Just lateraled - 6+ months no deals/staffings
Recently lateraled to a MM IB platform (think - Raymond James, Baird, HL etc.) from another MM firm and haven't been staffed on anything since I've joined (sixish months of not really doing anything - just trying to look busy). Starting to get worried that the new place I joined has to many juniors and not enough work to go around. I don't want to burn any bridges by looking to leave so soon but also don't want to fall behind on getting deal reps and technical experience. I also joined in the later half of year so maybe that is playing a major role in why they're is less staffings to go around. Just looking to get some advice on what I should do. I don't want to go into 2025 and potentially go 10+ months without any staffings and potentially put myself into a tricky situation.
Based on the most helpful WSO content, here’s what you should consider:
Proactively Seek Work: Start by reaching out to senior bankers or staffers and express your eagerness to contribute. Highlight your availability and willingness to assist on any live deals, pitches, or internal projects. Sometimes, being vocal and proactive can help you get noticed.
Network Internally: Build relationships with associates, VPs, and even analysts who might be overloaded. Offer to help with their workload. This not only keeps you busy but also builds goodwill within the team.
Upskill During Downtime: Use this period to sharpen your technical skills. Focus on financial modeling, valuation techniques, and other relevant skills. This ensures you’re ready when opportunities arise and also helps you stay competitive.
Evaluate the Firm’s Deal Flow: If the lack of work is due to a structural issue (e.g., too many juniors or low deal flow), it’s worth considering whether this platform aligns with your long-term goals. Keep an eye on the firm’s pipeline and assess if this is a temporary lull or a recurring issue.
Discreetly Explore Options: While you don’t want to burn bridges, it’s wise to keep your options open. Start networking discreetly and gauge the market for other opportunities. If you decide to move, ensure you have a clear narrative about why you’re leaving so soon.
Leverage the New Year: The start of 2025 might bring a fresh wave of deal activity. Use this time to position yourself as a go-to resource for upcoming projects. Be patient but persistent in seeking opportunities.
Remember, the key is to stay proactive and visible while ensuring you’re continuously developing your skills. If the situation doesn’t improve in the next few months, it might be time to reassess your position.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/qa-md-in-ma-and-capital-markets-with-bulge-bracket-and-boutique-experience?customgpt=1, Took an Associate job at a tiny firm, how screwed am I?, BB Analyst Impacted By Layoffs - Looking for Insight, What to do when you get a return offer?, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1
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