Can someone give me some insight into Lazard's culture? Couldnt find much on the website.
Also, anyone been through the SA interview there?
Thanks in advance
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This is just my personal opinion.
To me it seems like Lazard is considered a very prestigious firm. That being said, many try to use it as a stepping stone towards their next step in "the track". For this reason, I think they work you very hard knowing that you will probably exit after two years. Basically, you pay your DUES and you exit with some great opportunities. I have heard from a friend that their restructuring groups stays very busy.
I did go through the SA interview so this is first hand. Interview was ALL technicals (a lot of general finance, valuation, accounting, limited LBO stuff). They also asked why banking and what do you know about Lazard.
Hope this helps.
sorry, wrong comment!
Ah sh**, all technical? Any specifics on the harder stuff?
What reason would you say for Lazard? Obviously since its a top bank, but do they want to hear that generic stuff, or something more relevant to the culture?
Thanks phantom
sent you a pm.
sent you a PM
How does Lazard compare to Rothschild on a global basis? I know Rothschild doesn't have a whole lot of North American presense and are tranditionally very strong in Europe. Any insights would be helpful.
poleish/phantom/elan thanks for the PMs, greatly appreciated.
IB in Asia - can't help you since I don't know much about Rothschild. I know that overall Lazard seems to be much higher (global and domestic). In Europe, Rothschild may be stronger, but both names definitely cannot hurt you.
hey, could you guys PM me the same information? thanks a lot!
Me as well- thanks.
ME as well...thanks guys
I would try something to the effect of: -Boutique is more focused in abc segment(restructuring i think for lazard) which you think is very interesting and would love to learn about -at a boutique as opposed to BB, you are a part of a leaner team, get to work on a broader range of functions, more of a 'jack-of-all-trades.' BB has 15 people for every task. At a boutique you could be doing various functions, you may have to do x, y, and z on lean boutique team while a BB will just source X to their X-guy and Y to their Y-guy, and Z to their Z-guy. -you look forward to working closely with experienced bankers and learning from them in a closer setting
Most of this advice is reverberated from a friend of mine who was at Houlihan Lokey(prob Lazards #1 competitor, and equally if not more prestigious) for several years
This is my opinion, but I would think a firm like Lazard would want to know why Lazard as opposed to a BB. And you really need to sell that the BB is for certain types of people and Lazard/HL is for certain types of people. You are the Lazard type, this is where you would excel the BB is not the place for you.
.
Does anyone know if Lazard actually takes people from non-targets, for SA or FT?
I get the feeling that my interview is kinda a joke or something, and may only be for my contact there hahha.
I highly doubt they would waste time and money by interviewing someone they had no intention of hiring. My guess is that if you have an interview, you have a legitimate shot at getting the position.
Even if they do not recruit at your school, your contact got you the interview and now you have the same chance as everyone else- you just need to interview well. Good luck.
Thanks lightsout - I guess I was really surprised about getting an interview there, and since my contact there was the MD for an alum's IPO, I wanted to make sure that my resume is what actually got me in the door for the interview (rather than the MD sucking up to the alum).
PM me anything. I have an SA interview soon. Thanks
anyone who says Houlihan is Lazard's #1 competition should be discounted severely. i am ex lazard and never ever ever once heard of HLHZ even BIDDING with us for a deal. Lazard competes with all the BBs on just about everything.
interview for lazard will be fairly technical. culture there is very "sophisticated" and they dont really just hire monkeys, they hire analysts who they believe are exceptional in comparison to others. as a result, the quality of lazard's analyst class tends to be higher than most, if not all banks. for the most part, it is expected that you leave after 2 years, and most analysts place fairly well. a tough experience, as it is as an analyst anywhere, but i truly believe i got more out of my 2 years at laz than my other banking peers.
Would interviews be technical for lib arts kids as well?
Anyone willing to let me on the PM bandwagon? Thanks in advance.
could i also get the PMs? Thanks.
Could I get the PMs as well, please? Thank you.
Don't mean to burden, but could I also get the PM? Thanks.
im interested in joining their team in brazil. could you PM me any info regarding the firm you would rather not post here.
Could you PM me as well. Thank you.
