I'm trying to decide which would be better for an IB summer internship: Jefferies or Lazard MM. I would like to learn more about M&A and possibly pursue it full time. I know a decent amount about Jefferies, but not much about Lazard MM. Any info or advice would be much appreciated.
Thanks!
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Lazard. Easy.
Lazard without a doubt.
Well it depends. If you're from a target school think (Columbia/Cornell/Dartmouth) and have great EC's and will graduate cum laude, you might be consistently rejected from Jefferies. I know several students who have analyst positions there who are from non target state schools think (URI/UNH/UMASS).
Play it safe and go for Lazard.
Everyone always talks about it depends if you go to a target school or a non target school. Institutions don't define people, it gives you a certain amount of credibility yes I agree. When your on a live deal pitching to investors or just having to reassure client relationships it comes down to your personal skills. So I feel like your cliche advise regarding what school you attend is crappy advice that anyone can give.
You should go with whatever firm fits your personal attributes, and use your network much as possible.
lol
So what do you do? -I work for an investment banking firm. Oh okay; you are like my brother, he works for Edward Jones. -No, a college degree is required in my profession
Their recent role in the Bear Sterns-JP Morgan Chase transaction is symbolic to their client depth. Also, their CEO Bruce Wasserstein is a well respected financier. He bought New York magazine in 2003, you should research him and the firm to start understanding the Lazard culture. Also Ecuador has hired Lazard to advise them in a buy back of bonds worth $3.2 billion. I think this information is enough for you to make your decision.
He asked about Lazard MM though, not Lazard, they're different firms at this point from what I understand, though I'm still in school.
I agree with jackofalltrades, Jefferies clearly makes a point out of taking the least qualified candidates it can find, so if you have worked hard to be a football player graduating cum laude from Columbia/Cornell/Dartmouth it's a minor miracle that they'd want you.
Response to drexelalum11. (I hope you don't go to a target with a frivolous comment like that) Your so stupid!!! Do your research.
Lazard Middle Market LLC, a subsidiary of Lazard Ltd, provides sophisticated advice on mergers and acquisitions, restructurings, and financings to middle market businesses. Lazard Middle Market was formed following Lazard’s 2007 acquisition of Goldsmith Agio Helms.
You're actually the idiot, because his point was that Lazard and Lazard-Goldsmith are not regarded in the same light, hence, they are not the same; yes, Lazard MM is a respectable shop but it does not garner the same respect/prestige as Lazard, which is behind all the major restructuring deals lately.
Do your research.
well you know this isn’t because they won’t low caliber talent right? it’s because they know the strong candidate your describe (cum laude + target school) most likely doesn’t want to be there as much as the firm would want them - they are more likely to renege on them or leverage for another offer at a better shop.
that’s just what I think the reasoning for the apparent behaviour from jeffries might be
Lazard MM vs Jefferies (Originally Posted: 02/15/2012)
Both in Charlotte - thoughts?
Lazard Middle Market, as it as a generalist program that also has built a strong restructuring group within the middle market office. as an analyst, you will get to work on both traditional healthy deals and help out on restructuring deals in the near future. LMM recently brought over restructuring bankers from Bear Stearns and HLHZ.
What group in JEF? I'd go JEF.
Unless you are interested in healthcare you should probably go JEF.
jeffries.
Jeff do you have an offer?
I don't think Jeff would be "uncbizness".
Sorry to be redundant, but the first few responses said Lazard. I'm not sure if it was understood that I meant Lazard MM, the subsidiary, and not the parent, Lazard LLC, which does the bigger deals. Is it still a clear cut answer that Lazard MM would be the better option before factoring in my fit and the people? I know that Lazard would be far better, but I thought Jefferies might be a better call than Lazard MM, at least for now.
Lazard MM is a good firm, but note that most of their deals are in the sub-$100 million part of the middle market, which is the shallower end of the market. Traditional middle market is anywhere from $50 million to $2 billion but there are obviously varying degrees of gray on either side of that. That said, LAZ MM will probably give you a very good experience with plenty of deal execution and pitching exposure.
To the person who is trying to evaluate LAZ MM from Wasserstein's perspective...I think that is a misguided approach that will send you down the wrong path. Firms make strategic investments for a number of reasons and brand value is only one of MANY inputs.
alphaville
You don't understand the frame of my argument so you wouldn't understand my view point, which happens to be a very practical one. I'm not assessing the situation from a Wasserstein perspective, of course their many other inputs to consider contingent upon situational circumstances. Take care.
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