Looking for some colour on how RX teams stack up in London since league tables aren’t very useful and most info is US-centric.
Curious about who does the most interesting deals, dealflow, and WLB.
Not really bothered about exit ops (unless they force analysts out) as I want to do RX long-term.
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Houlihan Lokey (80k base), 38 hour weeks best shop in the world. No one else matters in the RX space
38 hour weeks is astounding, hope I get in at HL.
Would’ve thought PJT/Moelis/Laz/Roths would also be strong though.
Amazing shop and pay, but don't buy the 38hr week. Had a friend there a couple of years ago and was leaving the office at 2-3 constantly
We do a little trolling
Bump for more perspectives.
Any recent info on PWP RX? I know it's way smaller, not at the level of PJT/HL, but has had some pretty solid exits this year: Oaktree, Farallon, Point72
from LDN or US?
London
del
It is true that they have great exits at the junior level but this does not necessarily speak for their RX practice.
They do a rotational program and analysts oftentimes work in an industry team for 1 year (e.g. Industrials) and 1 year RX. Because PWP's really great M&A practice (do a lot of large and complex deals) this is a perfect fit. Also, this says a lot about their RX culture that people leave so quickly.
From a market perspective, PWP has become an established name with sometimes great mandates, however, I heard mixed things about their work.
While it’s a valid point, don’t think it is entirely true. First of all, the headhunters for distressed / special sits are different from PE / Growth recruiters so they wouldn’t reach out to PWP Analysts if they didn’t think that the Rx practice was good enough for those top places. Second, if you exit midway through your second year it’s unlikely (but possible) that you saw through a large and complex M&A process (if you were lucky enough to be staffed on it in the first place)
Leaving an EB RX stint, so unbiased as much as I can
PJT undisputed leader, huge team and consistently can pick/choose deals they want to do. HL is dominates alongside, by virtue of their crappy deals they do for sponsors their RX funnel does very well, always on every mandate creditor-side with a great team. Lazard is consistently top, fell of a bit but rebuilding again and doing well.
I'd say that defines most of London
Then you obviously have exceptions. For example PWP very European focused but very good and increasingly a good presence. Roths/EVR I've rarely heard of in RX (personally never seen them in a process) and somewhat muted for Moelis now (used to hear good things) - also recently lost their head to Lazard. Jefferies is too young in their practice to say anything
Can't comment on operational firms but FTI/A&M frequently consulted by us
Thx a lot, if someone was interested in RX IB but couldn’t break in initially, do you get laterals from FTI/A&M? Or is the operational side too distanced from capital structure side.
Definitely doable, can't speak to if we get inbounds as such but I know of a few ex-consultants at shops above
Do you have any insights on the hours/ culture at HL for Rx?
Sweaty, high turnover, good exits
PJT
Enormous Gap
The Rest
So no real distinction between the other competitors then?
Tbh I'm trolling but PJT top then HL close second. Evr lax roths pwp are decent but the above 2 are in a different class.
What about Evercore RX? I know they are small in London but wanted to have some insights about this team
Never in my life have I ever seen Evercore on a ranking, on a deal, or even in debt advisory in London. Think OP would agree
Have never seen them on a deal, and friends who interviewed there told me the culture seemed very douchey
EVR RX in Europe is really bad. Traditionallly they have done a bit in the Nordics and to a minor extent real estate.
But this name does not belong to the ranking of decent RX firms in Europe
This thread yet again proving PJT's invincible dominance alongside CVP in the independent advisory space.
PJT is strong but certainly not miles ahead of all the others. In Europe the RX landscape is much more fragmented - tbh most of the shops (PJT, HL, RS, Lazard, Moelis, Evercore) that do RX are solid gigs if you want to work in that space or exit to distressed.
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