Houlihan Lokey is an independent investment bank providing advisory services for M&A, financial restructuring, and valuation. The company serves corporations, financial sponsors, and government agencies, specifically focusing on mid-cap transactions. Houlihan Lokey operates an advisory-only business model and does not participate in lending, trading, or research activities. This structure aims to provide unbiased guidance by avoiding the conflicts of interest found at larger banks. The firm operates through three segments. Corporate Finance manages M&A transactions and capital markets advisory through its Capital Solutions group. Financial Restructuring advises distressed debtors and creditors on bankruptcy and out-of-court workouts. Financial and Valuation Advisory provides formal financial opinions and marks illiquid private assets for funds. Revenue depends on transaction volume and valuation assignments. M&A and restructuring segments generate success fees upon deal completion, while the valuation business provides more consistent, recurring income. Houlihan Lokey pursues growth by hiring MDs to increase sub-sector expertise and acquiring specialized firms to expand its geographic footprint and product capabilities. The company maintains a high level of employee ownership to support recruitment and retention.