Is the EB Business Model Just Superior?

To preface, I’m very new to the industry (AN1), and only just started paying attention to bank earnings this Q.

From what i can see, it’s not uncommon for boutiques to pay out 60-70% top-line in comp. Admittedly not sure what this looks like for BBs/MMs/balance sheet banks, or how atypical this is generally for other services-driven businesses.

I scrolled through PJT’s website (them in particular stood out given how relatively young yet dominant they are) and their list of partners is seemingly just star-studded with ex-group heads / regional heads / product heads.

Is the business prop for a career banker / MD is just categorically more attractive at an EB? Or is this overly simplistic, particularly given the aforementioned age of these companies. Would things be different under different macro conditions? Also not sure how material the lack of a balance sheet is in reality (outside of financing activity)?

Purely an academic exercise; just asking out of curiosity. Feel free to correct any blatant naïveté – i feel like i’m definitely missing something here.