Harris Williams vs. William Blair vs. Baird & other MMs

All 3 are comparable and have their own strengths.

HW has traditionally been very focused on sponsor sell-sides, and sponsor-related deals still drive 70%+ of their deal flow. They have industry groups but largely have a reputation for running broad, standardized processes for their clients, and they largely sell themselves on their sponsor connectivity and process-running capabilities more than their industry expertise. Comp has traditionally been a bit above street, and culture in their home office is very much the preppy Southern vibe (think of the frat guy / sorority girl from W&L or UVA). The firm encourages a 2-and-out culture so recruiting is very institutionalized there, and HW has traditionally placed very well across MMs.

William Blair's traditionally known for their Tech and HC practices. Solid deal flow across the board, but their Tech team (back in the good old days before the current M&A slow down) was especially known for punching above their weight in the UMM space. Culture varies across offices (e.g. SF is known for having a rougher culture than Chicago), and while the firm used to be known for having a partnership-feeling culture where the seniors are collaborative and treat the juniors well, the firm's gone through a pretty volatile time over the past couple of years with poor bonuses and layoffs that has upended its traditional image. Strong exits across the MM space, and anecdotally I've seen WB place better into larger MMs and UMMs than HW or Baird (largely placement from its tech groups into tech buyside groups).

Baird's known for their Industrials group, and they also have a solid C&R and Tech & Services group (especially the govt. services practice out in DC, arguably one of the best govt. services practices on the street), but deal flow is pretty solid across the board as well. Culture varies across groups and offices (Industrials is known to be especially sweaty, C&R is known to be a bit more chill). The firm's also traditionally had a reputation for being a place where employees are treated well and compensated accordingly, but like Blair, during the past couple of years layoffs and poor bonuses have tarnished that image. Exits at Baird tend to be a bit more varied across groups and offices (some groups discourage recruiting), but overall the firm places well across the MM and the Industrials group especially has some pretty impressive placement into good funds.