HL rx no aura
How does this group have "prestige" if it is a middle market bank? See it on the S tier of these lists all the time
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Because if you follow the largest chapter 11 filings or the largest out of court LMEs/cap structure reorgs/distressed corporate divestiture activities, it’s highly probable you’ll see one of 3 names as the debtor’s investment banker: Houlihan, PJT, or Evercore.
The debate btw “MM vs. Largecap” deals isn’t rlly 1 for 1 with RX vs. M&A. There is no “BB vs MM vs EB” in the distressed world, and this is primarily due to the conflict of interest BBs face with advising corporates, whom they’ve likely had some sort of direct or indirect lending relationship with. There also aren’t nearly as many large cap RX mandates as M&A. Winning mandates in M&A IB is much more about scale of team/group, while RX is much more about historical execution navigating distressed sales, debt management, and legal complexities at the same time.
This allows for the top advisors (Houlihan/PJT/Evercore/A&M/Alix/FTI) to continually win the largest mandates, while being able to apply a premium margin to their service fees, and in turn drive higher revenue per employee than pretty much any other group
Congrats on HL
Are all the firms you listed at the same "level"? If not, how would you rank them? Sorry, just started learning about the field.
What about in the realm of exits, rather than mandates?
you will get any looks anywhere you want from all 3 but PJT is maybe a tiny bit more prestigious than the other two but its splitting hairs for recruiting.
HL RX NYC is elite and the no debate 3rd best RX seat from UG. The HL brand gets diluted from a “prestige” standpoint because they have offices in Minneapolis and Dallas, but that’s what happens when you optimize for “making money as a firm” and not “maximizing prestige for college kids to jerk off to”. HL RX NYC analysts will exit just as well as PJT/EVR RX to SS and distressed seats.
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