Alvarez and Marsal
hi guys, im currently in the middle of my analyst stint at a middle-tier bb in a sector group, and im almost certain that after 24 to 30 months, i would like to move to a boutique m&a or restructuring advisory firm... a Greenhill, BX, Evercore, HLHZ etc would seem like the ideal choice for me, and i understand the strengths of these, but does anybidy know anything about Alvarez and Marsal? from my standpoint, they really became visible during the bankruptcy of lehman, and i think they have taken more in fees than weil, gotshal (best restructuring law firm with the best restructuring lawyer in the world). other than that, i know almost nothing... does anybody have more insight as to what kind of bankruptcy sizes they would typically deal with? would pay resemble that of an investment bank? do they hire a lot of bankers, or do they look more for accounting designations with big 4 experience? and anything else of concern i may have missed... appreciate it
AM is a restructuring firm, but they don't provide investment banking-restructuring services. They may restructure bank debt, but definitely not bonds or establish hybrid securities in the emerging companies' new capital structure. The restructuring ibanks are your typical HLHZ, Blackstone, Evercore, Gordian, Miller Bucker (crashed), and tons of middle market players.
There are operational restructuring firms, the gold stnadard is AlixPartners. These firms are financial advisors, most often to the debtor and will turn around the operations of the company, aka right sizing the PNL rather than the BS. They do help right size the BS to the extent that they may dispose of noncore assets and renegotiate some creditor liabilities, but they certainly dont engage in 363 sales or restructure debt like traditional ibanks and sell hybrid securities to any new capital holders. That said, while AM does provide some operational turnaround, they are moslty accountants who are hired to file MORs and other required post petition disclosures. aka the work is boring and it's predominatenly ex big 4 CPA firms. If you want to do restructuring banking, stick to the above and focus your recruiting efforts there, or goto some middle market firms, there are otns, or goto a reputable operational turnaround shop and gain signficiant experience, since ultimately the better you understand debtor and creditor dynamics and the bankrtupcy statues, the more effective the restructuring banker you can be.
Pay wise, Alixpartners will get you close to banker salaries, id say about 65% fo total banker pay but your hrs are much better than at a bank. AM pay I hear sux, again, think auditors...
very insightful, thanks
how would AM rate for top 10 bschool chances? also, what kind of exit opps exist after 2-3 years at AM?
Alvarez & Marsal - Valuations group (Originally Posted: 10/07/2014)
Was interested in learning more about this group, its reputation, and its compensation (what do bonuses look like?). Also, interested to learn what expected would be for year-to-year growth in compensation.
Any thoughts on the above would be highly appreciated.
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