Curious to hear everyone's updated thoughts on Lincoln at this time - heard they're looking to recruit to gain market share atm but what's their deal flow / culture / exit opps looking like this yr and the next? Any thoughts on non-US offices?
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Interested as well.
Any input from the chimp army?
Can only speak about Lincoln's TMT group in NY/SF as this is the only group I'm familiar with. Overall thoughts are that the TMT group is doing well with strong deal flow and more and more deals approaching $1B in size. You heard correctly in that Lincoln as a whole is looking to expand right now and gain market share.
Deal Flow: Strong deal flow in TMT as this is an area which Lincoln has invested the most in growing out. Brought over a bunch of new MDs, Directors, VPs from other EB/MM/BB banks and are aggressively growing market share in MM TMT. The TMT group is the best positioned group to weather the slowdown in M&A deal activity because of COVID-19. Even despite the halt in M&A activity, the TMT group is still closing deals and picking up new deals.
Culture: Good culture with seniors not really caring much about facetime. Analysts have good work/life balance.
Exit Opps: Pretty standard exits to MM/UMM PE and Corp Dev with the occasional MF. A lot of analysts stay on as associates through the A2A program or go and get their MBA to do something else.
I've seen you posting a lot on these forums about Lincoln TMT SF group. You a fanboy or something? Every thread you seem to be injecting how great the gruop is. You're either getting paid by HR or you're really truly impressed by them...
How many Lincoln people end up in MFs? Like honestly, I can't imagine it being more than 0. Even UMM PE is probably, for the most part, unattainable. I'd imagine LMM PE is common, with a handful making it to MM PE every year.
In terms of the culture, I'd hope the culture is good and the seniors no longer care about facetime after that one intern killed himself a while back because of the stress.
Zip.
What are you talking about??? No one, and I repeat, NO ONE from Lincoln is placing into UMM PE. There’s maybe 1 person at most placing into MM funds > $1 billion. It’s probably zero actually.
Stop spreading bullshit information please. Lincoln is a solid MM platform that does well in smack-middle market deals in the $100-300mm space. Sure, sometimes you do bigger deals but that is not common. You can exit into LMM PE funds around $300-800mm, but even then it’s difficult because they still rather hire analysts from BBs/EBs and better MM firms like Blair, Baird, HW, HL, etc. Please do not misinform people by spreading bullshit. It’s a good middle market platform and a great place for career bankers in that space. No need to try to hype it up to something its not
I can confirm that you're wrong. They send analysts to LMM, MM and UMM PE each year. One thing you'll learn after being in banking for longer is that PE recruiting is much more about selling your story and your individual performance than slightly higher/lower ranked MM banking names on your resume. Having a reputable bank's name on your resume is table stakes, but from there it depends on deal experience and how well you perform in interviews.
Um Lincoln definitely does not have “standard” MM/UMM exits? I can’t believe you just said people from Lincoln can exit to MFs??? That’s delusional man
My friend works at Lincoln (in the NYC office), and he’s specifically told me exits are almost non-existent except for corp dev at small-medium sized private companies in the middle market, which is why a lot of them stay on long term. I would say it’s actually a solid place for a banking career though. My friend probably has the best work/life balance out of anyone I know in banking.
Most of this is accurate, with the exception of the UMM comment. The other posters are right, very rare to see them in UMM. They do fine with MM/LMM PE placement.
Agreed. Forgot to mention in my post that they do fine with LMM/MM recruiting
How much modeling exposure do analysts get at Lincoln?
Analyst get virtually no modeling exposure. The very little modeling Lincoln does is done almost entirely by the associate.
What % of analysts stay on a2a
Can you point to any analysts from Lincoln that exited to MF? Or even UMM. Just curious.
They hosted an event and they went to a bar afterwards. My friends and I went to the same bar and saw them. Wasn't on purpose, we just went to the same place. They had a bar tab for themselves, but I knew the senior guys name and put my drinks on the tab. They either never noticed or didn't care. For that, they're one of my favorite banks
This is borderline fraud and I implore you to pls not do that again. You could ruin your life by doing things like that.
Still do not make enough to money to pay for your own drinks at a bar?
Anyone hear recruiting for Chicago? Heard anything back from last weeks’ SD?
Bumpety bump any further info from the WSO chimpanzee brigade?
Anything on Lincoln's European offices?
Europe anyone?
Did my summer at Lincoln and then a mid tier BB. Can confirm the great culture piece. Seniors care about the work, not so facetime spent in the office. Sundays are always at home (except for a few).
Hey, did you intern in the Lincoln London office? Thank you
Any other info on offer from my generous fellow monkeys?
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Can anyone who's interned or worked at the SF/NY offices share how the tech group is different? I heard a lot of NY people went over to SF - is it the deal flow/culture/exit opps that people are going to SF over NY for or vice versa?