Doubt the guys all PMed each of you. So I'll try to put it in this post.
Culture: Lazard is a very tight-knit culture, across the entire bank - something you'd expect with any boutique.
Interview: Depends on interviewer I think, but I would be prepared on technicals VERY well. The interview may not be all that technical, but I think given the small size, understanding the basics is almost a given (unless your not a finance major). So bottom line, be prepared 110% on fit/tech questions.
Lastly, do research. Something I obviously didn't do when I started this thread, but having done the interview as well as some research, you can find some stuff out there on your own as well.
For what it's worth, there's an interview with Bruce Wasserstein in the Jan 2008 HBR. It has some info that might be useful, such as what sets the firm apart, how the firm nurtures young talent.
thanks guys - i made it to the final round - keep in mind that i'm applying to a fin advisory position, but it's with a group that is not as competitve as M&A
any thoughts on final round? more technical?
how was the first round? as technical as described in this thread? thanks
it was alright - i would say a combo of fit/tech
anyone know the chances for an offer at final rounds haha?
curious, too. going to have an interview with them.
And could I also get the PM. really appreciate it.
lazard is so elite. my friend got his rejection letter by mail. lol
That is hilarious.
I can offer some insight. I have been to the final round for the FT Analyst position in their London office. Send me PM's with questions and I would be happy to answer them.
Anyone know how quickly they get back to you regarding a SA offer? I had my final round in NY earlier this week.
For those at schools where Lazard recruits for SA for Financial Advisory, do they only recruit for M&A and restructuring, or do they recruit for a general pool like most banks?
I interviewed with them for a SA position and the interview was VERY technical. By far the most technical I've had. They also seemed to be more formal than most banks (i.e. no casual talk or joking around).
They haven't made their decisions yet for 2nd rounds, so I still don't know how I did.
I have to say I disagree with this whole technical interview viewpoint. My Lazard SA interview was completely non-technical. It was all competency/fit questions, like Why Lazard? Why banking? How do you work in teams? What makes a great banker? etc. I really think it depends on who your interviewer is, probably best to prepare for technical Q's just in case, but don't be shocked if it's a bit more informal.
i agree with joefish. my Lazard interview was almost all fit. the closest thing i got to a crazy technical was, "would I use a higher or lower discount rate for a start up"? i know they have the rep for being the arrogant white males, but everyone i met was extremely nice, and very helpful.
with that said, i of course did not experience a summer there yet, so not really sure how they are. will definitely let you all know.
Sorry to go off tangent, but you would use a higher discount rate right? Reason being the cost of debt from the WACC formula would be more expensive since there is higher risk?
Recently I've had this discussion with my frd about Laz vs Roths if one wanna do M&A advisory (especially restructuring)... if its in the US, there is no doubt that Laz will be a better option in terms of prestige, exit opps, etc. However, is this still applicable to their London/European offices? It seems that Roths' presence in Europe is a bit greater than Lazard...
Just curious - were you guys finance majors, or more liberal arts?
In one round of interviews with 2 M&A guys, one was all fit and a really easy going guy - the other drilled me for the entire 30min, and was about as uptight as they come
While not every interviewer will be the same, it can't hurt to be on top of your game technically
from way back when, was pretty technical
for me, they had some technicals, but not really.
however, i have heard that one of my friends girlfriend is this pretty cute looking asian girl and they weren't too bad on her. maybe things have changed from way back when it used to be technical heavy.
Wow i just discovered this site and its been great. Wish i knew of it before i went for all my interviews. Anyway my experience with Laz was that the MDs were all less technical. Its the Analysts/ Assoc/ VPs who may ask more technical stuff. Is it true that the Lazard SA prog is generalist? or do they put you into groups. If so when does this grouping happen? Thanks!
actually my Lazard interview was my most difficult. They asked me fit questions for 10% of the time; the rest was very very technical.
BTW, how are Lazard yearend bonuses for first years? I haven't seen much on vault. this firm's so mysterious. anyone have any idea?
SOMEONE PLEASE ANSWER ASAP!! Merrill lynch or Lazard?!? i have to choose soon
Lazard's year end bonuses aren't as high as the top end BBs, but I have heard that their salaries are 65k. Merrill is notorious for being stingy with their bonuses - although I'm not sure if this is true @ both the senior and junior levels.
