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Think it's a lot of ucc and equity committee assignments. Probably not a good Rx experience. Id take any of the shops you've heard of over them
Thanks, have you heard anything about portage partners? I believe they are a shop in the midwest/Chicago area.
This is accurate
What's your take on ucc assignments? I'd imagine advising creditors (as opposed to debtors) is still pretty relevant/good experience? You're still going to review and analyze all work being done by the debtors advisers/bankers etc...
I know debtor engagements are higher fees and since you work directly with management many people view that as "sexier" work. Though, advising creditors in RX consulting is still pretty lucrative and a good entry point to the industry no?
Advising creditors can be as interesting as debtor but it depends on who those creditors are. Fulcrum creditor groups are potential future owners of the business so they are often in control of the situation and are thinking like owners. That could the the UCC in some cases but usually is not. Most UCC roles are the least attractive seat at the table with low fees, uninteresting work, etc. which is why you often see relatively lower-tier RX firms taking those roles, while better firms will be in the debtor or senior/fulcrum creditor role.
Ucc isn't typically what people think of as creditor work. Creditor work people usually think of as advising some bank debt lenders or noteholders (or a cross holder group). Advising lenders or noteholders is usually a more engaging process (relative to the ucc or equity) because there are more interesting transactions (no equity committee assignment is going to involve an exchange or some non guarantor financing or asset stripping, just by the very nature of these being out of court assignments). Additionally, because lenders or noteholders will likely own the business post bk, there's a lot more diligence thats done on the business itself. So as the adviser you'll play a larger role in diligence and structuring.
Equity committee and ucc, generally speaking, often just have hold up value. As a result, your job is very often just negotiating for a larger settlement package with the threat being that youre going to burn a ton of fees in litigation. Of course there'll be some of the work that the other sides are doing, but you're not really in the driver seat.
As a way to get into the rx industry, it might be fine, but if you're just using rx banking to get to the buyside, I might choose something else unless you're dead set on doing credit.
bump
I interviewed with them, including the MD that's spearheading their Stamford efforts and can provide a bit of clarity from my experience. Feel free to pm me.
could I DM you to learn more about the process?
Sure. Happy to provide color where I can.
VPs here are not making $500k lmao. For reference, every position level that I know of pays well below street
Associate comp?
140 base
Curious— what is MD and principal comp for province? Principal is like partner equivalent I think
Pay well below street from my understanding. I had an interview here and it was 30 mins straight of technicals. No introduction by the interviewer or even an opportunity to see fit. I don’t mind a more technical interview but didn’t expect 15 questions back to back. Would have avoided them even if I moved onto the next round because of how little regard they seemed to give about anything behavioral.
Pay well below street from my understanding. I had an interview here and it was 30 mins straight of technicals. No introduction by the interviewer or even an opportunity to see fit. I don’t mind a more technical interview but didn’t expect 15 questions back to back. Would have avoided them even if I moved onto the next round because of how little regard they seemed to give about anything behavioral.
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