LEK is very good and very strong in CDD/VDD, particularly in the UK. EY-Parthenon also great. EY-P particularly strong in telecom, education, retail/consumer goods, as far as I am aware of. I believe LEK is stronger in industrials, energy, banking, etc. You have to understand this is their core business for both of them. 

My understanding is that LEK might be slightly stronger in the UK in terms of brand, but EY-P can provide you with both more stability (they can staff you on strategy or other projects if need be, and are growing more), a wider view on transactions (given their collaboration with other corporate finance teams) and has more room for growth given their integration in the EY team which provides them with a distinctive competitive edge (full service provider) and more commercial firepower.

For Strategy & Deals this is not their core business, they're leveraging their strategy people and commercial relationships, i.e. they win from the synergies they have, but this is not their core play.

Hi there,

I would be happy to share my thoughts on your questions:

• First of all, in terms of prestige, especially in the UK market, EYP and Strategy& can be perceived to be slightly ahead of LEK. However, this is a nuanced comparison, and it's essential to consider that prestige can vary over time. The global perception follows a similar pattern, but regional variations might exist.
• Moreover, when considering exits, candidates from all three firms generally have strong opportunities given their M&A expertise. Please keep in mind that it is much more about your individual performance in the interviews than about the prestige of your employer.
• Lastly, hours can be demanding with all three firms, but it seems to be a common understanding that Strategy& and LEK might have slightly more intense working hours compared to EYP. However, individual experiences can vary.

If you would like a more detailed discussion on your specific situation, please don't hesitate to contact me directly.

Best,

Hagen

(edited)

Hi,

Sharing my perspective on this, I did PE work in SEA/Asia (not the UK), so this from a more global perspective. Market specific prestige I can't comment but some of my other points will be relevant globally

• In my region, EYP and LEK are stronger than S& in DD, and mainly differentiated by industry type focus (e.g. LEK for healthcare/biotech, EYP for consumer/education)
• I would say that the prestige of the firms are not specifically tied to the M&A practice area, but rather the overall firm's prestige. In SEA, I would say that they are all considered T2 firms and tbh prestige would not differ too much
  • w.r.t. Corporate exits - most firms in SEA look at the firm brand and less the practice area brand, so these 3 firms are IMO mostly on par
  • w.r.t. PE exits - this is more individual specific, if a PE shop really thinks you did a good job, they might bring you on. I know people from both MBB and Big4 who have made the switch to PE deal team/value creation
• In terms of hours → not sure about UK market but in general if you are doing PE work, its not going to be the best. CDDs are short, intense and PE clients can be very demanding and painful to all consulting firms whether they are T1 or T2
  • The one potential differentiating factor is the maturity of the M&A practice of each firm
  • i.e. a less mature practice typically works longer due to more inexperience/less internal knowledge and know-how etc

Happy to chat more on my experience at BCG PIPE practice - just drop me a dm.

All the best!

(edited)

Hi there,

Appreciate your asterisk at the end! One other thing to note: Also network (not just look at public sources)

I would say they are on mostly equal footing, though it does depend on region (for example, Strategy& is much stronger in the Middle East).

EYP and Strategy& would have a wider reach than LEK. 

LEK is more known for life sciences and EYP more known for PE.

LEK does have a reputation for very long/tough hours, but, of course, this all changes by office and project.

Really importantly: speak to people at these firms and visit their offices if you can. There's what people say on paper and then there is gut and how you interact with them (everyone is different).

Hope this helps!

EY Parthenon, Strategy& Deals, and LEK are indeed well-known for their M&A capabilities, particularly in areas such as Commercial Due Diligence (CDD) and Vendor Due Diligence (VDD). In terms of prestige and image, these firms are highly regarded in the industry, both globally and in the UK market. They have a strong track record of working on high-profile M&A transactions and delivering valuable insights to clients. As for exits, professionals from these firms often have opportunities to transition to prestigious roles in corporate development, private equity, or other M&A-related positions. However, it's important to note that work hours in M&A teams can be demanding, as deal timelines and client expectations often require intensive effort and long hours. Overall, these firms offer excellent opportunities for professionals interested in M&A, with a strong reputation and potential for impactful career progression.

Hi there!

High-level, the differences are not huge. 

You're going to get your best answers from people who actually work there at the moment and who ideally have worked in more than one of them. 

These calls would be super helpful for you because you could also land referrals through them. Here's how to source them and conduct them:

• Expert Guide: How To Handle Networking Calls and Get Referrals
• Expert Guide: How To Get Referrals Via LinkedIn? 

Best,
Cristian

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