Greenhill or HL SA26

Based on the most helpful WSO content, here's a breakdown to help you decide between Greenhill and HL for SA26:

Greenhill

• Culture: Generally described as having a strong culture with low face-time and supportive seniors who actively help with buyside recruiting. Offices like Toronto and Chicago are noted for strong culture and light hours compared to other IBs.
• Deal Flow: Historically, Greenhill has struggled with deal flow in recent years, though the RX team has been growing and performing well. M&A deal flow can be variable, but the lean team structure ensures analysts get quality experience on the deals they do work on.
• Learning Opportunities: The small class size (3-6 analysts) means you’ll get significant exposure and responsibility. The rigorous interview process suggests they select for strong candidates who can thrive in this environment.
• Exits: Greenhill punches above its weight for exits, with analysts landing at top UMM and MM PE firms like Silver Lake, Thoma Bravo, and Madison Dearborn. RX exits have included Centerbridge, Cerberus, and TPG Sixth Street.
• Brand Name: While prestigious within the IB community, Greenhill’s brand has declined compared to its peak in the mid-2000s. It’s still considered an EB but lacks the scale of firms like Lazard or Moelis.

Houlihan Lokey (HL)

• Culture: Known for a strong culture, particularly in its RX group, which is one of the best in the industry. The firm is generally regarded as having a collegial environment with a focus on work-life balance.
• Deal Flow: HL is a powerhouse in RX, which could be particularly valuable in a downturn. Their M&A platform is also solid, though not as elite as their RX practice.
• Learning Opportunities: HL’s RX group offers unparalleled exposure to distressed and restructuring deals, which can be a unique and valuable skill set. M&A experience is also strong, though the learning curve may depend on the group you join.
• Exits: HL RX analysts have strong exits to top-tier PE firms, hedge funds, and distressed investing roles. M&A exits are solid but may not match the prestige of Greenhill’s top placements.
• Brand Name: HL is a recognized leader in RX and has a growing reputation in M&A. Its brand is strong, particularly in the RX space, and is well-regarded across the industry.

Key Considerations

• Maximizing Learning: If you’re looking for a broad M&A experience with significant responsibility, Greenhill’s lean team structure might be ideal. However, if you’re interested in RX or want to hedge against a potential downturn, HL’s top-tier RX platform offers unmatched learning opportunities.
• Exits: Both firms offer strong exits, but Greenhill might have a slight edge in M&A exits to UMM/MF PE firms, while HL excels in RX-related exits.
• Brand Name: Greenhill has a more boutique, elite reputation in M&A, while HL is a leader in RX with a growing M&A presence.

Conclusion

• Choose Greenhill if you prioritize M&A experience, lean deal teams, and strong exits to UMM/MF PE firms.
• Choose HL if you value RX expertise, strong deal flow in a downturn, and a broader platform with excellent distressed investing exits.

Both are excellent options, so your decision should align with your long-term career goals and interest in M&A vs. RX.

Sources: Greenhill in 2020, Is Greenhill really that bad? (M&A), Lay of the Land - EBs, https://www.wallstreetoasis.com/forum/investment-banking/jefferies-sf-vs-greenhill-sf-vs-moelis-la?customgpt=1, Thoughts on Greenhill at the analyst level? (Exits, deal experience, comp, etc)