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All signals are pointing towards a recession, high rate environment will most likely drag for foreseeable future - this translate to low M&A activity. And this will apply to all consulting companies the same

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But when come recession, it’s a good time to pivot to restructuring consulting?

Demand is on the lower for sure. Another factor is that many advisory teams over-hired during 2020-2022 and now have too much capacity despite layoffs.

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Yeah, I’m worried everyone is still way over staffed.

6 months is pretty optimistic, if you ask me. Probably looking at more like 1 to 1.5 years.

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M&A is dead everywhere. Firms have out grown themselves over the past 20 years with historically low average interest rates. We are not returning to that IR environment and I think M&A will suffer for a long time especially for the next 1-1.5 years

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Yeah, 1-1.5 years seems to be the consensus. Hope we do find a bright spot amongst it all.

More spin-offs happening now and companies are looking to sell underperforming businesses to strategic or PE

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Y’all might be losing deals.

You aren’t losing out to us, that’s for sure

At pwc now in FDD and seems like things have picked up for my office. But that’s compared to an atrocious 2022 and beginning of 2023.

No

Spins are holding solid and we have plenty of work there at EYP

Enough work to where you guys are hiring?

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