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I’ve worked at both. To answer you question directly...
Pay - Alix is higher and slightly more selective.
Culture - Obviously varies by group. In general, ATK is more hierarchical and you will have more leverage if you are more senior. Alix is significantly more entrepreneurial and you will have more control of your career (can be good or bad).
Onboarding process - They are both not good. ATK at least made an better attempt and has some infrastructure. Alix had a one day training, which was mostly worthless.
Prestige - For restructuring, Alix by a lot. In many of the other industries and functions where they overlap, I would say they are comparable. Overall, ATK is flat to declining while Alix is growing fast.
To be clear...
Both are fantastic firms and carry enough “prestige” on your resume if that’s what you care about.
The prestige question is tricky. It really depends on which practice area you are focused on.
I left ATK awhile ago when it was very much in decline. Maybe they have turned it around since.
If you are relatively new to your career, ATK does have more to offer in terms of structure and learning core consulting skills. At the more middle/senior levels, Alix offers significantly more flexibility in you career. At the partner level, it depends on the type of partner you are... ATK has more options for those on the “expert track” while Alix MDs are more geared towards sales.
Higher comp, far better WLB, onboarding/fundamentals training slightly worse, prestige similar in AP compared to ATK. Work wise very similar, but AP is a bit faster pace