Lazard v Rothschild? LDN

Prospect in IB-M&A

Younger brother has spring week offers from both firms, which one should he choose? He want to go into PE or a L/S hedge fund straight out of undergrad, which one would help him more to reach this goal?

Comments (30)

  • Prospect in RE - Comm
Jan 16, 2020

Team dependent imo. HC & CRL very strong at Rothschild.

AFAIK Rothschild have higher volume, so perhaps worth going there, but you need to weigh up guaranteed deal experience vs. Possibility of a larger transaction.

  • Prospect in IB-M&A
Jan 17, 2020

Cheers for the info

Jan 17, 2020

If PE or L/S HF is the objective straight out of uni, go for the bigger name: Lazard.

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  • Prospect in IB-M&A
Jan 17, 2020

Great. Will he need a JPM/GS/MS summer to get a shot at the buy side straight out of uni or would an EB with the right networking provide enough opportunities?

Jan 18, 2020

Even from GS/MS buyside out of school is very very hard. There is about 10 seats a year if not less in London at good buyside shops. Both are good firms that will provide opportunities in the future, but hard to tell if it will be enough for a buy-side offer.

  • Prospect in IB-M&A
Jan 19, 2020

Temper his expectations, he will likely get neither MF PE or a L/S equity HF role out of undergrad.

Roths has better culture and WLB than Laz but Laz the better name and exits.

  • Prospect in IB-M&A
Jan 19, 2020

Yep, I personally feel as if he should do the 2 years of IBD first anyway. I feel like the comp for analysts in the buy side is relatively poor compared to BB/EB IBD.

Jan 20, 2020

Do the Spring weeks fall at the same time? I am guessing they do. If not, do both obviously. If he wants nice culture go Roths and have sold exits. If he wants major exit opps then Laz, no brainer

Jan 19, 2020

I would choose Laz for the reasons others outlined above. I would also tell him to decide which one he wants and have a good reason for it, as recruiting for both is very different and interviewers can often catch you out if you aren't 100% sure or committed

  • Intern in IB-M&A
Jan 19, 2020

Lazard does bigger deals, better brand and better exit ops, defo go for Lazard if you're after exit ops. But my friends in Rothschild say the culture is really good there and hours are relatively good (analysts are usually always gone by 11pm and don't often work weekends) whereas Lazard will be v long hours.

Another thing to consider is that Rothschild spring week has a relatively good process to convert to summer with high conversion rates, whereas Lazard you'll have to have a full assessment centre and interviews to convert to summer.

(London offices)

  • Prospect in IB-M&A
Jan 19, 2020

Heard from someone that was working at Lazard last summer that his latest finish was at 1am. But yes agreed that Rothschild would offer a better work life balance.

Could you offer any insight into the conversion process for both Lazard and Rothschild?

Jan 19, 2020

Rothschild is waaaaaaay easier to convert. It's just 2 interviews some time in May/June.

  • Prospect in IB-M&A
Jan 19, 2020

Oh not directly after the spring week?
Also, do you know about Lazard's conversion process and their conversion rate?

Jan 19, 2020

No, not straight after the spring week. Lazard was a full-blown AC last year. 2/3 interviews, Group exercise, written exercise, verbal and numerical tests and a presentation.

Jan 19, 2020

No, not straightafter the spring week. Lazard was a full-blown AC last year. 2/3 interviews, Group exercise, written exercise, verbal and numerical tests and a presentation.

Another thing to note. The aforementioned AC does bot lead tp an offer. If you do well, you will get through tp the least stage. Which is basically 3 interviews with MDs some time in May

  • Analyst 1 in IB - Gen
Jan 19, 2020

did laz 2 years ago.

you sit a series of standard psychometric tests (numerical/verbal etc) after your first/second day

then conversion "AC" is on the last day. split into two parts:

1st part is a 60 minute exercise where you're given a bunch of info (literally stacks of paper) about a company looking to be acquired. you then had to sift through all the info and get a company profile + a simple DCF model done on the company. what made it difficult was the press about the company was overwhelmingly bad so you had to twist it into a better light.

2nd part is a group discussion. you and a few other SWers + 2 observers. you have a list of potential strategic/financial buyers looking to acquire the company you're "representing" that you have to discuss in amongst your group. the scope of the discussion was about the various merits, risk, opportunities etc of each deal (all of them were unique/offered different trade offs). time limit was 45 mins.

if you do well on that you get called back in for more interviews with the MDs and other senior bankers that are more relaxed/fit related. whole process takes about 3-5 weeks total to hear back

Jan 19, 2020

Lazard has been strong recently. I've heard positive things about the culture in that office, so not sure what some of the other comments are referring to

Jan 19, 2020
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