Alvarez & Marsal

Alvarez & Marsal (A&M) is a private professional services firm founded in 1983 by Tony Alvarez II and Bryan Marsal. The firm is headquartered in New York City. It operates across a broad range of advisory and consulting disciplines, with offices in dozens of cities globally.

A&M is best known for its turnaround and restructuring practice, in which it advises distressed companies, creditors, and other stakeholders through financial reorganizations and bankruptcy processes. The firm also operates practices in performance improvement, transaction advisory, disputes and investigations, tax advisory, and executive interim management. Clients are typically large corporations, private equity sponsors, and financial institutions. The firm is known for placing its own professionals in interim executive roles — including CEO and CFO positions — inside client organizations, which distinguishes it from pure advisory competitors.

A&M competes most directly with FTI Consulting and AlixPartners in the restructuring and turnaround space. Its public profile rose sharply when Bryan Marsal served as CEO of Lehman Brothers Holdings during its Chapter 11 bankruptcy proceeding, which began in September 2008 and became the largest bankruptcy in U.S. history at the time.