Wanted to get a better sense of how Lazard is doing as an IB. Have a few questions that I'd appreciate answered.
1) How is Lazard's reputation now? I know its historically been strong, but Evercore/Centerview are doing well. Is Lazard still as strong as it used to be?
2) What were placements like over the past year or two? How many went to megafund/hedge funds?
3) How is internal mobility within Lazard? Moving from M&A to RX, or to a different industry vertical
4) Which industry verticals are considered strongest/have best exits?
5) Which industry verticals are sweatshops? (not necessarily a bad thing, if they have strong deal flow)
6) How is comp for analysts?
Thanks ahead of time!
interested in this as well
interested in this too!
bump
no one has any insight?
In order:
1) Lazard is still very strong especially when compared to Evercore/Centerview - usually competes with GS/MS for M&A and BX for restructuring (See Dealogic full-year 2014 M&A rankings and Lazard probably had more volume/deals per banker than any other firm + only independent bank in the top 6/10 globally). Also, Centerview has been doing well for the past 2-years - no guarantee of whether that will continue vs. Lazard which has been killing it for the last few decades
2) Placements (across groups) had multiple people going to megafunds (KKR, TPG, Blackstone, Apollo, Carlyle, etc.) with fewer going to HFs/activists (Citadel, Trian, etc.) and some growth equity shops (General Atlantic, Summit)
3) You are a generalist as a summer after which you choose groups to join full-time (provided you convert to get the offer) - mobility after that would be tough given it's a 2-year analyst program
4) Each industry vertical will get you the same quality of interviews (since it's all M&A) with restructuring giving you an edge with some distressed focused shops such as Oaktree, Centerbridge, etc.
5) Changes from year-to-year, generally culture seems to be improving across the firm (heard this)
6) Comp is in-line with street (not on par with Centerview, but frankly, no one else is)*
*Note: Centerview is a 3-year program that wants to train bankers so a little downside there. Also, do not believe recruitment is as strong at Centerview as it is for Evercore/Moelis (based on experience) but again this can change in the future
Does Centerview still do the three-year clawback for the massive signing bonus?
Lazard is doing fine. Just advised Heinz on the Heinz-Kraft merger.
Lazard as good as it used to be? (Originally Posted: 08/24/2013)
I know a few years back a guy from MS M&A who had since gone to KKR told everyone that Lazard and Blackstone were the two best placing boutiques. Is that still true today? In particular, do Lazard's healthcare and restructuring groups still place better than places like EVR and GHL? Also, are the hours actually 100+ a week consistently?
yes it is
The coolest thing about Lazard is that they don't give a fuck about such trivialities.
Lazard HC is still dope. Lazard RX is having a lot of issues for the last couple of years higher up; not sure if this has impacted exit opps, but its something to consider.
Seems like every RX is getting squeezed, and obviously so. Surprising that BX RX or HL RX have not laid off more folks than they have.
Probably stems from the lack of Rx opportunities. There was a flood in 2007-2008 and it really was cleaned out by last year. This year has been quite slow for most.
Wait so just so I'm sure. Most people here think Lazard is a stronger bank than Evercore?
Elite Boutiques, excluding Centerview:
BX (R&R / M&A) (big gap) LAZ / EVR / Moelis (small gap) GHL
This is just for exit opps. Moelis on top tier with BX if looking at comp.
other people's thoughts on the above?
Really that big of a gap between BX and rest?
yeah i expected a gap but not a big gap between BX and everyone else. centerview was excluded, but where would they fit in?
I'm pretty sure they are still pretty darn good.
I remember when I was recruiting that centerview wanted people to stay on for 3 years. Don't know if that's still the case
Lazard placed ok last year, I think one going to Carlyle?
Questions about Lazard - The Elite Boutique (Originally Posted: 04/21/2013)
Curious to know everything notable about Lazard Freres & Co. Strongest sectors, pay relative to other firms, breakdown of different regional locations, some historical info, industry and product groups that are reputable, etc.
Also would like to hear some educated, unbiased insight regarding working at the junior level at Lazard. Hopefully people with experience provide some information.
No sleep for those guys in NY at the analyst level. Gr8 exit ops though.
Can anyone provide further insight on Lazard?
Anyone know if these guys do off cycle recruiting?
