I would like to learn more about the RX banking space and potentially recruit for it. Can anyone provide some color on the consensus around the leading firms (keep hearing that PJT RSSG, LAZ and HL RX are considered top)
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1.a PJT
1.b EVR
2. HL
3. Rest of EBs
Lazard or Moelis are definitely in the same tier as Evercore RX. Other EBs (Perella, Greenhill, Guggenheim) are tier below these firms. Then you have your other shops eg Jefferies, Miller Buckfire, Baird etc
4 years ago yes. Not anymore
Would not say LAZ is in the same tier. But definitely a very solid shop.
Would not say LAZ is in the same tier. But definitely a very solid shop.
Lazard has had substantial senior turnover in past 18 months
Ignore title. At Laz/Moe Rx - EVR and PJT dominate
EVR RX is starting to get really overrated
Generally accurate but put would put Laz/Moelis up there with HL
1a. PJT RSSG, 1b. EVR, LAZ, MOE, 1c. HL, 2. PWP, GHL, DUC, GUGG, 3. JEFF, PIPER, MB, 4. Other shops
As someone that's in the industry, PJT and Evercore are in their own bucket. Don't think the other commentors disagreeing actually work in restructuring. 80+% of big / important restructurings and LMEs will have one advising the company and the other advising the fulcrum.
Disclaimer: I did two years as analyst in one of those groups, worked on more than a dozen deals and worked across from the other firm on literally every single one.
HL / Moelis / Guggenheim still have a presence / will see them on some MM sponsor backed situations. Centerview and Lazard will sometimes win big debtor corporate mandates bc of strong M&A relationships.
Pretty much everybody at PJT and Evercore really only consider the other as the best comp / a true peer and respect each other and their professionals a lot.
congrats on EVR!
zzz
Hey man! I am a sophomore trying to recruit for RX. Do you mind pming me?
To the people saying congrats on EVR! You clearly have no idea what you’re talking about. Evercore or PJT are on literally everything, it’s actually absurd. They dominate compared to HL, LAZ, MOE, PWP, etc.
PJT > EVR > HL > LAZ, MOE, PWP > etc
Congrats on EVR!
Geef buddy
How the hell is PWP on the same tier as LAZ
………
WTF is Perella doing in T2? It should be with Ducera, Greenhil, Guggenheim, which all have great RX groups btw. I'm sorry, but Perella is not in Moelis' or Lazard's tier
Y'all are sleeping on gugg. Off the top of my head they did Rite-Aid, Lumen, Steward, First Republic etc. Definitely at or better than MOE/LAZ in 2024.
This has been my impression
The EVR RX shilling is hard here lmao
Don't know if it's the same guy that keeps commenting "congrats on EVR" over and over again but if you are in RX it's PJT EVR top 2. They are the major drivers on the vast majority of notable LMEs. You can just start googling "liability management transaction" if you want to check for yourself.
Below this it is slightly harder to tier IMO. E.g. HL/Moelis on average probably sits above PWP, Gugg, Laz, but the latter definitely have a number of engagements that are better than a lot at the former.
Just saying this for any prospects so you know RX is not as binary as M&A with strictly defined categories by market cap (i.e. who you end up working with in the group can often times make a bigger difference than the actual firm you are at - in my humble opinion).
For T3 / the good non-EBs this is even more true, e.g. MB, Jefferies, Piper/TRS. Apparently some of these groups are like 20 people so when you adjust for group size they're actually punching pretty heavy above their weight and probably get great reps too
100% agree that who you’re staffed under matters way more than the bank.
I would rather be at Guggenheim under a competent MD working on debtor work than HL grinding out retard UCC engagements (not at either of those shops).
Find the man that brings in the dough and latch yourself to him if you eventually want to be a rainmaker.
Funny that you mentioned LME yet LAZ was literally advising on the J Crew dropdown. EVR has a strong momentum, I'll give you that. But it's still closer to LAZ/MOE/HL RX than to PJT RSSG. No clue why you're grouping GUGG and PWP with LAZ. They definitely don't have the track record of LAZ in RX (feels like LAZ is being "punished" here due to recent changes in the group's management, which is fair)
Yes the J Crew drop down that happened in 2016. We are talking abt now
........
Lazard had 3 MDs leave for Rothschild recently, but I think Rothschild also had a couple MD departures recently too.
I have no idea how any of these departures affected each group though.
Think historically it was Lazard (J. Crew, PG&E, Lehman, Argentina + every other sovereign rx), until EVR/PJT popped up
This is not a ranking at all but here's a decently comprehensive list of firms that do RX:
EBs: Evercore PJT, Greenhill, PWP, Moelis, Lazard ,Ducera, Guggenheim (???), Centerview Partners
MMs: Piper Sandler (Formerly TRS advisors has an RX office in Boston), Houlihan Lokey, Duff & Phelps (Kroll), Rothschild, Oppenheimer, Miller Buckfire, Baird
Consulting: Alvarez & Marsal, FTI Consulting, Deloitte EY-Parthenon, PwC (Business Recovery Services)
Random boutiques: Gordian Group, Capstone Partners, etc.
If you only want to network at the top RX firms like Evercore, PJT, Lazard, or whatever else is considered “top,” go do that, but remember this is a pretty niche part of an already small area of the financial services space. So, I’d recommend networking far and wide with firms that do RX.
Currently an Asso2 at an EB (not LAZ or EVR). No one considers EVR to be on par with PJT RSSG. They are bucketed with MOE / LAZ / HL, and while they had a strong 1-2 years, they are not suddenly on par with PJT because of that
It’s PJT and Evercore at 1 and 2 and everyone else below. Whoever keeps saying EVR isn’t top 1 or 2 is clearly not in the industry. It almost seems like PJT/EVR are on opposite sides of every single high profile mandate recently. It’s kind of crazy.
Source: Work at laz/moe/gugg rx so visibility is quite high…
These threads are so dumb
The pipeline of rx work is so deep that almost every firm has a few great deals going on at once
Its a great time to be in rx. GLTA
...
Alright 10 of you guys sent me a DM about this thread, I posted my thoughts on my Instagram account @Restructuring__ if interested
Where is Cvp?
Reorg publishes league tables
https://go.reorg-research.com/americas-advisor-rankings-h124
WHY THE HELL HAS NO ONE MENTIONED BAIRD!! I used to work there during my analyst years (currently senior associate at BB (BofA, MS, RBC)). During my time we couldn't catch a break from the amount of Rx engagements we got. I was in a different group, but my closest mentor was a rx director at the time. If you want experience in this field there are few better shops than Baird.
😂😂😂😂
bump
Sounds like PJT and EVR are in their own tier but how would people rank the others?
Currently interviewing with all the other EBs and would like to know where I should end up going if I do get all/or only some of the offers:
Between EVR, LAZ, PWP, MOE, GUGG, GHill, HL, Rothschild.
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