Lazard M&A vs. BB M&A

Dude, the BB doesn't have the prestige of a Lazard but you will learn a lot more - you will drink from a fire hydrant and not a garden hose.

Deal volume at Lazard is comparable to a BB though in terms of league tables?

There are many threads on this, please do a search. Thanks.

BBs obviously do get more deal flow, esp. the mega-deals. But if you want a better learning experince, go Lazard. You'll be forced to take on a lot more responsibility as structure is very lean in the middle and so they run with smaller deal teams.

What about the modeling experience? Better at BB? Are all the groups in Lazard strong?

If you want better modeling experience then find a group that models from scratch, rather than using templates. Most groups at Lazard are strong, Restructuring and Life Sciences in particular.

Do groups at Lazard use templates? Most BB M&A build them all from scratch.

Meh, modeling is an important skill to have, but once you've built a couple LBO's/M&A models there isn't much to learn. Before I started in banking, I really looked forward to modeling and thought it would be a highlight of my experience. Banking models are rarely interesting or require much thought. Learning about the deal process, structuring the deal (related to modeling), and how things work is more imporant than picking a group that models from scratch.
IMHO, the biggest advantage of doing lots of modeling is that you really learn what the drivers of a business are.

So you're saying Lazard?

i would take lazard unless you're talking MS. theres a range of other factors to consider as well, though, mostly personal preference. you cant go wrong with either.

I would vote for the BB, prestige non-withstanding. At the BB, you will be guaranteed a more standard experience and again at the junior level it is best to see the biggest volume and types of transactions. You will see more transactions at a BB but may do more in-depth analysis at Lazard.

wouldn't lazard be better for PE exit opps and B-School? Especially considering you would have closer relationships with MDs that could vouch for you

Does anyone know how many analysts lazard takes a year? And are they full?

Great name and I really like the people.

Leaner deal teams = less protection from your VP = you getting fucked.

Exit opps are similar from either BB or Lazard

if your sole goal is exit opps, then take lazard. there is also much more risk in that decision.

if you are unsure, then take the BB.

lazard has a summer analyst class of 35 and a full time class of 35. these numbers were given by an MD during an on campus presentation. im almost positive this is just corporate advisory and does not include asset management

At the senior levels, Lazard's full of people who are sacked from the BBs. Do you really want to be led by such people? I spoke to a couple, and they are not impressive at all.

Another thing to consider is that Lazard has no international brand recognition. If you are thinking of building a global career, you are better off with a BB.

bump

whats with the trashing of lazard on this forum
its a great M&A bank hands down.. top leadership and very prestigious deals
they do deals for china government and they did kkr/tpg/txu deal
i would rank
blackstone - goldman - morgan stanley - lazard - lehman as top five places to do banking after undergrad
lazard owns most BBs in terms of M&A experience and exit opps

Thats an insightful ranking, considering you are a sophomore in college. Saying that Lazard "owns" BBs is pure conjecture and ignorance. To all newbies, understand that this is an open forum, so be skeptical of everything on here.

lazard is not a BB, though its M&A can be considered comparable to BB

but in no way does lazard "own" most BB's

my bad in using extreme words like "owns"
but i do think in terms of M&A deals and M&A work, lazard is particularly strong and perhaps stronger than alot of the BBs out there
not at all saying that lazard is better than BBs at other stuff
they also have a very small analyst class every year and almost all of them get great exit opps in terms of where they want to go
let me know if im wrong

Just an FYI: Lazard was in the bottom of the T10 in the league tables for M&A. Not to say that its M&A practice isn't great, but to say that its stronger than a lot of the BBs out there is tough to say. Overall, the performance per senior banker is out of this league (as is Evercore's M&A), but in terms of volume and fees (in $$), Lazard barely cracks the T10.

Personally - I am a big Lazard fan and I have advised others in the past to take Lazard M&A over anything but Goldman.

... Just wanted to point out a couple of facts.