Again - choose which firm you like better. Choosing between ML and Lazard is also tough because you have to weigh in if you like being in a boutique-ish environment. Do you want the typical analyst experience? Go with Merrill. Do you want more responsibility - understand the full complexity of the deal process? Go to Lazard. Do you want to do restructuring/M&A, or do you want to be thrown in an industry group?
Its very tough to tell you which one to choose - I think only you can do that. If it were me - I like the Lazard experience - I like that most Lazard analysts go H/W b school. However, I don't like that many Lazard analysts can't say that they "love" working for Lazard.
I don't know where you are getting this from. Last year LAZ paid street just like everyone else. 60/70/80 just like everyone else as well.
Hi,
I do not agreed with you. Any way, your ideal make me thinking about some thing for my project.
Apart from that, this link below may be useful: Tough interview questions Pls try to keep posting.Tks and best regards
Lazard Summer Analyst and FT program (Originally Posted: 12/26/2007)
Hi all-
Can any former Lazard Summer Analysts/ FT analysts tell me more about their summer/FT analyst programs? A lot of mystery surrounding them at my T2 target school, but I spoke with them before at a campus presentation last year and they seem like a cool bunch. I am a current junior.
Some questions I had:
-Any perks? -Comp (same as street?) -Exit ops (general brand name, obviously would depend on group but just generally) -Lifestlye? (supposedly worse than rest of the street) -Am I gonna be tied down by the blackberry during the summer? -Is group selection the same like the rest of the banks? -Why does RE group recruit separately (not seen at my school, but I've seen separate postings at Harvard/Wharton for RE)? -Given general summer/FT IBD offers from MS/ML/GS/JPM/LEH/CS/DB/UBS/HSBC (just listing the banks that recruit at my school), which would you choose over LAZ? I'm a personal fan of LEH but willing to forgo some of the group atmosphere for better work experience for the first 2 years. Not sure what group I want to be in.
Thanks guys, out of all the banks, I've had difficulty making my own judgment about Lazard. I know nobody in the bank, and nobody at my school seems to know much about them either other than that they are an M&A powerhouse and that they are the golden boutique.
My first round with Lazard was all technical. Hardest technicals I have ever gotten. They were even more technical than some boutiques that can't afford to take art history majors, etc.
Also they were very formal, very serious, and very unfriendly.
I definitely would not joke around or say anything remotely humorous. They seemed very uptight and elite.
I have check out Lazard because i am planning on getting into M & A. Lazard is know for being pretty mystique. Business week had this to say about them
" Lazard still occupies the same basic position on the Street that it did in the 1950s and '60s—that of a compact, Elite M&A specialist with a front-row seat at the deal game."
So your right, they an M & A powerhouse.
Brand Name is excellent.
Major M&A player. Exit ops are fantastic, especially to top PE shops (i.e. Blackstone, TPG, Carlyle, etc).
I'm also a fan of LEH. I did 2 summers there. Love the environment..so if I had to choose someone over LAZ...it would be GS/MS/LEH
If you know you want to do M&A, you certainly wont go wrong at Lazard, but if you are looking for exposure to varied deal flow, a BB would be a better option than a boutique.
Thanks guys. Anybody else have thoughts on the summer internship experience or FT atmosphere?
Lazard is one of the most intense banks on the street. You will absolutely be cranked as an analyst, both FT and Summer. You can expect hours to be just as bad, if not worse, than the top groups on the street.
Pay is above street, exit opps are top notch with the top groups. Lifestyle, mainly because of the hours, isn't the greatest, but the Lazard name is very prestigous.
One more interesting thing to note that I have heard that Lazard summers do not do very much work outside of industry research during their internships. Haven't really heard of summers doing "substantial" work that really gives a better exp. than a BB summer. Again, this is a rumor I've heard from several sources, but I might be wrong.
Interested as well. I've heard similar rumors about the hours at Lazard.
Baloogafish, are you saying that a BB experience in IBD would be better than a Lazard experience for the summer? So would it be better to the BB summer and go Lazard FT?
