lazard vs. evercore
at the summer analyst/analyst level, which is better to have on your resume?
obviously both places will work you hard and give you great experience. evercore does more big deals, lazard does more deals (partially because they're just bigger), and lazard's name has been around more giving it what i feel like is more brand equity.
that being said, i think evercore is on the rise and lazard potentially declining (not that that necessarily matters for analyst level).
THOUGHTS???
Both are great if you want a pure advisory role. Both in NYC I assume?
both are in ny.
b/c they hire only 5-6 analysts per year, so it'll be more helpful if you want to go to bschool afterwards since you won't be competing with many other analysts although Lazard is relatively small and prestigous as well. It isn't declining. Wasserstein is legit and great rainmaker.
Both are great firms, but take Lazard. The brand equity of that firm is still greater than Evercore in terms of global recognition.
is a bunch of stiff nerds w no personality
Definitely Lazard. Way more prestigious. Probably better than Evercore for business school too (pretty much everyone from Lazard goes to Harvard or Stanford).
I know Evercore hires less people, but I think it's actually easier to get a job there than at Lazard..just based on the caliber of people both firms hire.
You might want to think about what industry group you want to work in as well. Evercore's great in telecom and FIG deals, but doesn't have much of a presence elsewhere. Since analysts are generalists at Evercore, you'd be doing telecom & FIG deals. Lazard has a strong presence in most industry areas (and analysts select an industry group at Lazard), so if your interests lie outside of telecom & FIG, don't go to Evercore.
If GS is the Ferrari of finance, Lazard is the Maserati.
Evercore would be a Pagani Zonda: a great performance supercar, but really nowhere near the time-honored prestige of the aforementioned. Go to Lazard.
when we think about the brand name aren't we only concerned with the finance circles of ny though?
i don't care if my mom doesn't know where i work but i want to make sure it's respected where it matters.
like if i was a car collecter couldn't you argue that the pagani zonda would be my top choice over the "played-out" maserati? i'm just playing devil's advocate here to see what you people think...
also to note about Evercore: 1) maybe they did att/bell south and an etrade deal but i wouldnt say theyre only strong in telecom and fig. they've worked with general mills, footlocker, delta/northwest... and 2) they also have a restructuring business that as a generalist i would get exposed to whereas at Lazard i think id only see whatever my industry group is.
im trying not to be biased but i dont think people are considering all factors
I think you just answered your own question =) If it's for the summer, you can't go wrong with either firm. Having Lazard or Evercore on your resume will definately get you Fall interviews with all the banks undergrads get hard-ons for.
I have no particular insights, but I'd choose Evercore since I prefer the boutique experience. Boutiques definately have distinct cultures (and it's not for everyone) so a summer "test drive" wouldn't be a bad idea. If you don't like the culture or boutique environment, you can always interview for BB banking in the fall.
Also, having exposure to restructuring work might be a good thing over the next 2-3 years. There's a reason funds are starting to raise money for their distressed debt practices...
That's might be true technically, but Evercore is just starting up their restructuring business (it's still basically nonexistent), so I doubt you'd actually see any restructuring work while you're there for 2 years or a summer. Also, I believe Evercore has restructuring specific analysts, so you may not even theoretically be able to work on restructuring deals while there.
If you like Evercore a lot better, I'd go there. I think it's a poor choice to pass up on Lazard for anything except maybe Goldman, but everyone has their own opinions.
Can we throw in Greenhill and Blackstone (m&a) into the mix?
Generally,
Greenhill/Lazard, then Evercore/Blackstone one one-hundredth of a hair behind?
can i have the offer of the one you're not going to take...
delete
delete
Lazard.
Lazard vs. Evercore (Originally Posted: 02/16/2008)
I go to a target Ivy and I have three offers for the summer: one from Lazard (satellite office- think SF, Houston, Chicago), one from Evercore's restructuring group in NY, and UBS NY. I would prefer the boutique atmosphere, so that rules UBS NY out.
I like both groups equally- people are good at both of the banks.
I am leaning towards Laz. b/c I eventually want to live in the area of the satellite that Lazard is in, but the exit opps of Evercore are so good. I am also thinking that being in a non-NY Lazard office will bring the exit opps/prestige of that Lazard office down.
Which offer do you think I should take between the three?
go with Lazard m&a if possible in the satellite city
it also depends on the deal flow and execution of the satellite office. what do you know about it?
