- Insider has learned that Lazard has just raised his first-year assistant salaries to $200,000.
- Second- and third-year fellows will see their salaries increase to $225,000 and $250,000, respectively.
- The increases make Lazard’s associates the highest paid on Wall Street, overtaking Evercore.
- Watch more stories on the Insider Business page.
There’s a new company at the top of the Wall Street payroll for affiliate bankers.
Lazard raised the base salary of first- and second-year partners to $200,000 and $225,000, respectively, two people familiar with the matter confirmed to Insider. One person added that the base salary for the third year will increase to $250,000. The three new numbers have also been shared on the meme account’s cash flow account.
One familiar said the increases were “50,000 across the board” for colleagues. Two of the people said first-year Lazard associates previously earned $150,000 in base salary, while second- and third-year associates earned $175,000 and $200,000 in base companies, respectively.
One person said the increases will take effect on October 14 and will be retroactive to July 1.
Lazard representatives did not respond to Insider’s requests for comment.
Pay pitfalls make Lazard Partners the highest paid on Wall Street after the industry-wide salary-raising frenzy that began in the spring and continued through the summer. Previously, Evercore was the most profitable associate of the company, which increased pay in August to $185,000, $200,000, $225,000 and $250,000 for analysts from year one to four, Insider reported.
Meanwhile, companies like Wells Fargo, UBS and PJ Solomon pay their first-year partners $175,000 in base compensation. Goldman Sachs raised the base salary for first-year partners in early August to $150,000.
Lazard raised analyst salaries in early August to $100,000 for the first two years and $110,000 for the second and third years. Analysts are the junior employees of an investment bank, some of whom were eventually promoted to associates who begin managing teams of junior bankers.