Middle Management Heavy, Overly Focused On Process and Minutae
Pros
- Free Monday lunch - People are friendly - Majority of the company doesn't have to work too late (sorry FIT, not you) - New office is really nice (old office....not so much) - Good exposure (thru update meetings, etc) to some of the major players in PE
Cons
- Most Middle Management Heavy place i have ever worked at I feel like every department has surplus VPs, people who have been at the company for 5-10+ years, make really good money (this is where the major pay bump comes into play) - and yet really don't do anything. A lot of VPs rely HEAVILY on their senior associates/associates/analysts to perform the bulk of the work. And given the fact the VPs easily make 2-3x what their juniors make and most analysts and associates will never make VP....well, you do the math. - Unequal treatment across departments Product and BD people seem to have it pretty well ( the VPs and above). FIT gets worked to the bone, and many stay until 7-9pm regularly writing memos. Other investment teams (CI, Secondary, and research) seem to burn thru their analysts and associates pretty quickly. Client Services is totally unorganized and relies heavily on temp labor. - Out of Touch Executives Friendly and well spoken people, but poor managers. Becoming obvious that they have their "inner-circle" and probably don't know the names of anyone hired in the last 2 years. Generally out of touch, have their inner circle of VP and senior folk that they focus on developing. Problem is, the VPs don't care to "develop" their associates/analysts. - Feedback/Review Process Genuinely the most frustrating feedback mechanism i have ever experienced. If you are not drinking the HL Kool Aid, you won't be moving up any time soon. Most VP+ people are focusing on climbing the ladder and not developing their junior talent. For that reason, the turnover across the junior ranks is spiking. - All the "Culture" Talk Some of the other reviews mentioned the guitars, the excessive talk of culture, etc etc. This is spot on - I have never seen a place devote so much lip-service to its "amazing culture" and its "unique environment." Fact: It's a typical cube-farm with guitars on the wall and meeting rooms named after rock stars, in the middle of a bland office park, 30 mins outside of Philly, and NO ONE hangs out after work. Maybe the first-year analysts, but that's it (because they all live in the city anyway). And despite said "amazing culture" no one will admit there is a legit turnover issue amongst analysts/associates.
