The Major RX Firms: PJT, Houlihan Lokey, Evercore, Lazard, Moelis, Guggenheim, PWP

Introduction

The restructuring league tables look nothing like the M&A rankings that dominate Wall Street headlines. Bulge brackets like Goldman Sachs, Morgan Stanley, and JPMorgan, which lead global M&A advisory, are nearly absent from in-court restructuring work. Instead, a small group of elite boutiques dominates the practice: PJT Partners, Houlihan Lokey, Evercore, Lazard, Moelis, Guggenheim Securities, and Perella Weinberg Partners. These firms have built specialized practices over decades, developing the expertise, relationships, and conflict-free positioning that restructuring requires.

Understanding which firms lead restructuring, what each is known for, and how they differ is essential for anyone targeting the practice. The choice of firm shapes deal flow, skill development, compensation, culture, and exit opportunities. This article provides a comprehensive mapping of the major restructuring advisory firms: their tier positioning, debtor versus creditor specialization, recent performance, and what candidates should know when targeting each.

Before examining individual firms, it is worth understanding why the restructuring league tables look so different from M&A. The answer is structural: conflicts of interest.

Most major restructuring engagements involve an adversarial dynamic between the company (debtor) and its creditors. The debtor hires one bank; the creditors hire another. The two sides negotiate over limited value, and the banks advocate for their respective clients. Bulge brackets that maintain lending relationships with dozens of public companies face daily conflicts in restructuring. If Goldman Sachs advises a company on its Chapter 11 filing, Goldman's syndicated loan desk may hold that company's debt. If JPMorgan advises a bondholder committee, JPMorgan's corporate banking relationship with the debtor creates competing loyalties.

Conflict-Free Positioning

The structural advantage that independent advisory boutiques have in restructuring because they do not maintain lending, trading, or principal investment businesses that would create conflicts with advisory mandates. A conflict-free bank can advise either debtors or creditors without concern that other parts of the firm hold positions in the situation or maintain relationships that compromise independence.

Elite boutiques, with no balance sheet and no lending business, are conflict-free by design. PJT Partners spun out of Blackstone specifically to achieve this independence. Houlihan Lokey, Evercore, Lazard, and Moelis have always operated as advisory-only platforms. This structural advantage allows boutiques to take mandates that bulge brackets cannot, and over time, the boutiques have captured the vast majority of restructuring market share.

The result is a league table where Houlihan Lokey leads by volume (83 global distressed debt and bankruptcy restructuring deals in 2025, roughly 50% more than the next competitor), PJT Partners leads on flagship debtor-side cases, and the bulge brackets are relegated to occasional creditor-side work or situations where their specific industry relationships outweigh conflict concerns.

The restructuring market divides into three tiers based on deal flow, league-table position, and where the largest debtor and creditor mandates land. The boundaries are fluid (a firm can move between tiers as senior bankers join or leave), but the positioning has been remarkably stable through the 2020-2025 cycle.

PJT Partners has built its restructuring practice into one of the most prominent on the Street, consistently winning large, high-profile debtor-side mandates and commanding premium advisory fees. The firm's Restructuring and Special Situations group is led by industry veterans and has advised on some of the most significant bankruptcy cases of the past decade.

Market Position and Recent Performance

PJT closed 2025 with record financial results: full-year revenue of $1.714 billion, up 15% year-over-year, with the fourth quarter setting a quarterly record at $535 million led by restructuring and PJT Park Hill. Adjusted EPS reached $6.98 for the year against $5.02 the prior year, with full-year adjusted pretax margin at 20.8%. The run continued into 2026: first-half revenues of $904 million were up 24% on the prior-year period, another record, with restructuring contributing alongside strategic advisory and private capital solutions.

PJT closed 55 deals in the LSEG 2025 global distressed debt and bankruptcy restructuring rankings, second only to Houlihan Lokey. The firm's strength is less about volume than flagship case selection: PJT consistently leads the largest, most complex debtor-side mandates, where advisory fees can reach the eight-figure range.

