Is Baird/Harris Williams/William Blair really that bad?
Title. Is WLB for the “better” MM shops really as sweaty as it’s portrayed on here?
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Can only speak to William Blair. It’s really really bad. Analyst quit before 1 year mark and right before bonus all the time.
Due to hours or what?
Blair is still better than HL and HW in terms of experience and exits. I was a lateral to Blair coming from HW / HL and I truly regret it. The low pay is no secret. The teams are extremely lean and you will find yourself on 3 live deals (1 slow moving), 2-3 pitches (1 active) and some coverage work as an associate with no VP above you. Senior associates are frequently expected to run the entire process acting as associate / VP and play down when analyst leaves (which is every other month). The hour is brutal, never been or heard of a sweatier place than Blair.
WB for sure. Have friends who interned there over the summer and they wished they never took the offer
Harris Williams is clearly a tier or two above the others given recent bonus news over the last few years 2022/2023
Harris Williams has always paid well - but they have less coverage groups than other MMs last I heard (and HQ is in VA.)
Using last-2-year bonus numbers might be the dumbest way to rank banks. WB has been mismanaged as of very recently but it's still above both of the other banks.
If you're thinking exclusively about where you're gonna do a 2 and out, then maybe it makes sense to think that way
Enjoy your $30k bonus kid.
blair is a shitshow - they were top of the MMs bc of pay - don’t get it twisted. Shit pay causes good talent to leave and clients notice shit work product.
HW places better and has an open culture about recruiting where MDs help place them. Blair doesn’t.
it’s obviously more than 2 year comp
Not looking for a rankings thread, mainly just work life and culture. Heard anecdotally on here these guys can be sweatier than even BB’s in NYC, was just curious if anyone could attest to that
It’s largely group dependent. At another common MM shop and can tell you WLB is not great.
HW had average at best pay at the analyst level this past year - think mid bucket was somewhere around ~$50-$55k for AN1. Likely better than Baird / Blair but not anything special (more in line with BBs this year and a far cry from overpaying as is the historical reputation.)
Lmao no, Harris Williams is not the best MM nor is it close.
Bottom for Tech/Consumer/Healthcare
My buddy at HW said he usually worked 60ish hour weeks while not on live deals.
Left lane associates of the US
Houlihan (non-rx) belongs right there with them with terrible hours and shitty bonuses across the board for past several years
On WB, lots of good people frustrated and leaving because of poor management and bad bonuses. They're also not recruiting enough to fill the gap / add capacity so remaining folks are overstaffed, overworked and underappreciated. Given many deals also haven't closed, it adds to the overall frustration. Ofc also some mid-level people who just love to cause extra work when it's not necessary.
Worked at one of these. Definitely a sweat shop and made for a brutal two years. Pay was ok but not great and never felt like enough given how much we worked.
The flipside is you learn a ton. I joined a PE firm and the BB/EB co-workers have nowhere near the same deal experience as a MM analyst. They all spent two years working on complex public company mergers where they were hidden behind a massive team, whereas I as a MM analyst was frequently talking leading sell-side process work and interfacing with C-suite executives. Ended up at a MM/UMM PE firm and felt really good about my experience relative to many of my colleagues from “better” banks.
I still think these MM banks are a good place to do 2 years - you learn a ton and can line up a good exit if you play your cards right.
Ex-Baird guy here.
Hours are brutal and your health will suffer.
However, the rumors about Baird’s culture are completely true. There’s very few jerks and they are very big on mentorship. It’s a good spot that will make you into a great banker.
The problem isn’t internal. You rarely have MDs yelling at you, and most (MOST) VPs and Associates don’t generate endless bullshit work. Baird has the most extreme culture of rolling over for the client of any bank I’ve heard of, and Baird (for better and worse) tends to give 125% on anything. So if a client wants you to pull up a 50 year history of steel ore production in Minnesota and tie it to weather patterns, your MD is going to say “Yes, and let’s also look at the impact of presidential elections, we will have it to you in the morning.”
Exits are good, although recruiting is not supported like it is at other banks. Pay has been up and down, but Baird used to have TC that was slightly above street - it seems like Blair’s collapse has also hit Baird’s pay.
Still, a good shop that made me who I am today, and I’d recommend it to anyone who has an offer.
WB went from comfortable submersible ride to a hilarious implosion. I know few that are there anymore, and fewer who are happy.
Can anyone speak of canaccord genuity?
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