Realistic laterals from a NYC LMM bank?

Based on the most helpful WSO content, lateraling from a lower middle market (LMM) boutique in NYC can open up several realistic options, depending on your performance, networking efforts, and the market conditions. Here's what you should consider:

Re-recruiting Full-Time After Your Summer Analyst Stint

1. Targeting Middle Market (MM) or Elite Boutique (EB) Firms: If you perform well during your summer internship and can leverage strong deal experience, you could position yourself for MM or EB firms. Highlighting your M&A exposure and technical skills will be key.
2. Networking: Start reaching out to alumni or professionals at your target firms early. Building relationships during your internship can help you secure interviews for full-time roles.
3. Timing: Full-time recruiting typically happens early in the fall, so be prepared to hit the ground running as soon as your internship ends.

Lateraling After a Year

1. Realistic Options: After a year at an LMM boutique, you could lateral to MM firms, EBs, or even bulge brackets (BBs) if you have strong deal experience and can demonstrate value. Firms like Jefferies, Lincoln International, or Lazard Freres are often mentioned as potential targets for laterals.
2. Upper Limit: The upper limit for lateraling would likely be a BB or a top-tier EB (e.g., Evercore, Moelis, Centerview). However, this would require exceptional performance, strong networking, and possibly a standout deal on your resume.
3. Key Strategies:
   • Push Deal Experience: Ensure you are actively involved in drafting CIMs, building financial models, and running due diligence. This hands-on experience is critical for lateraling.
   • Engage Headhunters: Headhunters play a significant role in lateral recruiting. Reach out to them early and keep them updated on your progress.
   • Highlight NYC Experience: Being in NYC already gives you an edge, as many firms value candidates with experience in the financial hub.

Additional Tips

• MBA as a Reset: If lateraling doesn’t work out as planned, pursuing an MBA can serve as a great reset and open doors to BBs or top-tier EBs.
• Be Open to MM Benefits: If you stay at an MM or LMM firm, you might gain greater exposure to senior professionals and clients, which can be invaluable for your career.

Your realistic options will depend on how well you leverage your summer internship, network, and position yourself in the market.

Sources: Some Observations from an MD, Is there anything that I can do?, 2021 Full Time Analyst Recruiting Advice, Lateraling Guide for Investment Banking, Is it possible to Lateral as an analyst with no closed deals