RX Rankings 2023
I think the Rx tables are shifting quite a bit this year, so wanted to get a gauge for top spots. Here are my rankings. Dialogue encouraged.
Tier 2a. Lazard, Moelis, Guggenheim, PWP
Tier 2b. Ducera, Centerview, Rothschild
Tier 3. Jefferies, Greenhill, Piper Sandler
Tier 4. GLC, Intrepid, Miller Buckfire, RJ, Baird
I know you didn’t just use league tables for RX rankings 😂😂😂
Gugg and PWP on the same level as Moelis and Laz is comedic
Gugg has been on a tear last few months
PWP has been on a good streak they are the smallest rx group between between T1/T2 banks too... Idk what you're talking about when referring to LAZ but their rx franchise isn't as strong as it used to be... Moelis is still really good they have some pretty big heavy hitters.
Also, it's pretty insane how many deals EVR rx land. I STG these mfs land everything alongside pjt. It has to be the size of their rx groups which probably helps them with dealflow.
Second that Lazard isn’t what it used to be. They had a bunch of good mandates during Covid but have since lost a bunch of seniors and I haven’t really seen them in anything big in 2022 or 2023. Also one of their head guys was fired for harassment.
For context, PWP has like 3-4 active partners. Really small group. They’ve pulled really quality mandates recently. Gugg is on a shit ton of quality work right now as well. Def a step below evr pjt but on that next level
Congrats on the Lazard Chicago RX FT offer pal!
PJT/EVR deserve their own tier. If you know anything about Rx, these guys win fucking everything and have been absolutely murdering it lately. Nothing against HL, but PJT/EVR clean up and everyone else is playing for second place.
GLC deserves its own section - “shit tier” lmao. That place is absolute buns. Pay sucks, culture is even worse, AND no good deals. Have heard nothing but horrible things. The only upside is that junior exits are pretty strong.
I would move Miller Buckfire and Baird up to tier 3. MB is an Rx OG and is a true legacy name in the space despite shrinking in recent years. Baird is a new platform so don’t really know a lot about them but very strong bank as a whole in the MM.
I’d move Rothschild down to tier 3 - mass exodus of seniors recently which is high key concerning.
I’d move Greenhill up to tier 2 - despite the shit Greenhill gets on here, Neil Augustine is a dog and analysts still get great exits.
Ducera is such a wildcard imo. As far as comp and deal experience, it’s probably one of the best, but the horror stories you hear from kids there really make it seem nowhere close to worth it.
Jefferies is another one to watch out for. Very hard to get placed in Rx as a junior, and they are a UCC machine which is pretty much the worst place to be in the capital structure on any Rx transaction.
I’d add Lincoln, Configure, Gordian and Carl Marks to tier 4.
That’s fair all around great insights. Volume-wise HL is still churning out deals, but absolutely right EVR and PJT are getting all the major paydays. Def agree on Jefferies and Ducera. You’ll see Ducera pick up deals they have no right getting every now and then so def a wild card lol.
What’s an example of ducera winning a deal that they have no right to win?
HL might not be on caliber of PJT and EVR for the heavy hitter deals but just on sheer volume and legacy they’re still in tier 1. Also these SoftBank fees they’ll get are about to be wild.
What’s Lincoln? Lincoln International? They do Rx?
Small group, but yeah
What’s Configure’s rep? Looks like they’ve grown a good bit since they spun out of Gugg
Could you expand on the GLC comment? Im working there soon...
I’d be careful putting Greenhill on T3. Downgrade Rothschild, upgrade jefferies 0.5 re:reorg and standardized league tables, put a .5 category downgrade for CVP since senior exodus to tidal and hasn’t finished the transition
Lazard Chicago got hit hard and will probably dissolve, Guggenheim is absolutely destroying it.
Would debate Ducera since shop has done one whale this year (yellow) and then random AHG’s.
downgrade Piper
Would argue Guggenheim has had the best growth this year. Honestly can see them a tier 1a if they keep growing at this rate.
Rothschild rx head really timed his jump to Guggenheim perfectly
Would agree Guggenheim been killing it this year. Everything else seems accurate.
How is Evercore in Europe doing? Got the impression that the team is chill but no insights on how they are performing
lol if you work in Rx you would know that Evercore RX in London is so bad that it doesn’t even deserve to be named… and a lot of people left Lazard so it’s definitely not as good as before
To add to this a lot of banks are cutting fees significantly to fight for deals so it’s important to not look at just the deal numbers but the quality, it’s not a good firm to be if the firm is ok for the juniors to work late nights on some 1m dollar deal for the sake of profit
Is it HL with their 1m fee? Heard PJT is cutting fees to scoop deals too
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