I posted this on the restructuring group forum but I might as well get everyone's opinion:
I noticed that most of the MDs at places like HLHZ and Close Brothers had backgrounds in law or accounting. Seeing as I graduated last Spring, an analyst stint at a restructuring shop is not a possibility but I would like to position myself for an associate position a few years down the line.
I went to college in the U.S. but I grew up in France so I would definitely like to shoot for firms in Europe (London). What do you think is the best background for someone trying to get in to a place like HLHZ? I'm planning on taking the LSATs in June but I'm also thinking of applying to Big 4 restructuring practices in London for the fall. Any suggestions?
When working in restructuring, you work in a legal field. Prepackaged bankruptcies, negotiation of terms with creditors or debtors (depends on who you represent), finding DIP financing, getting extensions, amendments or waivers.
That being said, the management consultants, restructuring bankers and in some capacity, the lawyers all have a hand.
The accounting firms' restructuring and reorganization groups are the management consultants.
if you want to go into restructuring banking at a firm like HLHZ, big4 restructuring is the best, assuming you want to come in at an analyst level. Having 1-2 years of work experience would be enough to get you interviews or help u develop contacts since you would be working alongside bankers.
if ur coming from a bankruptcy law background, you'll still need the same amount of work experience after you graduate. you'll come in as an associate.
in all honesty, the fun part of restructuring is probably on the buy-side being a vulture capitalist/distressed investor. you can go straight to the buy side by skipping over banking. don't get it twisted, you will travel a lot and push banking hours when working with the client on site.
you should also consider alvarez & marsal, capstone, AlixPartners and FTI Consulting.We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
Wow. Thanks a bunch. Is skipping banking on the way to the buy-side really that common?
My shop was the stalking horse bid in a recent purchase of an operating company in bankruptcy and being on the buyside purchasing distressed assets is certainly interesting. I would characterize the legal work required as very tedious and mind numbingly boring but I guess it really depends on the individual. Despite Cornelius making it sound easy it is uncommon for you to skip banking and head straight to the buyside (esp in this environment).
he mentioned doing restructuring with an accounting firm. essentially those guys are consultants, see Deloitte.
Obviously with the right connections they can make the jump to a distressed debt shop. Similar to a guy from TAS going to PE or a guy from MBB going into PE (on the restructuring side, Alvarez and Marsal would be the equivalent to MBB).
That being said, I'm sure a guy from Lazard/HL/Rothschild restructuring would have a good shot with distressed funds. But I wouldn't discount connections made by working in turnaround management.
In this field, it becomes less about being from the right school and the right big name firm. We're not interviewing with the Carlyles or KKRs of the world. I will concede there are few of them that care about the pedigree.
by the way, making it to the buyside is never easy.We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
just curious: in debtor-side restructuring, who would you say the debtor values more: lawyers, restructuring bankers, accountants?
I feel it would be the lawyers since they'd be arguing for the firm's assets?
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