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The short answer is risk. High bonuses and low base.
The difference in pay between the worst and highest performers at MBB is ~$40-100k, depending on level.
A&M can have TC differences of $200k at the manager level from best to worst performer.
It’s not that A&M pays better, it just passes nearly all the risk of performance to the employees.
Great utilization means amazing pay. Poor performance…
It is risk seeking by definition. Not as a firm but the individual. You could have $150 base with 100% bonus if you do good work (or no bonus if you don’t) or you can have $200K base and 25% bonus if you just exist. By definition the first option is higher risk higher reward.
You have to think of yourself as an hourly employee. The base is a prepayment of total compensation. We get a percentage of collections for each hour billed, so for each hour you take vacation you’re not getting paid so we tend to take very little time off.
We’re cheap. Offices aren’t lavish, benefits aren’t great, limited fringe benefits, no partner pension. Mindset of pay people and let them spend it how they want instead of doing things like random gym reimbursements for example
That’s def group specific (assuming Rx ?)
The watch out is that both Alvarez and Marsal are close to retirement. They may sell the firm.
People think founders who aren’t hurting for money won’t sell out. A lot of times they do. Maybe it would be nice for people currently employed at A&M to have a nice liquidity event but then things will get very shitty on the other side, guaranteed.
Is A&M paying more than MBB for consulting, especially for people starting from college?
Bonus for manager?