Just wanted to get an updated thread going for this group regarding culture, hours, deals, exits, etc...
I know one of the big heads in Lazard's TMT group left earlier this year - has this had any significant impact on their deal flow? Is this role more advisory/consulting based since the group is on retainer for the big tech companies? Would be curious to hear the experience, especially at the junior level.
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strong group, roughly in-line with other EBs (EVR, MOE) in the Bay Area and a step below the GS-MS-Q holy trinity of tech banking. Really good exits (SLP, Thoma, etc.) and attracts lots of quality talent from the East Coast (at the analyst level). Large clients on retainer (Google, IBM) which makes LAZ SF essentially a corp dev role along with some execution. Pretty sweaty but to be expected I suppose.
a lot of opportunities to model and develop technically? Also, any knowledge on other group under their coverage apart from the mega-caps?
Do you have an interview?
Strong MF and tech exits, know of Silver Lake, Sixth Street, Thoma, Clearlake as recent exits.
Have heard takes from people in tech and a few folks at Laz. Would definitely say they are 2-3 steps below the GS, MS, and Q. Those guys are on another level. Would put JPM, EVR, and Centerview above Laz for sure.
Sounds like Boston has become the main office for tech. The head of tech sits in Boston and is highly regarded, but seems like other seniors (especially VP promotes) aren't having success or bringing in their own deals. Know someone on the buyside that participated in a Laz tech process and said the entire firm thought it was one of the most poorly run processes they l've ever been a part of (would be very interested to hear from anyone else on the buyside that has a view)
Heard they aren't having success competing against the banks above and are going after much smaller deals than they have historically (sub $1b)
Their angle on large cap tech isn't what they try to present it as. Basically a lot of back office corp dev work that doesn't lead to deal flow (believe a few of their retainer clients did not use them for M&A transactions recently, showing strained relationships). They also apparently don't have as many strategic relationships as they like to market for sell side processes.
Not sure where the strong talent from East Coast is coming from, most of my friends have said everyone is from west coast or Europe. Have heard of people leaving SF for NYC. Might be personal pref or other indicator.
Also heard that Lazard spent a lot poaching other seniors from banks to grow faster / compete better and it hasn't gone well. Lot of senior level with no additions to the junior level, making it very sweaty for a lot of pitch work. Few recent additions have been going very south.
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Saw on LinkedIn that they’re hiring for the 2024 FT class.
Has anyone gotten an interview?
Haven’t heard back yet
what even does that mean? i think most first(and second) rounds have wrapped, they have a a superday next week or the one after.
source: me
Process seems like a complete cluster. Been told to keep checking back and have done multiple informal first rounds / coffee chats with indication I’ll be included further.
I spoke to one of the associates running the process and he definitely didn’t understand the questions he was asking me lol. Obvious he was reading from some list of questions and couldn’t keep up with the the verbal response to see if it was correct.
Got some shady answers from folks about the culture. Surprised they didn’t just give me the same bs line about working together. Seems like some new hires have made things pretty bad .
Did anyone hear back about round 2 or super day?
not yet, been waiting was told they would be out by end of week when i had my first round early in the week they said they would review the candidates towards on friday and send out the invites
Second round are over, because they are gonan start super days next week
Anyone heard back about Superdays?
There is a senior associate (2023) in the SF Lazard TMT team, now newly promoted VP, who is a complete a**hole. I was interviewing for a second round, and this individual/interviewer kept asking if I was in my M&A product group at my BB, which I said yes. Then he asked me if I knew a [very generic first name] VP on my team, and I said I don't think I know them because I'm from a BB and there are several groups within M&A, and I'm pretty sure there is no one by that name on my team. This guy then heavily implied I was lying about being in my group as I didn't know this VP and was trying to intimidate me into saying I wasn't on that team, got really racist/sexist vibes. Also - my bank at the time was going through a major restructuring so my firm was looking for a reason to cut people, and if guy really did disclose to my current VP that I'm interviewing elsewhere, that would have put me in a shitty situation with my group, which I really did not appreciate.
Also, was later talking to a colleague at another BB, who confirmed that Lazard TMT gave toxic vibes. Would not join.
Recently left Lazard tech, agree with much of the above comment. Little to nonexistent deal flow as of late and tons of pitching with no shot at winning any mandates, especially after the group head left Lazard. Many people that are still sticking around at the team tend to be incompetent and have attitude issues. Morale is low and many juniors at Lazard tech are desperately looking to lateral but thing have been tough due to the lackluster IB lateral market.
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