PJT London

PJT London is considered a top-tier elite boutique (EB) in the city, often compared to firms like Centerview and Evercore. Here's a breakdown based on the most helpful WSO content:

1. Deal Flow:

   • PJT London is known for advising on high-profile M&A transactions, although its M&A deal flow is not as robust as some competitors like PWP.
   • The office operates as a generalist platform, providing exposure to various industries and products, including their top-tier Restructuring (RX) group, which is arguably one of the best in finance.
   • While PJT London does its own deals, it may still collaborate with the US operations, particularly for larger or cross-border transactions.

2. Culture:

   • The culture has mixed reviews. Some threads highlight a challenging environment with long hours, which can be "unmanageable" at times.
   • There have been reports of reduced bonuses and dissatisfaction among juniors, leading to higher turnover rates.
   • Recruitment practices have been criticized for favoring candidates from privileged backgrounds, which has sparked debates about diversity and inclusivity.

3. Pay and Prestige:

   • Compensation is competitive and generally higher than at bulge brackets (BBs). However, recent reductions in bonuses have caused some discontent.
   • PJT's prestige is strong, especially due to its legacy ties to Blackstone and its reputation in Restructuring and Special Situations.

4. Exits:

   • Exit opportunities are solid, with analysts moving to top private equity (PE) firms, hedge funds (HF), and distressed-focused funds like Apollo and Oaktree.
   • PJT is particularly strong for distressed/credit exits, while traditional LBO PE exits might be slightly better at other firms like PWP.

5. Hours:

   • Hours are demanding, reportedly longer than at some competitors like PWP. Weekend work and late nights are common, especially in the Restructuring group.

Overall, PJT London offers strong deal experience, particularly in Restructuring, and solid exit opportunities. However, the demanding hours and recent cultural challenges are factors to consider.

Sources: PJT vs PWP - London Office, How is PJT London?, PJT Partners London Shambles, Banks with best cultures, Evercore v.s. Lazard v.s. PJT Partners