Specialization and Culture

PJT is known for debtor-side work, particularly complex Chapter 11 cases involving multiple creditor constituencies, contested plans, or unusual transaction structures. The firm's advisory philosophy emphasizes creative structuring and aggressive advocacy for debtor clients. Senior bankers at PJT have reputations as dealmakers who drive hard bargains.

The culture is demanding but collegial by restructuring standards. PJT's smaller team size relative to Houlihan Lokey means more direct exposure to senior bankers but also more concentrated workloads. Compensation runs at the top of the market, with first-year associates earning approximately $400,000 in total compensation in recent years.

Exit Opportunities

PJT alumni exit primarily to distressed credit funds (Apollo, Oaktree, Centerbridge, Elliott), special situations PE, and corporate development roles at sponsors active in distressed situations. The firm's debtor-side focus provides strong process experience that translates well into principal investing roles.

Houlihan Lokey is the largest restructuring practice in the world by deal count and has held the number one position in the LSEG global restructuring league table for more than a decade. The firm's Financial Restructuring group publishes a running tally of more than 1,700 restructuring transactions covering in excess of $3.5 trillion of debt.

Market Position and Recent Performance

In fiscal year 2026 (ended March 31, 2026), Houlihan posted record full-year revenue of $2.62 billion (up from $2.39 billion the prior year), adjusted net income of $518 million, and adjusted earnings of $7.56 per diluted share, a 20% increase. The segment split is the part candidates should notice: Corporate Finance (M&A) revenues grew 14% and Financial and Valuation Advisory grew 8%, while Financial Restructuring slipped 3% to $529 million. A restructuring practice that gives back a few percent during a strong M&A year, having grown through the prior downturn, is the counter-cyclical hedge working as designed.

Houlihan's 83 deals in the LSEG 2025 global distressed debt and bankruptcy restructuring rankings were roughly 50% above the next-closest competitor, extending a run at the top of that table that now spans more than a decade. The volume dominance reflects the firm's depth in creditor-side work, where mandates are typically smaller per deal but meaningfully more numerous than the debtor-side flagships that anchor PJT's revenue.

Specialization and Culture

While Houlihan takes both debtor and creditor mandates, the firm is best known for creditor-side work. In 2024, Houlihan advised creditor groups in major situations including Lumen Technologies, where the firm represented an ad hoc group of crossholders holding roughly $11 billion of debt, the largest bondholder faction in the exercise. Other creditor mandates included Endo Pharmaceuticals and McDermott International, while debtor-side work covered Columbia Property Trust, Babel Finance, and Dynata.

Ad Hoc Creditor Group

An informal group of creditors holding debt in the same company who organize privately to negotiate as a single bloc, usually retaining one financial advisor and one law firm whose fees the company agrees to cover as part of any deal. Unlike an Official Committee of Unsecured Creditors, an ad hoc group is not appointed by the US Trustee, owes no fiduciary duty to a wider class, and can form long before any bankruptcy filing. Most creditor-side restructuring mandates are ad hoc group mandates.

Houlihan's culture emphasizes analytical rigor and deep technical expertise. The firm's larger team size means more structured training programs and clearer career progression but also more specialization within sub-groups. Compensation is strong but runs slightly below PJT and Evercore at the senior levels.

Exit Opportunities

Houlihan alumni exit frequently to distressed credit hedge funds, where creditor-side experience translates directly into analyzing distressed positions and negotiating recoveries. The firm also places well into special situations PE, turnaround consulting, and corporate restructuring roles.

Evercore's Liability Management and Restructuring practice has grown significantly over the past decade, establishing the firm as a Tier 1 competitor alongside PJT and Houlihan Lokey. The practice was named IFR's Americas Restructuring Adviser of the Year for 2025, recognizing its performance across the full range of distressed situations.

