Breaking into Restructuring, Non-Target Undergrad
Top restructuring groups include the following (correct me if I'm wrong)
Blackstone Lazard Houlihan Lokey
Evercore Greenhill Perella Weinberg Moelis Rothschild Jefferies
Questions: 1: In order to get into restructuring groups at these banks, is there a separate recruiting process, or do you just get pulled out of the generalist pool? I know that Blackstone has a separate recruiting process specifically for restructuring, but is this the case with any of the other banks? 2: Are there any major restructuring groups I'm missing?
Thank you all for the input.
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Houlihan has its own recruiting process for its Rx group. The Rx group recruits completely separately from the M&A arm of the firm, has Rx-specific summer internships, and gives out Rx-specific return offers. From what I have gathered, the core Rx team sits in Houlihan's LA headquarters.
Moelis is generalist for analysts, both for summer interns and full-time. Rx is thrown in the mix of generalist M&A at the junior level. That being said, I am sure you could voice interest in Rx staffings after proving yourself. To the best of my knowledge, Rx deal flow is stronger in the NY office than the LA headquarters.
Lazard is generalist for the summer, and provides Rx-specific offers later after "placement" day. All summers in NY are generalist, are extended general return offers, and do not find out what group they are awarded placement to until they begin full-time training the following summer. That being said, I am sure exceptions are possible to receive a Rx-specific full-time offer prior to placement day. Lazard has dedicated Rx teams--separate from its industry M&A teams--in NY and Chicago.
Can't provide any commentary on the other shops.
Generally you apply as part of a generalist pool, but if you mention that you are interested in bankruptcy from an early stage (i.e. at HR level interview) they are likely to pull mid-level/senior bankers in from restructuring/leverage finance teams into your later stage interviews. I've worked at two of the banks you've listed above. Both excellent.
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