PJT Partners: The Restructuring Powerhouse Built by Blackstone Alumni

In 2015, Blackstone spun off its advisory business. The new firm took its name from founder Paul J. Taubman, who had spent three decades at Morgan Stanley before joining Blackstone.

PJT Partners started with a clear thesis: build an elite advisory platform by combining restructuring excellence with strategic M&A capability. The firm inherited Blackstone's restructuring team—arguably the best on Wall Street—and Taubman's deep relationships in strategic advisory.

Nine years later, PJT has established itself as a restructuring powerhouse while expanding its M&A footprint. The firm consistently ranks among the top restructuring advisors globally and increasingly competes for marquee strategic mandates.

Here's how PJT operates, what distinguishes it from peers, and what working there actually looks like.

---

The PJT Model

Origins and Evolution

PJT's history shapes its identity:

The Blackstone legacy: The firm emerged from Blackstone's advisory group, which had built an elite restructuring practice. When Blackstone spun it off, PJT inherited this capability and the relationships that came with it.

Paul Taubman's vision: Taubman left Morgan Stanley after a legendary career advising on some of the largest M&A transactions. He joined Blackstone in 2012 to lead advisory, then took it public as an independent firm.

The combination: PJT represents the fusion of restructuring expertise (from the Blackstone heritage) and strategic M&A capability (from Taubman and subsequent hires).

What They Actually Do

PJT operates three main businesses:

Strategic Advisory: Traditional M&A—buy-side, sell-side, defense, and special committee work. Growing practice competing with elite boutiques.

Restructuring: The crown jewel. Advising companies, creditors, and other parties in distressed situations. Consistently the #1 or #2 restructuring advisor globally.

Park Hill Group: Placement agent for alternative asset managers. Helps PE, real estate, and hedge funds raise capital from LPs.

The restructuring and strategic advisory businesses are what most people mean when they discuss PJT as an investment bank.

---

Restructuring Excellence

Why PJT Dominates

PJT's restructuring practice is distinctive:

Team depth: A large, dedicated restructuring team with deep experience across cycles. Many professionals have done nothing but restructuring for decades.

Cross-party experience: PJT advises companies, creditors, and other constituents. This breadth provides insight into how all parties think.

Complex situation expertise: The firm handles the most complicated restructurings—multi-jurisdiction, multi-party, politically sensitive.

Credibility with all stakeholders: Debtors trust PJT's judgment. Creditors respect their analysis. Courts rely on their expertise.

The Restructuring Process

What does restructuring work actually involve?

In-court restructuring (Chapter 11):

• Advising companies filing for bankruptcy
• Negotiating with creditors
• Developing reorganization plans
• Managing DIP financing
• Expert testimony

Out-of-court restructuring:

• Liability management
• Debt exchanges
• Amendment negotiations
• Distressed M&A
• Avoiding formal bankruptcy

Creditor advisory:

• Representing bondholder groups
• Advising bank syndicates
• Special committee work
• Recovery analysis

Recent Notable Engagements

PJT has advised on many high-profile restructurings:

• Hertz (company-side)
• Purdue Pharma (creditors)
• J. Crew (company-side)
• Toys "R" Us (creditors)
• PG&E (company-side)
• Multiple energy and retail restructurings

The firm's mandate list reads like a who's who of major distressed situations over the past decade.

---

Strategic Advisory

Building the M&A Practice

PJT has systematically expanded beyond restructuring:

Senior hires: The firm has recruited senior bankers from Goldman Sachs, Morgan Stanley, and other elite institutions.

Sector expertise: Building industry coverage to compete for strategic mandates.

Landmark deals: Accumulating credentials on significant transactions.

Competitive Position

PJT's strategic advisory practice is smaller than Evercore, Lazard, or Centerview but growing:

Advantages:

• Conflict-free (no lending, no principal investing)
• Access to restructuring relationships when situations become stressed
• Ability to advise across the capital structure
• Boutique culture and attention

Development areas:

• Building sector coverage depth
• Expanding senior bench
• Accumulating more M&A transaction experience

Integration Benefits

The combination of restructuring and strategic advisory creates opportunities:

Distressed M&A: When restructuring situations involve asset sales, PJT can handle both the restructuring and the sale process.

