[NY] Lazard vs PWP (SA 2024)
Hi all - was fortunate enough to receive offers from Lazard and PWP for SA 2024, both for the NY office. I've got some thoughts on deciding between the 2 offers below, but would love to also get some further opinions!
I'm much more interested in M&A than RX, and am open to most industries except FIG and REGL but find HC and C&R most interesting. As I understand, both PWP and Lazard are generalist for the internship and both firms have strong C&R and HC groups, but does anyone know more about the culture within the groups at both firms as well as how competitive FT placement is for those groups?
I'm not super gung-ho about PE (but still want the optionality of exit opps down the line). Heard that both are great for exits but how's A2A culture at both firms?
Really enjoyed meeting everyone during the networking and recruitment process for PWP and vibed with everyone. Not as much with the people at Lazard (just from my experience Lazard seemed much more uptight in a preppy kind of way if that makes sense).
Congrats on the offers! Both are great places to start your career. As you mentioned, both firms have strong C&R and HC groups. Overall firmwide, PWP tends to have a better culture whereas Lazard edges PWP for exits. HC is arguably the strongest industry group at both firms, and the HC groups at both firms are also on the sweaty side in terms of wlb. Should note that PWP HC's strongest at devices and medtech whereas Lazard HC is stronger in biopharma and services. PWP and Lazard C&R are both very strong in beauty + wellness, alcohol & tobacco, and food & bev, and are similar in that both firms have a number of large clients on retainer where a couple analysts each class end up devoting most of their time to cover one or two of the demanding clients. PWP C&R's culture is definitely on the chiller and more relaxed side whereas Lazard C&R is more stuffy and buttoned up.
In terms of exits, both firms give you great optionality and any opportunities from growth to MF buyout will be possible from either firm, so I don't think exit opps should be the deciding factor especially if you aren't too gung-ho about PE. That being said, Lazard's traditionally done better with MF buyout placement. Anecdotally I also think the A2A rate at PWP is higher given they seem to do much less MBA recruiting (went to a super-target MBA for IB and don't think PWP recruited much at all whereas Lazard was very present).
At the end of the day, both firms are great and culture/fit should be your deciding factor. I highly recommend you to do a bit more networking directly with people at groups you're interested in at both firms so you can get more first-hand exposure to the people and cultures.
Would be crazy not to go with Lazard here. Much, much better brand and the people are great. Also Lazard doesn’t “edge” PWP in placements, the gap is way bigger. Anyone worth their salt would know Laz is the choice here.
Thank you for sharing your great insight and wisdom intern
Lol good one
Congrats on the offers! Ex-Lazard analyst here, so I can provide some insight. Both firms are great, and HC and C&R are among the top groups at both firms as well. You'll get the same looks from PWP and Lazard, although Lazard probably has more consistent MF placement given its larger analyst class size compared to PWP as well as its stronger brand given its history. Besides REGL and TMT culture tends to be relatively stuffy/more buttoned-up at Lazard, as you noticed, and anecdotally PWP firm-wide tends to be a bit more chill. Ultimately, you can't go wrong with either decision and personally would choose based on either which firm's people you vibe with more or which firm your school has more alumni (makes placement easier, at least at Lazard).
Incoming at Lazard - agree that school matters quite a lot for placement, especially for RX (group is very pedigreed-focused).
What are the schools Lazard targets? I have heard its Ivies, Duke, Stern, Emory or something like that
Heard Laz HC's a sweatshop and C&R has decent culture from a friend who summered at Lazard fwiw.
Wouldn't say C&R's culture is good. Culture's very formal and stuffy there, and hours are still tough except for the couple of analysts each class that sort of slip through the cracks and don't get staffed as much.
Dealflow: Group dependent
Buyside Placement: Lazard > PWP
Non-buyside Exits: Probably Lazard > PWP
Comp: PWP > Lazard
Culture: PWP > Lazard
Firm name and logo: Lazard > PWP
Office: GM Building > 30 Rock
Zero chance Lazard has a better name and logo. Lazard autocorrects to Lizard half the time, and the average American thinks football when you say Lazard.
Says the person working at a company that has a name from an online corporate name generator.
would pick PWP if i were you
Ex Lazard Analyst here - Go for PWP, Lazard is a sweatshop
What were the hours like for you
Also ex Lazard analyst— don’t go
OP here - is the warning away from Lazard due to the hours or more of the culture? Also would love to hear if there are any groups at Lazard where the culture is relatively good - the appraisal for Lazard culture overall here seems to be it's not great.
Culture… Imo hours are going to suck across banking so don’t bother kidding yourself thinking working 85 instead of 90 hours will make you feel any better. Lazard is just super stuffy, maybe just wasn’t the right place for me. Fwiw RE and PCA folks were cool and seemed like they snuck a few Happy hours in lol
appreciate the insight. Out of curiosity, is Lazard's stuffy culture driven more from the top-down by seniors or more from the bottom-up with its analyst class being rather non-collegial?
Both, but definitely more top-down.
Worked at Lazard - Lazard's the institution among the advisors, and everything from it's culture (not very collegial, relatively impersonal, and stuffy) to exits (arguably as consistent as it gets for EBs) reflects that. Heard much better things about PWP's culture - everyone I know there actually enjoys working at the firm and isn't just counting out the days until bonus hits or they leave for buy-side - and PWP's exits aren't worse than Lazard's per se, but are definitely less consistent year-to-year given its smaller analyst class. You'll get the same looks from both firms though, and you should make your decision based on whether you want work at Goliath or in a more intimate setting.
Cxxxxxxx
What's wrong with wearing Allbirds :(
Evercore brotha-- Was wondering what are your thoughts with PWP RX and Moelis RX? I'm interested in DD/Credit investing and was wondering how these two shops fare
Being able to wear Allbirds into office seems more like a perk than a con.
Not OP but also in a similar predicament - how do PWP NY and Lazard Boston compare?
Take it how you want, but Lazard Boston's culture is very rough, especially if you don't fit a certain mold.
Also while the Boston office cross-staffs with the SF Tech group, the office's main senior is getting pretty old and I'm not sure the office has a deep senior bench for when he retires.
Go with PWP NY - Lazard Boston has very rough culture.
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