Have seen comp for NACR (restructuring) listed at around 150-200 for analysts, 200-275 for associates, and one mention of senior associates at 375k. Supposedly NACR gets crushed in terms of hours. But i've also read that targets are around 2000 hours per year? Something doesn't add up.....e.g. Associate $550/hr * 25% cap rate * 2000 billable hrs = $275k.......but 2000 hours is slightly over 40 hours a week (including 4 weeks vacay), not the 80 hr/week. So is there a ton of time on vacation?

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In terms of the hours - 1800 to 2000 hours would be an average/decent year. Our work pace is deal driven so highly unlikely those 2000 hours would translate into 40 hour/wk.

The following only applies to Associate and above. Not familiar with Analyst comp.

On billables - You bill what you work, this doesn't mean billing for time spent spinning your wheels unnecessarily. Code bangers don't last long. In my experience it would be unusual to discount rates or cap hours (might happen if you work on a non-restructuring project for a PE sponsor).

On comp %s - From what I remember Associate comp % is 20% - 30%, Senior Associate is 25% - 35%. First year after promotion you should expect to be pretty much in the middle of the range i.e. newly promoted Associate would be at 25%. As you progress and gain more experience, your percentage payout should increase 1 - 2% each year.

Regarding comp figures that you listed - those all seem reasonable. As you can imagine, total comp year to year varies widely based on deal flow. During incredibly busy times you'll make a lot of sacrifices (from a personal life/time perspective) in order to deliver for your clients and meet what can be ridiculously tight deadlines but you'll be rewarded for doing so. The flip side of that is if you're not busy, your comp is going to take a hit but you'll have time for whatever you enjoy. A&M is not an "asses in seats" kind of firm so if you're not busy you're not expected to be at your desk killing time. Final thing on the comp figures that you mentioned, the Senior Associate comp seems reasonable, note that during a busy year its not unheard of for highly utilized experienced SAs to earn $500k+. This isn't something you should expect to happen every year (deal flow dependent) but want to highlight that it's possible and does happen.

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Tons of info, loving this reply. Two followup questions if you care to answer:

1. When you're not busy/staffed is that truly time off or are you stuck in admin/pitching hell where you are billing internal firm hours? In short, is it truly your time when you aren't billing?

2. Not billing for spinning wheels makes sense to me, but is there any training beyond the 2 day hellish excel model case i've heard about? In short, how do you swim and not sink if you are coming out of a mostly accounting background...training? (assuming i've prepped for RX through online materials - but materials are a walk in the park versus actual jobs, as i've figured out rising through the ranks of my current job).

3. Ok it's 3 questions, but quick last one - what's the average billable hours look like on a "slow" year for the median consultant? 1600? 1400? I've heard things have slowed down due to the ease of acquiring capital today versus the same period last year.

Thanks again.

NACR has uncapped hours. So even assuming 40 weeks of projects X 50 hours minimum X 500$ 1m collections. X 20-25% payout = 200-250k TC.

Edit misread your Q's but yes I think there's usually a lot of bench time in between and most people take their holiday.

ATM it's been a tough year for restructuring

thanks for the reply. what does being on the bench mean in this case? is it basically vacation? (other than the stress of internally networking to land your next project).

Also since you mentioned it.....what do average billables look like in a "down" year where things aren't as busy?

1) Charge rate will vary depending on client/discounts
2) 2008 hours would be 100% utilisation. I’ve heard of NACR being over that at times. 140% avg during peak Covid
3) Also I think Cap rate is 20-25% for associates (at least in EU) and depends on performance. So to hit your 275k with a mid performance rating and below average rates would need over 100% ut.
4) Don’t know for RX but in PEPI we charge 50 hour weeks but tend to work more and there can be time on the bench between deals
5) Yes holiday is 0% utilisation

Anyone have a perspective on this from the U.S.?

E.g. have heard NACR always bills actuals, and that analysts are 20-25% cap rate with performance review but associates are "above" this rating system for their cap rate (but not for overall promotion).

So, clarity on whether hours are capped for restructuring in the U.S. as well as specific info about cap rates and performance metrics used for analysts/associates (more detailed than just "cap rate x hours x bill rate").

helpful

Is this fairly consistent to other BUs or is NACR higher than avg?

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