People on here shout from the rooftops that Lazard has a brutal culture and killer work hours, but from talking to current and former analysts there, it's not any different from any other top shop in NYC.
legit shop, not any less/more hours than other top shops, and they do not hire off cycle unless you're lateraling
LAZARD BROVAS (Originally Posted: 01/12/2007)
Seems like they've become a completely different beast post-Wasserstein/IPO. Care to comment on any of the following?
1 - What is Lazard's most reputedly strong group (apart from their restructuring practice)?
2 - 5-10 years ago, hours were notoriously ruthless. Are they still? Know anyone in Laz and seen how much he/she has to put in?
3 - Regard on the street. Used to be known as the grand-daddy of M&A. They've slipped on the league tables, though their revenue/banker numbers are still astronomical. Is there a perception that they're not as good as they used to be, or are they just constrained by their size?
4 - Experience: Is there really that much of a difference between the analyst experience at a BB and a Boutique? They say a Lazard analyst functions sometimes as a Associate/VP at BB's. True?
Anything and everything you know about this place is much appreciated.
I myself am applying for the summer position. Some insights of the group would be appreciated.
At my school (UPenn), Lazard has a great reputation. Most people would go there in a flash, only exception perhaps being a Goldman or Blackstone restructuring offer. People turn Lazard down for Goldman, and people turn Goldman down for Lazard. Prestige of the firm is very high (at least at my school), although they are known somewhat for only hiring people who fit into a certain mold. If you're not from a target and don't fit their mold, it's nearly impossible to get in there.
One of their Penn summer interns is going to Silver Lake full-time. I think that's a good comment on the perception of the firm (since "experience" shouldn't matter much for post-summer analyst recruiting because what you learn in 10 weeks is limited).
As for exit opportunities, I'm not totally sure but I've head they're really good. Recent Penn alums from Lazard are at Carlyle and Blackstone.
As for experience, every firm is going to tell you that analysts at their firm get to function as associates. Don't place too much stock in that.
Penn the junior ivy making some strides. I went to Penn to focus on finance, no regrets.
Actually My first choice from Penn was UBS LA, got cut but got GS TMT and MS M&A.
How are they regarded at locations other than their head office? At my school GS, CS LA, UBS LA, JPM NY are all better perceived.
Well Lazard sucks outside of NY and maybe Chicago. European offices are good. I can understandd the first three, but what kind of school regards JPM NY better than Lazard?
My choices were UBS LA - cut! MS M&A - offer GS TMT - offer CS SF - offer UBS SF - offer
don't know a good thing when they see it. lol.
I've heard life sciences M&A at Lazard places well, not really sure about the rest of the groups tho. From what i hear they all do well, only like max 30 a class.
Lazard LS places well, they have a few guys at GTCR and the like.
They coulda put in the slide where analysts went and show Silver Lake!
haha joking.
What's the word on Lazard's private fund advisory group - esp for the summer?
On the one hand I would think that what you would be doing would be very specialized (pitching, marketing funds to investors, etc.) and wouldn't be terribly helpful in learning modeling skills that would be useful for regular investment banking and private equity jobs -- on the other hand the groups job is working with private equity funds so maybe there's some advantage networking wise. I suppose their corporate advisory practice makes more sense to apply to unless you have unusual interests.
Anyone know what the deal is with this group and the summer and fulltime analyst positions?
hah they're called P-FAG at Lazard. Don't think they've earned too many plaudits. Met this guy who interned with them and got an FT offer, but his preference was to join one of the M&A groups. They actually made him re-interview for the M&A position.
An associate at Lazard told my friend 'you don't want to work for P-FAG'. Why? I'm not really sure. Soft on the modelling and a relatively small client-base? Possibly
Any word on Life Sciences - SF?
Not bad, it's no UBS though. Not as good as CS. Better than ML by light years though.
Don't go to Lazard TMT that place is a laugh and half.
How is Lazard's real estate division?
For the NYC office, what are the best groups? TMT in NYC is bad?
I interned at Laz (London, TMT), found hours to be longish but not too bad (9-11/12), and have recently accepted a full timne offer. As far as I know, TMT in London at least, is the crowning jewel of th place...
are they active in real estate out of london?
I didn't think that Lazard had any "bad" groups, which is why I was surprised by someone's comment above regarding TMT...not sure if they're referring to West Coast TMT group (if this even exists)?
Obviosuly their restructuring group is renowned, but I was wondering what the other top groups are at Lazard in NYC.
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