I don't want to put words into Baloogafish's mouth, but that seems to be what he's saying.
But then again, if Lazard is your #1 FT choice, then why not? If anything, your chances are probably better going from Lazard SA to Lazard FT than applying directly for Lazard FT.
Just got the phone call with the good news today for the summer. I am very interested in the same questions as well. REhopeful, were you allowed to interview for both real estate and non-real estate? I only got accepted to the general IB.
Hopefully somebody here can tell us what types of perks (housing stipend, Blackberry, meals, black car, etc) is available. I turned down ML for this so I have high hopes.
Lena, do you go to a target school?
Yes, I go to a target school. I wanted to do RE IB, not that Lazard is BIG in real estate, but I figured doing RE at lazard would be a safe choice, and I was curious as well why they recruited separately for RE, considering its not Capital Markets stuff the group does.
The call was from an interviewer who is an alumnus. The official calls can come anytime from later in the week or a week later I was told.
Word.... yea I applied for a different group within Financial Advisory, but I'm from a non-target and have done final rounds....kind of on hold at the moment but I've been pounding doors.
Some of the best views in New York, from the top 10 floors of the GE building.
Proof: http://en.wikipedia.org/wiki/GE_Building http://upload.wikimedia.org/wikipedia/commons/3/39/NYC_Top_of_the_Rock_…
Definitely..I thought it was cool how they have nice wooden stairs in the middle of the floor so you don't have to take an elevator (not sure if I described it well enough, but it's cool)
Lena, your profile says you were born in 83... did you apply for Associate or Analyst position? I think it makes a difference in what each opportunity represents. I've heard (although unsure if it's true, as a lot of information on this board seems fabricated) that LAZ works analysts to death because it knows that the brand name provides excellent exit opps and it wants to get the most use of its analysts before they jump ship. Nonetheless, this comes with excellent opportunities after the analyst stint. At the associate level, however, I would tend to learn towards ML.
I personally do not know a lot about Lazard, as I only applied to select BBs where I thought I stood a chance.
The views are nice..... they make for a great distraction during interviews there hah
And word on the wooden stairs, considering how annoying the elevators in the GE Building are....
I took 2 years off to go back to Hong Kong and help my brother with an internet startup (failed, unfortunately). In addition, I am international student and started a little late. Slightly pathetic, yes I know, looking for a summer internship when my friends are in the middle of jumping into PE.
Not that many places I would take over LAZ. The only comparable offer would probably be a GS TMT or MS M&A.
Bellepheron, would you say the same to Lazard's RE practice? They recruit separately from the rest of the firm.
Lazard's RE group (from what I heard) likes to recruit separately because it's headed by the same person who runs Lazard's Alternative Investments- RE funds. Not exactly an explanation to why they would to that, but I suppose they just like to do things their own way.
The group, from a revenue standpoint I believe, pulls in second to lowest (government being the lowest). Perhaps the RE group is the black sheep in the firm so they do their own thing, or perhaps just the fact that RE IB for many reasons is just different considering the type of work they do.
Lazard is not a boutique :) I've got a friend who was an analyst there, and before I interviewed, he emphasised that Lazard don't really like to be referred to as a "boutique" firm. They are clearly not BB like GS/ML/MS/Citi etc. sizewise and also in terms of focus on M&A + Restructuring, but nor are they as small as Greenhill/Evercore/Moelis/Perella. Boutiques have a much smaller geographical reach and a narrower sector focus than Lazard.
Re: your choice - if you really want to do M&A, why go anywhere else but the best, i.e. Lazard? They've had some of the best dealmakers of all time working for them e.g. Felix Rohaytn, Gerardo Braggioti, Steve Ratner. The brand name is really strong within the industry, while they may not be as well known as GS or MS who aggressively promote their brand to colleges and business schools, if you tell someone who works in finance that you are employed by Lazard, they will think you are the Don. Basic comp is as good as GS or better, guess it depends on how good you are though.... While exit opps probably shouldn't be one of the primary criteria on which you judge where to start your career, it's very very true that people who do leave go on to cool firms like BX, KKR, top BB's or HF's. Analyst program has 6 month rotatons and is supposed to be one of the toughest on the street in terms of working hours, again depends on which office you are in.
