Comments (173)

Jan 8, 2008

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.

Sep 30, 2008

sorry, wrong comment!

Jan 8, 2008

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

Jan 8, 2008

sent you a pm.

Jan 8, 2008

sent you a PM

Jan 8, 2008

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.

Jan 8, 2008

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.

Jan 8, 2008

hey, could you guys PM me the same information? thanks a lot!

Jan 8, 2008

Me as well- thanks.

Jan 8, 2008

ME as well...thanks guys

Jan 9, 2008

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.

Feb 20, 2008

.

Jan 9, 2008

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.

Jan 9, 2008
waltersobchek:

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.

Jan 9, 2008

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).

Jan 9, 2008

PM me anything. I have an SA interview soon.
Thanks

Jan 9, 2008

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.

Jan 12, 2008

Would interviews be technical for lib arts kids as well?

Anyone willing to let me on the PM bandwagon? Thanks in advance.

Jan 12, 2008

could i also get the PMs? Thanks.

Jan 12, 2008

Could I get the PMs as well, please? Thank you.

Jan 12, 2008

Don't mean to burden, but could I also get the PM? Thanks.

Jan 12, 2008

im interested in joining their team in brazil. could you PM me any info regarding the firm you would rather not post here.

Jan 13, 2008

Could you PM me as well. Thank you.

Jan 13, 2008

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.

Jan 17, 2008

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.

Jan 19, 2008

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?

Jan 19, 2008

how was the first round? as technical as described in this thread? thanks

Jan 19, 2008

it was alright - i would say a combo of fit/tech

anyone know the chances for an offer at final rounds haha?

Jan 25, 2008

curious, too. going to have an interview with them.

And could I also get the PM. really appreciate it.

Jan 26, 2008

lazard is so elite. my friend got his rejection letter by mail. lol

  • justanotherbanker
  •  Jan 26, 2008
mrbellaiche:

lazard is so elite. my friend got his rejection letter by mail. lol

That is hilarious.

Jan 26, 2008

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.

Jan 26, 2008

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?

Jan 26, 2008

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.

Feb 27, 2008

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.

Feb 27, 2008

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.

Mar 3, 2008
monkeygalore:

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?

Feb 27, 2008

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...

Feb 27, 2008

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

Feb 27, 2008

from way back when, was pretty technical

Feb 27, 2008

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.

Feb 27, 2008

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!

Feb 27, 2008

actually my Lazard interview was my most difficult. They asked me fit questions for 10% of the time; the rest was very very technical.

Feb 27, 2008

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?

Feb 29, 2008

SOMEONE PLEASE ANSWER ASAP!! Merrill lynch or Lazard?!? i have to choose soon

Feb 29, 2008

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.

Apr 16, 2008

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.

Aug 30, 2010
anon3333:

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

Mar 3, 2008

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.

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010

Thanks guys. Anybody else have thoughts on the summer internship experience or FT atmosphere?

Aug 30, 2010

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.

Aug 30, 2010

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?

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010

Lena, do you go to a target school?

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010

Some of the best views in New York, from the top 10 floors of the GE building.

Aug 30, 2010

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)

  • b
  •  Aug 30, 2010

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.

Aug 30, 2010

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....

Aug 30, 2010

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.

Aug 30, 2010

Not that many places I would take over LAZ. The only comparable offer would probably be a GS TMT or MS M&A.

Aug 30, 2010

Bellepheron, would you say the same to Lazard's RE practice? They recruit separately from the rest of the firm.

Aug 30, 2010

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.

Aug 30, 2010

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.

Apr 14, 2008

How is Lazard SF? I presume they would mostly deal with TMT and life sciences? Any restructuring/M&A there?

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010

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

Aug 30, 2010

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.

Aug 30, 2010

Nope, you are wrong, they are not considered a boutique

Aug 30, 2010

just say its a sweet bank

Aug 30, 2010

Who cares what it's labeled as. It doesn't make a difference. It is what it is.

