What are the top restructuring/distress debt advisory teams on the street for 2020 Summer Analyst recruiting?

I was looking into a ton of different firms: Miller Buckfire, PJ Solomon, Ducera Partners, TRS Advisors, Centerview? Where do these stand compared to some of the more established players? (Lazard, PJT, Evercore, Jefferies, etc.) Ranking would be great.

Comments (26)

May 24, 2019

RX-prospie, sorry about the lack of response. Maybe one of these topics will help:

  • 43 Diversity Recruiting Programs at Investment Banks- The Most Exhaustive List offered by firms on the street so candidate are aware of these opportunities. As new opportunities ... covered by the firm) for presentations, workshops, and networking events. Introductory programs are ... a good impression. Ask questions when the opportunity arises, brush up on the firm / recent news for ..
  • Corporate Development: My Experiences and Background Corporate Dev M&A- One of the core responsibilities of Corp Dev is to drive and manage the acquisition ... company is to provide financing for all of the various acquisitions, development projects, and corporate ... Corp Dev. In the past, I was responsible for providing forecasts for all of our operating
  • What are the most relevant Non-IB junior year internships to recruit for IB Full-Time? currently weighing my best next options in order to stay relevant for FT recruiting next summer. Below is ... other strategic alternatives for internships. Obviously the brand name of the company you intern with ... As 2019 SA IB recruiting wraps up at most places, I have found myself still without an offer.
  • Goldman Sachs SLC IBD Overview for summer '18). The intern classes are growing, but I expect that there will still be ... flexibility. As long as you are staying on top of your teams, it is much easier to sneak away to the gym or ... recently, but for the most part, these are people who got into finan
  • SA and Full Time Recruiting 2020 thread my university's program for select students pursuing careers on the street. The general ... Wanted to better organize the 2020 recruiting here instead of my previous post. @AndyLouis Current ... 2020 SA Info: champagnepaki: Not really. Sure the WSJ article from this past Fall brought awareness and ...
  • Corporate Strategy vs Corporate Development described as an internal M&A team. Pay and lifestyle in corp dev are similar to corporate strategy, so ... CFO, senior leadership team, and board. What exactly do the above functions entail? Below are summaries ... between the two? Corporate strategy groups are like an internal
  • Ranking the Douchiest People You Will Meet On Wall Street by Where They Went To Undergrad doesn't display contempt for. "You know, you and I are the only ones in this Analyst class that ... tenure. The key is to allow the HPY Kiss-Ass to fall on his sword. Chances are, he'll end up doing ... the least hard worker, yet the most well liked by the Senior Analysts.
  • More suggestions...

Hope that helps.

Jun 24, 2019

The top firms would be HLHZ, PJT, LAZ and MoCo in terms of sheer deal flow. I came from a firm that just lagged behind them (EVR/GHL/PWP/Ducera) and thought it was a generally good shop for energy debtor deals and senior creditor (Term Loan advisory) but didn't get to see as much fulcrum/AHG experience. I got worked hard which also sucked...

Names that people focus on less that I'd recommend are: Ducera (I like these guys when they give us pitch decks), JEF (slanted towards UCC work), EVR (big group and get worked hard), GLC (smaller creditor-side boutique) and GUGG (absorbed the Milstein group that's had good debtor mandates for a smaller group but unclear of recent engagements).

I would avoid GHL, Rothschild, any of the operational groups (Alix, A&M, FTI), big four firms and generally the firms that have no mentions on Reorg/Debtwire (the experience probably directionally trends to smaller middle market or insignificant roles on debtor/"key creditor" mandates). Of course that's relative...these aren't bad places and are still incredible opportunities in their own right but they may lack in general placement (ie more ppl going to private credit / non-distressed vs. MF PE/top distressed funds), more pitch work, less consistent deal flow, lower pay etc. I would say the culture at top firms can vary quite a bit - try to find ex-analysts to give you an idea of what 2-3 years at a place will be like.

https://thesource.refinitiv.com/thesource/getfile/...

