LionTree and Raine Group are both elite boutiques focused on technology, media, and telecommunications advisory. Both have very similar profiles with 4 out of 5 ratings across prestige, training, and exit opportunities, and both score 2 out of 5 for work-life balance. LionTree scores 5 out of 5 for compensation versus Raine's 4 out of 5. Both have challenging interviews with acceptance rates of 2-3% and tiny analyst classes of 15-25. LionTree, founded by Aryeh Bourkoff, focuses on media convergence and transformational media deals. Raine Group focuses on technology and media at the intersection of content and commerce, with a particular emphasis on digital media, gaming, and sports. Both firms offer intimate boutique environments with direct senior partner involvement on every deal. The cultural differences are subtle: LionTree has a more media-centric identity, while Raine has a slightly broader technology focus with investments alongside advisory.
Prep for both firms
Practice interview questions for any bank on this list.
LionTree vs Raine Group (2026)
LionTree
Elite BoutiqueRaine Group
Elite BoutiqueSide-by-Side Comparison
Culture Comparison
Prestige
Compensation
Training Program
Exit Opportunities
Work-Life Balance
The Verdict
Choose LionTree if you want higher compensation, are particularly interested in traditional media convergence and large-scale telecom transactions, or prefer a slightly larger boutique. LionTree's deal flow tends toward larger, more transformational media transactions. Choose Raine Group if you are interested in digital media, gaming, sports, or the intersection of content and commerce. Raine's focus areas are slightly more cutting-edge and aligned with emerging media trends. Both are excellent TMT boutiques with comparable career outcomes.
Frequently Asked Questions
How do the sector focuses differ?
LionTree focuses more on traditional media convergence and large telecom transactions. Raine Group leans more toward digital media, gaming, sports, and the intersection of content and commerce. Both cover TMT broadly but with different emphases within the sector.
Which pays more?
LionTree pays more with a 5 out of 5 compensation rating versus Raine's 4 out of 5. LionTree's larger deal sizes and higher advisory fees support top-of-market compensation.
How do exit opportunities compare?
Both score 4 out of 5 for exit opportunities. Both place well into TMT-focused PE, growth equity, and corporate development roles. Neither has a significant advantage in exit outcomes.
