Houlihan Lokey reputation (2020)
Haven’t found a good, up-to-date thread on HL.
Anyone have any info on the place? I’ve heard the culture is great but what about exit ops, compensation, top groups (I know Rx is one)..
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HL is easily one of the most underrated banks on Wall Street. Insanely good RX group that’s often considered the best creditor side advisor on the street. In their corporate finance division, some of the top groups are Industrials, CFR, and Business Services. Full disclosure, while the industrial group has solid deal flow and is great for going the PE route, it can be pretty sweaty at times. On the bright side, they’re on the same floor as the TMT group and they just worked on a deal for Sports Illustrated. In terms of exits a lot of the RX bankers go the distressed PE/HF route, but regularly place at MFs as well. Corporate finance bankers tend to go vanilla MM PE firms, but you have a few go into HFs or the entrepreneurship route. A couple ex-HL bankers actually started Suited, an AI powered recruiting network (www.wellsuited.com). Their corporate partners include: HL, PJT, Lazard, and a few others.
In terms of culture, I won’t give the usual bs answer. In complete honesty, culture at HL (like every other bank) is 100% group dependent. In general though, people tend to be happy (as much as you can be in banking) with the work environment and respectful of their peers. A bunch of really smart guys and gals there, but those hooligans also know how to have a good time. Sure, HL doesn’t have the name recognition of a Goldman or JPM, but if you’re looking for a solid IB experience, with the opportunity to actually learn by working on deals and not just pitching, be surrounded by solid people, and have buyside exit opportunities, I’d say Houlihan Lokey is a great place to consider.
this ^^
So to be clear, their vanilla investment banking analyst roles are called "corporate finance" on job postings and what-not? always wondered this..
Yeah, for some reason they call all their roles like "financial analyst" like "Summer Restructuring Financial Analyst" a little weird honestly why they don't put IB in their titles.
That’s correct.
This is very helpful and all, but did you seriously just say that an upside of working in the industrials group is that they sit next to the TMT group which just worked with a cool client?...
I rolled my eyes when I read that. That comment honestly read like someone that has never worked a day in their life in banking. If you are not staffed on a deal, it has zero impact on you let alone a deal that another group is doing.
Curious what would you describe as close peers to HL Rx?
Strong MM second to only Jefferies but still weaker than all the BBs. RX is an entirely different story and they shouldn't be compared. RX group is one of the strongest on the entire street. Fun Fact: despite being on the same floor as other HL groups,they even have a higher seamless budget. That should tell you something right there lol
Arguably better than UBS in most verticals and DB in 1-2
UBS isn't a BB at all and neither is DB (besides a few groups).
No. HL competes in the pure MM for its coverage groups. You can’t compare it to UBS as they really only play in the above $1bb range. HL churns out a purely obscene number of deals at smaller transaction sizes. Not even remotely close to a business model as Jefferies or the BBs.
Love how these interns rush to respond when a second year analyst asks a question in this forum. Do you guys really think he cares what you have to say?
Lol how different, that's pretty funny
I wouldn't say second to only Jefferies. Blair and Baird are on par or arguably better. It is all group dependent.
wouldn't add HW?
I have spoke with a few senior bankers on the HC team and they seem to be a pretty down to earth group. Supportive of analysts and are very open to laterals from smaller banks. I was also told that they encourage PE exits and most analysts do end up taking this route.
Any opinions/thoughts on the SF/NY locations?
New York is the largest office - has nearly every group
I work with a guy who came from their SF office, Tech group. Great pay, smart people, work until at least midnight 6 days a week.
Interested in actual placements of the RX analysts over the past couple years.
centerbridge
a bunch of people in oaktree from a quick linkedin search, silver point too.
How is the culture in RX specifically?
if you’re going into the restructuring group you’re in for a BUSYYYYY couple of years.
Anyone with London specific info?
Heard that the average tenure of an analyst is like 6 months because the culture isn't great. But that might be specific to M&A only. Also PJT have usurped their London office space.
False. Friend is there. Whilst they work you very hard, most people stay for at least 2 years. People are nice though.
a
Thanks for the info on HL RX.
Can anyone provide more info on the following HL LA groups?
Bumping this in hopes that sometime can provide more information on the following two groups:
anyone got comp numbers??
are apps open for 2021 SA yet?
lol, 2021 recruitment is nearly done at HL
RX is done, CF is just starting up their accelerated process this week. I've heard they are doing an accelerated process over the next couple of weeks to skim top talent before it's taken by other accelerated processes, then they'll run a second process in the fall to fill in their last couple of spots.
Any insight on the LA office Corpfin in deal flow/exits/rep
Any info on the Chicago office? Is RX on par or close to the same experience as New York?
In my experience, most of the socially awkward folks Can be found at HL
Can second this for LA and CHI offices.
One kid I know, brilliant, very high GPA, knew technicals better than everyone got rejected from a ton of firms. Knew a few people that interviewed him, and they all said he was boring/socially awkward. Ended up at HL
Info on LA/SF CorpFin in terms of experience compared to other MMs?
