I’m currently in the leveraged finance group of a large firm. Given the market, deal flow has significantly dried up and I’m now considering moving to a restructuring/turnaround practice (think firms like Alix Partners/FTI Consulting). What are your thoughts on the future of the industry? I’m assuming the next 3-5 years will be solid, but what do you do after the well dries up? Just asking to get some opinions before I decide to jump into the recruiting process…
Well you could then jump to a PE firm after that experience…
there will always be dumb people running good companies into the ground, so you could work it in the long-haul… those consulting jobs are like any consulting jobs: after you build a relationship with a customer, you can jump ship to the client and work more regular hours… auditors and mgmt consultants seem to jump to a client after a few years…
yea don’t think there will be shortage of dumb ppl running companies into the ground anytime soon… I’ve heard of folks jumping ship to clients, but not quite sure what possible roles you would go into with a restructuring background…esp ones that works reg hours, especially since you develop a specialized set of skills…
depends on the actual work you do with the client… restructuring is very helpful in a lot of areas… in my company, one of our vps for financial operations worked as a turnaround management consultant in a bankruptcy law firm…
You can jump right back into leveraged finance, presumably any large shop has a workout group.
BigRed If you want some more color, I can talk to you offline. I recently had an offer from one of the organizations you listed. In short, the work is extremely interesting, but the one thing I couldn’t get past was the fact that these guys are on the road 100% of the time. If you can get past that, these guys can exit back into banking, hedge funds (distressed), or into management roles. salvatorip@gmail.com
SalvNJ - thanks for the offer…just pinged you. I’m okay with the travel for now. Plus it depends on what side you work on creditor vs debtor. creditor work is generally out of the office while debtor is on the road. ideally, i’d like to do some debtor work for awhile and then work on creditor-side deals to make sure i’m hitting both sides of the transaction…