I've seen a few discussions pop up about this topic in the past few weeks, but just came across a good article at FT that breaks down the restructuring (pun intended) of the global investment banking scene.
Take M&A: in January this year, the takeover and merger market saw a brutal drop in revenues and fees, with global announced deal value falling to the lowest level seen for nearly a decade.But for some independent advisory firms such as Greenhill and Moelis, the start of the year shaped up to be a fairly good one. Both boutiques managed to crack the top-10 league table in January, pushing some of their much larger rivals to lower ranks. Greenhill’s advisory of Swiss drugmaker Roche’s $5.7bn takeover of Illumina , the US genetic diagnostic company, catapulted it into the top 10 after ranking only 122nd globally in the same period of the year before.
I'm personally more interested in working for a boutique because I value my lifestyle and geographic location over some of the perks that BBs have to offer, and certainly don't blame anyone for wanting to take the BB route -- people just have different priorities.
What do you guys think? Are elite boutiques like Evercore, Jefferies, and Rothschild becoming more attractive to top talent in recruitment?
ft.com/intl/cms/s/0/8907140a-7742-11e1-baf3-00144feab49a.html">Link to article on FT
And why would that be any different at a Boutique? It isn't.
You might want to break that 'out of context' habit unless you plan on working for the National Enquirer. OP said "I value my lifestyle and geographic location" which can envelope numerous differences, hence his question.
Ummm, do I know you?
This is banking, lifestyle boils down to two main pillars, hours and hours. Geographic factors only play in with true boutiques, the shops he mentioned are not.
Sure it is -- in many cases the hours are a little better, the teams are smaller, you can get more exposure to deals, etc.
I've worked at massive companies with thousands upon thousands of people and it's just...a really odd feeling to walk around and not know anyone.
But I don't want to start another boutique vs BB lifestyle thread.
You're wrong on the hours.
HA! My friend works at a top MM boutique. 90 hours is a great week, 110-115 is average though.
Harris Williams or Houlihan? :)
Hours for elite boutiques (Lazard, Evercore, Moelis) are just as bad as BB's. There are multiple threads on this.
But, if you're talking about REGIONAL boutiques that work on significantly smaller deals, I agree. Of course, there are weeks where you work 100+ hours, but on average, it's less than BB hours.
Notice I didn't say "the hours are significantly better in all cases /thread".
Friends at top boutiques have told me that they tend to work a little bit less than folks at top BBs. Maybe they're in denial.
Seems like it, all the guys/gals at boutiques (London) I know (Laz, Roths, Houlihan, Moelis) get drilled. A few years ago two Associates from HL went to hospital after collapsing from exhaustion.
The two people I know at lower BBs aren't working as hard by far, i.e., home before 12am 25% of the time.
depends alot on the place, I wouldnt generalize.
also lol at OP, jefferies is neither a boutique nor elite. i
There will always be a space in the market for both BBs and boutiques and everyone in between and below to function. Obviously with the ebb and flow of debt/equity capital markets, M&A activity, and the state of the global economy there will be +/- in activity on the behalf of boutiques and BBs. It's just one of those things; BBs will never be overtaken by boutiques nor will boutiques be stamped out by the BBs.
jefferies is MM.
LOL, jefferies? you have a lot to learn, my friend
I personally would not regard Jefferies and Rothschild as boutiques. Rothschild's reputation is apparently going downhill in the USA at the moment, and both have also a markets side, so they are not purely advisory focused. I would say the top boutiques are Evercore, Lazard, Perella, Greenhill, Houlihan, Moelis, Blackstone. Some of them stronger in M&A and some of them stronger in valuations & restructurings.
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