Can someone share insights on the analyst experience and culture/exits at RX shops that are considered in the "below EVR/PJT/HL/LAZ" category such as PWP RX NYC? There seems to be more info on this site on Greenhill/Gugg RX but not on PWP after the Kramer incident.
Thanks!
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Really solid group that has a specific strength within the energy and healthcare fields. One of the best groups at PWP alongside healthcare. In terms of exits, probably the best at PWP per analyst. Have seen MF as well has HF the last few years (Apollo, Blackstone, Diameter, Oaktree SS)
They recently got some cool/big name UCC mandates like Cineworld and Celsius
RX banker at Evercore here, so I can provide some insight. I honestly think the PWP RX team is heavily underrated on WSO because of the Kramer incident over half a decade ago. They're a pretty lean group with ~6 partners I believe, and they do really well for themselves. They've traditionally been very strong in HC and Energy, although they also have solid deal flow in other industries as well. Because of PWP's business model/approach as well as the group's size, they do fewer RX deals than other larger groups, but their business model focusing on pursuing high-fee opportunities means they land quality debtor and creditor mandates on some of the most interesting or complex cases out there. Culture in the group is pretty sweaty but still better than PWP HC, and I know they get good exits. Based on what I know, I believe PWP RX places the best out of all groups at PWP per capita and even perhaps just outright for MFs.
Overall, I definitely don't consider PWP RX to be below us or Moelis, and I think they're equals in every way compared to us, and I'd argue the biggest differentiator between PWP and us compared to PJT/HL/Lazard is simply the size of the RX groups, as the RX teams at those three firms are simply much larger.
Yep, 100%. Alex Tracy has done an incredible job there and TPH has given them a ton of restructuring synergies. People who look down on that practice generally don't work in restructuring.