Laid off from MM PE - Seeking Help
I was a first year associate at a MM consumer-focused PE shop and unfortunately got let go right before we were set to receive our year-end bonus (was at the firm for one year). I had a very solid mid-year review so this definitely caught me by surprise and I was pretty shocked. I've been recruiting for the past 2-ish months in order to switch to a more generalist shop (and also hated the culture of my firm), and unfortunately my firm found out I was recruiting (one of the firms I interviewed at, his best friend from college works at my firm) so they let me go (they said they don't want to train people who don't want to be there). The one nice thing is that they are letting me stay on the website for the next 2 months while I find another job.
How should I go about disclosing this in interviews? Since I'm still on the website, it's not apparent that I don't work there anymore, and my "layoff" wasn't performance driven. I have solid references (great ones from banking, and decent ones from the PE shop), but just unsure what the best strategy here is going forward in order to maximize my chances at getting another PE offer, while also being somewhat transparent about my situation. Appreciate any thoughts here.
So messed up that the ‘best friend from college’ got you laid off. There should be laws against this stuff as it really hurts the free market. Maybe overkill but maybe consult with an employment lawyer.
I actually did talk to an employment lawyer but unfortunately it would be too tough a case to pursue. Laws unfortunately really favor the employer in this case. Do you have any advice though as I go through recruiting in terms of how / if I should disclose this?
The lack of bonus is crazy maybe check with another lawyer. I would absolutely shame them after you land your next job (posting that you worked a year and didn’t get a bonus at year end would be telling the truth and not defamation)…in terms of disclosing, my suggestion would be don’t - you are employed on paper so don’t need a crazy story other than you want broader experience. If you can’t find something after 2 months, push your firm to keep you on the payroll (or on website at least) until you can land something else. 2 months is not a lot of time to land a new PE job unfortunately so maybe talk with them now and try to get 6 months (even if they don’t pay you).
Name and shame the firm, both of them
I'd love to but trying to remain anon :( any advice though on how / if I should disclose this?
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