hi everyone,
i wanted to get thoughts on HL's restructuring group for a summer internship. wanted to know what the pros/cons would be versus a larger bulge bracket type internship?
hours, culture, exit opps, etc?
Thanks!
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top creditor-side shop, dont know of any BB that do RX, so if that is what you want go HL exits to distressed pe/hf commonly
FYI- GS does RX coverage for EMEA out of London office
MS does restructuring...
One thing to remember about Houlihan restructuring is that although they are a top shop, they mostly do creditor side representation. Typically, a lot of these transactions are less interesting because you end up fighting over pieces of the pie rather than actually trying to restructure the firm and getting to see it from an operational standpoint. I didn't end up going to my superday for Houlihan, but I really liked my interviewer for the first round, and obviously, restructuring is a great space to be in - especially in this economy. I've heard the hours are generally better than a bulge bracket, and I've also heard that they're a little bit more laid back culture-wise as well.
With that being said, I would base this decision on culture (which I've been told is pretty distinct in this group) and whether the Restructuring space interests you.
I definitely agree that restructuring isnt as hot as it was, and that m&a will pick up in the coming year given large cash balances. Thats also a part of my concen
that being said, i love the culture and restructuring/distressed debt interests me, so i may just bite the bullet here
I think that is a good move, unless you have BB opps. Worst case, if you don't care for it or want to explore more for FT offers, you still have a solid name on your resume.
i do have offers at gs and jpm but i still feel like the culture and fit are better for me at houlihan rx. the other cool thing is that i know exactly what group im getting dropped into
Fair enough and you have a valid point. If you have GS, I'd still go with that unless you are dead set on RX, going forward. Just remember this, it's easier to move from GS to HL than HL to GS.
Restructuring is cool in that it's a bit counter-cyclical and a unique skill set, but I think it's fair to say the restructuring wave is over. It peaked a few years back at the height of the Great Recession and by now, everybody has restructured and re-financed. Obviously there will always be firms that get themselves into trouble, but I think we can stop saying "Restructuring blah blah blah in this economy.
Keep in mind that RX, especially creditor side, is a unique skill set that is maybe a bit more limiting than M&A or coverage banking. It is a better ticket to distressed debt HF/PE though - so if that's what you're into...
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