All,
Any info to share on Lazard's Industrials, TMT, and Consumer / Retail M&A groups? (Culture, dealflow, exit ops, hours, etc.) I understand they get some negative press here regarding culture but was just curious to hear from those who have real experience there.
Are M&A and Restructuring still combined under their respective industry groups (ie, Industrials M&A and Restructuring), or is there a separate Restructuring group that does all that work with the corresponding industry group (ie. Industrials M&A and Generalist Restructuring)?
Is there a Generalist M&A group in NY? What's the difference between Generalist M&A and an industry coverage group?
Really appreciate the help
Lazard NY used to have a general M&A group that covered industrials, consumer/retail, and sponsors from a single junior banker pool, but the group split into 3 distinct coverage groups within the last year.
TMT in NY is sole buyside advisor to AT&T in the $50bn+ AT&T/DirecTV deal, so they're doing okay.
Most of the Lazard culture myths are based on posts from pre-crash when Wasserstein was still at the helm, as far as I'm aware a lot of it is just hype.
Lazard has a separate restructuring group that are generalists. They will often work with the other industry-specific groups depending on the deal.
I've heard mainly good things about the IBD culture there. It's boutique-esque but they're right up there with the big guys in the league tables. Also have heard pay is generally quite good.
Deal flow is solid, you'd be lucky to get in there, IMO.
Thanks, very helpful.
If anyone has any color on the division of labor between the industry groups and the generalist restructuring groups during a deal process I would be interested to hear it.
Also, any idea of which culture is strongest, or which places best with PE / HFs would be awesome.
It is deal dependent, but generally if it is a restructuring deal, the restructuring team will take the lead on most things, including modeling and creating presentation materials.
The industry bankers will be involved in a few ways, such as connections and expertise during the pitch and deal process. It helps when you're pitching an energy company to say that so-and-so senior industry banker is also on the team. In reality, they will likely be not that involved, but can be useful. Another way industry bankers play a role is providing industry slides of trends and comps. Some restructuring assignments may be more industry-specific, such as infrastructure, and in which case the modeling may be more evenly split between the two teams.
Lazard TMT /Industrials NYC (Originally Posted: 01/16/2010)
Hi all,
I am interested in learning more about Lazard's TMT/Industrials/Consumer Retail group. Particularly, I am interested in the analyst experience, lifestyle, and deal exposure. Therefore, if anyone has any experience with these groups I would love to hear.
Additionally, I am interested in how these analysts fare during PE recruiting. The good thing about Lazard is each industry focus does its own M&A, however I am more interested in how a group like TMTs analyst do considering there are so many good TMT groups on the street. (ex Goldman TMT and MS Media and Comm) Are the GS and MS guys looked at first and then Lazards TMT analysts or does it even matter.
Looks like you're interested in a lot of things there, KeepinItReal. Perhaps you should get interested in the search function that's available at the top right corner of this website as well.
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