View Filing Data

Beginning balance (in shares)

22,021

26,883

Ending balance (in shares)

22,021

26,883

22,021

26,883

Common Stock

Beginning balance (in shares)

119,697,937

^[1]

92,165,913

^[2]

$ 1,197

$ 922

Issuance of Class A common stock (in shares)

^[2]

3,000,000

Issuance of Class A common stock

$ 30

Class A common stock issued in exchange for Lazard Group common membership interests (in shares)

728,385

^[1]

17,645,747

^[2]

Class A common stock issued in exchange for Lazard Group common membership interests

$ 7

$ 176

Ending balance (in shares)

120,426,322

^[1]

112,811,660

^[2]

120,426,322

^[1]

112,811,660

^[2]

Additional Paid-In-Capital

$ 1,204

$ 1,128

$ 1,204

$ 1,128

758,841

549,931

Class A common stock issued/issuable in connection with business acquisitions and LAM Merger and related amortization

4,180

2,800

144,261

180,443

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $2,178

5,958

5,232

(282,956)

(242,352)

Repurchase of common membership interests from LAZ-MD Holdings

(751)

Issuance of Class A common stock

116,070

Class A common stock issued in exchange for Lazard Group common membership interests

(7)

(176)

(1,580)

14,323

31,973

642,269

643,921

642,269

643,921

Retained Earnings

166,468

52,726

Comprehensive income (loss):

117,011

11,038

Class A common stock dividends

(5,991)

(5,255)

(32,855)

(23,022)

Accumulated Other Comprehensive Income (Loss), Net of Tax

244,633

35,487

244,633

35,487

Other comprehensive income (loss) - net of tax:

(46,158)

(57,048)

30,418

(51,932)

498

480

Available-for-sale securities:

(755)

2,102

(3,434)

(2,556)

1,054

460

(205)

(8,545)

Class A Common Stock Held By A Subsidiary

$ (17,827)

$ (117,794)

$ (17,827)

$ (117,794)

Beginning balance (in shares)

6,847,508

5,850,775

$ (227,950)

$ (191,140)

Purchase of Class A common stock (in shares)

3,156,416

712,950

Purchase of Class A common stock

$ (126,237)

$ (22,733)

Delivery of Class A common stock in connection with share-based incentive compensation (in shares)

(5,664,049)

(5,738,601)

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $2,178

$ 194,424

$ 197,816

Issuance of Class A common stock (in shares)

3,000,000

Issuance of Class A common stock

$ (116,100)

Ending balance (in shares)

4,339,875

3,825,124

4,339,875

3,825,124

Total Lazard Ltd Stockholders' Equity

$ (159,763)

$ (132,157)

$ (159,763)

$ (132,157)

652,398

355,391

Comprehensive income (loss):

Other comprehensive income (loss) - net of tax:

117,011

11,038

30,418

(51,932)

498

480

Available-for-sale securities:

(755)

2,102

(3,434)

(2,556)

Comprehensive income (loss)

1,054

460

145,547

(41,163)

Class A common stock issued/issuable in connection with business acquisitions and LAM Merger and related amortization

4,180

2,800

144,261

180,443

Class A common stock dividends

(33)

(23)

(32,855)

(23,022)

Purchase of Class A common stock

(126,237)

(22,733)

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $2,178

(88,532)

(44,536)

Repurchase of common membership interests from LAZ-MD Holdings

(751)

(1,580)

14,118

23,428

710,516

430,585

710,516

430,585

Noncontrolling Interests

143,719

167,706

Comprehensive income (loss):

Other comprehensive income (loss) - net of tax:

14,538

1,596

1,756

(6,397)

Available-for-sale securities:

(93)

259

(196)

(315)

Comprehensive income (loss)

16,187

(4,834)

Class A common stock issued/issuable in connection with business acquisitions and LAM Merger and related amortization

240

345

8,272

22,055

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $2,178

(2)

Repurchase of common membership interests from LAZ-MD Holdings

(43)

Distributions to noncontrolling interests, net

(7,054)

(7,491)

(14,118)

(23,428)

147,276

154,353

147,276

154,353

796,117

523,097

71,566

53,528

131,549

12,634

32,174

(58,329)

527

539

(848)

2,361

(3,630)

(2,871)

Comprehensive income (loss)

1,114

517

161,734

(45,997)

