Houlihan Lokey’s filing for an initial public offering on Friday offers a rare glimpse into the workings of the advisory boutique – including hiring plans, who it sees as its main competition and its strategy for expansion at home and overseas.

Like other boutiques, the Los Angeles-headquartered firm has seen its profile increase during recent years as a result of work on big-ticket mergers and acquisitions. Earlier this year, Houlihan Lokey advised Endo International on its agreed $8 billion takeover of Par Pharmaceutical, working alongside Deutsche Bank and Barclays.