Market Position and Recent Performance

Evercore closed 2025 with record full-year net revenues of $3.86 billion (up 29%) and adjusted advisory fees of $3.27 billion (up $825 million, or 34%), ranking third globally in advisory revenues among public firms for the second consecutive year. Restructuring is not broken out as a separate revenue line, which is why Evercore's restructuring standing is read off awards and league tables rather than the income statement. On deal count it placed fifth in the LSEG 2025 restructuring rankings with 33 mandates, well behind Houlihan Lokey and PJT, a reminder that Evercore's Tier 1 case rests on the size and profile of the situations it works rather than on volume.

Evercore advised on five of the top 15 globally announced 2025 transactions, including a seat alongside Allen & Company and J.P. Morgan as financial advisor to Warner Bros. Discovery. That mandate has run through the planned separation of Discovery Global, the Netflix agreement announced in December 2025 at a total enterprise value of $82.7 billion, and the competing Paramount Skydance cash merger that WBD shareholders approved in April 2026. Multi-year contested situations of that kind sit closer to restructuring practice than the label "M&A" suggests: the work is stakeholder negotiation under a hard constraint. The firm's M&A franchise continues to feed restructuring deal flow when sponsor portfolio companies hit distress, and the practice has built specific strength on the LMT side of out-of-court work.

Specialization and Culture

Evercore maintains a balanced practice across debtor and creditor mandates, with particular strength in sponsor restructurings and liability management transactions. The firm's integration with a leading M&A platform creates opportunities for bankers to work across practice areas.

The culture is demanding and entrepreneurial. Evercore's restructuring team is smaller than Houlihan's, which means more direct client exposure but also more concentrated workloads. Compensation runs at the top of the market alongside PJT, with total compensation 20-40% above bulge bracket levels.

Exit Opportunities

Evercore alumni exit to distressed credit funds, special situations PE, and growth equity roles. The firm's balanced practice and M&A integration create somewhat broader exit optionality than pure-play restructuring shops.

Lazard's Restructuring and Capital Solutions group advises clients in stressed and distressed situations on capital structure optimization, liability management, and reorganization. The firm has a long history in restructuring and a deal count that rivals the Tier 1 firms, though it lands fewer of the very largest debtor mandates.

Market Position and Specialization

Lazard positions its restructuring practice as part of a broader capital advisory capability, advising on both out-of-court restructurings and Chapter 11 proceedings. The firm has particular strength in retail restructurings, where its consumer industry relationships create deal flow, and in international situations, where Lazard's global platform provides geographic reach.

The league tables show how narrow the Tier 2 gap really is on raw activity. In the LSEG 2025 global distressed debt and bankruptcy restructuring rankings, Lazard placed third with 50 deals, only five behind PJT Partners, with Rothschild & Co fourth at 44 and Evercore fifth at 33. Where Lazard trails the Tier 1 firms is fee concentration rather than count: fewer of the eight-figure flagship debtor mandates, and a practice deliberately run inside a broader capital advisory business rather than as a standalone franchise.

Culture and Compensation

Lazard's restructuring culture emphasizes intellectual rigor and senior client relationships. The team is smaller than Houlihan or PJT, creating more direct exposure to senior bankers but also requiring analysts and associates to manage broader responsibilities across fewer deals. The firm's emphasis on thoughtful, relationship-driven advisory creates a somewhat less transactional environment than pure-play restructuring shops.

Compensation is competitive with other elite boutiques, though somewhat below PJT and Evercore at the most senior levels. Lazard's global platform creates opportunities for international exposure that may not be available at more US-focused competitors, which some candidates value highly.

Exit Opportunities

Lazard alumni exit to distressed credit funds, special situations PE, and corporate development roles. The firm's international exposure can create differentiated positioning for roles at global funds or cross-border-focused platforms. Lazard's historical sovereign advisory practice also creates occasional pathways into development finance institutions and multilateral organizations.