Class A common stock issued/issuable in connection with business acquisitions and LAM Merger and related amortization

4,420

3,145

152,533

202,498

Class A common stock dividends

(35)

(23)

(32,855)

(23,022)

Purchase of Class A common stock

(126,237)

(22,733)

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $2,178

(88,457)

(44,536)

Repurchase of common membership interests from LAZ-MD Holdings

(794)

(1,580)

Distributions to noncontrolling interests, net

(7,054)

(7,491)

$ 857,792

$ 584,938

$ 857,792

$ 584,938

[1]	Includes 119,697,936 and 120,426,321 shares of the Company's Class A common stock issued at January 1, 2011 and June 30, 2011, respectively, and 1 share of the Company's Class B common stock at each such date.
[2]	Includes 92,165,912 and 112,811,659 shares of the Company's Class A common stock issued at January 1, 2010 and June 30, 2010, respectively, and 1 share of the Company's Class B common stock at each such date.

Condensed Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical) - Common Stock - shares

Jun. 30, 2011

Dec. 31, 2010

Jun. 30, 2010

Dec. 31, 2009

Common stock, issued

120,426,322

^[1]

119,697,937

^[1]

112,811,660

^[2]

92,165,913

^[2]

Class A Common Stock

Common stock, issued

120,426,321

^[3]

119,697,936

^[3]

112,811,659

^[4]

92,165,912

^[4]

Class B Common Stock

Organization And Basis Of Presentation

Common stock, issued

[1]	Includes 119,697,936 and 120,426,321 shares of the Company's Class A common stock issued at January 1, 2011 and June 30, 2011, respectively, and 1 share of the Company's Class B common stock at each such date.
[2]	Includes 92,165,912 and 112,811,659 shares of the Company's Class A common stock issued at January 1, 2010 and June 30, 2010, respectively, and 1 share of the Company's Class B common stock at each such date.
[3]	Includes 119,697,936 and 120,426,321 shares of the Company’s Class A common stock issued at January 1, 2011 and June 30, 2011, respectively, and 1 share of the Company’s Class B common stock at each such date.
[4]	Includes 92,165,912 and 112,811,659 shares of the Company’s Class A common stock issued at January 1, 2010 and June 30, 2010, respectively, and 1 share of the Company’s Class B common stock at each such date.

Organization And Basis Of Presentation

6 Months Ended

Jun. 30, 2011

Organization And Basis Of Presentation

1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as "Lazard Ltd", "Lazard", "we" or the "Company"), including Lazard Ltd's indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as "Lazard Group"), is one of the world's preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, partnerships, institutions, governments and high net worth individuals.

Lazard Ltd indirectly held approximately 94.6% and 94.0% of all outstanding Lazard Group common membership interests as of June 30, 2011 and December 31, 2010, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group. LAZ-MD Holdings LLC ("LAZ-MD Holdings"), an entity owned by Lazard Group's current and former managing directors, held approximately 5.4% and 6.0% of the outstanding Lazard Group common membership interests as of June 30, 2011 and December 31, 2010, respectively. Additionally, LAZ-MD Holdings was the sole owner of the one issued and outstanding share of Lazard Ltd's Class B common stock (the "Class B common stock") which provided LAZ-MD Holdings with approximately 5.4% and 6.0% of the voting power but no economic rights in the Company as of such respective dates. Subject to certain limitations, LAZ-MD Holdings' interests in Lazard Group are exchangeable for Lazard Ltd Class A common stock, par value $0.01 per share ("Class A common stock"). Lazard Group is governed by an Operating Agreement dated as of May 10, 2005, as amended (the "Operating Agreement").

The Company's sole operating asset is its indirect ownership of common membership interests of Lazard Group and its managing member interest of Lazard Group, whose principal operating activities are included in two business segments:

•

Financial Advisory, which includes providing general strategic and transaction-specific advice on mergers and acquisitions ("M&A") and other strategic matters, restructurings, capital structure, capital raising and various other corporate finance matters, and

•

Asset Management, which includes strategies for the management of equity and fixed income securities and alternative investment and private equity funds, as well as wealth management.

In addition, the Company records selected other activities in its Corporate segment, including management of cash, certain investments and the commercial banking activities of Lazard Group's Paris-based Lazard Frères Banque SA ("LFB"). The Company also allocates outstanding indebtedness to its Corporate segment.

