Hello friends,
I'm currently a tech consultant at Deloitte, and been with the firm almost a year now. I currently work on big data and machine learning engagements in TMT due to my background, and I quickly discovered that I'm very interested in M&A due diligence in TMT. It is challenging to get on a project like that within my firm, and I have been in the midst of getting together my own small engagement just to get the exposure. I planned on applying for MBA programs next year and switching to IB to get this exposure, but recently, a recruiter from LEK reached out and said they were interested in me for a strategy Associate position. From what I understand, strategy and M&A due diligence is the bread and butter of LEK, which is exactly what I'm looking for. In the next few years, will my exit opportunities be about the same regardless if I stay or leave? Or will the exposure to gaining valuation and modeling skills open more doors?
LEK is considered a Tier 2 firm (just after MBB) and I would argue that the brand name carried more/as much weight as Deloitte. 2 years from now, the opportunities from LEK would be very good so for that reason I would at least consider the move. One thing to remember is that whilst LEK on paper works in all industries, they are very strong in healthcare/life science.
If you have time I would scope around for consulting/DD firms that perhaps are more specialised in TMT if that's the industry you would like to stay in for the long run.
One big name in Europe (not sure about their name in the US) that focuses on a few industries, of which TMT is one, is OC&C but they do more strategy in general of which DD may account for ~15% of their work whilst it accounts for ~50% of LEKs.
Thanks for the response, I’ll do some research on firms that focus on DD in TMT, I had not thought of that angle. I honestly had not considered leaving Deloitte until this opportunity came up. From what you’ve heard, does LEK have an overall large focus in healthcare, or is that due to region? For example I assume their Boston office surely would be healthcare focused, maybe the same in Chicago, but I’d assume SF and maybe NY would have a strong TMT presence.
It's pretty widespread. They hire life science specific positions for Munich, London and Paris.
Doing some research I found a table ranking Solon and ADL as strong firms in TMT (strategy, not DD specific). They are below LEK in terms of prestige but not by much.
Pharma Guy is right, LEK is disproportionately healthcare and pharma. Their tech practice is very new and started out of the SF office. It’s a small minority of projects right now, even within SF. Unofficially the SF office also has the most staffing problems and the least employee satisfaction of their 5 US offices (6 if you count the new Houston one). What LEK is good at is knowing their niche, aka CDDs and middle market strategy. As a result the projects are shorter and a little more intense than at MBB since their bread and butter are clients whose pockets aren’t as deep. I remember one of the managing partners even saying they don’t really try to take MBB head on because it’s a losing battle. PM me if you want.
Very good opportunity, I would recruit for the role and not look back! Many people would kill for this opp.
LEK is considered better than Deloitte tech. You'll come in as a generalist most likely, and have the opportunity to work across industries. But if your focus is 100% tech you can probably concentrate a lot of your work there. Just ask the recruiter and talk to the tech partners in the office you're looking at before you sign up.
Define what you're looking for in M&A due diligence. LEK does a particular type of due diligence, known as commercial due diligence. It's going to be very different from anything you've done before; you should understand what that means.
Deloitte S&O > LEK > Deloitte Tech
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