Lazard London 2023: Thoughts on Junior Firing / Culture/ Dealflow
Hi All,
I recently received an offer to join Laz as a junior associate (completed 2 years in BB IBD M&A). I am not sure if I am cut out for PE (tbh was near bottom bucket at my mid tier BB, but I reckon it's more competitive than Laz - i.e. 2 analyst exits to UMM / MF PE and the rest have done several off cycles and masters in finance etc.) and I'd like staying in banking.
I was wondering if anyone could share their insights into Lazard London. I have a couple friends there and would like a wider and less biased opinion.
They are actually very negative on their experiences (supposedly low bonus, quality of analysts and associates can be very low, lots of pitching vs my current role, stuck up and snobby British culture).
What attracts me is perhaps slightly less hours than my current role, hybrid working potential (TBC) and being in Mayfair vs east London. My current role has better buyside exits than what I've observed from Laz and better junior hires (i.e. not Oxford humanities with no internships) so i imagine responsibility will be less than my current lean team.
I also had an offer from Evercore a while back but ultimately turned that down. There is also the other option at my bank to go to SG / NYC in an adjacent team (senior already confirmed he would vouch for me on this).
Could someone please confirm analyst / as associate base and bonus too? I am kinda scared on bonuses from what my friend told me and seen some heavy movement in lazards RX group in mid level.
Many many thanks alls
You got an offer despite being bottom bucket in a low tier BB. Perhaps that, if nothing else, is proof about the quality of associates at Lazard?
do firms know what bucket you're in if they're lateral hiring?
True, I don't rate Laz analysts in London technically at all. Had a coffee chat with a female associate and she could not answer some super basic questions. My friends internally have been saying the same things too. I think if you fit into the culture it's nice though. I am not British so unsure if the right move. And they don't know what bucket you're in FYI at existing bank, although I do know they probs chatted to a guy in my team as he is an ex director at Laz London. My team are weirdly ok with analysts / associates looking elsewhere so I won't get critiqued for it. Weird I know
Depends heavily on the team but culture is overall not good. British pretentious vibes all over. Not sure where you get info on hours but in reality, hours are tough. Quality of juniors (and seniors) is indeed mixed. Generally speaking, Lazard in not lateral friendly meaning the bar is much lower and overall treatment is much better for homegrown people vs laterals which is a crucial point. Comp was good for couple of years but the norm is lower than other EBs. People there are not focused so much on exits which explains why some mediocre (or worse) people stick around and quality of some associates is subpar. Again, very team-sensitive. There are some teams you absolutely need to avoid and others which are OK to be part of. Happy to share more in PM.
And to your point re competitiveness vs mid-tier BB on rankings, Laz is very competitive internally but not because people are good. Just politics. As lateral expect uphill battle on this front (as hinted in my comment above re homegrown vs lateral treatment).
Thanks very much for the reply, very detailed and exactly in line with thoughts of the people I know at the firm. The fact that quality is mixed may actually be an advantage (i.e. less competitive moving up vs. my current role, although I don't like your comments on politics).
Please PM me, happy to connect beyond WSO too. Thanks
Anyone know why Laz management decide to purely recruit from British spring week converts? Contrast that with PJT where >50% of the class is European masters students
I think it's engrained in their culture to have majority British hires. I've had a few coffee chats with existing analysts and some are very shoddy, while some are excellent (vs. at my bank where level is more even). They have this super long term 1 year internship with very British people and then force them to do 3 years as an analyst, so ultimately 4 years as an analyst. And speaking with some of these guys their technical skillset / deal experience is weaker than spending 1Y at my bank as they've rotated/just not very good (i.e. not finance masters, not that academically smart, etc.). I actually view this as an advantage though as if you go to a top BB everyone is pretty much elite
Really great insight. Appreciate if you sent me a PM!
Could you shed some more light on which teams to avoid and which are better?
Hi, could you please pm me?
From what I understand it’s a lot of corporate work rather than sponsor work in London. That may or may not suit you, but something to keep in mind
Thanks very much for the reply, agree - creds are much more corporate focused. Think sponsor relationships at my bank are much stronger.
Can anyone provide insight on going in FT Analyst recruiting experiences rather than lateral hire? Interested to know.
Do you think EVR will remain as strong down the line as it is given what's happening?
Molestias ut iste tenetur voluptate optio nesciunt dicta. Accusantium porro repellat consequuntur consectetur id maiores quo. Vitae debitis voluptatem non sunt.
Consequatur ea quasi nobis dicta deserunt. Corrupti totam quasi exercitationem pariatur optio. Omnis et laudantium odio ut culpa. Minus error aut vel.
Quasi itaque eos consectetur cumque quos qui tempora. Beatae voluptate dolore incidunt odit laborum et.
Temporibus non et eum corrupti aut enim. Doloremque et cum dolorem qui quidem. Harum aperiam explicabo nihil et. Cum nemo laboriosam molestiae qui adipisci omnis pariatur. Odit autem hic aut. Rerum et cupiditate aliquam minima a.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...