Full-cycle relationships: Companies in stress today may be strategic M&A clients tomorrow. The relationship spans cycles.

Capital structure expertise: Understanding debt and restructuring informs M&A advice, especially in levered situations.

---

Park Hill Group

The Placement Business

Park Hill is often overlooked but significant:

What they do: Help alternative asset managers (PE, real estate, credit, hedge funds) raise capital from institutional investors.

How it works: Park Hill markets funds to pension funds, endowments, family offices, and sovereign wealth funds. They earn fees on capital raised.

Scale: One of the larger independent placement agents. Significant contributor to PJT's revenue and profitability.

Career Path

Park Hill offers a different career track:

Different skills: Marketing-oriented rather than execution-oriented. Relationship management with LPs.

Different exits: Placement experience leads to LP roles, investor relations at PE firms, or continuing in placement.

Entrepreneurial environment: Smaller teams, significant responsibility, client relationship ownership earlier in career.

---

Culture and Environment

The Working Experience

PJT's culture reflects its heritage and size:

Elite but approachable: The firm attracts top talent but maintains a less hierarchical feel than bulge brackets.

Deal intensity: Restructuring work is demanding. Complex situations require intensive analysis and extended hours during critical periods.

Intellectual rigor: Restructuring involves intricate financial and legal analysis. The firm prizes analytical capability.

Smaller teams: Less leverage than bulge brackets. Junior bankers work closely with senior professionals.

Restructuring vs. M&A Culture

Within PJT, the businesses have different flavors:

Restructuring:

• Counter-cyclical workflow (busy when economy struggles)
• Complex analytical work
• Multi-party negotiations
• Legal process expertise required

Strategic advisory:

• More traditional M&A workflow
• Competitive pitching environment
• Relationship-driven mandate wins
• Growing team with hiring focus

Work-Life Dynamics

During live situations: Restructuring crunch periods are intense. Bankruptcy deadlines, court dates, and creditor negotiations create demanding stretches.

Between deals: More manageable than constant banking intensity. The episodic nature of restructuring creates variability.

Overall assessment: Demanding but with variation. Not the consistent 80+ hour weeks of bulge bracket M&A.

---

Compensation

Pay Structure

PJT compensation is competitive with elite boutiques:

Base salary: Aligned with street standards.

Bonus: Strong performers see bonuses at or above bulge bracket levels. Elite boutiques generally pay premium bonuses.

Total compensation: First-year analysts typically earn $175K-$200K+. Associates and VPs see corresponding premiums.

Long-Term Incentives

As a public company, PJT offers:

Stock compensation: Equity grants for more senior professionals.

Partnership economics: Senior bankers participate in the firm's overall economics.

---

Recruiting

Who They Hire

PJT recruits selectively:

Undergraduate analysts: Top students from target schools. Emphasis on analytical capability and intellectual curiosity.

MBA associates: Business school recruiting with focus on candidates interested in restructuring or strategic advisory.

Lateral hires: Analysts and associates from bulge brackets who want restructuring exposure or boutique environment.

Senior hires: MDs and partners from Goldman, Morgan Stanley, and other institutions.

What They Look For

For restructuring:

• Strong accounting and financial modeling skills
• Intellectual curiosity about complex situations
• Ability to manage ambiguity
• Interest in legal/process aspects

For strategic advisory:

• Traditional M&A capabilities
• Relationship orientation
• Industry interest or expertise
• Competitive drive

For all roles:

• Analytical excellence
• Clear communication
• Work ethic and reliability
• Cultural fit with boutique environment

The Interview Process

PJT interviews probe for:

Technical depth: Expect rigorous technical questions, particularly around restructuring concepts if interviewing for that group.

Analytical thinking: Case-based questions testing ability to structure problems.

Motivation: Why PJT specifically? Why restructuring or M&A?

Cultural fit: Small firm means everyone's impact on culture matters.

---

Career Trajectories

The PJT Path

Typical progression:

Analyst (2-3 years): Learn restructuring or M&A fundamentals. Heavy analytical work.

Associate (3-4 years): Increased responsibility. Client interaction. Deal management.

Vice President (3-4 years): Deal team leadership. Business development support.

