PJT London

PJT London is widely regarded as a top-tier elite boutique (EB) in the London market, often mentioned alongside Centerview, Evercore, Lazard, and Rothschild. Here's a breakdown of the key points based on the most helpful WSO content:

M&A Groups and Reputation

• PJT London operates as a generalist platform, meaning analysts gain exposure across industries and products, which is a significant advantage for career optionality.
• Their Restructuring and Special Situations Group (RSSG) is considered one of the best in the industry, rivaling Houlihan Lokey (HL) in terms of restructuring expertise.
• The generalist model provides downside protection in case M&A volumes drop, as analysts can pivot to restructuring or other areas.

Perks and Culture

• Pay is described as "massive," with a reported base of £50k and bonuses reaching up to £70k in some cases. However, there have been mentions of bonus reductions in recent years, with some analysts reporting a >50% cut.
• Work-life balance is reportedly better than at many other firms, with some bankers engaging in sports on Friday evenings. However, there are conflicting reports about hours becoming "unmanageable" recently.
• The culture has been described as evolving, with some feedback indicating the firm is still finding its fit in London.

Exits

• PJT London analysts have strong exit opportunities, particularly to private equity (PE) and hedge funds (HF). Recent exits include placements at top-tier firms like KKR and other mega-funds (MFs), as well as senior-level support for buyside transitions.
• It is more common for analysts to exit into credit or distressed-focused roles, given the strength of the RSSG team.
• Direct exits from PJT London to New York-based mega-funds are rare, as firms typically prefer candidates with domestic deal experience.

Summer Analyst Conversions

• Conversion rates for summer analysts have been mixed. In one instance, only 2 out of 9 or 11 interns were converted, which raised concerns about the firm's ability to retain talent. However, this may vary year to year.
• A recent report mentioned that 9 out of 10 students from their spring week program converted into summer roles, leaving limited spots for external candidates. This caused some internal tension but highlights the competitiveness of the program.

Final Thoughts

PJT London offers a strong platform with excellent deal exposure, particularly in restructuring and M&A. While the perks and pay are attractive, the culture and conversion rates have been points of contention. If you're aiming for exits into credit, distressed, or PE, PJT London is a solid choice. However, keep in mind the competitive nature of the program and the evolving culture.

Sources: Thoughts on PJT Partners?, How is PJT London?, PJT Partners London Shambles, London Ranking Exit opps PE and HF, PJT Partners — Overview (July 2018)