Not so sure on the deal flow- I would imagine it isn't up to par of Evercore/Lazard NY, but I'm sure it holds its own.
If you are talking about Lazard Chicago, aka Lazard Middle Market, aka Lazard-Goldsmith Agio, then that would be a concern for me. Definitely would take Evercore over them, as you'd actually work on a billion plus dollar deal (or at least have the opportunity).
This isn't a total slight against Lazard MM, as they have been doing great since LAZ acquired Goldsmith, but it's no Evercore.
Why don't you go with the one you like instead of obcessing about "exit ops" and prestige. If you're good at your job, you will have plenty of choices from all three of the above.
Did you even read the original post?
Lazard has a Chicago office which is independent of the Lazard Middle Market office. I've interviewed w/ Lazard MM and I know that they work independently from the Lazard Chicago office (different offices, different deals).
I would personally take Evercore NY. The deal flow will be substantially better than at a satellite, and this will be a better way to begin your career, even if you want to go to a satellite a little later in your career.
Why do you have a geographic presence for the Lazard office? Family/school roots/significant other? You want to spend a few years there? Raise a family there? Something else?
Just keep in mind that you have zero barriers when it comes to relocating back to this "Lazard city" after an Evercore stint... especially if you already have school/family roots there. Consequently, geography IMO should not be an important driver in this decision.
Also, over the course of your professional life, you will end up overseas if continue on a "prestige" track.
Edit - I would personally pick Evercore given the current trajectory of the economy.
Family/roots and eventually, yes, I would like to raise a family there.
Have been told by many bankers that to make it in the tech/west coast industry, it would be better to start out there, as opposed to a NY restructuring firm.
Is there anything in particular (re: tech/west coast) you're looking into post banking? Are we talking PE, VC, HF, Corp Development or something else?
Looking at this in a vacuum, Lazard obviously looks more appealing given your preferences (especially if you're between Lazard TMT vs. Evercore Restructuring and want to be in tech/west).
With that in mind, I guarantee you'll be gainfully employed working in the distressed/restructuring market. You might even be poached before your 2 years are up. (This is coming from someone with a pretty good pulse on what some of the big boys are doing).
No idea on what to do after 2 years of banking. Would like to stay near the finance industry (i.e. PE/VC/banking, but not HF).
I am not particularly interested in tech- I am much more interested in the restructuring work. I simply don't know enough about tech to be interested or not interested in it. The only reason I'm considered the WC is b/c I want to live in the WC in the long run.
No love for the HFs? =)
I personally don't know enough about Evercore's inner workings, but you might want to find out what sort of work they do in their west coast offices and see how open they are to moving jr. people within the firm to other offices/practices areas/etc.
I interviewed with Evercore for a position in San Fran - so this is about all I can tell you:
Their west coast operations are limited (San Fran office is very small - less than 10 people). I don't know about the size of LA. They run all of their back office stuff through NYC - so it can be a hassle if something needs to get done late on the west coast, and all back office has checked out in NYC. I thought this would be the largest negative of working for Evercore on the west coast - I am sure sometimes their analysts have to get in a bit earlier if they want to get something done by a person in NYC. Also, since their size is so small - I doubt they would really be open to a lot of transfers, especially since the relationships you develop with your senior bankers at a firm like that is one of the reasons to join in the first place.
Agree with most of what has been said on this thread: choose Evercore. You can transfer back out West after your stint is done.
Remember, this is only a summer intership.
anyone know the SA offer rate at Laz? Also, how many SAs do they hire in NY?
lazard is > Evercore in prestige however, because of the location, i would say Evercore hands down im a big fan of Lazard but you want to be in new york take the Evercore over lazard for the summer and do some M&A there
how about Lazard vs Evercore vs Greenhill (all nyc)?
throw Gleacher in the mix
Between two banks of similar quality, I would pick NYC over any regional office (just my personal opinion). NYC is a great place to start a career, with great opportunities to go all over after 2 years. In particular, Lazard's regional offices are nowhere near as strong as their offies in NYC.
Also, Buck2210 is certainly correct about the difference between Lazard regional offices and Lazard Middle Market / Goldsmith Agio. Lazard-Goldsmith is not nearly as good of a bank as Lazard itself, and Lazard regionals (especially Chicago) aren't nearly as good as Evercore in NYC, from a objective standpoint. Restructuring should be a good group to be in going forward, as well.
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