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The culture is very friendly and smart. It’s a very selective and tight-knit shop given its size, but it’s growing significantly (in size and market share of advisory deals, TYD ahead of PJT, CVP, and MOE). I’ve seen solid placement from all groups (MF, UMM, and HF for 20 man classes).
Specifically for group selection, I’d go with what you’re interested in, and/ or whatever is the most respected industries across IB. Also have heard from friends at the bank that you can have a generalist experience, where you can cover multiple industries and Rx. I don’t work there, but this is what I’ve consistently heard about the place. Also great pay, Good luck!
Can confirm ^. I’d say this is the place to be other than GS and EVR. If I could go back a few years, i would have taken over PJT/ Moe/ Laz. The pay and culture is great, with the same exits. Congrats!
Really laid back people and super smart at PWP, you won’t find nearly as many sweaty hardos as EVR/MOE/LAZ.
Agreed
Does anyone have any info on their tech group in NY? Looks like most of tech is in SF. Would love to hear about culture and any anecdotes even for SF tech.
The TMT group in NY was completely dissolved in summer of 2020. PWP no longer operates a NY TMT practice of any kind - I am not sure what the details are.
What? Can anyone confirm or have any details?
There was never a TMT group. PWP used to not have industry groups and it was just m&a generalist in NYC. PWP is strange in deal staffings and groups. Ex: Restructuring was staffed on the discovery transaction
I have friends who have been at PWP for many years. The firm has deteriorated since going public, and it's unfortunate since it used to be a great place to work. Junior turnover is at all time highs, with mass numbers of analysts and associates resigning each month. The firm is struggling to retain junior folks, and I think it's because quality of deals have gone down in an effort to bring in as much revenue as possible each quarter (since de-SPAC and new earnings pressures). Even looking at the firm's selected deal transactions on their website, you can see an increasing number of <$100M transactions rather than large cap blockbuster deals. Most of my friends have left the firm, and it's a huge bummer for their culture going forward.
That’s disappointing to hear
That’s not necessarily true. Juniors are leaving all banks across the street. It was a rough (culturally) year for any bank doing deals; 2021 was an insane year for deals (and 2022 will be down across the board, even at GS/MS). This is a key reason why PWP had massive deal size and volume in 2021 (3rd overall boutique: trailing EVR and CVP, far ahead of PJT, Lazard, and Moelis. The growth trajectory and prestige of the firm are at the greatest point since inception. They also added a massive amount of juniors and partners over the past year, as well as many internal promotes (this alludes to their enticing culture and attractiveness of the firm to an array of bankers).
Just my two cents, hopefully this gives some more clarity. All groups in NYC, aside from maybe Tech/Fintech (media is ran out of SF), will give you great pay, M&A exposure, and exits.
Thanks for the perspective! I like hearing other people's opinions.
The growth trajectory and prestige of the firm are at the greatest point since inception. I have to disagree with this. The Industrials and C&R teams have lost almost half of their juniors in the last 8 months, not to mention the dissolution of an entire industry group (are there other global M&A-focused investment banks that do not have TMT?). I think if you spoke to juniors there, you would be surprised at how low the morale is.
Hopefully this is not the case, as it would be a very sad degradation of a previously great firm! Agree that pay and exits are great at PWP.
Can you provide color on why aside from Tech/Fintech? I thought they had a good relationship with Paypal
Currently an analyst interested in staying in banking as an ASO. Is PWP a good place to go if you want to be a career banker? Separately, Perella and Weinberg are getting pretty long in the tooth; do you think the firm will go downhill à la Greenhill once they fully retire / pass away?
Nope, I think they’ll be fine. Expansive partner list: check it out, all ex global heads of GS, JPM, and MS. Great pay, first year associates made over 350k last year. Great place for a career if you don’t want a career at CVP
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