous regulatory overlays. A lot of the top firms don't have regulatory folks internal, so they outsource the regulatory side of those deals.

[Anonymous User]

“Preeminent” is wishful thinking. Nothing in Tennessee is preeminent. Just like none of your legal rankings have any meaning, less so than bigger markets. Being third, second, or even first place of 3 decent firms isn’t “preeminent.”

Nashville “biglaw” continues because it’s cheap, that’s it. With fully remote/hybrid options, increased inflation, and increased competition, you guys are dying a slow, painful death all while living in denial.

[The Lsat Airbender]

“Preeminent” is wishful thinking. Nothing in Tennessee is preeminent. Just like none of your legal rankings have any meaning, less so than bigger markets. Being third, second, or even first place of 3 decent firms isn’t “preeminent.”

Nashville “biglaw” continues because it’s cheap, that’s it. With fully remote/hybrid options, increased inflation, and increased competition, you guys are dying a slow, painful death all while living in denial.

why is this anon?

[Anonymous User]

Waller will have a new scale that is transitional. Pay will increase and some will make Cravath (if possible based on rates and internal work allocation). Vast majority will see increase through bonus true up. Rates aren’t going to materially increase to the point the merger doesn’t make sense for the market. Eventually they will move to a permanent office scale. Very dramatic lead up, another major firm was also in contention and some wanted to go to that firm and almost did. The major players are all locked in now though.

[Sackboy]

“Preeminent” is wishful thinking. Nothing in Tennessee is preeminent. Just like none of your legal rankings have any meaning, less so than bigger markets. Being third, second, or even first place of 3 decent firms isn’t “preeminent.”

Nashville “biglaw” continues because it’s cheap, that’s it. With fully remote/hybrid options, increased inflation, and increased competition, you guys are dying a slow, painful death all while living in denial.

why is this anon?

Likely because the poster is an asshat. Based on the tone, probably a NYer.

[Keef]

Waller will have a new scale that is transitional. Pay will increase and some will make Cravath (if possible based on rates and internal work allocation). Vast majority will see increase through bonus true up. Rates aren’t going to materially increase to the point the merger doesn’t make sense for the market. Eventually they will move to a permanent office scale. Very dramatic lead up, another major firm was also in contention and some wanted to go to that firm and almost did. The major players are all locked in now though.

I presume this is MWE, as it had been rumored they were trying to poach a portion of the firm for a while now.

[Anonymous User]

“Preeminent” is wishful thinking. Nothing in Tennessee is preeminent. Just like none of your legal rankings have any meaning, less so than bigger markets. Being third, second, or even first place of 3 decent firms isn’t “preeminent.”

Nashville “biglaw” continues because it’s cheap, that’s it. With fully remote/hybrid options, increased inflation, and increased competition, you guys are dying a slow, painful death all while living in denial.

why is this anon?

Likely because the poster is an asshat. Based on the tone, probably a NYer.

Sorry, did you dedicate your life to Waller because you thought it would be around forever?

[Anonymous User]

I heard they had record years recently, but people don't usually brag about their struggles so who knows. That said, they did lose a significant cohort to K&L Gates and Epstein Becker Green over the past two years, so that must have hurt their bottom line. It is probably wise for them to merge with a big firm now, on their own terms, than keep getting poached as more and more biglaw firms move into town in the next 5-10 years. It will be interesting to see how long Bass holds out on a similar move. No doubt there are V25s flirting hard for that book, either by sale or poaching.

People have been saying this crap for years. Bass is an extremely healthy firm that would probably suffer partner defections if they tried to merge with a large firm because of rates.

I don’t think people in the Nashville market truly understand how large the gap in billing rates is in Nashville v. markets with V20 firms.

At my prior V20, a fourth year associate bills at $1100/hr. That’s significantly more than most equity partners at the big firms in Nashville.

The rate structures don’t align, which is why most large firms are opening in Miami instead (a market that can swallow those rates).

Agreed. However, once many of the small firms sell out, the big law firms will then be able to raise rates. There are really only a handful of relevant firms in Nashville. If only one or two of those firms are left at lower rates, they will not be able to handle the entire city's legal needs and clients will need to stomach higher rates.

Exactly. It doesn’t matter how healthy Bass is. The small guys can’t compete, and that’s any industry. They put up a fight, in this case a very impressive one, but eventually, the big fish swallows the small one. No one seriously watching the market with a general awareness of firm financials and movements is still denying this. “Bass is an extremely healthy firm” 🥲. Sorry you slaved away for a potential downgrade. Do you think Miami happened overnight? The market was just suddenly able to “swallow” high rates? There are local firms already paying 200k for first years in Nashville. V100 firms are licking their lips looking at Nashville just waiting for the right moment.

I worked at a firm in South Florida and the rates there were actually pretty high back in 2018 (partners were at $800-$1200 and associates were $400-$800). That was back in 2018, so I think that was close to NY (outside of the crazy high firms). And this was at a non-market firm in Florida. So it’s comparing apples to oranges.

[Anonymous User]

Interesting that Waller just announced new (non-equity I presume) partners right before merging—and 2-3 in lit/lit-adjacent groups! I had thought the litigators were likely to be pushed out by H&K given their worse billing rates but this suggests otherwise at least to an outside observer. Anyone got ears on the ground of how the merger’s going?

[Anonymous User]

Interesting that Waller just announced new (non-equity I presume) partners right before merging—and 2-3 in lit/lit-adjacent groups! I had thought the litigators were likely to be pushed out by H&K given their worse billing rates but this suggests otherwise at least to an outside observer. Anyone got ears on the ground of how the merger’s going?

Wondering this as well. I was very surprised to see this, especially given the ones that were selected.


Looking to switch back to the Nashville market soon, does anyone have recommendations for recruiters in the area?

[Anonymous User]

Interesting that H&K picked up Bryan Howard’s practice—they’re really doubling down on the Nashville expansion. Anyone have a sense of how it’s going?

Also, do we think it’s better to be a litigator at H&K or Bass these days?

[Anonymous User]

Does anyone know if H&K is at full market salary now? Also, does anyone know if bass raised salaries to keep up with H&K?