Evercore vs Lazard vs Jefferies

Evercore vs Lazard vs Jefferies (All NYC, all Industrials) for a lateral position. Don't really care about exits (pretty set on the career banker path), and also pretty product agonistic (don't have a huge preference for M&A, hence why Jefferies is pretty appealing). Currently leaning toward Lazard for cultural reasons, but would love to get more insight on each group in terms of comp/culture/dealflow.

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  • Analyst 2 in IB - Cov
Oct 2, 2021 - 6:56pm

Currently at Evercore Industrials, so can provide you with some insight on that.

Pros:

- Dealflow: Our dealflow is solid, and we're pretty well-rounded across the verticals in Industrials in the mid-cap to mega-cap space. That being said, we work with Lazard and Jefferies all the time, and their Industrial groups are also very solid in terms of deal flow (but obviously Jefferies is less present on the mega-cap deals).

- Comp: Our comp is obviously higher than street, but while our comp is above BB comp, we're no longer class-leading. My friends at Lazard are also in the same predicament (maybe slightly worse as Lazard has far larger buckets so comp is far more variable). At the ASO level, I'd say Evercore > Lazard in terms of comp. Word on the street is Jefferies pays very high (above us) for top-performing ASOs and average ASO comp there is above BBs and in-line with lower-paying EBs, but I personally don't know too many people at Jefferies well enough to share comp figures.

Cons:

- Culture: The culture in Industrials has changed a lot over the past few years for the worse. Evercore went on a hiring spree and frankly, the Industrials group picked up a lot of dead weight with very expensive MDs that simply haven't paid off. I'd say the Industrials group has been one of the most "institutionalized" groups at Evercore with culture becoming a lot less collegial and a lot less intimate. Hours are decent though.

- Career Progression (Maybe): The group is pretty bloated right now with a lot of expensive seniors and a lot of mid-level bankers. Management can't do much about the bloating right now, but I can definitely see management restructuring the group in the future and I think the Industrials group will face a period of quite heavy turnover a few years down the line when management tries to get rid of dead weight. Heavy turnover can be good for career bankers (if you're good then you have more opportunities for promotion down the line), but can also be bad (Volatile office dynamics and changing office politics).

  • Summer Associate in IB-M&A
Oct 2, 2021 - 9:00pm

Are you working in a particular vertical, if you'd care to share?

  • Analyst 1 in IB-M&A
Oct 3, 2021 - 7:56pm

Given recent ASO comp hikes, I think Laz > EVR. Laz is doing everything to hire and retain ASO at the moment, seen a lot of bleeding (headcount wise) particularly at the ASO level

  • Analyst 2 in IB - Cov
Oct 5, 2021 - 9:30pm

Do you know how the culture is in Healthcare?

Controversial
Oct 2, 2021 - 9:22pm
freakonomics_1, what's your opinion? Comment below:

All solid options. Congrats!

It would be between Evercore and Jefferies for me. Evercore is a fantastic bank all round and Jefferies is arguably the hottest bank on the street currently. Might lean towards Evercore personally but can't go wrong with either. 

Oct 2, 2021 - 9:59pm
high hopes, what's your opinion? Comment below:

How is this even a question? Evercore and Lazard have better brands + Jefferies has the weird clawback BS beginning at the ASO level 

Oct 3, 2021 - 8:17pm
high hopes, what's your opinion? Comment below:

Lol 7 people threw MS and nobody wants to say why?

LAZ pay has always trailed EVR except for some mythical top bucket that was allegedly close.

jefferies does have claw backs at ASO and above - never heard of anybody taking jefferies over Evercore 

  • Analyst 2 in IB - Cov
Oct 3, 2021 - 8:48pm

OP here - I'm still very much considering Jefferies. When it comes to career banking, the so-called "prestige" factor between banks really becomes a moot point. I've seen all three banks working on the same deals quite often, and the majority of their deal flow tends to be quite similar in terms of size and type in Industrials, with obviously Evercore touching the mega-cap Industrial deals a bit more than Jefferies and Lazard in the US. Also, one of the most appealing aspects about Jefferies compared to Lazard and Evercore is that Jefferies doesn't do pure advisory, and I personally think exposure to more products is beneficial for a career banker.

Also the clawback provision isn't a huge negative for me. If I find the group fit well early (aka identify good mentors and have a good culture), I honestly don't see myself moving that much until maybe the VP/SVP point, where becoming MD becomes a lot harder. Also, Jefferies pays straight cash bonuses across all levels, which helps to offset the clawback provision.

  • Analyst 2 in IB - Cov
Oct 3, 2021 - 7:19pm

I networked with a lot of people in the group, and while the hours are pretty bad, the group definitely seems very collegial and tight-knit despite being one of the largest groups by headcount. The people I talked to were also very chill.

Oct 3, 2021 - 9:06pm
hm543, what's your opinion? Comment below:

Lazard just raised base pay to 200, 225, and 250 for AS1, AS2, and AS3, respectively (can google recent BI article). Close friend is an Analyst there and came in planning to dip to PE, but now they are seriously considering doing A2A and like their group a lot. Think culture is probably a bit group-dependent, but overall, seems much better than rough stories people heard in the mid-2010s. Jeff is rising, but I'd lean Laz as first choice and Evercore as second choice.

  • VP in IB - Gen
Oct 3, 2021 - 10:11pm

Even as a career banker, I would favour Evercore, then Lazard, then some clear air between the two to Jefferies.  Not a knock on Jefferies, which is a reputable bank that comps well.

  • Associate 1 in IB-M&A
Oct 3, 2021 - 10:16pm

I'd definitely agree with your sentiment, but the big question is how much OP values debt and equity exposure. If OP wanted pure advisory, Evercore and Lazard > Jefferies, but if OP really wants the full coverage banker experience then I'd have to say Jefferies is the clear option out of those three.

