What Happened to Robey Warshaw?

https://www.ft.com/content/9065270d-5403-40ee-83f5-1eae152d99c5

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A relatively quiet dealmaking period in 2019, marred by uncertainty over Brexit, dragged on the group’s fees in the 12 months to March 2020, according to their latest accounts. 

Robey Warshaw was never an EB nor is the firm trying to be one. It's whole business model relies on select relationships of the senior bankers in order to bring in mega M&A deals (which can happen twice a year, once a year, or once every few years). The firm's closest comps are places like Zaoui, Liontree, Ardea, Incentrum rather than Evercore, PJT, Centerview which have comparatively more bankers and focus on deals across a range of verticals.

As a result of that, activity can vary greatly from year to year. But advising on one massive deal with fees of £10-20 million spread across a few ppl at the firm is already a huge payday. In terms of activity, they also advised on the National Grid WPD deal this year, so even though you don't see them on £20 billion M&A deals regularly, it's by no means slowing down