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PJT Partners is widely regarded as a top-tier elite boutique (EB) in both London and the US, with a strong reputation in M&A and restructuring. Here's a breakdown of the key insights based on the most helpful WSO content:

PJT London Office

1. Reputation and Deal Flow:

   • PJT London is considered top-tier among EBs, alongside Centerview and Evercore. It handles high-profile M&A transactions, with a business model that supports larger deal sizes compared to many competitors.
   • The London office provides generalist experience, which includes exposure to their top-tier restructuring (RX) group, often regarded as the best in finance.

2. Compensation:

   • PJT is known for offering top-of-the-street pay, with significant premiums over bulge brackets (BBs). Bonuses and overall compensation are highly competitive.

3. Exit Opportunities:

   • Analysts from PJT London have strong exit opportunities, including placements at mega funds (MFs) like Apollo, Blackstone, Carlyle, and Warburg, as well as upper middle-market (MM) private equity firms and hedge funds.

4. Culture and Hours:

   • While specific details on culture are less discussed, the hours are described as "pretty standard for banking." The retention of the entire 2018 analyst class (apart from one transfer to NYC) suggests a positive environment.

5. Future Outlook:

   • PJT London is expected to grow significantly in the next 3-5 years, especially as they continue to bolster their M&A practice. The addition of talent from top firms like JP/MS/GS is a strong indicator of their ambitions and potential.

PJT US Office

1. Reputation and Performance:

   • PJT is firmly in the top tier of EBs in the US, alongside Centerview, Evercore, and Lazard. Their restructuring group is particularly renowned, often considered the best debtor-side shop on the street.
   • The advisory business has been growing rapidly, with significant hires of senior bankers in recent years. This growth is expected to translate into increased deal flow over the next few years.

2. Key Teams and Sectors:

   • PJT has a strong presence in Media & Communications, as well as other sectors. Their restructuring and strategic advisory teams are standout performers.

3. Compensation and Exit Opportunities:

   • Similar to London, PJT US offers top-of-the-street pay. Exit opportunities are stellar, with analysts moving to top private equity firms, hedge funds, and other prestigious roles.

4. Growth Potential:

   • The firm has been expanding its advisory business and is expected to continue growing its deal flow and market presence. The addition of senior talent and the firm's ability to attract top-tier analysts from leading schools and firms position it well for future success.

Best Teams and Future Potential

• PJT's restructuring group is a standout globally, often regarded as the best in the industry.
• Their M&A practice, while historically overshadowed by restructuring, has been gaining momentum, especially with the addition of talent from top BBs.
• The firm's focus on high-profile, large-scale transactions and its ability to attract top talent suggest significant growth potential in the next 3-5 years.

Working Hours

• Hours are described as standard for investment banking, which typically means long but manageable. The retention of analysts and positive feedback on the environment suggest that the culture is not overly harsh compared to peers.

In summary, PJT Partners is a top choice for those seeking a combination of high compensation, strong deal flow, and excellent exit opportunities. Both the London and US offices are well-positioned for growth, with the M&A practice expected to continue expanding and solidifying its reputation.

Sources: Thoughts on PJT Partners?, How is PJT Partners almost two years post BX spinoff?, PJT Partners London Shambles, How is PJT London?, PJT Partners London Shambles