PJT vs PWP - London Office
Hey considering offers between PWP (M&A) and PJT (M&A + Restructuring) in the London office as an analyst. What are your opinions on the question? Thanks
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Both are very strong but come with some drawbacks. - Generally, pay at both is significantly higher than at BBs, junior responsibility is significant and overall culture is good. Note though that PJT has much longer hours than PWP on average. - Despite what you have probably heard, PWP exits might be better for traditional LBO PE while PJT is the clear #1 for everything distressed/credit (also probably among the best for HF and very strong for PE with a slightly distressed angle (Apollo, Oaktree) - M&A deal flow is not ideal at either with PJT mainly doing Media&Telco/HC and PWP mainly doing Industrials (GER+FR). PWP has a stronger track record in M&A but PJT might be poised for more growth.
Overall, if you are mainly interested in M&A, choose PWP, choose PJT if you might also be interested in RX and RX exits.