RX Interns and Analysts in London (PJT, HL, Laz, Evr, Rth, Jeff etc.)

Based on the most helpful WSO content, here's what you need to know about the RX (restructuring) scene in London at top firms like PJT, Houlihan Lokey (HL), Lazard, Evercore (Evr), Rothschild (Rth), and Jefferies (Jeff):

1. Culture:

   • The culture varies significantly across firms. For example, Evercore and Lazard are often noted for their strong deal flow and prestige, but the culture can be intense due to high expectations.
   • Houlihan Lokey is known for its dominance in middle-market restructuring, with a more approachable culture compared to some other elite boutiques.
   • Rothschild and Jefferies are seen as solid players, with Rothschild having a more traditional European culture and Jefferies being slightly more entrepreneurial.

2. Hours:

   • Hours in RX are demanding, often comparable to M&A teams, especially during active deal cycles. Expect long days and occasional all-nighters, particularly at firms like PJT and Evercore, which handle high-profile, complex cases.
   • Some firms, like Houlihan Lokey, may offer slightly better work-life balance, but this is still relative to the high-intensity nature of investment banking.

3. General Experience:

   • Interns and analysts are heavily involved in financial modeling, creditor analysis, and preparing pitch materials. The work is highly technical, and you’ll gain exposure to distressed companies, bankruptcy processes, and creditor negotiations.
   • The learning curve is steep, but the experience is invaluable for those interested in restructuring or distressed investing.

4. Lifestyle for Seniors:

   • Senior professionals, such as VPs and MDs, often have more control over their schedules but still face significant pressure to bring in deals and manage client relationships.
   • The lifestyle can be demanding, with frequent travel and client meetings, but the compensation and prestige at the senior level are significant motivators.

5. Key Takeaways:

   • RX in London offers a challenging but rewarding career path, with strong exit opportunities into private equity, distressed funds, or hedge funds.
   • The choice of firm should align with your career goals, as some firms (e.g., PJT, Evercore) are more focused on high-profile, complex deals, while others (e.g., Houlihan Lokey, Rothschild) may provide a broader range of experiences.

If you're considering RX in London, be prepared for a high-intensity environment but also a unique opportunity to develop specialized skills that are highly valued in the finance industry.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, Advice for London applicants, RX scene in London/Europe, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, London Advice on current situation and transition to IBD/S&T