Will Boutique Reference Check?

Bit of background, I go to a US Target and recently had a second round interview for a fall analyst position at a west coast boutique. 

It is a fairly small firm (<10 people), and I was wondering if it was likely they would call/email my previous employer. During the interview, we talked a good bit about my previous work responsibilities (they were relatively impressed by the work I did) and these would be relevant to this job.  Thing is, they never mentioned references or asked, but the contact info for my previous employer can be easily found.

Anyway, I know that they are going to make a hiring decision within a few days, and I know that there are other candidates and that this job pays. So, I was wondering if you thought it was likely they would hit up my past employer?

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