Lazard Chicago vs. Greenhill Chicago
Just wanted to get your thoughts on these two firms in Chi city based on experience/deal flow/compensation/exit opps/prestige
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GHL would be my pick. Stronger deal team from a buddy who works there and LAZ Chi is pretty focused on a single md. Culture there is definitely a bit different...as in group think. GHL is certainly more entrepreneurial with slightly better exit ops. To each his own though. Both are great shops.
SA
What would you say if I asked Lazard Chicago vs. Lehman Brothers Chicago? Guess who Greenhill Chicago is.
Look at Greenhill's earnings...good luck getting paid.
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Wondering if anyone had anything to add to this. I realize that Lazard Restructuring (Chicago) is a top group and Greenhill is a super lean office (10 bankers: analyst through md's) but haven't heard much else about either.
Any updates on this?
Greenhill Chicago isn't a bad place to be, but Lazard Chicago is a better bet, especially if you get into RX.
Greenhill has about two analysts. Not sure that's the environment I'd want to work in (although knowing GHL, the culture is probably fine). And the analysts place very well. Just might be lonely.
LAZ Chiacgo is very well established, and if you can get into RX you're betting off than 80% of people for PE recruitment.
Either option is solid.
Is RX in general that strong compared to regular M&A or is it Lazard RX in particular? I thought RX just provides for better placement with distressed HF and PE firms?
I don't know about RX vs M&A in general, or even for Lazard in general. My comment was just for the Chicago office - the M&A group does mostly Midwest industrials/auto deals, which isn't necessarily bad, but they're typically not doing stuff that makes the front page of the WSJ. On the other hand, the RX group in Chicago does do a lot of big deals, for example the Tribune bankruptcy.
Being in an RX group in itself won't put you at a disadvantage for recruiting with non-distressed PE firms since the banking skillset you'll gain is pretty malleable.
Perhaps this is an unrelated comment but for those looking to stay in Chicago, these are both great shops; those not looking to stay in Chicago, I'd stay away.
I interviewed with both these firms last year, both employed some top-notch people, and the opportunities at both will be good. That being said, I thought Lazard was the more established office, and they had some great senior people there (at least on the RX side).
Exits-wise, although I know that Lazard RX "sounds" awesome, it's not as great as it's been touted to be by prior posters. Quick LinkedIn searches show that these people have not gone on to have great exits, and this is true with a lot of top banks in Chicago, it's just tough to get your name out there for NY exit opps, and staying up till 4 the night before you have to fly down is not doing anyone any good. The PE firms in Chicago are great, but again, competition will be rough. I know this from speaking with a couple friends at a top BB in Chicago.
"Quick LinkedIn searches show that these people have not gone on to have great exits"
I just looked up some guys I knew from a few years back who were at Lazard RX - you don't consider Oaktree and Golub to be good exit opps?
I will concede that you are right in that it's difficult to get into NYC buyside from Chicago (or more generally, anywhere not NYC).
Honestly, the Oaktree guy was more the exception than the rule (he was the analyst on the one big Tribune deal). Golub is a solid exit opp, but really not the kind of fund people will think of when they weigh the Lazard RX name; opp was also in Chicago (idk if that has any implications). It's way more important to see how an entire class places than to pick out one or two top performers: yes it's possible to have good opps, just improbable. It has come to the point where an individual's placement is beyond the control of the individual, and that's just not ideal.
At the non-satellite offices in Chicago, that operate and execute independently (LAZ, GHL, MS, Citi, maybe CS & BAML in no particular order) analysts will have an amazing learning experience. That being said, exit opps are tough, especially when you have deal flow that will keep you up late at night. I don't think the Chicago PE world is at the point where you'd pass up an opportunity to work in either NYC or SF during your IB analyst stint to work in IB Chicago.
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