Any info on FT groups at Dallas office?
Worked with them on a debt placement when I was in banking (they were advising the sponsor on the debt financing for the deal and my bank was M&A advisor on the deal) and went to their offices for the lender presentations. Was very impressed withe quality of their MDs and as someone on the buyside, I'd be happy to work with them again. Understand everyone worships their RX group but I have to reiterate how impressive the senior team I worked with was
Can anyone speak to the Houston office? Aren't they technically part of the Financial Restructuring Group? Curious about reputation.
Very new group - exclusively focused on E&P restructurings to my knowledge. Been on energy restructurings with NY and Dallas HL offices on the other side, so really not sure how deal flow is split between the offices, but I'd imagine the more technically intensive debtor sides are run out of Houston.
Obviously with HL FRG's rep, its a solid option, but I would probably choose a more established EB over it.
Read from some other online posts that HL's comps/bonuses for CorpFin and other non-RX groups are actually significantly lower than regular IBD (closer to management consulting compseven) Can someone shed some light on this?
Haha this is not true. I was in the CF group. Bonus is higher than BB and comparable to EBs, (though lower than Qatalyst, Centerview etc.)
Emphasized.
Have friends in HL CF and can confirm that bonus is definitely higher than those at BBs
Just gave analysts a 5k base pay raise + protected 24hr on weekends + 10 vacation days which is lovely
Did you see that on Insta?
twitter haha
Anyone know how strong the Atlanta or Miami offices are?
HL ATL has a good business services group and some advisory services. Small office though.
I would only work at HL for their restructuring platform. RX at HL is practically a different company and the sr ppl are better. Every other group is not leading and some offices have nepotism. Rx is only located in LA, NYC + Minneapolis I believe
Agree. Weird how a bank can have such a strong group and then much less impressive stuff
Don't think Miami is that big an office rn - might hire local students and are trying to build it out more.
HL vs. CS/UBS/RBC vs. Jefferies? In the lateral process with all 3, and it's for their coverage groups
I'm coming from a mid-BB DCM - trying to move internally as well but much tougher said than done lol
In my humble opinion. I could be very wrong and out of touch with reality but some thoughts to hopefully help:
HL - low-key (lol pun without intending), smart people can be intense place at times
CS - euro bank but with first Boston legacy nice smart people can do big deals for sure not sure how big in us mm they are though because prob uses balance sheet heavily in Us business but idk for sure
UBS - maybe like a cooler version of CS, a little more euro maybe more wealth focused but idk
rbc - Canadian? I think big in tech and solid for sure quality, nice people also smart for sure like any bank
jefferies - kinda feels like a frat house sometimes obv smart good people as a bank has a distinct, confident culture def can be a powerhouse but can also be just kinda Jefferies and drums to it’s own beat maybe as opposed to maybe joining in the broader industry I think they may take different views on Dodd-Frank and their regulatory requirements than the other BB’s which kinda keeps jefferies as a MM but with like a BB type Balance sheet
all seem like solid options obv this is just some info to help in your process. Good luck!!!! Congrats on getting that far wishing you the best
If you got nice DCM exp which sounds like you do, I would think HL might be recruiting you hard hopefully. When I was last there in 2019 some of the strategic focus / growth for the firm was bulking up its cap markets capabilities. Sounds like you may be a great addition to the firm! But idk so much. Haha not my decision. Good luck either way. Always nice to have more people join the HL alumni network or the like
Good luck on your potential internal move too if that’s what you want. Hopefully mid-BB DCM has been good for you! Good luck either way friend
Any current employees have an idea if management plans on re-upping base? Considering at An1 they are now $10-25k below MM peers like Piper / Baird
Didn’t they already up to match street? Did Piper and Baird lift salaries even higher? If so, I would think HL and the other banks may decide to lift again to match or beat unless they want to start taking the GS discount view…. I’m not running these places but just some questions / thoughts. Also curious as well. Maybe I should try to ask some of the current employees there for you if I can?
Anyone have any insight on HL's TMT team? Saw they made a recent acquisition of GCA which would increase their capabilities abroad and in Tech. Thanks!
HL's current tech team is still very weak. I interned at GCA last summer, and while GCA has solid MM tech deal-flow and my former co-workers at GCA are relatively optimistic about the acquisition they still have little information on the integration efforts post-acquisition, and there's always some concern about turnover during an acquisition.
Appreciate the insight. Thanks!
What about it makes it weak? And how does it compare to other middle market firms like HW/RJ/Lincoln/Piper in tech? RJ seems to be doing very well in tech along with HW
Excuse me for asking this stupid question:
Is it pronounced as "huuulien" or "huuulihan" lokey?
HL really needs to fix its nepotism tho if it cares about its rep.. not sure why a MD can hire his son that don't even know what a DCF is
Is HL worst than other banks?
In terms of nepotism? Can't say exactly bc I have not worked everywhere. But at HL there at a handful of MDs who hire relatives/kids/family friends who are incompetent and everyone knows
How’s the internal mobility? From a non-IB groups to IB
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