How is Lazard SF? I presume they would mostly deal with TMT and life sciences? Any restructuring/M&A there?
Is Lazard a boutique? (Originally Posted: 05/05/2008)
Noobish question, I know, but I'm having an argument with someone. I say it is, despite the fact that it has LAM, while the other guy is saying that it's "far too large and doesn't only do advisory."
Boutique implies two characteristics: small and specialized.
Lazard definitely isn't small, but it is somewhat specialized in M&A advisory. So it isn't entirely clearcut whether or not Lazard is a boutique. I personally don't think it is. Same for Rothschild. Actually, I would say the largest firm you can probably start calling a boutique is Greenhill.
The trouble is that everyone wants to categorize investment banks as either BB, MM, or boutique. In the real world, the boundaries are never quite so clear.
The most accurate description of Lazard is probably "large investment bank" or "global investment bank"... not the largest out there, but nevertheless of significant size.
But whatever you decide for yourself, never refer to Lazard or Rothschild as boutiques when interviewing with them. They don't like that.
No - it's not. I got an earful from one of the directors after I called Lazard a boutique.
They've expanded to capital raising and whatnot, which I think puts them out of the boutique advisory category.
No Lazard is not a boutique
Nor is it a "large investment bank", sorry Transatlantic As far as I am aware, the definition of a i-bank is an organization which facilitates the movement of capital from those who have it to those who do not....Lazard does no trading/lending and does not fit the classical defintion
If you look at their website, they refer to themselves as a financial advisory firm
Even if they were not doing capital raising (which is still a small part of their business model), they would still not be a boutique
The investor relations section of the lazard website has a presentation which highlights the difference between Lazard & their boutique competitors, hence Lazard do not consider themselves to be a boutique, hence they are not a boutique
case closed
They are a considered a boutique. Which is neither good nor bad; it's a positive claim. Maybe that irritates the guys and gals at Lazard (in that case don't mention it in an interview) but that's what the industry considers them to be. Wasserstein wants more, but for now that's reality.
Nope, you are wrong, they are not considered a boutique
just say its a sweet bank
http://www.nytimes.com/2006/08/03/business/03lazard.html
http://www.businessweek.com/magazine/content/02_43/b3805106.htm
http://www.thestreet.com/newsanalysis/wallstreet/10301105.html
Who cares what it's labeled as. It doesn't make a difference. It is what it is.
What does it matter whether it's a "boutique", a "large investment bank", or a "global investment bank?" Seriously though, who cares? If you guys haven't figured it out, there is no freaking right answer to this question, nor does it matter.
Exactly.
That's exactly what I was trying to get across in my earlier comment. There are no clear answers. It isn't really a BB, and it may or may not be a boutique. So let's just vaguely call it a "large investment bank", or whatever. It's stupid trying to attach some sort of specific label, so let's just use a vague term.
A few relevant excerpts from a Breakingviews article, dated today...
"If only Lazard were a boutique. Chief Bruce Wasserstein and his team loathe the tag, and are always at pains to point out that, unlike Greenhill and Evercore, their investment bank is 160 years old, has offices in 39 countries and has bigger revenues. But in the wake of its first-quarter results, shareholders must be wishing Lazard was just a tad more like its smaller, younger rivals..."
"Had Lazard stuck to the knitting of a traditional boutique and limited its operations to one or even both of these businesses, it would have posted a decent quarter..."
"But it turns out the firm dabbles in trading, too..."
"But it’s too late for this quarter, leaving Wasserstein’s independent investment bank earning just 14 cents a share, missing sell-side consensus estimates by a mile. At just $16m, that’s less than Greenhill – a firm that doesn’t mind the boutique label."
Why does Lazard place so well? (Originally Posted: 10/12/2010)
Would someone in the loop mind explaining why Lazard has such great placement into megafunds? I heard from a friend of friend that analysts frequently get into KKR, TPG, etc. What makes the experience/skillset of analysts there so much better than someone at another bank? Is it the alumni network? The tough culture?
