In 2018 Q1 Preliminary Review (Long Duopolies = Long Kirkland & Weil), we noted the ongoing duopolistic slugfest between Weil Gotshal & Manges LLP and Kirkland & Ellis LLP with respect to company-side mandates. We subsequently noted in 2018 Q1 Preliminary Review (Part 2: Investment Banking) the following,
But then the question becomes, who benefits from this duopoly? In Q1 anyway, it appears that it was Evercore ($EVR) and PJT Partners ($PJT). The former was involved in three of the four Weil cases noted above; the latter in two of the four Kirkland & Ellis cases (as well as two other big Q1 deals, Bon-Ton Stores and Ascent Resources Marcellus Holdings LLC). Notably, Moelis & Co. ($MO) and Lazard Ltd. ($LAZ) were also company-side banker in 3 deals each in Q1. Read: relationships matter and it pays to be at the top of the duopolists’ list.
In the financial advisory world, no firm has worked those relationships for company-side mandates better than...to read this rest of this a$$-kicking commentary, you must be a Member.