Houlihan Lokey RX vs Bulge Bracket

yinyangwso's picture
Rank: Monkey | 46

hi everyone,

i wanted to get thoughts on HL's restructuring group for a summer internship. wanted to know what the pros/cons would be versus a larger bulge bracket type internship?

hours, culture, exit opps, etc?

Thanks!

Comments (11)

Feb 11, 2013

top creditor-side shop, dont know of any BB that do RX, so if that is what you want go HL
exits to distressed pe/hf commonly

Feb 13, 2013
pixel214:

top creditor-side shop, dont know of any BB that do RX, so if that is what you want go HL
exits to distressed pe/hf commonly

FYI- GS does RX coverage for EMEA out of London office

Feb 11, 2013

MS does restructuring...

Feb 11, 2013

One thing to remember about Houlihan restructuring is that although they are a top shop, they mostly do creditor side representation. Typically, a lot of these transactions are less interesting because you end up fighting over pieces of the pie rather than actually trying to restructure the firm and getting to see it from an operational standpoint. I didn't end up going to my superday for Houlihan, but I really liked my interviewer for the first round, and obviously, restructuring is a great space to be in - especially in this economy. I've heard the hours are generally better than a bulge bracket, and I've also heard that they're a little bit more laid back culture-wise as well.

Feb 12, 2013
bigdecisions:

One thing to remember about Houlihan restructuring is that although they are a top shop, they mostly do creditor side representation. Typically, a lot of these transactions are less interesting because you end up fighting over pieces of the pie rather than actually trying to restructure the firm and getting to see it from an operational standpoint. I didn't end up going to my superday for Houlihan, but I really liked my interviewer for the first round, and obviously, restructuring is a great space to be in - especially in this economy. I've heard the hours are generally better than a bulge bracket, and I've also heard that they're a little bit more laid back culture-wise as well.

- True about the creditor side - you'll find that BX and LAZ typically do the debtor side.
- Not sure I'm sold on Restructuring being better in this economy as big M&A deals are starting to come back and with interest rates so low.

With that being said, I would base this decision on culture (which I've been told is pretty distinct in this group) and whether the Restructuring space interests you.

Feb 12, 2013

I definitely agree that restructuring isnt as hot as it was, and that m&a will pick up in the coming year given large cash balances. Thats also a part of my concen

that being said, i love the culture and restructuring/distressed debt interests me, so i may just bite the bullet here

Feb 12, 2013

Restructuring is cool in that it's a bit counter-cyclical and a unique skill set, but I think it's fair to say the restructuring wave is over. It peaked a few years back at the height of the Great Recession and by now, everybody has restructured and re-financed. Obviously there will always be firms that get themselves into trouble, but I think we can stop saying "Restructuring blah blah blah in this economy.

Keep in mind that RX, especially creditor side, is a unique skill set that is maybe a bit more limiting than M&A or coverage banking. It is a better ticket to distressed debt HF/PE though - so if that's what you're into...

Feb 12, 2013
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