Lazard Return Offers
Think Lazard gave out returns last Friday, what are people hearing? Lower % than previous years or around the same?
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Hearing around 50–60% for Generalist M&A in NYC this year, which is noticeably lower than historical averages (typically 80%+).
Specialized groups like Restructuring (RX) and PCA seem to have held up slightly better. Overall headcount is tighter across advisory this cycle, so expect more action than usual during full-time re-recruiting.
Can someone confirm? Don’t think this is true lol
bump
Can confirm return offer rates plummeted this year. Probably around 2/3 of the class received return offers, and a bunch of strong interns got cut
why? i thought at EBs it's your offer to lose
Above claims are false… rates were ~in line with historical average
Which is?
It was 80-85%. Lower than recent years.
anyone know why
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What is total nyc class size for m&a - RO's have historically been 90%+ so this is very surprising to hear
Confirmed?
Del………
Interned in NYC office last year and returns had already started falling last year. Believe 7-10 were cut either within M&A or across all products. Agree with previous poster that those with specializations in PCA, RX and I believe HC had better return rates. Think teams also staff you if they like you / staffing isn’t unblinded so it may be easy to tell during internship if you’ll be returning
what are class sizes?
My rough guess off the top of my head for NYC M&A is 30-35. With all products maybe around 40-45. Split by floor so honestly don’t have the most accurate estimate unfortunately
In times of AI adoption its somewhat natural to see return offers falling, would expect the same across various banks on Wall St.. Alternative would be even smaller Intern classes
lazard is known for smaller intern classes (at least comparable to some of the larger boutiques), but all other EBs maintained higher rates
Understand they’re doing FT recruiting for NY M&A so doubt there return rate was super low (unless interns just sucked this summer)
Is there an application or is it through networking?
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