GLC Advisors in 2020
Can someone shed some light on these guys? Seem to be pretty high on the Rx tables but for some reason can’t find that much on these guys on the site.
How are they perceived in the industry / reputation / comp / culture?
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Following.
Interested
Bump
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Lol you are very interested
I have my biased opinions/what I have heard about the firm. However I have never worked with them, so I want to see if I can confirm what I have heard.
We’ve worked across them at our firm and they don’t have a good reputation amongst my MDs. Apparently they’ve f*cked up some deals in the past, and work quality is low. I hear their RX team is pretty good, though. Interesting lev fin program as well.
This is what I have heard as well.
If you look at their website, a lot of the incoming analysts summered elsewhere. Did they not get FT offers and rerecruit (aka maybe not top class of analysts) or did they get FT offers and chose to rerecruit (aka a chance at GLC was worth rejecting original their offers)? I don't know, but I have my biases.
My very cursory experience left me with the impression that they have some decent mid-level folks but the senior level is hit or miss in terms of "would I want to work for this person?" Juniors gave off a fratty vibe, though I can't speak to the current team.
It looks like they really don't have anyone "climb the ranks" at their shop. They are all Laterals. I don't know if this is common for smaller shops or not.
They don't take summers
Are you saying they don't have interns? Because this is false. If you're saying that they don't hire interns? This maybe correct.
That's an interesting data point, which would probably explain my observation above. Looking at LinkedIn, only a handful of summers historically (and not in NYC), so maybe they do tend to hire re-recruits.
Friend worked there and I interviewed with them (super day was hard as hell). Thing about it is it’s really 2 firms- one that’s a top notch rx mini-boutique, and one that’s a middle market m&a team in Denver. Not sure how they became connected.
Can confirm they don’t have summer interns for nyc restructuring team and only hire FT. Kids re-recruit. Comp is above street and almost everyone is from targets.
as for the middle market team in Denver, no idea
What was an example of something difficult asked?
Can I PM you please? Would really appreciate the chance to ask a couple questions about the superday
I have a Superday. Can you help me w it?
Can u pm as well. Would love to learn more about the superday
Have a first round for FT. May I PM you please?
Hey revisiting this thread. How did the interview go? I have one coming up. Would appreciate any insight. Can always PM me
hey is that for denver team?
They swing a home run every now and then through Brigade, but are generally not competitive against your usual 8-10 suspects in restructuring (which they lose a good amount of laterals to). Would expect even Jefferies Rx to offer a broader deal experience, and that's pretty much all energy and UCC work.
8-10?
After Jim Millstein sold, there are roughly 8-10 firms that are competitive across all sectors and generally don't do deals less than $400mm (debtor or creditor). List in alphabetical order:
Centerview
Ducera
Evercore
Greenhill
Guggenheim
HL
Lazard
Moelis
PJT
PWP
Rothschild
Jefferies and PJ Solomon have sector specific strengths in energy and retail respectively, while TRS has a much smaller team but does good deal flow for its size. Neither of these 3 firms will offer you the broad deal experience you would get in the former list.
GLC was discussed earlier, while Imperial and Carl Marks typically dip into LMM. MB is a little bit like GLC - pop up in a big deal every now and then, but generally don't see them on pitches / deals.
There's also the restructuring groups at various MM banks like Lincoln International, Piper Jaffray, and Cowen, but those tend to be less traditional and more geared towards stressed situations.
Hi Jefferies rx Analyst!
GLC has advised on a ton of mid and large cap restructurings, I don't know why you are comparing a tiny boutique to teams at Evercore or HL that have many dozens MDs, that's not a remotely useful comparison at all. I worked across from them on FirstEnergy and their creditors doubled to tripled their money, same can't be said for many creditor advisory firms who's clients end up losing a ton of money.
For anyone that doesn't believe me, go ahead and list out the number of MDs at each of those 10 firms. Ducera has almost 15 "partners". Greenhill has a gigantic team with at least 6 "restructuring co-heads" and a multiple of that regular way MDs. Guggenheim absorbed the Milstein team (I liked them a lot and work with them often) but they are a decently big group. Perella has at least 15 MD/Partners on the restructuring side. GLC has like 7 or 8 total MDs on the restructuring side (rest are on this no-name random M&A business). TRS is probably the only firm comparable and it's relatively new so you can't vouch for their track record until a few years in.
Out of that 8-10, 3-4 players are similar to GLC in size (in terms of restructuring headcount) and do significantly better deal flow. TRS is much younger with a smaller team, and is doing similar deal flow.
In my experience, if creditors are tripling their money, it probably isn't because of a restructuring advisor's unique expertise (unless it's a lawyer with fraudulent conveyance). Rather, the debt was genuinely mispriced to begin with, or an underlying commodity recovered. But I also didn't work on FirstEnergy, so feel to let me know if I'm wrong.
Dead giveaway to me though is still bleeding juniors. Firms with good experience, culture, and pay don't lose juniors to competitors on a regular basis (just look at MB). From what I've heard, the main issue here is experience, but to be fair I haven't asked the GLC guys that still work there for the other side of the argument.
Have a Superday, Need help with it
bump
Can comment on exits based on Linkedin search. They’re mostly credit / distressed: Oaktree, Apollo (Distressed), Brigade, Goldentree.
that's actually not bad at all
Friend from college went to HG Vora which is a pretty good event driven HF. Think people tend to stay a bit longer at GLC (he was associate when he left). Goldentree guy also went to same school as both of us
UVa?
Current employee here. From a junior perspective, GLC has an incredible experience. Solid deal flow with lots of unique situations in addition to traditional Rx processes due to the senior team’s broader backgrounds. Lean teams let analysts who prove themselves lead of lot work products and have real impact on deals. Placement to HF /PE from people above me has been top notch. Company is supportive of juniors who decide to explore other opportunities and even willing to help place them. Like all Rx shops hours are long but that’s what you sign up for and part of the learning process. Loved my time so far
Thanks for insight; when you say top notch what do you mean? Comparable to evr rx, hl rx, pjt rx, laz rx, moelis rx exits?
is comp on par with elite boutiques rx shops?
What would you say the average hours are for analyst 1?
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