I am wondering if anyone has heard of a restructuring shop called Province. It seems like they have been on a number of UCC mandates -- can anyone provide some color on the firm and how they are regarded in the space? Their website for reference: provincefirm .com
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Interviewed with them a few months ago and would advise you to avoid. One of the MDs literally said to get ready for 100hr weeks while getting cursed and was just an overall dick. Before anyone calls me a pussy, the 100hr weeks weren’t the problem, it was just the overall culture. Also, they have you take a pretty difficult 3 statement LBO modeling test.
Hey bud, Could I DM you?
Can't speak for the culture, but they're basically the cheaper option to go to for firms vs. the 3 usual suspects (Alix, A&M, FTI).
Thanks, so you are of the opinion that they mainly do turnaround consulting type work? How does this differ from a more standard RX group?
Can't speak to their rep, but their first interview is usually to weed out people. I know a few people who work there and it is not as bad as the interview. From what I hear it also depends on the office you're in, they have one in Las Vegas and one in Miami, not bad locations if you ask me.
Currently an employee at the Miami office. Overall I'd say I absolutely enjoyed my time here. I love working with my team, and I'd describe the culture as pretty laidback, until its time to grind (admittedly a regular occurance).
As a brief introduction to the company, Province provides financial advisory services to parties within the bankruptcy process, as well as company-side advisory prior to the process. Primarily, Province has focused on representing the Unsecured Creditors Committee (UCC), but have expanded to representing the company, lenders, and equity committees in recent years.
Speaking to an earlier comment, the MD's can come off a little strong, but they mean well and do care about the team. We've had a few past-employees who weren't able to handle the hours or responsibilities, so the first interview is intended to be fairly difficult. It's a 3-statement LBO model to be completed in 3 hours. Hard, but absolutely doable if you know your stuff.
The hours are long, especially given COVID's effect on the pace of bankruptcy filings, but for the most part its fullfiling work. Due to the boutique size, you get far more exposure to parts of deals that would normally be allocated to a more senior member at larger firms. Its industry agnostic, but certain offices due have a tendency to focus more on speicific sectors (For example, the Baltimore office tends to have a strong focus on healthcare). If you can stomach the hours (usually 60-80/week, 100+ is rare but not unheard of) and feel comfortable with being assigned tasks you've never personally done before, then I'd highly recommend it. The compensation is competitive, and advancement feels faster than other firms as long as you prove yourself capable.
Thanks for this - very interesting. Based on the website, "senior associates" seem to have between 3 and 14 years of experience, with some having joined from IB / PE gigs.
Could you provide any insight into the compensation and give any context to job titles? Would be very interested to see how this compares to other opportunities.
Can you share more about the LBO model test? Is it a paper LBO or full model case study from scratch? Also any good tips on where to find good study materials?
How's comp?
Of course. To answer your first question: The wide experience range seen in our Senior Associate pool is primarily due lack of significant restrucuturing experience. At the Vice-President and Director levels, there is an expectatation that at those levels you should be able to run point on the majority of a case (or even a whole case in smaller filings). To that point, new hires who would ordinarily qualfiy for that level of responsibility, but lack the industry specific experience, will often be brought on as Senior Associates with the expectation that as they demonstrate the competency to handle these responsibilities they will quickly rise to the appropriate rank. I've personally witnessed this happen in as little as a year.
Job titles are structured slightly different than ordinary, most likely due to a relaxed structure at the firm's inception. The progression is Analyst -> Associate -> Sr. Associate -> VP -> Director -> Sr. Director -> Managing Director. I'd say Analysts are roughly equivalent to "Summer Analysts or Analyst 1's". Associate would be A1 - A3. Sr. Associate would be the equivalent of an Associate at a standard investment bank. From that point on I can't really say accurately how its applied.
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