Is This RX Tier List Accurate?
Interested in the industry, but have noticed that there's a little bit of debate around what "tiers" firms fall into, outside of T1. So, went and looked at the total liabilities breakdown by firm over the last 12 months, and based on that, here's what the tier list looks like. Tried my best to reflect that debtor and secured creditor > UCC, and also total liabilities. Would appreciate any corrections. I didn't factor in what people "think" of the firms, bc that's way too subjective, and within the tiers, the firms are in no particular order.
T1: FTI, Alix, A&M
T2: Province, Riveron, BRG
T3:Ankura, PPP, M3
T4: Dundon, SOLIC, Development Specialists
T5: CR3, Paladin, Getzler
Updated
These LTM numbers from The Deal are completely different.
Yeah I looked at the deal as well, and based on my best guess, Debtwire (which is where I got my data from) is more accurate bc it tracks each individual deal independently & you can access each deal, unlike the Deal which is based on self-reported data (ie you have to go on there and click on the "submit a deal" button and submit a deal). Both are not 100% accurate, just imo debtwire is more so accurate than the deal.
Anyone with a deeper understanding of how the platforms work please weigh in
You guys are both kind of right. The Deal is more likely to be accurate, however, because I work at one of these firms, and The Deal number is closer to our accumulated deals counting OOC RXs. I would go with The Deal if trying to decide Tiers, because you see a lot of major firms dominating in the OOC space.
first list your offers, then we'll talk lists
How on earth do those two correlate?
I think general consensus is that A&M and Alix are essentially in their own tier. Call it "1a" with FTI being in a "1b". It's also important to know the context. As a junior, I think there is probably no better shop to be at than A&M. Alix is great for mid to long term career. I personally think Portage Point Partners, which is new(ish), would be scraping into the T2 category. Completely my opinion but I think others in the industry would echo something similar. Think your tier list is pretty accurate for the most part.
Any insights on Dundon (comp/hours/etc.)?
Would tend to agree with your list, am at a special sits PC firm (Ares, Carlyle, Audax, Antares), and would say most of our interviews are ex-FTI, followed by A&M, and then Alix.
Is this because FTI typically does more creditor side work than A&M and Alix? I would assume that is the background you are targeting, although curious if you look at any from the debtor-side, which is more A&M/Alix.
I’d say so, they’ve got excellent creditor mandates (esp. UCC/Ad Hoc/ secured creditor). It’s weird, bc of the three T1 firms, FTI’s got the least of a culture geared toward jumping to the buy-side, but here we are I guess.
And yeah, we look at Alix / A&M too, it’s more so that FTI ppl get interviews more in general
Do you guys give looks to any rx firms aside from the big3?
Technically we look at all RX consulting firms. Here’s the thing, what we look for is how much experience you’ve got. Meaning, if you’re at a T4 firm now, but were at a T1 firm in the past and spent a solid amount of time there & got good experience, you’re golden.
However, if you’re at a T2/T3 etc firm and that’s all you’ve done (no T1 / RX IB before) that’s a problem. Conversely, if you’re at a T1, and that’s all, you’re good.
*this is for getting interviews, not offers
I'm past the point in my career where I'm worrying about tier lists and prestige rankings. The only thing I want to say in this thread is that if you're looking to break into RX Consulting, going to virtually any reasonably reputable firm and doing a good job there will allow you to move upstream down the road. I am less seasoned in RX than many on here, but I think this sentiment is echoed by virtually everyone I've worked with (i.e. that RX is a small world and you often see the same people at different firms throughout their careers).
Neither the firm I'm at nor the firm I'm going to are ranked highly ITT, but I still know of people who have gone on to A&M, Alix, etc. after a couple of years. RX CO is a bit of it's own beast in that it has certain niche skillsets (i.e. 13 week cash flows) that you really will only learn from being on those engagements. Sometimes, it's important to get your foot in the door and learn the ropes wherever you can before worrying about the prestige and exits. Who knows - you might even end up liking the smaller firm and stick around if the WLB/culture is better.
Does anyone have insights on how hard it is to switch from a Tier 3 on this list to RX IB?
Depends on which firm. Not all T3s on this list are equal.
I'd like to know about Riveron or Accordion if you're familiar with those 2.
BRG at T3 is a really bad take. Numbers not really accurate either.
Elaborate…what would your tier list be? And why is BRG’s place unwarranted? They haven’t been in any big CRO roles aside from F21 recently, and their last before that was in ‘23 if I remember right
Dermtech, Mosaic, Conn’s. Not to mention lead creditor advisory in at Home, Lifescan, Sunnova. They’ve landed larger deals in both debtor and creditor than Ankura and M3 this past year and more debtor than Province.
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