Lazard v Evercore? London
Did an SA at one and an OC for the other. Got FT offers for both starting in jan 2021. Which one should I take?
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Laz - you’ll be an intern at Evercore if starting early. Just for that reason it’s a rinse
Laz is stronger in Europe and will give a better experience/carry more weight. Also really solid group of people from what I hear.
Also Laz is killing it in Rx right now if you want some of that exposure
Laz for sure, Evercore London is still in the MM, it can't compete with places like Lazard yet
Yes Laz may be stronger in Europe, but Evercore’s global advisory revenue blows Laz out of the water primarily driven by the US. I honestly think that’s what matters more than a very regional look.
Go with Evercore regardless of London vs NYC. It’s the best EB you can be with and no-one will argue with that.
I disagree. The strength of the region/team you're in is crucial vs the global brand and in London, you don't want to be relying on the US offices bringing in deals as per your statement 'primarily driven by the US'.
EVR London office is nothing like it is in the US, most of their deals are LMM. Laz EMEA is in another league to them, they're so strong that they often win deals vs GS/MS/JPM whereas EVR London mainly competes with places like Rothschild/Jefferies etc..
According to the FT only 20% of Evercore's fees come from EMEA (vs 77% US) whereas for Lazard around 51% of fees come from EMEA (vs 46% US) - this says it all, Lazards strength is EMEA and dominates the M&A market and also does very well in restructuring. Why pick a team that works on smaller deals, has less deal flow? The only reason I could think is the better hours and pay EVR offers. (Laz London pay is low).
Lazard in EMEA is a really good pick, but by not means close to Top or mid BBs, would place it just behind it.
Evercore is way too far, makes actually no sense picking it against Lazard unless you are just chasing dollars, then just go for Centerview.
Would go with EVR depending on team
Was the off cycle in the london office? I was told neither firm run off cycles in london...
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