Recently found out the comp diff at my shop. Why would restructuring guys make more if the companies are distressed and therefore shouldn’t be able to afford paying a lot of fees to bankers??
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Because the banking fees are typically super-senior priority on the waterfall so the fees can be steep, it just fucks the junior creditors.
Also gotta remember RX bankers also represent creditors not just debtors. You think banks / debt investors aren't willing to pay top $ to get as much of their money back as possible?
It's far more complex work than vanilla IB...
Most of the rx guys I’ve seen also have more experience going into the analyst role
I don't think restructuring guys get paid meaningfully more.... most top restructuring groups are at EBs which pay more than BBs across the board, so naturally your average restructuring banker makes more than your average M&A or coverage banking across the street. There's probably not a meaningful difference in comp between, say, PJT RSSG vs. PJT Strategic Advisory. Houlihan might be the exception but their restructuring and M&A groups are in totally different leagues.
I don’t think that’s a thing, but if you mean “more often,” it’s because bankruptcy deals HAVE to happen, so fees are more likely to be collected vs. M&A where you might chase a deal for 30 years and never see a penny from it
They need more money so they don’t go bankrupt themselves
Specializations tend to pay more
Out of curiosity, what is the comp differential roughly?
Is this for comp over the course of several years, or just this years bonus cycle (if your firm pays out bonuses in the summer)? If it’s the latter, might be simply due to increased Rx activity and reduced M&A activity this year?
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