Lazard: The Elite Boutique Known for Restructuring Excellence

When a company is drowning in debt, the board often calls Lazard first.

The firm has advised on more restructurings than any other bank. General Motors in 2009. Chrysler. Enron. Pacific Gas & Electric. When the stakes are existential and the creditor fights are brutal, Lazard has the playbook.

But Lazard isn't just a restructuring shop. It's a global advisory powerhouse with $250 billion in asset management, offices in 40 cities, and a history stretching back to 1848. The firm went public in 2005—unusual for an elite boutique—and operates with a distinctive culture shaped by its French and American roots.

Here's what Lazard looks like from the inside, who fits there, and how it compares to peers.

The Lazard Story

175 Years of History

Lazard's founding predates most of Wall Street.

1848: Three brothers—Alexandre, Simon, and Lazare Lazard—establish a dry goods business in New Orleans. They expand to gold trading during the California Gold Rush.

1870s-1900s: The firm evolves into investment banking, with major houses in New York, Paris, and London operating somewhat independently.

1960s-1970s: Felix Rohatyn, a legendary banker, leads the firm's M&A practice and famously advises New York City during its fiscal crisis.

2000s: After decades as a partnership, Lazard goes public in 2005 under CEO Bruce Wasserstein, who transformed the firm through aggressive lateral hiring.

2019-Present: Kenneth Jacobs leads as CEO, continuing Lazard's advisory dominance while growing asset management.

The Three-House Legacy

For much of its history, Lazard operated as three loosely connected houses:

Lazard Frères & Co. (New York)
Lazard Frères (Paris)
Lazard Brothers (London)

Each had its own culture, leadership, and deal flow. The 2005 IPO unified these entities, but echoes of the old structure remain. Lazard retains a distinctly international DNA—more European in sensibility than many American banks.

What Lazard Does

Financial Advisory

Advisory is Lazard's core business, representing roughly two-thirds of revenue.

M&A:

Sell-side representation
Buy-side advisory
Defense against hostile takeovers
Activist defense
Cross-border transactions

Restructuring:

Chapter 11 bankruptcy advisory
Out-of-court restructurings
Debtor and creditor representations
Distressed M&A
Liability management

Sovereign Advisory:

Government debt restructurings
Privatizations
Infrastructure advisory
Policy advice

Capital Advisory:

Capital structure optimization
Ratings advisory
Liability management
Capital raising (though not underwriting)

Asset Management

Lazard Asset Management runs approximately $250 billion in AUM, making it larger than many standalone asset managers.

Strategies:

Global equity
Emerging markets
Fixed income
Multi-asset
ESG-focused

The asset management business provides earnings stability and diversification, but it operates largely separately from the advisory side. Most junior bankers have minimal interaction with the AM division.

The Restructuring Franchise

Why Lazard Leads

Lazard has built restructuring dominance through decades of mandates:

Experience compounds: Each restructuring adds to institutional knowledge. Lazard has seen every creditor argument, every court maneuver, every negotiation tactic.

Senior relationships: Restructuring is relationship-driven. Boards trust advisors who've guided other companies through crises.

Conflict management: The firm has developed sophisticated protocols for managing conflicts in complex multi-party situations.

Global reach: Cross-border restructurings require presence in multiple jurisdictions. Lazard's international footprint matters.

Major Restructuring Mandates

Recent notable engagements include:

Hertz Global (debtor-side)
Pacific Gas & Electric (debtor-side)
General Motors (debtor-side, 2009)
Lehman Brothers (creditor-side)
Puerto Rico (government restructuring)
Argentina (sovereign debt)

The Work Itself

Restructuring at Lazard involves:

Analysis:

Liquidity forecasting
Valuation of distressed assets
Recovery analysis for creditors
Feasibility studies for reorganization plans

Negotiation:

Mediating between debtors and creditors
Coordinating multi-party negotiations
Working with legal counsel on documentation

Court Process:

Supporting bankruptcy proceedings
Expert testimony on valuation
Implementation of confirmed plans

The hours can be brutal—restructuring situations don't pause for weekends—but the intellectual content is high and the exposure to senior decision-making is significant.

Culture and Environment

The Lazard Personality

Lazard attracts a particular type:

Intellectually curious: The firm values people who think deeply about problems. It's more collegial seminar than hierarchical corporation.

Internationally minded: Many bankers have cross-border experience. Language skills are valued.

Somewhat contrarian: Lazard has long positioned itself as the thinking person's bank, distinct from the bulge bracket machine.

Patient career builders: The path to senior roles is long. People who need constant promotion signals may struggle.

The Work Style

Lean teams: Deal teams are smaller than at bulge brackets. You'll have significant responsibility early.

Senior access: MDs are hands-on. You'll interact directly with senior bankers more than at larger firms.

Quality over volume: Lazard prioritizes flagship mandates. The deal count is lower, but the significance of each is higher.

International rotation: Opportunities to work across offices, particularly for European exposure.

The Trade-Offs

Less structured training: Lean teams mean learning by doing. Some prefer this; others want more formal development.

Lower profile deals: Not every deal makes headlines. Some advisory work is confidential and never announced.

Narrower scope: No capital markets, no lending, no prime brokerage. It's purely advisory.

Slower promotion velocity: The firm is senior-heavy. Rising through ranks takes patience.

Recruiting and Hiring

Who Gets Hired

Lazard recruiting is selective and relationship-driven.

Target schools: Heavy focus on traditional targets (Ivies, top business programs) plus European universities.

Academic profile: Strong GPAs expected. Quantitative ability valued for restructuring.

Prior experience: Internships at strong firms matter. Prior restructuring exposure is rare but helpful.

