2024 RX League Tables (Reorg + Debtwire
Any thoughts here? Nothing on the list seems surprising but curious to hear from others.
Reorg (US Only)
Debtwire (Only Chp.11):
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Fees earned really puts things into perspective
Wdym
Seems like rankings these days are:
PJT >> EVR > PWP = HL > MOE = LAZ > CVP
Total Fees and Per Diem point to:
PJT > PWP > EVR
Fees are only disclosed in bankruptcies. The majority of rx happens out of court.
In truth I’m tapped out but bumped EVR above PWP because of general reputation. Evercore just dominates debtor side agreements which are a bigger deal than creditor.
Insane credit though to PWP for pulling this off considering they’re like half the size of PJT/EVR
gugg fuming
Why are HL’s fees so much lower than others? I thought they were top shop in RX in line with PJT?
Fees are only required to be disclosed on company-side chapter 11 processes. So it’s a small sample size. PJT can and does charge a premium however
Meh usually the fees look pretty comparable across all banks (except cheapo HL lmao) in terms of their retainer fee , financing fee, etc.
One thing to note is I believe for public companies there is a cap on how much advisors can make vs. sponsor backed company or just non-public company. Maybe someone can chime in..
A notable thing to mention is the rise of PWP in rx. Positioned solidly as top 3. Given their size, I can only suspect that per banker fee would be near top if not the top.
PJT / EVR rx groups still dominate company side but their partners/md classes are 2.5-3.0x bigger than PWP’s.
Another noticeable thing is the downfall of classic rx shops - HL and Lazard. Used to be the go to creditor / debtor shops; now they’re still in the top 10 but apparently have lost that reputation.
These rankings are largely useless at this point with the number of deals that go on out of court.
Should preface that these include out of court engagements for the retention numbers.
Fees obviously no one will know what you’re paid until you file fee applications in court.
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