BossMode

Aug 30, 2010

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.

Aug 30, 2010
nystateofmind:

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.

Aug 30, 2010

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."

Apr 14, 2008

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).

Apr 15, 2008

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.

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010

I've heard very conflicting things (some great some mediocre) things about the culture - can anyone elaborate?

Aug 30, 2010

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.

Aug 30, 2010

which offices? what are the hours like (long as in 100 hours a week or long as in 120 hours a week)

Aug 30, 2010

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.

Aug 30, 2010

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?

Aug 30, 2010

Cause' they are fucking Lazard! No seriously, it's one of the most respected shops.

Aug 30, 2010

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.

Aug 30, 2010

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?

Aug 30, 2010

philliesphan, thought you took job at Blackstone

Aug 30, 2010

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.

Aug 30, 2010

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....

Aug 30, 2010

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 Freres groups.

Just some thoughts.

    • 1
Aug 30, 2010
Nouveau Richie:

Have seen some LMM pitch/marketing materials recently that said "Approximately 85 bankers."

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?

Aug 30, 2010

Bump

Aug 30, 2010

Solid shop but in the next tier right below HW and WB. I think they are more on par with Baird and Lincoln.

Aug 30, 2010

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).

Aug 30, 2010

^^^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.

Aug 30, 2010

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.

Aug 30, 2010

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.

Aug 30, 2010
TheSquale:

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...

Homo homini lupus

Aug 30, 2010

Clearly nowhere as long as GS

Aug 30, 2010

Seriously, my impression is that it is one of the most brutal places - but looks great on your resume!

Aug 30, 2010

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.

Aug 30, 2010

bump

Aug 30, 2010

if you want to talk. i used to work there

Aug 30, 2010

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.

Aug 30, 2010

Not one umbrella. Completely separate firm. Spun off pre-IPO.

Aug 30, 2010

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.

Aug 30, 2010

What's the comp like?

Aug 30, 2010

Lazard takes very few summer analysts for IBD each year, so I'd assume they have a pretty good conversion rate.

Aug 30, 2010

Dude, why Lazard? You're totally going to get owned by a printer-wielding VP.

Aug 30, 2010

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.

Aug 30, 2010
Dank Nugs:

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.

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).

Aug 30, 2010

Your point being?

Aug 30, 2010
Leidenschaft:

Your point being?

Bit agressive there.

Hire fire mentality, short sighted management, take your pick.

Aug 30, 2010

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.

Aug 30, 2010

Thanks for the input, y'all. I really appreciate it.

Aug 30, 2010

bump

Aug 30, 2010

VERY TECHNICAL. Even if you struggle, they will keep asking you tougher and tougher technical questions.

"Whenever I'm about to do something, I think, 'Would an idiot do that?' And if they would, I do NOT do that thing."
-Dwight Schrute, "The Office"-

Aug 30, 2010

examples?

Aug 30, 2010

I am very curious about this too.

Aug 30, 2010

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.

Aug 30, 2010

are you kidding? this question had been answered 100 times for every bank out there...do a search

Aug 30, 2010

38k GBP + 8k GBP sign-on in London.

Aug 30, 2010

Yup. That's the exact same as Barclays London as well.

Aug 30, 2010

Obvious troll is obvious.

Aug 31, 2010

Being dead serious.

Have an interview and don't know any juniors at the firm otherwise I'd just ask

Aug 31, 2010

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

Aug 31, 2010

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...

Aug 31, 2010

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.

Aug 31, 2010

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

Aug 31, 2010

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.

Aug 31, 2010

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.

Aug 31, 2010

That also goes for Lazard M&A

Aug 31, 2010
EuroMonkey:

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.

Aug 31, 2010

How does the Private Fund Advisory Group rate? Whats the quality of life like?

Aug 31, 2010

on par with street

Aug 31, 2010

Whats the bonus like for PFAG at Lazard 1rst year analyst?

Aug 31, 2010

Are you going to their superday?

Aug 31, 2010
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