Curious to how various firms out there deal with expense accounts for their acquisition pros. I guess this would apply more to mid or senior level folks. Strip out travel expenses, I'm speaking more to local meals & entertainment allowances. Again, I know it depends on the size of your firm (i.e. Blackstone guys probably come under less scrutiny than guys working for smaller shops), but let us know the general size/scope of your firm and what you are allowed to get away with.
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I'd disagree with the size of firm statement. A Blackstone type firm is going to have all sorts of corporate red tape where a smaller shop can have a T&A guy setting the policy on this stuff.
My firms expense policy voted for Bernie Sanders....its pretty liberal
Not sure why this even worth having a conversation about.
Totally agree with the guy above though that you get way more leeway at a boutique than at a huge super corporate firm.
I think it's more worthwhile than half the nonsense I see posted on this forum. For one thing, one of the reasons to be in this business is to charge up expensive meals, golf, entertain clients at sporting events, etc. Especially if your firm can afford to foot the bill.
I can definitely confirm that smaller shops have more flexibility since they don't have things such as shareholders or large corporate red tape. I worked at both a large firm and small firm. When I was going for property tours in the other states, the larger shop made me take flights with stopovers and recommended I compare taxi prices to UBER and go with the cheaper option. This was a reputable shop too. They were just under pressure from shareholders and LPs and they took cost cutting to an extreme. They had a department for this. I transitioned to a smaller shop later and the first property tour I did, the principals couldn't care less the price of flights or taxis. They literally told me to catch the first flight out regardless of price. I found business class tickets since thats all that was left and it cost a few hundred more and booked it. Taxi was pricier and I stayed at decent branded properties even though there were many cheaper options.
A friend of mine worked at a top shop (think Blackstone, KKR, Carlyle) and they told him to stay at a Motel 6 when he did a property tour because it was almost 50% cheaper than the other hotels.
Sounds like a vile environment. I would have found a way to exact revenge on such cheap fucks.
I have the opposite experience as the above posters. When I was at a smaller shop, they were definitely more concerned with costs. I work at an institutional shop now and they have an extremely liberal policy (no max on flights or hotels as long as you aren't flying first class or staying at the Waldorf).
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