Restructuring Compensation: PJT, Evercore, HL, Lazard, Moelis Comparison

Introduction

Restructuring compensation runs at the top of the investment banking market, particularly at the elite boutique firms (PJT, Evercore, Centerview, Moelis) that dominate the space. The compensation structure (base salary plus discretionary bonus, scaling with seniority and individual performance) follows broader IB norms, but the absolute levels skew higher than at bulge brackets and the bonus dispersion within firms can be substantial.

This article walks through:

The headline number for first-year (A1) analysts at the major Rx firms in 2025 is approximately $200-$270K all-in, with the top firms (Evercore, Centerview, Moelis, PJT) paying toward the upper end of that range.

The dispersion across firms is meaningful but not extreme. The roughly $50-$80K gap between the top elite boutiques and the bulge brackets at A1 represents the "boutique premium" that has been a feature of the IB compensation landscape since the late 2010s. The premium has narrowed somewhat as bulge brackets have raised junior compensation, but a meaningful gap persists.

Compensation grows substantially across analyst, associate, VP, and MD ranks. The progression is roughly comparable across the major Rx firms, with similar pay levels at each title for similar performance.

A few patterns are worth noting:

The "boutique premium" describes the consistent gap between elite boutique IB compensation and bulge bracket compensation, particularly at junior levels. The premium runs roughly 20-40% at A1 and Associate levels, with the gap narrowing somewhat at MD and Partner ranks (where bulge bracket MDs at high-fee groups can match or exceed boutique compensation).

The drivers of the boutique premium:

A common question is whether Rx pays more, the same, or less than M&A at the same firm. The answer varies modestly:

Compensation varies modestly by geography and sector at the major Rx firms.

Geographic variation. New York and San Francisco offices typically pay slightly higher base salaries than Chicago, Atlanta, or Dallas offices, reflecting cost-of-living differences. Bonuses are generally consistent across geographies for similar performance, though some firms moderately adjust bonus pools by city.

Sector variation. Some Rx specializations (particularly healthcare and financial institutions) command modest compensation premiums at firms with deep sector benches. The premium is typically 5-10% rather than dramatic, but it exists.

Understanding how bonuses are determined is critical for candidates evaluating compensation. The mechanics differ in important ways from the simpler salary structures common in other industries:

The 2024-2025 Rx fee surge translated directly into higher bonus pools at the major firms. Industry tracking suggests that 2024 year-end bonuses (paid early 2025) ran 15-25% above 2023 levels at most major Rx firms, reflecting the strong fee year. The 2025 fee year, which ran an estimated 30-40% above 2024 levels, will likely produce another step-up in early 2026 bonus payments.

For candidates entering the market in 2025-2026, the compensation environment is among the most attractive Rx market windows in recent memory. Junior compensation at the top firms is likely to remain elevated through the next bonus cycle even if fee growth moderates. The key question is whether the cycle continues into 2027 or normalizes back to lower levels as default rates ease and the maturity wall pulls forward refinancing activity.

For candidates evaluating Rx versus other IB paths or other careers, compensation is one input but not the dominant one. The relative compensation across paths is roughly:

The compensation differences within Wall Street paths are modest enough that career choice should be driven by interest, skills development, and long-term trajectory rather than first-year compensation. The bigger compensation step-up generally comes at the buy-side exit (distressed hedge funds and PE often pay $300K-$600K+ in the second year post-banking) rather than within the IB analyst program itself.

The next ten articles in this section drill into the exit pathways, interview process, and technical preparation that ultimately determine where Rx careers lead.