PJT Partners is on track to pay over $820k a head this year
In spite of a last year's pay cut, Paul Taubman’s boutique, PJT Partners, is still on track to pay its people some of the most eye-watering sums in the industry, based on its Q2 results.
The bank announced total compensation spending so far this year (in H1) of $380m, compared to $310m this time last year. Spread across around 924 employees (839 last year), that comes out to a cool $411k per head ($369k last year). Not bad for 6 months’ worth of work. The number of partners at the firm also edged up slightly to 110, from 103 at the halfway point of 2022.
The firm’s generosity comes mostly from what could be pragmatically termed a “successful” quarter. Revenues in Q2 were up by 49% compared to Q1, whilst revenues for the half were up 14% compared to this time last year.
Taubman credited the results to an “extraordinary” performance by the restructuring business, and that is one area that the bank has bet big on. Of the 6 partners added since the start of the year, three were in restructuring (a 20% growth) compared to just one in strategic advisory and two in private equity (growths of 1.5% and 11% respectively).
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