Lord Abbett & Co. Reviews in Jersey City, NJ | Glassdoor

Lord Abbett & Co. Jersey City Reviews

Updated February 14, 2017
59 reviews

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Jersey City, NJ

2.3
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Daria L. Foster
18 Ratings

59 Employee Reviews

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Pros
Cons
  • Senior management understands that they must communicate more and making changes to address this (in 9 reviews)

  • There isn't any room for growth just horizontal movement unless you are in really good with upper management (in 9 reviews)

More Pros and Cons

  1. Featured Review

    Helpful (4)

    "Excellent Company"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment Analyst in Jersey City, NJ
    Current Employee - Investment Analyst in Jersey City, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Lord Abbett & Co. full-time (Less than a year)

    Pros

    The Sales and Investment professionals are world-class. The private partnership allows them to be generous with benefits and vacation.

    Cons

    No real cons, obviously having bigger funds would help get more management access and hedge funds pay more, but these are relative cons not absolute cons.

    Advice to Management

    More transparency would always improve morale.


  2. Helpful (8)

    "Was a good organization"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Manager in Jersey City, NJ
    Former Employee - Manager in Jersey City, NJ
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I worked at Lord Abbett & Co. full-time (More than 10 years)

    Pros

    Good benefits (compared with most of the companies), flat management structure, nice to spend time in gym, easy commuting.

    Cons

    One in tenth employee is a partner. It is a nice structure to distribute responsibilities but in this organization, even a small decision has to trickle down from top three partners. Due to this, most of the initial meetings will have no outcome. Each and every partner will have their own small world and follow instructions.

    If you have a good connection with your reporting partner, you may get an opportunity to ask a question in annual meeting or holiday party. That question will be given to you and asked to follow a sequence. At that time whole company knows your name.

    It’s a good place to work as long as you are ready to say “yes” to your manager because no one wants your opinion. You will have a job until your manager wants to utilize your skills after that he creates a situation to send you out. Your reporting, supporting partners will close their ears and eyes at that movement. There is no meaning for loyalty in this organization.

    Advice to Management

    Management should engage third party assessments without involving any of internal partners.


  3. Helpful (17)

    "Advisor Consultant"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Advisor Consultant in Jersey City, NJ
    Former Employee - Advisor Consultant in Jersey City, NJ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Lord Abbett & Co. full-time (More than a year)

    Pros

    -Good exposure to credit team comments
    -Gym in building (small)
    -Cafeteria in building( eh)

    Cons

    Many. In fact, too many.

    You are not educated, you are a trained monkey. You are always being watched. The company culture is that of an all boys school in the 1800s. For a first job out of college, it's not bad, as it will help you get familiarized with the markets. However, DO NOT let this company's culture make you think that this is what corporate life is like. IT IS NOT. Many other firms are out there with a much better work environment.

    Most, if not all of management was organically grown. They've been with the same company since graduating college. Many one-minded, one-sided individuals in management.

    Growth in the firm is not based on your ability to surpass goals, but on who your father is. It is a boys club. If you are not a "fit", you are an outcast.

    In conferences and meetings, all questions are pre-selected. Answers have already been prepared ( extremely obvious). You're not allowed to ask smart questions that can puzzle the speaker.

    Advice to Management

    Hire more employees (for management positions) from other firms. It will help with your perspective.

    Stop playing "big brother". Not only is it discouraging, but rather annoying.

    Be more genuine in conference meetings. Pre-selected questions is not acceptable for a CEO. You should know your firm enough to be able to answer any question the audience has. If not, be genuine enough to admit it.

    Get in to the ETF game. Seriously.


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  5. Helpful (8)

    "Manager"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Jersey City, NJ
    Current Employee - Anonymous Employee in Jersey City, NJ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    I have been working at Lord Abbett & Co. (Less than a year)

    Pros

    Nice cafeteria and office views. Lots of ideas are based on broad consensus.

    Cons

    Strategies changing too rapidly for the tight culture to adapt with them.


  6. Helpful (5)

    "Technology"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Technology Manager in Jersey City, NJ
    Current Employee - Technology Manager in Jersey City, NJ
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Lord Abbett & Co. full-time (More than 5 years)

    Pros

    small company but once they decide to make a decision (which they can do very quickly), they make it happen also very quickly. Access to cutting edge technology. Pay is definitely decent as long as you know going in that they don't give raises. With that said, as long as you know that, you must negotiate a good base pay. Bonuses so far seem nice. Since the compound the bonuses, it'll eventually pan out for the "old timers".

    Cons

    lower level managers seem to be afraid to make decisions on their own. ALWAYS seeking upper level management approval first. If they have to do that, then what's their purpose? Everybody is always cc'ing everyone else on emails. lots of CYA.

    Advice to Management

    allow your lover level managers to make a decision on their own and if it doesn't work (depending on the severity of the decision) don't be like the Red Queen with the "off with their head" routine.


  7. Helpful (15)

    "So happy to be gone!"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Jersey City, NJ
    Former Employee - Anonymous Employee in Jersey City, NJ
    Doesn't Recommend

    I worked at Lord Abbett & Co. full-time

    Pros

    It was a great place to work at back in the day like over 10 years ago hence 2 stars.

    Cons

    I can't tell you how happy I left this place. Feel like I'm at a better company who actually care about their employees and safety (like if it's a really bad snow storm they want you to work from home and not risk your life coming into work. Right because Lord Abett wants you to risk your life to come in as it has no work from home policy or if you don't you have to use a vacation day). Many people will throw you under the bus! It's a toxic environment.

