Baird / WB / RJ / Lincoln which offer to take?

Have offer from 3 shops for a lateral associate role, with one that I just got email from HR to start interviewing. What are reputation like across these 4 shops in 2024? Can people shed light on deal flow, pay and WLB?

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All for Chicago, coming from Piper/Truist. Trying to get the most learning experience but hopefully try to not get burnout along the way. If sweaty, then hopefully the deal flow and pay makes it worth it. Will be aiming to get to VP.

 
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What industry?

All 4 have great cultures (for banks). Your biggest tradeoff will be deal flow vs WLB (aka inverse relationship between the two).

Lincoln has strong culture but does a large number of very small deals. Best in industrials. Definitely worst on the list for exits because of that. Known for not getting too analytical (inch deep, mile wide diligence)

RayJay is great in Tech and consumer. Tech is sweaty, tho great deal flow. Strong placements into PE.

Blair got crushed last year with internal financial management. Have done some optimization and sentiment is great for this year. Tech / HC border EB status and are absolutely crushing it this year.

Baird’s best groups are industrials and defense. Huge variance in groups tho. More so than RayJ for example. Classic chicago firm: good culture, protected saturdays etc

 

Would definitely say there is a dropoff from Baird/Blair to Lincoln/RJ. All are great shops but from a reputational standpoint Baird/Blair are more highly regarded in terms of exits and "prestige". Despite iffy bonuses comp at Baird/Blair have been considerably better, but WLB Lincoln at least from what I've heard is very strong. 

 

Know a few folks at both and if it were 5 years ago I would say Blair>Baird no question. A lot has changed in the last 18 months and if you would have both offers on the table I would be inclined to tell you to take Baird. Lincoln/RJ are also good shops but are just very group dependent

 

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