LFB is a registered bank regulated by the Banque de France and its primary operations include asset and liability management for Lazard Group's businesses in France through its money market desk and commercial banking operations, deposit taking and, to a lesser extent, financing activities and custodial oversight over assets of various clients. LFB also engages in underwritten offerings of securities in France.

Basis of Presentation

The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America ("U.S. GAAP") for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd's annual report on Form 10-K for the year ended December 31, 2010 (the "Form 10-K"). The accompanying December 31, 2010 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management's knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month and six month periods ended June 30, 2011 are not necessarily indicative of the results to be expected for any future interim or annual period.

The condensed consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group's principal operating subsidiaries: Lazard Frères & Co. LLC ("LFNY"), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as "LAM"); its French limited liability companies Compagnie Financière Lazard Frères SAS ("CFLF") along with its subsidiaries, LFB and Lazard Frères Gestion SAS ("LFG"), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited ("LCL"), through Lazard & Co., Holdings Limited, an English private limited company ("LCH"), together with their jointly owned affiliates and subsidiaries.

The Company's policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities ("VIEs") where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity's operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of earnings or losses of the entity. All material intercompany transactions and balances have been eliminated.

Certain prior period amounts have been reclassified to conform to the manner of presentation in the current period.

Recent Accounting Developments	6 Months Ended
Recent Accounting Developments	Jun. 30, 2011
Recent Accounting Developments
Recent Accounting Developments	*2. RECENT ACCOUNTING DEVELOPMENTS* On January 1, 2011, the Company adopted the fair value measurement disclosure guidance regarding presenting purchases, sales, issuances and settlements on a gross basis in the roll forward of activities in Level 3 of the hierarchy of fair value measurements, which did not have a material impact on the Company's condensed consolidated financial statements. During May 2011, the FASB amended its fair value measurement guidance, which it states was designed to achieve common fair value measurement and disclosure requirements between U.S. GAAP and International Financial Reporting Standards ("IFRS"). Although many of the changes for U.S. GAAP purposes are clarifications of existing guidance or wording changes to align with IFRS, additional disclosures about fair value measurements would be required, including (i) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (ii) the valuation processes used and the sensitivity of fair value measurements related to investments categorized within Level 3 of the hierarchy of fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any, and (iii) the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial condition but for which the fair value is required to be disclosed. The amended fair value measurement guidance will become effective for interim and annual periods beginning after December 15, 2011 and is to be applied prospectively. Early application is not permitted. The Company does not anticipate that the adoption of the amended fair value measurement guidance will have a material impact on the Company's consolidated financial statements. During June 2011, the FASB amended its guidance regarding the presentation of comprehensive income, which it states was designed to improve comparability, consistency and transparency. The amendment requires that all changes in comprehensive income be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the one-statement approach, the Company would present total net income, including its components, followed by other comprehensive income, including its components, and a total of comprehensive income. In the two-statement approach, the first statement would present total net income and its components as currently presented by the Company in its statement of operations, followed consecutively by a second statement that would present the components of other comprehensive income, total other comprehensive income and the total of comprehensive income. The amendment is to be applied retrospectively and is effective with interim and annual periods beginning after December 15, 2011, with early adoption permitted.

Receivables - Net	6 Months Ended
Receivables - Net	Jun. 30, 2011
Receivables - Net
Receivables - Net	*3. RECEIVABLES - NET* The Company's "receivables - net" represents receivables from fees, customers and other, and related parties. Receivables are stated net of an allowance for doubtful accounts of $16,525 and $15,017 at June 30, 2011 and December 31, 2010, respectively, for accounts deemed past due and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. The Company recorded bad debt expense of $2,463 and $3,430 for the three month and six month periods ended June 30, 2011, respectively, and $2,322 and $9,190 for the three month and six month periods ended June 30, 2010, respectively. In addition, the Company recorded charge-offs, foreign currency translation and other adjustments, resulting in a net decrease to the allowance for doubtful accounts of $1,435 and $1,922 for the three month and six month periods ended June 30, 2011, respectively, and $937 and $1,894 for the three month and six month periods ended June 30, 2010, respectively. At June 30, 2011 and December 31, 2010, the Company had receivables deemed past due or uncollectible of $18,023 and $17,101, respectively. Customers and other receivables at June 30, 2011 and December 31, 2010 include $1,534 and $2,121, respectively, of loans to managing directors and employees of the Company that are made in the ordinary course of business at market terms.

