Thoughts on Blair in 2021 and Beyond?

Currently a second-year analyst at a BB and I am not having a good time lol. Don't necessarily want to leave finance but after a year at my current bank, I'm thinking of moving to another firm.

Was hoping I could get more color on Blair (and other MMs) in 2021 and beyond in terms of comp/prestige/lifestyle/exits. Thanks in advance.

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IB

Analyst 1 in IB-M&A

2y

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Close friends w a Blair analyst so I’ll give some insight-

Pay- very good. 110/115/125 as analyst with a good bonus. Probably not evercore money, but likely higher than BB comp for junior levels. All cash always

Exits- decent range of outcomes here. Some go UMM PE, lots go MM/LMM. Some VC/startup/corporate exits as well. Not a lot of MF exits. See later point on A2A as well.

Culture- if you ever meet someone from Blair, they always hype up how much they love the firm. Seems like a pretty close knit group. Just has a more Midwestern feel than most banks, so people are a bit more laid back overall. Note that this doesn’t mean the hours are better- they work hard- but just that the people are a bit nicer.

Promotion- this is where I think Blair is really unique. Blair has what I would argue is the most direct path to MD of any bank. Not sure of exact data, but a ton of Blair analysts go A2A. The firm is very focused on home grown leadership- pretty sure their head of IB (CEO maybe?) started as an analyst. Tons of current VPs+ started as analysts. No bschool requirement and it seems like the firm really is friendly to working up the ranks. Not sure what my plans are but if I decided to stay in IB, I’d definitely look at lateraling to Blair. It’s also one of the few remaining partnership banks, which means great economics at the senior levels.

Overall- Blair is a MM bank, but it’s a pretty clear leader in the space. In the right group you’ll see some decently sized deals (1b+), but some groups also crank out 300M sell sides constantly as well. The bank says they’re growing fast (but what bank isn’t saying that this year) and have hired tons of laterals this year.

Also keep location in mind- NYC office is small I think. Most bankers sit in CHI with some in SF/Bos/NYC, think theres newer offices in Charlotte and Atlanta as well.

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Authored by: Certified Private Equity Professional - 2nd Year AssociateCertified Private Equity Pro

IB

Analyst 1 in IB-M&A

2y

Currently work there. The amount of laterals from BB’s and EB’s is substantial. Outside of people poached that have left with MD’s, ive never seen people lateral to another bank from Blair.

At a certain point people need to realize outside of this forum, no one uses terms like EB or BB. What matters to many is the transactions you work on and people you are around. In a good group, you will get exposure to deals ranging from $120m- $2B and likely close 3+ Sell-side deals a year with lucky people getting closer to 5. From personal experience, I know people at Blair that have closed more deals and a larger amount of transaction value than friends at Qatalyst, Moelis, or Morgan Stanley, but that’s not a conversation this forum wants to hear.

Comp has been covered above. Only other points I’ll add:

Prestige—this forum is largely NY focused. If you are in Chicago though, I don’t think there is a more prestigious bank honestly. Blair is a larger institution than most of the BB’s and the MD’s across the firm make up the wealthy parents across the Chicago suburbs. More common to see a Blair MD than a Goldman Sachs or Citi MD in Chicago.
Exits—This has been covered on the forum, but the exits aren’t to the largest private equity firms. From personal experience, I believe this is actually more due to self selection than anything else. Many people leaving Blair don’t go to PE and those that do usually prefer to continue looking at companies in the $120m-$2B range. After all, if they have years of experience looking at those types of companies, why would they all of sudden decide to invest in larger transactions? Growth and MM PE are the most common buyside exits since those are the counter parties you deal with.
Culture—Firm is being very liberal with remote/ WFH. Basically they have taken the approach that they believe it’s your choice and groups and teams should navigate it on an individual basis. From a personality standpoint, the Midwest focus means less assholes per capita. There’s also a decent amount of institutional policy protecting things like vacation, maternity/ paternity leave, and an A to A sabbatical. All that said, it’s still banking and the place can get SWEATY. However, in the right groups it’s a pretty solid experience.

Honestly, if you need a change of scenery or aren’t afraid of working in Chicago, Atlanta, or Boston, I’d lateral. The NY office I believe is more or less a remote office and I think you don’t get as many of the perks of the firm working there.