Reality of the move from LMM to MM
From anyone who has made / witnessed the transition, what are your honest thoughts, comments, and pieces of advice? Currently at a niche but respected LMM firm (deals $30 - 200mm) and curious about the realistic difference moving to a platform doing a broader range of deals $150 - 500mm. Primarily interested in differences and required transition of the job, not in recruiting etc.
Interested as well given that I just joined a LMM and hope to move upstream in 2 years after my analyst program (not 100% sure on this point - hours are not as bad as other firms and comp is supposedly competitive, with quite a few deals in the pipeline and current mandates).
To your point though, what I gathered from other threads was that there isn’t much of a difference from LMM to MM (obv dependent on firm) as there is from MM to BB. If there was to be some differences, I’d assume that they’d be in deal team sizes (large MM might have more an MD > VP > multiple Assoc’s and/or Analysts). Other than that, it seems like more of the same. We usually run into other established MMs in pitches, so that leads me to believe that it’ll be more of the same (just with slightly higher deal sizes).
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