Interview performance: Technical interviews are demanding. Expect deep valuation and accounting questions.

The Interview Process

First round: Phone or video screen covering behavioral and technical questions.

Superday: Multiple interviews with analysts, associates, VPs, and MDs. Heavy technical emphasis.

Technical focus areas:

DCF and valuation fundamentals
Accounting mechanics
Restructuring concepts (for RX interviews)
Deal discussion (why Lazard, why advisory)

Behavioral emphasis:

Why advisory over full-service banking?
Why Lazard specifically?
Teamwork and leadership examples
Intellectual curiosity signals

Recruiting Timeline

Summer internship: Standard junior summer timing (sophomore year for some programs).

Full-time: Mix of intern conversions and external recruiting.

Lateral hiring: Active at all levels. Lazard has historically grown through strategic lateral hires.

Career Path and Compensation

The Progression

Level	Years	Typical Path
Analyst	0-3	Standard analyst program
Associate	3-6	Promotion or MBA return
VP	6-10	Execution leadership
Director/MD	10+	Client coverage, deal origination

Promotion is not automatic. The firm is senior-heavy by design. Making MD requires both deal execution excellence and client development capability.

Compensation

Lazard compensation is competitive with elite boutiques:

Analyst: $110-120K base, $80-150K bonus (depending on year)

Associate: $175-200K base, $100-200K bonus

VP: $250-350K base, variable bonus

MD: Highly variable; top earners in seven figures

The public company structure creates some compensation transparency. Senior bankers participate in equity awards tied to firm performance.

Exit Opportunities

Private equity: Strong exits, particularly for restructuring-focused roles (distressed PE, special situations).

Hedge funds: Credit funds and special situations strategies recruit from Lazard RX heavily.

Corporate development: Advisory experience translates well, though less sector specialization than bulge brackets.

Other banks: Lateral moves to bulge brackets or other boutiques are common.

Portfolio company roles: Restructuring experience is valued for turnaround situations.

Lazard vs. Peers

Lazard vs. Evercore

Both are elite boutiques, but the emphasis differs.

Lazard:

Stronger in restructuring
More international (European roots)
Public company
Asset management component

Evercore:

Stronger in M&A league table positioning
More U.S.-focused (despite growth)
Private
Shareholder advisory strength

Both offer excellent training and exits. Lazard skews restructuring; Evercore skews M&A.

Lazard vs. Bulge Brackets

Why choose Lazard:

Pure advisory (no capital markets distraction)
Smaller teams, more responsibility
Restructuring excellence
Independent advice (no lending relationships)

Why choose bulge bracket:

Broader product exposure
Larger deal flow
More structured training
Brand recognition for some exits

Lazard vs. PJT Partners

Both are restructuring leaders.

Lazard:

Longer history and deeper institutional memory
Asset management diversification
More international
Public company

PJT:

Spin-out culture from Blackstone
Park Hill placement business
Potentially more entrepreneurial feel
Smaller and more focused

Group Structure

By Product

M&A: The core advisory practice handling strategic transactions.

Restructuring: The flagship capability, advising companies and creditors in distress.

Capital Advisory: Structure optimization, ratings advisory, and liability management.

Private Capital Advisory: Fundraising advisory for private equity and alternative managers.

By Sector

Lazard organizes coverage around industry groups:

Technology, Media & Telecommunications
Healthcare
Financial Institutions
Industrial
Consumer & Retail
Energy & Power
Real Estate

Sector teams work alongside product specialists. A healthcare M&A deal involves both coverage bankers and M&A execution expertise.

Who Thrives at Lazard

Good Fit If You:

Value intellectual rigor and deep analysis
Prefer smaller teams with more responsibility
Have genuine interest in restructuring
Appreciate international culture and diversity of perspectives
Want advisory purity without capital markets
Can handle less structure and more ambiguity

Poor Fit If You:

Want broad product exposure (equity, debt, etc.)
Need highly structured training programs
Prefer large class sizes and peer cohorts
Want the "biggest brand" for resume signaling
Are uncomfortable with public company dynamics
Need rapid, predictable promotion timelines

Practical Considerations

Offices

Major offices include:

New York: Headquarters, largest office
London: European hub
Paris: Historical home, significant presence
Los Angeles, Chicago, San Francisco: U.S. satellite offices
Frankfurt, Hong Kong, Singapore: International coverage

Office culture varies by location. New York has the largest analyst class; international offices are smaller but offer unique deal exposure.

Work-Life Reality

Lazard hours are demanding but potentially more variable than bulge brackets:

Busy periods: Restructuring situations can require extreme hours. Distressed situations don't wait.

Quieter periods: Advisory-only model means less constant capital markets work.

Deal-dependent: Your hours depend heavily on active mandates. This creates unpredictability.

Culture: Expectations of responsiveness are high, but facetime for its own sake is less emphasized than at some firms.

Key Takeaways

Lazard occupies a unique position in investment banking: a 175-year-old firm with restructuring excellence, global reach, and an asset management business—all wrapped in an advisory-only model.

What defines Lazard:

Restructuring market leadership
International DNA (French-American heritage)
Public company structure (rare for elite boutiques)
Intellectual culture emphasizing analysis
Asset management diversification

Who fits:

Analytically-minded individuals
Those interested in restructuring or distressed situations
Internationally curious people
Those who value advisory purity
Patient career builders

The trade-offs:

Less product breadth than full-service banks
Less structured than bulge brackets
Senior-heavy (slower promotions)
Public company dynamics

For candidates drawn to restructuring, intellectual rigor, and international exposure, Lazard offers something few competitors can match: nearly two centuries of experience advising through the worst situations companies face.

When the next crisis hits, Lazard will be on the call. The question is whether you want to be there with them.