My search of the forums revealed one or two vague bits about hours in restructuring. Can anyone knowledgeable about restructuring give me some idea of the hours per week in a typical week, and also the range? Assume a firm like Blackstone
Average hours in a restructuring group at a top restructuring shops like
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Imagine trying to put together and syndicate a DIP package over a weekend.......
laz and blackstone don't do restructuring financing
Really? Hmm... Weird- I know for a FACT that Lazard Blackstone are T5 in Restructuring. HLHZ, MBuckfire, Rothschild round out the T5...
As far as hours, it really depends on the economy. When times are good, restructuring hours aren't too bad (think 60-80/wk.). When times are bad, they can be as bad as M&A hours. I would say the average week is about a 70-75 hour week, overall. It looks like restructuring will get a lot of dealflow in the coming future, so definitely expect 100 hour weeks to be common.
.
I've heard 70-80 up until recently. The bigger shops have been really heating up since the credit crunch. Expect 90-110.
i worked in restructuring at Rothschild in 2002-2003 (95% live deals). averaged about 90hrs a week for 2 yrs. some weeks were 70hrs, others were 120.
the restructuring shops reach out to bigger banks for the financing aspect of a restructuring package
mschutzy knows what he's talking about. 90-110 is because of this recession we're about to hit. I wouldn't be surprised if it hit 120 on some weeks. Those of you who are looking for some good money, Restructuring will be a hot commodity in the next 2-3 years.
how does Europe's restructuring practice look now or in the near term?
Restructuring is still investment banking. Hours on all levels average what they do on the healthy side, although in reverse economic conditions. When things are busy, realistically think 90-100 for an analyst (there are always outliers of course), and 80-90 for Associate. Things will be busy for a few years so no need to worry about "slow" hours.
Money works the same way, except you get nice bonuses when asset prices (real estate, stocks, etc.) are down and therefore your money goes farther. In addition, you are in high demand as restructuring is relatively specialized (even at the analyst level).
nrc, thanks for the input...are you in restructuring??
bankruptcy league table??
sounds like a load of bs
There's also the lose-lose side of things to consider.
hmm, i dont see it. Please elaborate. More exit opps then M&A analysts (HF's love restructuring guys - credit, distressed and l/s), get paid just as much in good times, more in bad times. The modeling is infinitely more complicated than any M&A model, hence why pe guys love them too. Think about it, a recapitalization model is essentially a dynamic LBO model without the IRR built.
This is all based on the assumption that you are doing restructuring at blackstone or lazard (all bets are off if you're talking about anywhere else). There are so few of them on the street. They'll be there sprinkled in with the rest of the top groups in the first wave of pe/hf interviews.
obviously, i'm referring to the the short-run/mid-run outlook which implies that we'll be seeing a lot of distressed companies very soon
Lots of very prestigious shops are gearing up for restructuring now.
GS is starting a group. Evercore's ramping up. Perella Weinberg bought Kramer Capital about a year ago.
These groups and Mbuckfire/Bstone/Laz/Evercore should all give you phenomenal exit ops to the top PE/HF shops. A step below doing GS TMT, from what one MD told me.
I would agree with this comment, save for the MD's comment about "a step below." Both Lazard's and Blackstone's exit opps to the top PE and HFs are outrageous. In each place, any guy that went to PE, went to an absolutely top 5 shop. As for hedge funds, its naive to rank the funds, but every guy that went to a hedge fund went to one of the larger funds that most people have heard of - think TPG Axon, Perry Capital, Tiger, etc.
sorry, duplicate posting
i heard hlhz has a good restructuring group, how does its exit ops look?
opps
I don't know Houlihan gets left out of these discussion about Restructuring. In the Bankruptcy league tables Houlihan is currently #1 with Lazard and Blackstone coming in at #8 and #10, respectively (based on # of deals currently). Of the largest restructuring deals in recent history, HL has been on 19/30 of them.
where are you getting this information from?
HLHZ may have a strong restructuring practice, but you can't beat the prestige of Laz/Blackstone/Greenhill
with restructuring sorry to state the obvious, but restructuring ni diff parts of the world require understanding of dif legal infrastrucutres ... hard to be a global player in that...can you even be a global player?
top 5 shops...hlhz, lazard, blackstone, rothschild, mbuckfire??? (not in this order necessarily)...any disagreements on that? and if not, which shop would give the most exposure to the deal as an analyst?
MBuckfire, HLHZ, Lazard, BX, and Rothschild are T5... Confirmed
(duplicate entry) apologies
Comments on a few of the things discussed
Regarding an original posting about financing - yes, the restructuring advisors do not have balance sheets, but they are the ones negotiating all of the terms of the financing with a BB who is ultimately going to syndicate. The syndication (or lack of it today) is easy. Terms are finalized and its just a bunch of salesguys making calls and taking orders. All of the work has already been done between the advisory firm and the lev fin guys at the BB.
Good luck to all...
How about in Europe? it seems that there are so lttle restructuring deals going on in Europe.... why is that? and what are the rankings for the restructuring houses in Europe?
thanks
Does anyone know if the hours differ if you are in the restructuring group within a big insurance company?
all creditor side, you'll be restructuring the insurance companies investments only, hours will be better, maybe 70/wk.
Thanks turnyasystemup; you wouldn't happen to know anyone in such a group would you? I'd really like to be able to talk to them. (I was extended an offer by an insurer for their workout group and just trying to make an informed decision). The pay is pretty great but if the hours are crazy then I'm just setting myself up for failure in the long run.
HL Restructuring hours? (Originally Posted: 04/01/2012)
Can anyone tell me what the hours are like for a 1st year associate at HL restructuring? Has restructuring cooled down a bit with the economy picking up? Thanks!
100-115
Why has someone thrown monkey shit at this guy, he has his facts pretty straight.
Restructuring is notorious for having the worst hours because the stakes for the client are higher than in a normal M&A and deadlines are externally imposed
Lots.
Restructuring hours in this market (Originally Posted: 03/09/2009)
What are the average hours per week you have worked in the past few months? My firm doesn't have a restructuring group, but I have heard restructuring hours right now are what I had always expected to endure in M&A before the recession started.
i heard from my friend around 100 - 110 hours, he's in la top restructuring group.
70-90
Any other restructuring folks?
my friends at a top restructuring shop have been doing 90-110 pretty consistently
90-100 hours... havent had a REALLY brutal week in some time now (consistently working till at least 2 AM almost every night, 12 hrs each sat and sun).
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