The cost of debt is probably higher but the substantially increased risk inherent in a start-up increases the cost of equity as well (think Beta in the CAPM).
in fact, cost of debt is usually irrelevant in that it almost never factors in WACC as startups rarely have debt - they just can't get any. of course, I'm thinking tech startups. Asset heavy startups use secured financing and preferred equity to get the ball rolling.
For one, there's a certain mystique to the firm. Lazard pretty much put M&A on the map thanks to Rohatyn and having Wasserstein as CEO for a few years led to something of a comeback. Second, there's the boutique aspect of it. While they are a pretty large firm, advisory is their dominant focus and pretty much the entire source of their rep nowadays. So you get the typical boutique advantages (smaller deal teams..) and cons (soul-crushing hours) but with a larger flow than most boutiques. Take that with a grain of salt since I don't work there, but I'm sure some others can help.
I think their placement is overblown... i know someone there who is an associate and according to him, some of the analysts can model and some can't.
I've heard very conflicting things (some great some mediocre) things about the culture - can anyone elaborate?
know a couple Lazard people personally...
analyst - learned a lot, hate the hours, would never want to even touch banking again. Culture is brutal summer associate - got crushed like the analyst, got abused by the VP, but he worked on a very interesting deal in his summer stint
But I never work there myself, these two are just people I know ( in 2 different offices) personally.
not sure about placement, but the ones going to mega funds are probably the cream of the crop in the class.
which offices? what are the hours like (long as in 100 hours a week or long as in 120 hours a week)
Investment banks place their analysts into PE firms they deal and have strong connections with.
Experience you get at Lazard is same as experience you get at Jefferies.
So how does the experience of an analyst at MS, JPM or BAML differ from someone at Lazard? Since anecdotally lazard placed much better into megafunds such as TPG, KKR, Oaktree etc compared to banks like BAML or JPM. Is it because analysts there build models from scratch? Is their work less pitching and more challenging/interesting?
what would be considered top groups at lazard? (lazard breaks M&A down into industry groups) general M&A? healthcare M&A? restructuring?
Cause' they are fucking Lazard! No seriously, it's one of the most respected shops.
to phil:
analyst = 100+/week - nyc associate = worse because the office was very lean - sf
to bamlnite:
Basically, when you are in Lazard, you are working on some of the most high profile transactions. Also, you have such a small analyst class compared to JPM or GS = more deals for the analysts to share = brutal hours=more experience, this goes for every single good boutiques
Modeling is not the only thing mega funds look for honestly, everyone can model.. you can pull an analyst from Barclays, Moelis, or gs and he/she will model the days/nights out. It's more important to really understand what you do behind each model (where the assumption is coming from) and what type of strategies you are using to approach the buyer/seller and your general knowledge for the specific industry trends. Also, building the model from scratch every time is probably the most time consuming and stupidest thing you can do. You want to build one from scratch? then good luck trying to get out of the office before 4am each night when your bs somehow doesnt balance.
analyst - learned a lot, hate the hours, would never want to even touch banking again. Culture is brutal --->
what do you mean by culture is brutal? can you say the same for other top firms like morgan, goldman, JPMorgan, Evercore, Blackstone?
philliesphan, thought you took job at Blackstone
No analyst builds a model from a complete 0/scratch. This is all bullshit crap. Every BB/well-estrablished boutique/elite boutique/top MM has a set of templates that analysts use.
I already said it, Lazard places its analysts into top megafunds because Lazard has tons of transactions and connections with said megafunds.
Lazard is all about prestige / brand name.
Quality is probably high, but I would not expect it to be any better than GHL / Evercore et al....
Lazard Middle Market - Status/reputation? (Originally Posted: 01/03/2013)
Not too many recent posts about these guys. Anyone know the status/reputation of them these days? They have been under the "Lazard" name for a number of years now, which I have to think has only helped them, but I don't know what kind of player they are in the middle market- would you put them on par with firms like WB, HW or more on the level of a Lincoln type? Also if anyone has any idea of the relative size of their offices (or just the MM group total) that would be great. Any insight is appreciated.
Have seen some LMM pitch/marketing materials recently that said "Approximately 85 bankers" across LMM in the US.