    Advice to Management

    Should take some classes on ethics and how to work well with others.


  8. Helpful (26)

    "Stuck in the dark ages"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Regional Consultant in Jersey City, NJ
    Former Employee - Regional Consultant in Jersey City, NJ
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I worked at Lord Abbett & Co. full-time (More than a year)

    Pros

    Good for first job out of school. Office is located near train station in Jersey City. There is also a small gym in the building.

    Cons

    Management does not know how to lead. They are stuck in a collective group-think bubble leading to continued deterioration in AUM. If you are not with them, you are against them. Stuck in their old school mentality. Career opportunities are limited.

    Advice to Management

    Stop destroying this company for your own gains. Poorly managed and no one cares about the long term of this company.


  9. Helpful (31)

    "Like working in quicksand"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Regional Consultant in Jersey City, NJ
    Former Employee - Regional Consultant in Jersey City, NJ
    Doesn't Recommend
    Negative Outlook
    No opinion of CEO

    Pros

    The pros are limited to the physical- there's a nice gym with clothing included, the building is attractive and has a great view of NYC, the cafeteria is nice and the food is good, convenient to the path train. Benefits are industry standard, nothing exceptional.

    Cons

    In retrospect, I played the Lord Abbett career game wrong. I was young and thought that the harder I worked the more I'd be recognized and would be promoted. I was wrong. The harder I worked, the more upset I became that I was constantly overlooked for promotions and other opportunities despite glowing reviews and strong recommendations from my partners. I wasn't part of the boys club and as such had no future at Lord Abbett. If you're a woman, unless you're one of the few token women that they likely are promoting to avoid lawsuits, you may as well keep looking for a new job. . . you're unlikely to ever succeed here.

    The funds, in general, are sub-par. The only thing that kept Lord Abbett alive through 2008 was their Short Duration fund. The larger the percentage of their AUM that went into that fund, the riskier it got. The Affiliated fund was a stinker and the PM's arrogance with his management was phenomenal. 40%+ in financials in 08/09? I don't think he's there anymore but they let that train-wreck go on far longer than a responsible company would have.

    The culture is stuck in 20s. While there is something nice about a polished looking work force, they take dress code above and beyond any other company that I've worked or. Sales force needed to wear suits with diagonally striped ties even if they were stuck behind a phone all day. Other departments had it slightly better but not by much.

    In the 6ish years that I worked there, I watched it quickly go downhill. The management got worse, they lost tons of quality workers because of unfair promotion practices. They should be investing in their talent not letting them leave to the competition.

    Advice to Management

    Perhaps a full overhaul of management? No seriously, it's like a cult. The only thing that will bring this company around is to dump the vast majority of their partners.


  10. Helpful (39)

    "Rearranging the deck chairs on the Titanic"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Portfolio Manager in Jersey City, NJ
    Current Employee - Portfolio Manager in Jersey City, NJ
    Doesn't Recommend
    Negative Outlook

    I have been working at Lord Abbett & Co. full-time (More than 5 years)

    Pros

    Cheapest bagel lox anywhere you'll find, which you'll need because you'll be severely underpaid. Some of the people are really nice but don't get attached because eventually all the good ones leave.

    Cons

    Ah, Lord Abbett. I would like to start my review with a factual statement: as of my writing this review, the great Lord has a 2.5/5 rating on glassdoor. Enron has a 3.4/5 rating. Take the time to let that soak in.

    I'm not sure I can add to the adjectives that have already been thrown around about this place in other reviews. Sexist, irresponsible, toxic are just a few. I have worked here for several years, and my observations are very much in line with some of the reviews that have been buried by the five star ratings that someone within the HR department has posted. If you are not within the inner circle, you will be absolutely miserable here. How do you know if you're one of the chosen ones? Well, you will have been promoted to partner inside of a year, and you wouldn't be asking this question in the first place. For the rest of us, expect to be passed over in all aspects of your job here - whether it's proposing new ideas, moving up in the career ladder, or something as simple as asking for a new desk chair (don't bother asking - the firm is only going to devote most of their budget to fresh flowers in the lobby to mask the stench of dying careers). I can't dissuade you from investing with this firm, but would you like to work at a place where everyone around you is out interviewing and calling in sick? Where some of the members of the IT department are afraid to leave because the firm bullies them into staying for their visas? Where several partners from the old regime were pushed out or left voluntarily within months of each other? Where a senior account rep was fired the day before he was to receive his year-end bonus? Where the actual portfolio managers are not allowed to talk to clients about their sectors (instead, there's a human buffer that takes the form of ignorant partners or client reps who don't understand our markets)? Where, in the last year, most of the women in the department have left due to the terrible environment? And lastly, we have a fun thing in the Jersey City office called the "Jersey City stink". It's a fun surprise that happens once every few months when the city has accidentally cut into the sewage line or the sewage pipes have frozen and burst and, as a result, you can't use the water or wash your hands for days at a time. Yes, the view may be nice, but it sure stinks quite a bit.

    Advice to Management

    I'm not sure there's anything you can do to save yourselves, but please don't blow this up for the rest of us who are honestly trying to do right by our clients.


  11. Helpful (1)

    "IT Software Engineer"

    Star Star Star Star Star
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - IT Software Engineer in Jersey City, NJ
    Former Employee - IT Software Engineer in Jersey City, NJ
    Recommends
    Positive Outlook
    Approves of CEO

    I worked at Lord Abbett & Co. full-time (More than 3 years)

    Pros

    Laid back environment, excellent health and 401 benifits. Good vacation package

    Cons

    No working from home option and too many internal politics. Bonus used to be better before but not anymore.



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