I know HL's restructuring practice is well-respected in the industry and works out of a bunch of offices in the US, so I'm curious to learn more specifically about their NYC group. I go to school on the west coast so don't have many friends in NYC to ask some of these questions unfortunately.
- What is the reputation of the group at the junior level? How does it compare to other RX groups like LAZ / PJT / EVR / Moelis?
- How are the exit opps for analysts? Are they primarily distressed / credit focused and at what tier buyside firms? Is placing into traditional buyout PE an option (if so, is MF an option or is it more MM focused?
- What is the culture in group like? I know a lot of RX groups can be pretty intense.
Any info on pay / hours would also be appreciated. Thanks in advance to anyone who can provide insight.
The RX group has an amazing reputation on the street, and they've consistently been considered Tier 1. I would argue that PJT RSSG is better, but HL has a better reputation than the other firms you've listed. That being said, this is RX only - HL Corp Fin, FAS, etc. are mediocre at best when you're comparing to the M&A groups at all these other firms.
Exit Opps have been solid from both the NY and the LA group. There's a big focus on distressed so exits tend to lean towards firms like Centerbridge and Oak Tree for HF, but the rest go to MF. I know SPC, Apollo, Ares, and Maverick have been some of the favorites in the last couple of years. Even though HL is a MM bank, the RX group is a separate animal so there's not much going against you for larger funds.
I've heard from friends that the hours can be rough, but the people are amazing. I know a lot of people chosen HL for the culture, and they've placed well because seniors go bat for you. If you're planning to exit in 2 years, PJT and HL would be the best bets. The other firms are more anal about recruiting buysdide and some of them don't place into MF consistently either.
I don't know the pay, but hours are most likely in the 70-100 range.