Given offers at all four, I would take HW or WB (M&A) without hesitation. Would be a toss-up if I were pigeonholed into a capital-raising (non-M&A) role at WB (not entirely sure how WB's groups are structured tbh). Would take them over LMM, but could see cases where others might disagree.
I fully acknowledge MM as a legitimate strategy, but would likely feel a little uneasy with being the second shop within my own bank. Don't think I would be able to help developing a Junior Varsity complex, especially if I were in NY or Chicago, in which there are Lazard Frères groups.
Just some thoughts.
That sounds awfully small since it is across 4 offices, but it is better than any number I can offer. Can count 43 people between MDs and VPs on their website.
Thank you for the information though. After Minneapolis any idea how the offices rank in terms of size?
Bump
Solid shop but in the next tier right below HW and WB. I think they are more on par with Baird and Lincoln.
Lazard SA hours (Originally Posted: 02/05/2011)
I have a friend considering a summer analyst position at Lazard. Anyone have any insight on the SA experience there? Lifestyle, hours, people, experience, etc? Good internship to full time ratio?
Depends on the group, really, but I have heard bad things about Lazard concerning hours.
Lazard is notorious for having an intense culture. Search the forum for "Lazard's Culture" or something like that, there have been more than one threads on this.
However, when I interviewed there the analyst told me no one really works THAT much because it's totally unsustainable, and there is no "face time" requirement. That means if you're done with your work at 9pm, you go home. Now the problem is, you may not be done with your work at 9pm...
So I don't know, it depends on the office, on the week, etc... there's no way to say for sure what the hours will be like.
Regarding the other questions, it's also office-dependent, but the one person I have spoken to who did SA at Lazard had a very positive experience (apart from the ones who interviewed me - they also said they had positive experiences, obviously).
^^^I know what you mean about the "no face time" thing, but according to a friend of mine that worked there, there still kind of is "facetime" if you know what I mean? They're just not as direct about it as the other places.
I've heard from classmates and older years it's brutal in terms of hours but there's no bullshit involved. Echoing the above, if you manage to get done before midnight you take your ass home, but you won't always have that luxury.
I have a friend who did a summer at Lazard. He said that it was the worst hours he has experienced (he then did 2 years of IB in a BB). Their TMT group is especialiy know to be that rude. Paid was good, for the people he interned in Paris so I couldn't help you.
I can confirm that their TMT group in Paris is particularly brutal in terms of working hours. But the experience is extremely rewarding.
Lazard being an elite boutique (and the most well-known), the workload is by definition huge. But so are the kudos...
Clearly nowhere as long as GS
Seriously, my impression is that it is one of the most brutal places - but looks great on your resume!
There isn't one place where, as a summer analyst, there won't be some, if not a decent, amount of facetime required. Expect to be working your ass off, but to get a good experience. There will be works where you are in the office 100-110 hrs and others where you're there for 80-85, it all depends.
ibanking at Lazard?? (Originally Posted: 09/28/2007)
looking at a 2nd year analyst position in TMT in sf; worth it? what are hours like do you think? someone let me know, really interested to find out about this, would appreciate any info, thanks.
bump
if you want to talk. i used to work there
Lazard Capital Markets Reputation?? (Originally Posted: 03/05/2011)
Anyone know reputation about Lazard Capital Markets? We hear a lot about M&A department however not much about trading opportunities. Any thoughts?
They are quite apart from Lazard (Adivsory, AM), although they do belong under one umbrella. But, you wouldn't find LCM on Lazard's website. It's a smallish operation and they don't really take on very many if any new analysts. Most people who work there have joined from somewhere else (after doing a 2-year stint or so). You still get to enjoy the same great views at 30 Rock though! They seem to be more a niche player, the way it seems.
Not one umbrella. Completely separate firm. Spun off pre-IPO.
Yes, separate balance sheets, but they still work very closely together. Their offices are also still right on top of each other. Should have clarified the umbrella comment.
What's the comp like?
Lazard SA Questions (Originally Posted: 02/25/2012)
I was fortunate enough to receive summer IBD offers at a BB and at Lazard. I've done my research and I've more or less settled on Lazard over the BB. I was wondering if anyone on here could speak to the conversion rate to FT at Lazard, and also if "Summer Intern" (what it says on my offer letter) means Summer Analyst at Lazard. I am a current junior.
