Our of curiosity, why does it seem like MM is busier than B4 right now? Not sure if that’s truly the case, but that’s what it seems based on the bowl

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The slowdown is more pronounced amongst larger deals and platform deals. MM firms often do add ons/smaller deals for PE funds that use big 4 for their platform/larger deals, plus are serving their normal MM/LMM client base

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bingo

Maybe B4 over hired while experiencing lower attrition due to tighter hiring market for good exits combined with people being less desperate to get out since the pay to WLB ratio has improved significantly.

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This

Volume at mm is higher as fees are comparatively lower is one factor. Another i think is the dynamic of the deals taking place. I am seeing more sell sides and add-ons which tend to be a type of transaction in which big4 holds a smaller footprint.

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Cheaper ?

Smaller deals?

I can attest we are fairly busy. (Mm firm)

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