Houlihan Lokey

Most investment banks are cyclical. In boom times, mergers and acquisitions are everywhere, and revenue sores. In recessions, deals stop and revenue crashes. Hulahan Loki focused on restructuring advisory, the business of helping companies navigate debt crises, bankruptcy, insolvency. That business is counter-cyclical. It thrives when other banks suffer. The strategy was elegant. Every other bank wanted M&A fees, that market was crowded. Hulahan Loki owned restructuring because during downturns, when M&A collapsed, companies that had over-leveraged needed help, creditors needed advice, shareholders needed guidance through distress. That work paid premium fees because the stakes were existential. Restructuring wasn t optional. It was survival. By 2020, Hulahan Loki had become the world s number one restructuring advisor.