IB RX

DJSol69

PJT: Leans towards debtors and is usually on some of the highest profile cases. Viewed as the most prestigious RX group because the group is 2 and out so the firm really emphasizes/supports PE recruiting, and as a result of that combined with being the most target-heavy/selective RX group, PJT RSSG has the best buyside placements.

Lazard: Stalwart debtor advisors, gets a lot of high profile retail, industrials, and energy mandates. Also the stalwart sovereign advisors (although you won't be working on those deals). Large portion of the group is in Chicago.

HL: Leans towards creditors. Volume shop, and picks up a mix of high profile mandates with many smaller mandates. Group is split across several offices and each office operates relatively independently, so know the culture/deal flow/exits that the office you're interested in focuses on. 

Moelis: On some of the highest profile cases with a good split between debtor and creditor. Absolutely crushed the rescue financing train in 2020 and has largely managed to carry that momentum (relative to other RX groups) through 2021. Most RX deals are run out of NY.

PWP: Mix of both debtor and creditor deals. Absolutely crushed the energy RX game, and has great deal flow across industrials, healthcare, and TMT as well. Slightly smaller group that picks up fewer mandates than the groups above, but they get very good mandates. 

Evercore: Good mix of debtor and creditor. A bit more under the radar and the group can be a bit quieter than the groups above, but they still do great, with a lot of sponsor-related deal flow. Not as big of a presence in RX compared to PJT/Lazard/HL but the Evercore name elevates the group's exits.

Centerview: Much smaller practice than the ones above, but they still get on their fair share of high profile deals. 

While I agree with the information here, hard to not comment on the blatant plagiarism from this post back in late 2020. OP, here is the thread, would encourage you to give it a read as most of the information is still relevant. Original post below for reference.

https://www.wallstreetoasis.com/forum/investment-banking/best-eb-restructuring-groups-in-2021#comment-2294778

Would first preface by saying that this is all fairly subjective, especially since restructuring league tables are notoriously inaccurate (reporting is highly inconsistent, many advisors remain undisclosed, out of court transactions are a black box, etc.). At the end of the day, all of these groups are great and all of the analysts are getting cranked, so pour one out.

Currently an analyst in one of the above mentioned groups, so below is my perspective on each of the firms and their business, based on my personal experience and supplemented by those of my friends, and Debtwire and Reorg reporting. I'll tick through some of the tiers / firms as I see it, open to others' thoughts.

Here goes, in no particular order:

Houlihan: Kings of volume. One of the go-to calls for creditors and increasing presence on debtor reps. This hasn't changed in the pandemic. #1 on deal volume, definitely near the top for deal value, broader range on deal size (low ~100m deals) than others due to the size of the group.

PJT / Moelis: Present on some of the most high profile cases, doing very well, likely top in terms of deal value. Both pretty quick on the rescue financing train post COVID. Balanced split between debtor / creditor.

Lazard: Stalwart debtor advisors, crushed it on the big high profile retail cases earlier in the year, solid energy deal flow too. Big in sovereign RX advisory too.

Evercore: Great practice, bit of a slower start from my perspective, but doing well. Lot of sponsor restructuring deal flow.

Greenhill: Less momentum than previous cycles, wider range of deal sizes. Have had varying success this round but have won roles on some notable cases.

Centerview: Dark horse this cycle. Much smaller practice than the others above, but they're on a surprisingly large number of high profile / deal value cases. Great representation per capita and some very good momentum. 

Perella: Crushing the energy RX game. This cycle really showing their investment in TPH down in Houston is paying off. Solid deal flow in other sectors.

Guggenheim: Present and active this cycle. On some big names but not as active as the other groups above, although I have limited knowledge here.

Rothschild: Don't know a whole lot about these guys. Along with Lazard, usually lead in sovereign advisory mandates. Got debtor side for Chesapeake with Intrepid, which is a big win. Haven't seen them around on many others though - open to others' opinions.

Jefferies: Not a large player in restructuring these days, have had some success in out-of-court workouts. Feel like strategic priority of the firm has shifted towards the origination / syndication of leveraged loans as opposed to restructuring advisory. I view these as fundamental opposites and the concentration of UCC mandates (vs. traditional debtor / creditor reps) further supports this.  

Ducera: Relatively newer name and coming out swinging this cycle, higher concentration of creditor reps but certainly gaining momentum and a strong contender.   

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Happy to give perspectives on any other firms people are curious about.