If you'd like to tell me how I'm going to get owned by a printer-wielding VP, that's cool too.
Lazard takes very few summer analysts for IBD each year, so I'd assume they have a pretty good conversion rate.
Dude, why Lazard? You're totally going to get owned by a printer-wielding VP.
Can't speak to conversion rate but it would be a huge mistake to decline LAZ. Having spent some time analyzing large cap banks and asset managers, your job and future comp are much safer there than at a BB. Besides they place just as well into PE/HF. A lot of the advice on this site is stale and still reflects a 2007 mentality. You or anyone can't overlook the ongoing Euro debt crisis and regulatory uncertainty. Picking a BB is like throwing darts at this point. Half of them are ticking time bombs but we just don't know which ones and when.
Not always true, Lazard fired about 40% of their first year analysts in London in November. Besides, your post makes it sound like Lazard is immune to market pressures (it is listed after all and its compensation ratio is pretty high compared to its peers).
Your point being?
Bit agressive there.
Hire fire mentality, short sighted management, take your pick.
Okay, sorry. You didn't elaborate on your post so I thought you were somehow trying to counterbalancing the firing of the 1st years with the hiring of analysts.
Thanks for the input, y'all. I really appreciate it.
Lazard NYC SA interview - HOW TECHNICAL? (Originally Posted: 01/30/2010)
I have a Lazard NYC SA interview coming up.
How hard/technical are their interviews? Do they ask any ridiculously hard questions or brain teasers?
bump
VERY TECHNICAL. Even if you struggle, they will keep asking you tougher and tougher technical questions.
examples?
I am very curious about this too.
Most difficult technical interview I ever had when I thought I was going to stay in banking. This was at the associate level. No way to help you prepare, just make sure you study your ass off.
Lazard - Culture? (Originally Posted: 01/12/2009)
Hey anyone know about the culture of Lazard? what things are like over there? i know hours are long (obviously) but whats the downtime to actual work ratio? also anyone know about their boston office?
are you kidding? this question had been answered 100 times for every bank out there...do a search
Lazard salary? (Originally Posted: 03/23/2010)
Does anyone know Lazard salary?
38k GBP + 8k GBP sign-on in London.
Yup. That's the exact same as Barclays London as well.
Exit Ops from Lazard (Originally Posted: 09/19/2011)
Where do most people tend to go after doing their 2 years? Haven't met many ex-LAZ kids at the major buyout firms
Obvious troll is obvious.
Being dead serious.
Have an interview and don't know any juniors at the firm otherwise I'd just ask
A lot of people tend to think that mega funds are full of people from perceived target groups in banking. While Lazard places well, I would imagine that no more than 1-2 people from their class go to each mega fund every year. Even that might be overstating it
I doubt it's only 1-2 people per class given that Laz has an incoming class of 40-50 analysts. Maybe you mean 1-2 per group...
From what I know, Lazard has a class size of about 25 in it's M&A group across 5 industries. If 1-2 go to each megafund that's about 10 analysts at megafunds. That I assume would be reasonable.
Lazard - Analyst program? (Originally Posted: 08/30/2007)
What is everyones thoughts on Lazard for an analyst program???
all options that are open to GS/MS/Other big groups are open to Lazard analysts. Search the forum, there are other threads on this
They have really gone downhill since the late 90s. Still good on the exit ops, but you will see more deals at some of the "tier 1" banks.
I know Lazard's restructuring group is top notch. They've placed at some top HF's and PE firms - similar to those you'll see at GS/MS.
That also goes for Lazard M&A
Well all of Lazard banking is M&A, except for restructuring which gives you the skills of an m&a banker along with the distressed/reorg/bankruptcy skills.
How does the Private Fund Advisory Group rate? Whats the quality of life like?
Lazard - MM comp packages for analysts? (Originally Posted: 10/13/2007)
Does anyone know Lazard Middle Market comp packages for analysts (1st or second year)?
on par with street
Whats the bonus like for PFAG at Lazard 1rst year analyst?
Are you going to their superday?
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