Restructuring hours?

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

Restructuring investment banking hours

Average hours in a restructuring group at a top restructuring shops like

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.

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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.

 

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).

 

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.

 

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.

 

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.

 

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...

 

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.

 
Connor:
100-115

Why has someone thrown monkey shit at this guy, he has his facts pretty straight.

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