Incoming SA: Lazard US (2026) Update

Based on the most helpful WSO content, here's what you need to know about Lazard's US groups:

Culture

• Lazard's culture can vary by office and group. For example:
  • A&D Group in LA: Known for being collegial and tight-knit, though the hours can be demanding. The team is described as extremely bright and good-natured, with a strong focus on middle-market sponsor sell-sides.
  • Chicago Office: One of the largest EB presences in Chicago, with a mix of advisory, middle-market, and restructuring practices. While the culture is generally positive, there are rumors of unique senior-level personalities. George Bilicic's return has been a significant boost for the office.
  • General Lazard Culture: Some groups are described as "reasonably sweaty," with certain senior bankers adhering to an old-school mentality. However, analysts are generally well-regarded, and many seem to enjoy their experience despite the grind.

Compensation and Benefits

• Lazard ranks highly in terms of total average compensation, with competitive pay across levels. For example:
  • Associate/VP Bonuses: Lazard is noted for strong bonuses, though specific figures aren't detailed in the context.
  • Benefits and perks are generally in line with top-tier EBs, but specifics on healthcare, wellness, or other perks aren't mentioned.

Promotion and Bonuses

• Lazard offers solid professional growth opportunities, ranking well among investment banks. While exact promotion bonuses aren't detailed, the firm is known for rewarding high performance.

Deal Flow

• Lazard has a strong reputation for deal flow across various groups:
  • A&D Group in LA: Handles significant middle-market sponsor sell-sides and notable deals like KKR's acquisition of Atlantic Aviation ($4.5B) and StandardAero's acquisition of Signature Aviation's ERO ($230M).
  • Chicago Office: Home to senior bankers with expertise in advisory, middle-market, and restructuring, contributing to robust deal flow.

Additional Tips

• Networking: Many users emphasize the importance of networking within Lazard to understand group dynamics better. Meeting team members can help you gauge fit and culture.
• Exit Opportunities: Lazard is highly regarded for exit opportunities, particularly into private equity and other buy-side roles.

If you're deciding on groups, consider the culture, deal flow, and alignment with your career goals. Let me know if you'd like more specific insights!

Sources: Lazard vs Moelis Chicago Offices, Banks with best cultures, Lazard and Jefferies A&D Groups, Evercore vs Lazard vs Jefferies, NY Lazard vs PWP (SA 2024)