Houlihan Lokey Restructuring (London)

temasek2012's picture
Rank: Chimp | banana points 7

Can anyone shed some light on the Financial Restructuring Group of Houlihan Lokey in London? I know they are a sweatshop but what about the exit opportunities?
Do a lot of Analysts move on to top funds (both HF and PE)?

Thank you!! Silver Bananas for anyone who can provide me with good information :)

Comments (17)

Oct 11, 2011

Bump!

May 20, 2012

I'd like to know too.

I assume hours are always >90h?

Is their FRG equally as good as Lazard, BS and Rothschild?

Best Response
May 21, 2012

Better than Laz, BS and Roths however you're only gunna to to HLHZ for RX whereas the other elites are solid for M&A too. Other elites leverage their contacts to do the RX whereas HLHZ have no prior relationship with the client and still get mad dealflow. Those muthas at HLHZ did the Monier deal which was badass! Exits are top, highly respected by the buyside(do a good old linked in search for specifics but there are guys at apollo, elliott, fortress, etc.)! People are very friendly. Hours are brutal, spoke to an ex director from there, said two associated were wheeled out to hospital from their london office.

    • 4
May 20, 2012

Thanks a lot!

They must have exchanged a few senior guys by now then, a guy told me that the culture was horrible 2-3 yrs ago because of few MDs in that group, thats why he and several other guys left after a few months.

I guess ppl getting wheeled out is not HLHZ specific issue, more the nature of the industry. I worked as an analyst at 2nd tier IB until recently and we had guys getting picked up from paramedics too. Not everyone is made for these ours..

May 21, 2012
PalmMonkey:

Thanks a lot!

They must have exchanged a few senior guys by now then, a guy told me that the culture was horrible 2-3 yrs ago because of few MDs in that group, thats why he and several other guys left after a few months.

I guess ppl getting wheeled out is not HLHZ specific issue, more the nature of the industry. I worked as an analyst at 2nd tier IB until recently and we had guys getting picked up from paramedics too. Not everyone is made for these ours..

Yea from what I've heard MDs aren't good at sharing updates on deals and do have quite the you monkey me big dog MD stance, so as an analyst it's hard to keep track of the process and you're less involved which ultimately is detrimental to your learning experience. this snippet was however told by someone from a rival bank's RX team.

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Jun 23, 2012

hi guys

any update on this? i've heard a lot of the juniors have left and they are trying to make the place a little more user friendly. does anyone have any intel?

thanks

Jun 23, 2012

From what I know about the group it is a brutal place to be. But, they compensate extremely well (above the street) and I know analysts who were poached by top funds after one year. However, from what I know about the London office, the senior bankers have no regard for your personal life whatsoever.

Jun 23, 2012
May 20, 2012

Agree with Emics. I know that even seniors work up to 90h, so you're definitely working your ass off as a junior. HL is known for being a sweatshop. Restructuring is one of the toughest sectors to be in at the moment. It's a bit better than other groups when economy is doing well, but I cant remember seeing that since 2007 and neither would I expect it anytime soon.

Jun 23, 2012

Interesting. Does anyone have anything else?

Also, does anyone know anything about bonus figures as % of base?

Jun 25, 2012

Yeah, they are unfortunately known to be a sweatshop like Lazard- but also pay very well. I have interviewed with them and people across all hierarchies are indeed very friendly. Lately they have also made some excellent appointments to their London corporate finance group such as Sola, the former European Head of M&A at UBS and Winninghamm, the former head of Asia M&A at Citigroup. I am currently working for a BB, but I'd really like to work for them in the future, since HL has a great reputation especially amongPE shops. Also, while still not a very well-known mainstream name like most boutiques, they organized the renowned WSJ CFO Network with Deloitte today in WDC, so I guess they are becoming more famous. ; )

May 20, 2012

Bonuses used to be up to 100%, but that's more or less the past, which makes sense given general bonus level in the city has dropped over the last few years. Re Laz, you still work hard and getting paid below market, but I understand hours are not as brutal as HL and it's friendlier. Apparently Laz just lost most of their associates in their restructuring team, after having also lost few analysts earlier this year who left IB for good. It pretty much comes down to what you want..

May 21, 2012
PalmMonkey:

Bonuses used to be up to 100%, but that's more or less the past, which makes sense given general bonus level in the city has dropped over the last few years. Re Laz, you still work hard and getting paid below market, but I understand hours are not as brutal as HL and it's friendlier. Apparently Laz just lost most of their associates in their restructuring team, after having also lost few analysts earlier this year who left IB for good. It pretty much comes down to what you want..

Yea 2 analyst, one corp dev, one no longer finance.

I would also say that with all the press Laz have been getting, their pay may no longer be at the level it once was. In addition, their rep in the city / buyside is poor, they may get good mandates but they still have a bad rep (and by rep i mean do poor work).

Jun 26, 2012

Can anyone speak about the exit opps from HL's London restructuring group? Any specifics would be extremely helpful

Jun 23, 2012

I've heard of a few guys going to top funds. A friend works in HY / distressed sales at a bulge bracket and most of his clients are hedge funds. He says a lot of the PMs have HL FRG backgrounds.

Jun 27, 2012

Do you guys believe that Restructuring in general is a "tougher" product group than M&A? Are the assignments/pitches more technical/challenging?

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Jun 26, 2012
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