    • 3
    • 2
Most Helpful
Jun 24, 2019

Completely agree with this. These are my thoughts and rankings (based off of personal experiences and talking to current analysts at many of these firms):

Tier 1: PJT Partners, Houlihan Lokey, Lazard
Tier 1a: Moelis, Evercore
.
.
Tier 2: Ducera, Rothschild, Centerview, PWP
Tier 2a: Guggenheim, Jefferies.
Tier 3 and below: Everyone else

PJT, HL and, Lazard have been killing it recently with their restructuring practice, and they always have the best exits. Moelis is also up there with the pack, but I've heard mixed opinions about the firm and how internal conflicts have worsened the atmosphere and reputation. Evercore's RX practice has been climbing the ranks, and they also have the manpower to crank - still produce some of the best exits on the street. From there, I would argue there's a noticeable gap, with Ducera, Rothschild, Centerview, PWP, Guggenheim, and Jefferies. I can't speak much on the firms beyond Evercore, but I hear Guggenheim is rapidly expanding its RX practice so that will be something to look out for.

Just based on my experience with recruiting, PJT and HL have been the cream of the crop at target schools. Outside of the reputation, exits, and talent at both firms, they also have a great culture. In terms of deal flow, I would say it varies - HL has been expanding its RX practice across regional offices (Minneapolis, Dallas, Houston, Chicago) so I would say LA/NY get the most, but this varies on the market/industry outlook. PJT has its primary New York office, but it's rumored that they're planning on opening more regional offices across the states. From an exit perspective, any of the top 5 firms listed will most likely open any door you want given you put in the work, especially PJT with it's fixed two-year analyst program. I admit I can't elaborate on much of the other firms below, but I'm sure they have great practices as well, but they have less deal flow and even less comp.

These are just my opinions and thoughts so take it with a grain of salt - it's best to get multiple people's opinions for sure

    • 5
    • 1
Jun 25, 2019
  • Prospect in IB - Gen
Jun 30, 2020

.

Jun 25, 2019

I would argue that those who don't work at the top RX shops tend to have it a lot harder. The league tables posted by DistressedFund123 give you a pretty accurate breakdown: HL/PJT/LAZ are top dogs. EVR and MoCo come in right behind them, and everyone else after is constantly working their tail off.

Can second that the top 5 RX groups are definitely expanding their regional offices, mainly in TX. Evercore has been the top dog, both M&A and RX focusing on midstream - they're heavily recruiting from targets now as opposed to the standard TX/OK for Energy groups so that's a big shift in the dynamic. Moelis Houston has done some great RX work and HL has been growing both its Dallas and Houston groups with great people (cyclical industries=wins). PJT will be a part of that mix soon as well so it's interesting how this will play out - it's about time their O&G/RX group stops working out of NY.

    • 2
Jun 25, 2019

Has HL Houston added people recently? Have never seen them on anything

Jun 25, 2019

New and lean group that's brought in top notch MDs and relocated people from NY. Pretty sure they're recruiting SA2020 as one of the top students from my target signed, but I don't know where they are in the process. Most likely also recruiting laterals just to build out the group some more.

    • 1
Jun 25, 2019

Probably worth noting that HL RX and PJT RX are both done with SA 2020 recruiting, as far as I'm aware. Lazard doesn't recruit directly into RX, they hire for a M&A and RX rotational summer analyst role.

Array

    • 1
Jun 25, 2019

I know PJT RX finished, but I believe HL RX is still recruiting for its regional offices outside of LA. Lazard and Moelis run generalist M&A/RX programs, but I believe placement into RX is based on performance (?), where the top SA go into RX unless they extremely prefer M&A

Jun 25, 2019

Moelis is generalist throughout both intern stint and FT. For those interested in working within RX, they would simply communicate that over to their staffer.

Jun 26, 2019

You can also look into Laz Chicago which has an RX specific summer analyst program as well as full time.

Array

Jun 25, 2019

Anyone have additional information on Gugg?

Jun 29, 2019

Can we get an update on which RX shops are definitely done and which ones are still recruiting?

Jun 29, 2019

Lazard, PJT, and Guggenheim are definitely done. Moelis generalist starts interviews next month, HL has few openings left, Evercore still recruiting, and idk about the rest

Jun 29, 2019

Anyone can comment on HLRX's Dallas office?

Jun 29, 2019

Has not started unless accelerated from my understanding. Be wary - heard none of the UT kids got returns last summer...

Jun 29, 2019

How's their deal flow and culture? They took 2 SA from my school last year and both are going back full time

Jun 29, 2019

deleted

Jul 1, 2019
Comment