T2 RX Return Offers?
Currently SA at a t2 rx shop (one of PWP/LAZ). Had a pretty good review and explicitly was told I was doing very well.
Have been told the return is ours to lose multiple times but I've heard stories about interns getting randomly screwed and cut due to headcount issues (my school doesn't have a relationship with the bank so I'd be first to go) The job itself doesn't stress me out at all, but I get stressed thinking about the return since apparently fees at the firm haven't been growing super rapidly even though the group is busy
My parents are broke AF and if I don't get this I'm completely fucked, any color on historical RO rates for these groups?
Based on the most helpful WSO content, return offer rates at Tier 2 restructuring (RX) shops like PWP and Lazard can vary significantly depending on the year, group performance, and broader market conditions. Historically:
Lazard RX: Lazard's restructuring group is generally considered top-tier, and return offer rates have traditionally been strong, often exceeding 90% in good years. However, fluctuations can occur based on headcount needs and market conditions.
PWP RX: PWP has had more variability in return offer rates. For example, there have been reports of return rates as low as 65% in some years, with some groups even dipping to 50%. This variability is often attributed to headcount constraints or the firm favoring full-time hires over interns.
While you've been told the return is "yours to lose," it's important to recognize that external factors like headcount and fee growth can still play a role. To maximize your chances: - Continue seeking feedback and improving based on it. - Build strong relationships with your team, as goodwill can sometimes make a difference in borderline cases. - Stay focused on delivering high-quality work and maintaining a positive attitude.
If you're performing well and have received positive reviews, you're in a strong position. However, it's always wise to have a backup plan in case external factors impact the return offer decision.
Sources: PWP - 65% Return Rate???, RX Rankings 2022 - Can we please get restructuring rankings for the benefit of students and incoming interns looking to lateral, PWP - 65% Return Rate???, Return offer rate expectation for Houston offices - EVR/PJT/LAZ, PWP RX culture/exits
Hey can I PM you?
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Aren’t both those firms generalist for SA? Also I can confirm that it is yours to lose — only kids who don’t get return offer are complete garbage, disliked by everyone, or had some sort of scandal. 100% serious, they’re gonna scare you but it’s brain dead to get a return at an EB.
PWP is gen but laz has some direct rx recruits for SA now, the gen interns still put "m&a & restructuring" which definitely confuses things
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