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Interested on views re London as well
I have a more senior non analyst POV, so take what I say with that in mind.
Pay: Evercore=PJT>>>Lazard
Culture: Lazard NY is pretty awful IMO, but that's a personal decision due mostly to my personal interactions and how most people I know fucking hate it. It's a sweatshop with assholes who yell at you and everyone thinks they are in the 1980s. Evercore and PJT guys are all generally nice chill people that don't work you to death for no reason. You either have something to do thats not bullshit and worthwhile or you aren't working. Evercore has more defined processes (of which they are best in class), PJT is still very much a start up in a lot of ways and in terms of preferred ways to do things, which can mean more ownership for you. Evercore tends go be more serious and buttoned up, PJT tends to be more bro-ey and relaxed. Good perks at both.
Deal Flow: Good Deal flow at all, but in terms of large scale transactions in the news it's currently Lazard>Evercore>PJT. For ownership on executing good deals, it's pretty much awash. All do cool stuff, Evercore and Lazard have more established relationships and deal flow. PJT is growing rapidly and adding partners with new relationships every day. All three do cool shit, though the difference between being a generalist or not might sway you, because if you don't end up in the right group the deal flow can suck.
Exit Opps: From my vantage point it's pretty much a wash, but as someone who's never been an analyst I never really spent too much time looking at the minute differences between firms.
Personally, I would cut Lazard and make the decision between Evercore and PJT based on what you wanted to cover and group preferences.
Just spent a summer at Lazard and want to clear some stuff up. I'm not particularly gung ho about the firm and actually enjoy shitting on it, but I think there's a ton of misinformation on this forum regarding Lazard's culture from people who haven't worked there.
The people at Lazard are actually really nice, fun to work with, and generally respectful of your personal life. I think this evil image of Lazard stemmed from its nasty culture in the early 2000's (I wouldn't know), but whatever it is, you guys should be mindful that you are incorrectly shaping a lot of undergrad students' views. It certainly made me wary coming into the summer, and now I feel stupid believing everything I read.
The only thing I would say is that people in some groups get worked really hard, but no more than Evercore and certainly less than Moelis. Don't know much about PJT.
As far as deciding between the three, I would weigh how well you get along with the people more than anything else. The same analyst can achieve the same outcomes from any of them
Yea, obviously different strokes for different folks. I have not liked the dozen or so Lazard bankers I know personally, and the few friends that I know that have summered there were miserable. But obviously some people happy there or it wouldn't continue to do so well and attract talent. My viewpoint is based on my experiences over the last couple years (Not early 2000s) But obviously that's just my personal data points.
OP, if you've liked your Lazard experiences, then obviously that factors into your decision, my post is solely based on my experiences.
What type of pay differential are we talking about at the associate/ Vp level?
The difference between EVR/PJT pay, over BB, as an associate 1 is as much as 100k depending on the BB, closer to around 50k to LAZ from what I've heard. I expect that gap widens in future years, at least through associate/vp/director years when you aren't bringing in business.
PJT as bro-ey and relaxed? I heard that it's very intellectual and bookish, especially the restructuring team.
Intellectual and bookish is true for RX. But the cultures are night and day between RX and M&A, from my experiences.
I'd say social intellectuals better describes PJT. Have a couple buddies going there FT, they were definitely the folks who could have the most diverse non-finance conversations of everywhere I interviewed (top BBs and EBs). Also, in terms of exits, they are still very much top notch with a quite a few of the folks in M&A opting for HFs.
Sorry but what happened in the 1980s thats mostly changed now?
would be curious to add Centerview to this conversation as well
And Moelis
Why did "adding Centerview and Moelis to the conversation" get shit? Would be interested as well.
Think it's also important to note that Evercore and PJT are generalist while Lazard is only generalist for the internship, then they have groups just like any other BB
Lazard just had M&A, Restructuring, PCA though right, they don't have coverage groups, at least in NY?
Lazard definitely has industry coverage groups in NY.
Benefits of Evercore are that culture is good, pay is good, exits are good. Downsides are that it is expanding into a more of a bulge (I prefer boutique) and deal teams are not as lean as they say they are (I've heard they sometimes will staff multiple analysts on a deal).
Benefits of Lazard are that brand name is very prestigious, good exits, and culture is much better than before (notably in the TMT group). Downsides are that it still isn't as chill as Evercore and the pay is 30-40k lower than PJT and Evercore.
Benefits of PJT are that it is being recognized as BX's advisory arm now, pay is good, exits are on par with Evercore, lean deal teams, and many other benefits. Very little downsides to PJT - the only one I can think of is that you might not work on the super large deals that Evercore and Lazard have access to but I say within 3 years, PJT will be working on those kinds of deals.
All in all, I would choose PJT's strategic advisory service. It has a true boutique bank culture, they don't over work analysts, and they are slowly rebuilding their old BX brand. But you really can't go wrong with either bank.
EDIT: Some people on this thread think that Lazard has a terrible culture - this is just not true anymore outside of the restructuring team. TMT is a bro-fest, Healthcare is pretty casual, Industrials is decent. Point is that every bank has chill and hardcore groups and for some reason this website gives Lazard a really hard time.
What's up with the restructuring team at Lazard?
The way I see it:
Lazard, because it's the only one that can attract new business on the basis of its brand name alone. No management team is going to actively seek out the wise advice of PJT unless they already have a relationship with a banker who works there.
Doesn't really matter for analysts though unless youre planning on staying in banking.
I'd say it really depends on what you're looking for.
Lazard is the most known quantity and has the most robust brand in that its rise isn't recent and certainly isn't a fad. However, pay is lower than the other two, and they haven't really been growing or changing much lately. You're going to work really hard, exit opps are good, but nothing really special there. Culture may have improved, but I don't think anybody is arguing that their culture is a real selling point. If anything, it isn't the debit it may have been a few years ago.
Evercore is hot and trendy. They've clearly been killing it lately, and there is growth there. They pay at the very top of the scale, and as they grow, there are a lot of internal opportunities and of course good exit opps.
PJT is a little bit of an unknown quantity. They don't do nearly the volume of Evercore or Lazard and don't work on a bunch of big external deals. They still do a lot of work with BX and some other big sponsors/clients. Pay is top-notch, and I've only heard great things about their culture. With the post-BX turnover, I think it might be exciting to be at a place that's still defining itself and growing into its own independent firm with its own identity and client base.
Lazard or GS?
Only came across guys from PJT, visited their office in London last month to chat with an MD, very relaxed place.
PJT has crazy good exits
I know that these are excellent places for analysts because of the exit-opportunities, but what about for folks looking to do career banking post-MBA? Are these good shops or should career bankers stick to BBs?
I did my Analyst stint at one of those firms and honestly pick the one you mostly prefer.
bump
Lazard > evercore >>>>>>>> pjt
If it was 5 years ago
Blackstone > evercore> lazard
EVR = PJT > Lazard
It seems like you work at Lazard
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