[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).
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
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).
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
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.