Reorg’s 2023 US Advisory League Tables reveal a 70% increase in engagements
The latest edition of Reorg’s U.S. Advisor ranking are now available for download!
Using primary and proprietary data from Credit Cloud, Reorg’s advisor league tables examine Legal Advisors, Financial Advisors and Investment Bankers from a variety of angles. We rank these market-leading advisors on the basis of their involvement in the credit and restructuring markets. This report provides fresh perspectives and insight related to the costs of chapter 11 cases and the earnings of the cases’ advisors using court orders approving the fees of legal and financial advisors and investment bankers on a final basis.
Some highlights from the full 2023 analysis include:
Financial Advisors: There were approximately 600 financial advisor engagements announced in 2023, about half of which were secured by the top 20 financial advisory firms, led by FTI with 57, Alvarez & Marsal with 46 and Province with 32. Restricting the data to only debtor-side engagements, Alvarez & Marsal leads the group with 36, followed by FTI with 26 and AlixPartners with 20.
Investment Banks: Of roughly 450 investment banker engagements in 2023, the top 20 firms made up nearly 90% of the total, including Houlihan Lokey at the top with 54 engagements, Evercore with 38 and PJT with 32. Restricting the results to debtor-side engagements only, Jefferies leads the group with 23 retentions, followed by Houlihan Lokey with 22 and PJT and Evercore each with 20.
Legal Advisors: Kirkland & Ellis topped Reorg’s Legal Advisor rankings in 2023 with 80 engagements, followed by Latham & Watkins with 52, and Gibson Dunn with 48. Looking at debtor-side engagements only, Kirkland leads with 58, followed by Latham with 26 and Young Conaway with 24. The results are derived from advisor data available on Reorg’s Credit Cloud, which identified more than 2,100 legal advisor engagements reported in 2023, with about 650 engagements (30% of the total) secured by the period’s top 20 law firms.
Download the full report HERE.