RX Tier List 1H’26 - League table from Octus
In LevFin, my cousins tryin to recruit for RX.
Can someone actually give an accurate list in terms of deal flows, products, exits etc?
No glaze pls.
Here is what I found
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MOST RETAINED INVESTMENT BANKERS
1. Houlihan Lokey: 21
2. PJT Partners: 16
3. Moelis & Company: 15
4. Evercore: 12
5. Perella Weinberg: 9
6= Ducera Partners: 8
6= Lazard: 8
8= Centerview Partners: 6
8= Greenhill & Co.: 6
MOST RETAINED: COMPANY ENGAGEMENTS
1. Evercore: 10
2. Moelis & Company: 9
3= Houlihan Lokey: 8
3= PJT Partners: 8
5. Perella Weinberg: 5
MOST RETAINED: CREDITOR/OTHER ENGAGEMENTS
1. Houlihan Lokey: 13
2. PJT Partners: 8
3= Ducera Partners: 6
3= Moelis & Company: 6
5. Lazard: 5
HIGHEST PAID CHAPTER 11 INVESTMENT BANKERS: DEBTOR AND UCC (Approved on a Final Basis in H1'26)
1. PJT Partners: $113,661,628 (7 cases)
2. Guggenheim: $41,762,284 (2 cases)
3. Ducera Partners: $38,888,860 (3 cases)
4. Moelis & Company: $21,921,573 (3 cases)
5. Houlihan Lokey: $17,250,833 (3 cases)
6. Jefferies: $17,187,500 (4 cases)
7. SkyWorks: $16,281,533 (1 case)
8. Lazard: $14,500,000 (1 case)
9. Evercore: $11,826,355 (1 case)
10. Alvarez & Marsal: $11,075,000 (4 cases)
HIGHEST PAID CHAPTER 11 INVESTMENT BANKERS: DEBTOR (Approved on a Final Basis in H1'26)
1. PJT Partners: $113,661,628 (7 cases)
2. Guggenheim: $41,762,284 (2 cases)
3. Ducera Partners: $31,984,022 (1 case)
4. Moelis & Company: $21,921,573 (3 cases)
5. SkyWorks: $16,281,533 (1 case)
6. Lazard: $14,500,000 (1 case)
7. Evercore: $11,826,355 (1 case)
8. Houlihan Lokey: $11,325,000 (2 cases)
9. Alvarez & Marsal: $11,075,000 (4 cases)
10. Centerview Partners: $8,428,182 (1 case)
Based on the most helpful WSO content, here’s a breakdown of RX (Restructuring) tiers considering deal flow, products, and exits:
Tier 1 (Elite RX Shops)
These firms dominate the RX space with strong deal flow, top-notch products, and excellent exits into PE, distressed funds, and other buyside roles. They are highly regarded for their expertise in complex restructuring situations and have consistent placement into top-tier opportunities.
Tier 2 (Strong RX Players)
These firms also handle significant RX mandates but may not have the same volume or prestige as Tier 1. They still offer solid exits, particularly into credit-focused funds and mid-market PE.
Tier 3 (Mid-Tier RX Firms)
These firms are more regional or niche-focused. While they may not have the same brand recognition or deal flow as the higher tiers, they still provide decent exits, especially for those targeting mid-market roles.
Key Notes for LevFin to RX Transition
If your cousin is aiming for top exits, targeting Tier 1 or Tier 2 firms would be ideal.
Sources: https://www.wallstreetoasis.com/forum/investment-banking/mid-tier-rx-exits?customgpt=1, RX Rankings 2022 - Can we please get restructuring rankings for the benefit of students and incoming interns looking to lateral, Request for Restructuring League Tables 2018, Recruiting for RX FT after M&A virtual internship?
Tier 1a. PJT
Tier 1b. EVR, HL
Tier 2. MOE, CVP, LAZ
Tier 3. GUGG, Ducera, PWP
Tier 4. ROTH, GHL, JEF, PSC
Tier 5. GLC, Stifel, Baird, rest
I’d agree with this tier list ( linked) : [2026] RX Tier List / Rankings
Just note the pwp/ Piper situation. Other than that pretty accurate I’d say.
How about deal type. Like who’s the best on creditor, debtors, LMEs, etc. Any league table data to back up? Tkss
I remember this for actual data: Q1 ‘26 RX league tables
Creditor stuff etc isn’t really tracked to that level of detail unfortunately
Bump this
Bump this
I wrote a detailed summary of how the RX groups currently stand on a different thread. In summation, I disagree with a monolithic "hierarchy" given it removes plenty of nuance from the current state of play in that different RX groups have different strengths. This needs to be divided between a few different types of "constituent" rankings, see below.
Company Side (Typical Sponsor-backed 1L/2L structure):
Tier 1: EVR, PJT
Tier 2: MOE
Tier 3: Anyone else (its a toss-up)
Company Side (Public Company)
Tier 1: PJT, EVR
Tier 2: Heavily depends on relationship but toss up to one of Centerview, Ducera, Lazard
Tier 3: Anyone else
Company Side (M&A Corporate Angle)
Tier 1: EVR, PJT, Centerview
Tier 2: Anyone else
Creditor-Side (1L CLO Gibson-type group)
Tier 1: PJT, HL
Tier 2: EVR, Moelis
Tier 3: Anyone else
Creditor-Side (More dynamic group, think Crossholders)
Tier 1: EVR
Tier 2: Ducera, Lazard, HL
Tier 3: Anyone else
Creditor-Side (Unsecured Noteholder group)
Tier 1: Ducera, Lazard, PWP
Tier 2: Guggenheim
Tier 3: Anyone else
Creditor-Side (Minority Group)
Tier 1: Jefferies
Tier 2: Anyone else
I see, super helpful! Basically those tier 1 shops dominating the RX market… and I guess it’ll be like that for another 5-7 years then
See Oppenheimer is hiring lateral analyst. Any info on that team?
could you link the thread?
Jefferies is not Tier 1, weak deal flow and fees. For LMM or MM smaller creditorsyeah sure…, UCC they are really active. Not exactly mean what minority group means here, mind explaining? Thanks 🙏🏽
Yeah Jef is like same tier as Rothschild
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