Houlihan Lokey Career Progression

Houlihan Lokey is a well regarded middle market firm. Can someone explain HL's industry coverage VP to MD career progression? My understanding is that one spends 3-4 years as a VP, followed by ~4 years as a senior VP, prior to being promoted to Director and ultimately MD. Why is HL's career track to MD longer than other firms? Most firms have a conventional 3 year VP tenure followed by a 3-4 year Director tenure. How do the roles and responsibilities of an HL SVP compare to a VP?

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