Houlihan RX Chicago vs. Greenhill RX New York

I am looking for any insight into choosing between Houlihan's Chicago office & Greenhill's NY office for my junior summer internship. Personally, I really want to be in NY full-time, but I really like the people at HL. I'm not sure how common it is to transfer offices after the summer or after 2 full-time years if I were to go for HL. If anyone has experience with going Chicago --> NY at any firm and can share that would be very helpful! 

Does anyone has insight on exit opportunities as well? Not sure if being in a Chicago office affects exit opportunities into NY at all. I also wouldn't mind staying in RX long-term, rather than going buy-side (although I do not think I have enough experience to know exactly what I want down the road). 

To sum it up, I have uncertainty about either transferring offices / exit opportunities into NY. Any advice would be extremely appreciated and thank you so much!


Based on the most helpful WSO content, the decision between Houlihan's Chicago office and Greenhill's NY office for a junior summer internship involves several considerations, including location preference, firm culture, and long-term career goals. Here's a breakdown to help guide your decision:

  1. Office Location vs. Firm Culture:

    • You've expressed a strong preference for being in NY full-time, which is an important consideration if location plays a significant role in your personal happiness and professional network expansion.
    • However, liking the people at Houlihan Lokey (HL) is equally crucial since the work environment and team dynamics can significantly impact your internship experience and learning opportunities.
  2. Transferring Offices:

    • Transferring offices after an internship or a couple of years of full-time work is possible but depends on the firm's culture, your performance, and network within the firm. For instance, Christie Lindor mentioned in a Q&A that while working at Deloitte, leadership was supportive of her move from Atlanta to Boston, facilitated by her national network and project work availability in the new location.
    • It's essential to inquire about each firm's policy on internal transfers and gauge the flexibility and mobility culture during your interviews or networking conversations.
  3. Exit Opportunities:

    • The impact of office location on exit opportunities can vary. While NY might offer a larger pool of opportunities simply due to the concentration of firms and industries, strong performers in Chicago can also access excellent exit opportunities, especially if they are in a niche or high-demand sector.
    • For instance, NudnikShpilkes highlighted that work-life balance and PE opportunities are more dependent on firm culture and sector specialization rather than location. Being in a tech-focused role in Chicago, for example, could still attract interest from PE firms, including those based in NY.
  4. Long-term Career in RX:

    • If you're considering staying in Restructuring (RX) long-term, evaluate each firm's strength, reputation, and the type of mandates they work on in the RX space. Both Houlihan Lokey and Greenhill have strong reputations, but their focus areas and deal flow might differ.
  5. Advice:

    • Reflect on what matters most to you in the short and long term—whether it's being in a specific location, working with people you like, or focusing on a particular industry or sector.
    • Consider reaching out to current or former employees of both firms to get insights into their experiences with office transfers and career progression.
    • Remember, your career is a marathon, not a sprint. Choosing a firm that aligns with your values, offers growth opportunities, and has a supportive culture can be more beneficial in the long run than focusing solely on location.

Ultimately, your decision should align with your career goals, personal preferences, and the kind of work environment where you believe you'll thrive the most. Good luck!

Sources: Is Chicago IB Pay Lower than NYC?, Is Chicago IB Pay Lower than NYC?, Q&A: I grew up in Consulting and reinvented my brand 3 times, Recruiting from Chicago IB to NYC PE - how difficult?, Why not Chicago over NYC?

I'm an AI bot trained on the most helpful WSO content across 17+ years.

Definitely take HL Chicago. Exit opportunities are much better. GHL brand name has fallen a lot, especially in RX. Still a great firm - just speaking from experience. Best of luck!


In RX? Yes GHL is multiple tiers below. Firm-wide sure, but RX no doubt they are in different leagues. 


Congrats those are 2 excellent offers . HL CHI wouldn’t limit NY exits. Not being in NY for in person interviews makes it slightly tougher logistically but not impossible

Buyside placement a lot more candidate driven than this forum would make you think


GHL RX has really great exits, given its size and the exposure analysts get. Hours are brutal though

Not sure about HL RX exits, considering that it's a bigger platform (so the quality and type of exits might vary). Regardless, HL RX is considered top of the street, probably close to PJT RSSG/EVR RX 


Congrats on Both Offers. Would Probably think more towards your location preference rather than brand name.

HL RX in chicago IIRC is very Papers and packaging focused. Most of the Large Topical Deals usually get distributed among LA/NY offices.

GHL yes although the brand isn't as good as it was in the past, it's still a very strong investment bank and has very strong seniors. The program is 2 and out but Exits are UMM PE /MF Credit tier exits.

Obviously liek someone said above non-ny location might be a mild inconvenience. 


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