RX Firm Lateral Advice
Currently at a JEF / Roth caliber firm in RX, and got an offer to join a M3 / Portage Point / Teneo level firm. Know that it'll be a move from IB to consulting, but is this a worthwhile transfer? Main considerations are quality of life long term, WLB, culture, how diverse the work is, and comp.
Interested if anyone in here can chime in with opinions.
Bump
Bumpity
Based on what I hear through the grapevine is below:
PPP and M3 are similar in their sweatiness. PPP has been growing and will pay more with ability to work on different engagements from CRO work to performance improvement, M3 I've seen less in in-court roles and heard they're doing more operational rx engagements, but have heard their culture's decent.
Teneo's much more of a nascent team that's growing organically with a solid culture. Pay's similar to M3, and work is largely debtor-side spanning FA/CRO roles to other interim roles (CEO, CFO, FP&A).
I believe what was stated above is true; however, just slightly revising.
When I was offered a role at M3 the comp was far beyond what I expected, and those that I know that joined informed me it was notoriously sweaty, so perhaps the pay/hours are closer to PPP than most think.
Can confirm the majority of their work is out-of-court. Seemed as if they were trying to change this.
That's good to hear - Also interviewed with M3 a few years back and it was definitely behind PPP's numbers back then.
Very helpful, thanks! Two questions that I’ve got:
Hey, I’m currently at Teneo and have had a very positive experience. I really enjoy the work and the culture; the team is collaborative, supportive, and focused on growth. We receive 25 days of PTO starting, in addition to the normal holidays, and there’s a happy hour almost every week, which makes it easy to get to know people across the team. There is also a lot of outings with lawyers (if that's your thing), so can have a cheeky afternoon just grabbing drinks or food if you're on a good project.
The firm is also expanding across all of its major offices. Every RX intern this year received a return offer, which reflects how much the group is investing in its people and future growth. They are very specific though as to who they take in, and normally everyone here is former IB/Big 4 rx. Pay is in line with the Street, if not above depending on the level you come in. The hours are generally very manageable, but I expect them to get worse as the bigger deals start coming in. We are also owned by CVC, if thats of any importance? Most days are close to 9–5, with the occasional evening extending to around 7 or 8 p.m. depending on the engagement. We do have protected weekends, but you know how things like that can be I suppose.
The office is constantly expanding atm, and as the other comment said - in a more organic matter. I believe they've found a real growth opportunity within RX / FA, so that's where the focus is right now. I do know we are on some very large mandates in the UK/EU, and are partially considered a T1 there, but in the U.S there's still room to grow and prove ourselves.
This is so helpful, thanks! A couple of follow ups if you don’t mind:
Happy to answer based on what I’ve seen so far:
Is this for the US arm? My gut tells me you're either not actually at Teneo OR you're an intern who's very green. Either way, please get your facts straight before disseminating information.
Corrections - PTO is unlimited, 2026 intern return offers have NOT been decided, and there is no such thing as protected weekends which is unheard of in the industry.
Nuances - Hours are variable and more often not 9-5. Sure, if you're on a certain litigation support or wind down / trustee roles, or working on less urgent pitches, it can be close. However, generally expect 9-8 with occasional midnight oils burnt (i.e. during sprints preparing for Ch.11 or getting an out of court sale over the line).
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