Managing Director: Client relationships. Deal origination. Firm leadership.

Exit Opportunities

PJT creates distinctive exits:

Restructuring-specific:

• Distressed debt hedge funds
• Turnaround/restructuring PE
• Distressed credit investing
• Company-side restructuring roles

Traditional finance:

• Private equity (particularly credit-focused)
• Traditional hedge funds
• Corporate development
• Other advisory firms

The restructuring premium: Restructuring experience is specialized and valued. PJT alumni are sought after for distressed investing roles.

---

Comparison to Peers

PJT vs. Lazard

Both have strong restructuring practices:

PJT:

• More focused restructuring identity
• Smaller overall firm
• Growing M&A practice
• Park Hill adds unique business

Lazard:

• Larger, more diversified advisory platform
• Longer history
• Asset management business
• More established M&A practice

PJT vs. Evercore/Centerview

Different competitive positions:

PJT:

• Restructuring is the flagship
• Strategic M&A is growing but smaller
• Specialized expertise

Evercore/Centerview:

• Strategic M&A focused
• Larger M&A platforms
• Less restructuring emphasis

PJT vs. Houlihan Lokey

Both strong in restructuring:

PJT:

• More senior-led, pure advisory model
• Smaller total headcount
• Elite boutique positioning
• Park Hill business

Houlihan Lokey:

• Larger platform with more product lines
• More middle-market coverage
• Valuation and fairness opinion businesses
• Financial and valuation advisory services

---

Is PJT Right for You?

The Right Fit

PJT works well for candidates who:

Are intellectually curious about complex situations: Restructuring involves intricate puzzles. If you enjoy complexity, it's compelling.

Want specialized expertise: PJT offers distinctive restructuring training unavailable at most firms.

Prefer smaller firm dynamics: Boutique culture, closer senior relationships, less bureaucracy.

Value exit optionality: Restructuring skills open doors to distressed investing careers.

The Wrong Fit

PJT may not suit those who:

Want breadth over depth: PJT is specialized. You'll develop deep expertise but narrower experience than generalist programs.

Need structured training: Boutiques generally have less formal training than bulge brackets.

Prefer large peer cohorts: Small classes mean fewer analyst peers.

Aren't interested in restructuring: If restructuring doesn't appeal, PJT's distinctive value proposition is diminished.

---

Office Locations

New York: Headquarters. Most of the restructuring and strategic advisory professionals.

Houston: Energy restructuring focus.

London: European coverage.

Other locations: Smaller presence in additional cities.

Most opportunities are in New York. Geographic preferences should factor into recruiting decisions.

---

Breaking In

For Undergraduates

Target schools: PJT recruits from typical target schools. Strong academic performance expected.

Demonstrated interest: Smaller firm, so genuine interest in PJT specifically matters.

Analytical preparation: Technical interviews will be rigorous.

For MBAs

Pre-MBA experience: Prior finance or consulting experience helps.

Restructuring interest: If interested in restructuring, articulate why specifically.

Interview preparation: Expect case-based and technical discussions.

For Laterals

Prove capability: Strong track record from bulge bracket or peer boutique.

Cultural alignment: Boutique environment requires fit.

Specific interest: Know why PJT rather than other options.

---

Key Takeaways

PJT Partners occupies a distinctive position: the elite boutique defined by restructuring excellence.

What defines the firm:

• Premier restructuring franchise
• Growing strategic advisory practice
• Unique Park Hill placement business
• Boutique culture and size

What makes it attractive:

• Market-leading restructuring expertise
• Specialized skills development
• Strong exits to distressed investing
• Elite boutique compensation
• Smaller firm dynamics

What to consider:

• Specialized focus
• Counter-cyclical workflow (restructuring)
• Smaller platform than Evercore/Lazard
• New York-centric

For candidates interested in restructuring, PJT is among the best platforms available. The firm offers training, deal flow, and exit opportunities that few can match in this specialized area.

For those interested in strategic M&A, PJT offers a growing practice with elite boutique culture, though peers like Evercore and Centerview have larger established platforms.

Understanding what makes PJT distinctive—and whether that distinctiveness appeals to you—is the key to evaluating whether it's the right fit for your career.