Currently recruiting for MM summer associate (and beyond) opportunities and wanted to hear of any recent trends with these seemingly similar firms.
Baird/Lincoln/Harris Williams
Primarily focused on Baird vs Lincoln and any differences in work life/culture/exit opps between the two. Planning for longevity at either but recognize that is easier said than done. For context: coming from a top 15 MBA program in the northeast and would be perfectly happy in Milwaukee or Chicago (fiancé grew up/has family in Milwaukee, I used to live in Chicago).
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I think historically it has looked something like Baird, Blair, and HW were all relatively equivalent, with Lincoln being more LMM. In the past ~5 years, Baird and Blair have killed it and something like doubled dealflow (HW and Lincoln may have too, but I don't really know people at either bank anymore). What specific questions did you have?
Baird is clear step above Lincoln while having a better culture (i.e., Baird is one of the few banks that has a pretty strict protected Saturday policy while Lincoln has no policy whatsoever, etc.)
Baird is a tier above Lincoln, but I would like to clarify that Lincoln has a very strong culture and does have a system in place to ensure you aren't overworked.
Culture: Baird is known for having a huge emphasis on culture. This is an initiative from the c-suite and higher ups, so they are really gung-ho about making sure it is always being implemented; they even have videos on their website about it.
Comp: I believe they start their associates out at $175k base nowadays, which is nice (heard this is because base salary doesn't increase every year like most banks, just bonus does-- please correct me if I'm wrong).
Just some data points I've gathered from recruiting and speaking to people at the firm.
Correct regarding the associate base salary - it starts slightly lower for the stub year though
What kind of petty things?
Baird people are definitely nicer, and I have also heard 1st year assoc is 325 all in which is pretty great. I am sure they do have the crazy hours described tho.
Lincoln business has also grown rapidly over the last few years, they have strong trajectory. However I have seen their recruiting team do some petty shit.
Baird is definitely the better brand but have heard stories of everyone through VP consistently crushed. Have good initiatives to make up for the long hours and pay very well but don't bank on protected Saturdays if the other 6 days are 16+ hours and you lose every a Saturday every month still
PM me if you'd like to set up a call to discuss. Do you have offers from both?
It's been noted above, but Baird is far and away your best choice. Strong culture, impressive performance over the past five years, generous compensation.
Baird or Lincoln for Frankfurt?
If it was baird vs hw how would the conversation differ?
Baird is the clear choice imo. Greater variety of work, outstanding culture, better pay.
Lincoln is a great place too but Baird is top tier in the MM.
HW is a great shop also which I think historically outpaced Baird in comp. Last year being an exception where HW still paid well but Baird went crazy. more specifically HW is stronger in consumer. Baird stronger in industrials (by a margin) and both equally strong in healthcare. Not sure about TMT but HW TMT is only in Boston/SF.
I think Blair is the best MM out of these firms. Baird and HW tied w HW losing points only for being in RVA versus Chicago. And Lincoln last.
Lincoln “International” ironically does not sponsor international students which I found funny. Not that this may matter to you.
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