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?
| +176 | Americas M&A League Table Q2 Updated | 72 | 6h |
| +132 | New Article: Dramatic Slide as UBS #22 (US) & New Leadership Desperately Needed | 25 | 2d |
| +99 | Restructuring: Anti-climactic Experience | 22 | 3h |
| +71 | A COMPLETE GUIDE TO SUMMER INTERNSHIP RECRUITING | 12 | 1d |
| +64 | IB Net Worth / Savings Check | 24 | 21m |
| +51 | Boutique firm wants access to my LinkedIn? | 41 | 12h |
| +38 | Investment Banking is Hard | 17 | 7h |
| +33 | Investment Banking in Mexico | 9 | 3d |
| +28 | PWP vs BofA | 21 | 1d |
| +22 | Who pays the highest right now? | 12 | 3d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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
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.
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.
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.
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