From what I know, the NY office has less of a focus on TMT than SF since NY also has some other MDs that work in other coverage groups whereas SF is pretty much 100% TMT. So as a result, the tech deal flow will be stronger in SF than NY. Culture between SF and NY is also very different. NY has a sweatier culture (as expected since its NY) with seniors demanding more and placing greater emphasis on facetime than the SF office. In terms of exit opps, I think that NY would have a more established history of exit opps since the SF office was only just recently opened a few years ago whereas the NY office has been around for 10+ years. The TMT group is probably Lincoln's fastest growing group and one where management seems to be putting alot of firm resources towards so it makes sense that the SF office is growing fast. Lmk if you have any further questions.
Can someone who actually works/worked at lincoln comment on exits. Saw some arguing back and forth on the fund size of exits but just curious on exits in general. Is this a mm bank like HW where almost all the analysts are moving on to PE (again dont care about fund size), or is this a place where the majority of analysts stay as a2a and move up through the ranks. Just trying to learn general trends and opportunities available.
Also interested
I did my analyst stint at Lincoln in Chicago. You will easily get looks from LMM PE and placement rate is great. Very few stay on for A2A from what I've seen, but varies year by year. MM PE is out of reach for most. Average fund size that people end up at is usually $250M - $750M. There are maybe 1-2 outliers each year where people go to funds $1B+. UMM and MF has never been done.
Appreciate the candor. Do you mind if I ask why you stayed in banking but left Lincoln (assuming your title is accurate and you’re an aso)
Also Lincoln fired their SF tech bankers during covid from analyst I talked to there, so hard to say tech group is doing that well
Don't believe that this is true, heard that Lincoln did not fire / lay off anyone due to COVID as the firm was committed to growing/expanding business as it did during the 2008 recession. Tech M&A was the hottest sector by far in 2020 so hard to believe that a tech M&A group is struggling right now
I interviewed a lateral analyst who was let go from their tech group who said that they let go most of the SF office go when covid hit.
Worked with them recently on a sell-side process. Had a call to go over how to update the model and only the associate and VP were on. The VP mentioned that analysts there don't model. While I don't really know anyone personally who works there, I find it hard to believe that analysts there are placing into UMM / MF type funds with that sort of experience, even if the recruiting timeline is accelerated (pre-COVID at least).
Deal flow seems pretty strong – our firm gets a lot of inbounds from them although we work more with William Blair, Baird, Harris Williams, and Houlihan. Lincoln is a solid MM platform but those other banks will give you better opportunities when it comes to MM / UMM PE.
If analysts aren’t modeling and the ppt + process work is similar to other mm banks, then what are they doing w that extra time?
I have a close friend there and the analysts most definitely do model and have a very technical experience even the interns will get modeling experience (pre covid) maybe he meant for a specific group.
That could very well be the case. As I said, I don't personally know anyone who works there but this is what I gathered from an interaction with the VP on their team in connection with our process. FWIW, we worked with their healthcare group. His comment was along the lines of, "analysts don't model, it's really the associates who do." He raved about the analyst on the team though. It just seemed a bit strange that the analyst was not even on the model call (even if not in charge of running the numbers, it would make sense to have them on that type of call).
As someone who works there I can clarify. Lincoln did not fire any SF bankers due to COVID. One was laid off due to not being a good fit with the group. Also analysts do touch the model. Regarding exits, mostly MM/LMM.
Lots of people giving input here that don’t know what they’re talking about. Exits are MM/LMM. Idk what the stats are but a decent amount stay on for A2A (I would say more than your average firm). Obviously considering deal size exits aren’t UMM/MF PE. I never really understood people’s fascination of these funds on this site anyways. The reality is a majority of people won’t end up at these funds and even the ones who do most of them won’t be there long term. Anyways like some of the other Midwest MM banks, a place with better culture and nice people. Good deal flow, with your typical MM bank deal size. I know they try to not position themselves as a volume shop but that’s what it feels like. In their more mature groups (like industrials) they’re #1 or #2 each year (right with HL) in terms of league tables by volume
Heard great things about Lincoln and overall it's a good platform. When it comes to exits, I feel like a lot of people focus too much on the bank's rep vs networking/transaction experience. PE folks care about your transaction experience - if you can get your hands on a few deals in years 1-3 as an analyst, you can leverage that during your networking efforts and get a shot at many reputable MM/UMM firms, even MF.
This is not true. The biggest barrier to getting good exits coming from Lincoln is the complete lack of technical experience you will get. UMM and MF is not possible from Lincoln and has not been done in the history of the firm (to my knowledge).
Any updated views on Lincoln’s groups on potential exit oops? Particularly interested in how TMT and Healthcare compare to the industrials group.
Believe TMT is one of their stronger groups, split amongst SF & NY
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