  • VP in IB - Gen
Oct 3, 2021 - 10:19pm

Yes, this is a fair point.  If you want LevFin exposure then Jefferies is of course the natural choice.  Although I can't see how people wouldn't want to grind for months on an M&A process and have it fall apart over some weird unforseen hurdle at the 11th hour lmao

  • Associate 2 in IB - Gen
Oct 4, 2021 - 12:15pm

You should consider between Evercore and Lazard. They're simply better banks than Jeffries. Between the two, I'd lean towards Evercore - honestly no competition among the independent IBs for Evercore in terms of deal revenue, mkt share or $ fees (feel free to disagree here, but I've seen the latest data on FactSet, Refinitiv, Bloomberg, and Evercore blows all other independent banks out of the water - really not sure why ppl hype Centerview so much. Lazard's closer to Evercore than Centerview is).

Evercore is the ONLY independent bank consistently ranked in the top 5 US and Global Industrial M&A league table in the past couple yrs. Don't hear these prospects or others who don't know the industry well. You can argue that Jefferies matters bit more than Lazard in the Industrials industry, but both are very small players in the grand scheme of the industry compared to Evercore.  

Besides, you get solid ECM exposure at Evercore. I think debt exposure is grossly overvalued - you'll touch on all points just through M&A process. Unless you thought culture is absolute shit at Evercore or Jefferies, go to Evercore and you can thank me later.

  • Analyst 2 in IB - Cov
Oct 4, 2021 - 5:12pm

I'd actually argue the opposite - debt exposure is much more important than equity exposure for Industrials. There's significantly more debt and M&A activity than equity deal flow across most verticals in Industrials.

  • Analyst 2 in IB - Cov
Oct 19, 2021 - 10:34pm

I'd say the user above is both right and wrong. Jefferies is strong in Industrials, and we see them a lot, but they're just not as present on the (few) high-profile mega-cap deals as financing is such a huge part of industrials and they simply don't have the balance sheet capabilities to challenge BBs. They're still incredibly strong in the mid-cap and MM space, especially in certain verticals. Besides industrials, Jefferies is really strong in HC, Energy, and LevFin, and their Tech practice is also decently strong and comparable to non-T1 BBs (although that's not saying too much, because Tech M&A is overwhelming dominated by GS and Q and theere's a huge gap between GS/JPM/MS and the other BBs). I'd argue that Jefferies HC and Energy stand out more than their Tech and industrials practices in the way that Jefferies HC and Energy are true competitors to the BBs in terms of deal volume/quality and fees generated, while industrials and tech are much more mid-cap and MM focused, albeit still strong.

Funniest
  • Associate 1 in IB-M&A
Oct 4, 2021 - 7:44pm

Appreciate the insight Prospect.

  • Intern in IB-M&A
Oct 5, 2021 - 5:28pm

Lazard is permanent WFH Mondays and Fridays if you care about that

  • Analyst 2 in IB-M&A
Oct 5, 2021 - 5:44pm

In this vein, as part of their new hybrid model, they allow employees to work from anywhere for a 1-month block each year. I think that's a pretty cool/unique perk.

Oct 7, 2021 - 4:38pm
WS_Jerry, what's your opinion? Comment below:

Damn that's nice af. My team doesn't go in on Mondays and Fridays, but it would be sick to work from wherever one month out of the year

I think I did this right

Oct 7, 2021 - 4:58pm
Leverage Hero, what's your opinion? Comment below:

Would probably take Evercore. Despite saying you're on the career banker path, things can change and it's the best name brand of the three. 

Oct 8, 2021 - 1:51pm
Monkiii, what's your opinion? Comment below:

I work at Laz and I would never leave for a different bank. Feel free to message.

Oct 18, 2021 - 6:21am
TheBuellerBanker, what's your opinion? Comment below:

Honestly, great to see that kind of mentality for once. For the sake of the forum, what draws you to working there?

Oct 18, 2021 - 12:23pm
Monkiii, what's your opinion? Comment below:

It's really the lifestyle at LAZ that makes such a big difference to my happiness that I would have a really hard time giving it up to go get paid marginally more or work somewhere more "prestigious". Getting to work hybrid 2 days a week and leaving at 6PM the days I do go in makes this job so much more sustainable. Sure I still work hard, but I remember how much it sucked staying in the office til 12AM at previous jobs and no pay raise could make me go back to that. Plus, I like the fact that the senior leaders the respect the junior folks enough to make our lives as good as possible without compromising performance.

Oct 18, 2021 - 9:32am
NewIndustryHorizon, what's your opinion? Comment below:

I've heard their career development for those who choose to stay in banking is quite amazing. They have a global presence more so than most EBs. Some of their global industry teams seem to have a fairly strong presence across different geographies. I'd imagine having the option to lateral to new cities if you're a good performer is a unique experience.

  • Associate 1 in IB - Gen
Oct 18, 2021 - 9:56am

Also see recent initiatives: pay bumps, WFH Monday and Friday, work from anywhere for one month per year. I think they're focused on rebranding from the legacy old-school Lazard to a better "destination" for talent. Whether that actually changes and helps culture is still to be seen but at least they're listening and trying to make improvements.

  • Associate 2 in IB-M&A
Mar 28, 2022 - 6:47pm

Lazard Industrials does not have a good culture (but not a bad culture either). The group is huge, but certain parts of it are sweaty AF, but the group is large enough you can hide from the work. Also, I have friends in Evercore Industrials, and I've heard that the group is bloated AF with a bunch of non-revenue generating senior hires and a lot of useless middle-level people as well.

Source: Work at Lazard

Mar 28, 2022 - 7:16pm
hoesNblow, what's your opinion? Comment below:

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