Moelis & Company maintains a restructuring and recapitalization advisory practice that competes for mandates across debtor and creditor situations. Its most recent annual report counts 1,014 advisory professionals, including 178 managing directors, across more than 20 locations worldwide.

Market Position and Specialization

Moelis posted full-year 2025 adjusted revenues of $1.54 billion, up 28%, with adjusted pre-tax margin widening to 21.5% from 16.4% the year before. The restructuring practice benefits from Moelis's sponsor relationships and sector expertise, creating deal flow when portfolio companies or industry players face distress.

The firm takes both debtor and creditor mandates without strong specialization toward either side. This balanced approach creates flexibility but may result in less concentrated creditor-side deal flow than Houlihan Lokey or less flagship debtor-side positioning than PJT.

Culture and Compensation

Moelis is known for a demanding culture with high expectations and significant client exposure at junior levels. Leadership changed hands in October 2025, when co-founder Navid Mahmoodzadegan became chief executive and founder Ken Moelis moved to executive chairman. Both remain visible on major transactions, which gives junior bankers unusual proximity to senior dealmaking, and the entrepreneurial environment rewards initiative and independent thinking.

Compensation is competitive with other elite boutiques, with total compensation for analysts and associates running in line with Tier 1 peers. The firm's M&A strength creates cross-staffing opportunities that can broaden skill development beyond pure restructuring.

Exit Opportunities

Moelis alumni exit across the full range of restructuring destinations: distressed credit funds, special situations PE, corporate development, and occasionally traditional PE given the firm's strong M&A practice. The balanced debtor/creditor exposure creates flexibility in exit positioning.

The third tier includes capable restructuring practices that compete selectively for mandates but maintain smaller teams and more focused positioning than Tier 1 and Tier 2 firms.

Guggenheim Securities

Guggenheim's Capital Structure Advisory team leads restructuring processes and liability management transactions for corporates, sovereigns, and their stakeholders. The firm advised Major League Baseball through the Diamond Sports Group Chapter 11, the regional sports network case that cut the pre-petition debt stack from close to $9 billion down to $200 million before the business emerged in January 2025 as Main Street Sports Group. Note the seat: MLB was neither the debtor nor a funded creditor, but a counterparty whose rights agreements were the estate's core asset, which is the kind of stakeholder role smaller teams win on expertise rather than balance sheet.

Guggenheim's restructuring practice is smaller than the Tier 1 firms but maintains strong analytical capabilities and selective deal participation. The firm may be particularly attractive to candidates interested in a smaller team environment with direct senior exposure.

Perella Weinberg Partners

Perella Weinberg's Restructuring and Liability Management practice, combined with its Financing and Capital Solutions group, was trending toward a record year in 2025. The firm advised Ligado Networks on its restructuring transaction in January 2025 and served as investment banker to the Unsecured Creditors Committee of Franchise Group on its Chapter 11 emergence in June 2025.

Perella Weinberg's integration with a broader M&A and capital advisory platform creates cross-selling opportunities similar to Evercore. The firm may be attractive to candidates interested in restructuring within a multi-product advisory context.

Restructuring compensation at elite boutiques runs significantly above bulge bracket levels, reflecting the specialized expertise required and the counter-cyclical value of the practice.

PJT and Evercore typically pay at the top of these ranges, with Houlihan Lokey and Lazard slightly behind at senior levels. Moelis, Guggenheim, and Perella Weinberg compete within these ranges but may have more variability based on individual performance and deal flow.

For candidates targeting restructuring, the choice of firm shapes career trajectory across four dimensions:

The restructuring market's dominance by elite boutiques creates a clear path for candidates: target the firms that lead the league tables, understand each firm's specialization, and prepare for interviews that emphasize technical depth and market awareness. The firms covered here represent the core of the practice, and successful recruiting into any of them positions a candidate for a strong restructuring career.