Investments

6 Months Ended

Jun. 30, 2011

Investments

Investments

4. INVESTMENTS

The Company's investments and securities sold, not yet purchased, consist of the following at June 30, 2011 and December 31, 2010:


	June 30, 2011		December 31, 2010
	June 30, 2011		December 31, 2010
Debt:
U.S. Government and agencies	$	31,889	$	31,900
Fixed income funds (a)		40,403		33,951
Corporate and other debt and interest-bearing deposits		26,868		29,693

		99,160		95,544

Equities (a)		110,634		88,437

Other:
Interests in LAM alternative asset management funds		39,360		58,656
Private equity		174,704		163,482
Equity method investments		11,281		11,291

		225,345		233,429

Total investments		435,139		417,410
Less:
Interest-bearing deposits		7,660		7,754
Equity method investments		11,281		11,291

Investments, at fair value	$	416,198	$	398,365

Securities sold, not yet purchased, at fair value (included in "other liabilities")	$	1,262		$2,897

(a)

At June 30, 2011 fixed income funds and equities include investments with fair values of $2,051 and $23,051, respectively, held in connection with previously granted Lazard Fund Interest awards ("Lazard Fund Interests"), which will serve to satisfy the Company's liability upon vesting. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in several Lazard managed fixed income and equity investment funds (see Note 13 of Notes to Condensed Consolidated Financial Statements).

The Company's debt securities included in the table above are categorized as trading securities. Fixed income funds primarily consist of amounts seeding products of our Asset Management segment, as well as amounts held in connection with Lazard Fund Interests. Corporate and other debt primarily consist of United Kingdom (the "U.K.") government and U.S. state and municipal debt securities.

Equities principally represent the Company's investments in marketable equity securities of large-, mid- and small-cap domestic, international and global companies to seed new Asset Management products and includes investments in public and private asset management funds managed both by LAM and third-party asset managers, as well as amounts held in connection with Lazard Fund Interests.

Interests in LAM alternative asset management funds represent (i) GP interests owned by Lazard in LAM-managed alternative asset management funds and (ii) GP interests consolidated by the Company pertaining to noncontrolling interests in LAM alternative asset management funds, the latter of which aggregated $5,735 and $8,219 at June 30, 2011 and December 31, 2010, respectively. Such noncontrolling interests in LAM alternative asset management funds, which represent GP interests held directly by certain of our LAM managing directors or employees of the Company, are deemed to be controlled by, and therefore consolidated by, the Company in accordance with U.S. GAAP. Noncontrolling interests are presented within "stockholders' equity" on the consolidated statements of financial condition (see Note 12 of Notes to Condensed Consolidated Financial Statements).

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds and direct private equity interests. Such investments primarily include (i) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies; (ii) Corporate Partners II Limited ("CP II"), a private equity fund targeting significant noncontrolling-stake investments in established public and private companies and (iii) Lazard Senior Housing Partners LP ("Senior Housing"), which acquires companies and assets in the senior housing, extended-stay hotel and shopping center sectors. Private equity investments consolidated but not owned by Lazard relate solely to Lazard's establishment of a private equity business with the Edgewater Funds ("Edgewater"), a Chicago-based private equity firm, through the acquisition of Edgewater's management vehicles on July 15, 2009, and aggregated $74,505 and $67,206 at June 30, 2011 and December 31, 2010, respectively. The economic interests that the Company does not own are owned by the leadership team and other investors in the Edgewater management vehicles (see Note 8 of Notes to Condensed Consolidated Financial Statements).

On January 24, 2008, Sapphire Industrials Corp. ("Sapphire"), a then newly-organized special purpose acquisition company formed by the Company, completed an initial public offering (the "Sapphire IPO"). Sapphire had been included in equity method investments prior to its dissolution discussed below. Sapphire was formed for the purpose of effecting a business combination within a 24-month period (the "Business Combination") and net proceeds from the Sapphire IPO were placed in a trust account by Sapphire (the "Trust Account") pending consummation of the Business Combination. In connection with the Sapphire IPO, the Company purchased warrants from Sapphire for a total purchase price of $12,500 and Sapphire common stock for an aggregate purchase price of $50,000. The Company's investment in Sapphire had been accounted for using the equity method of accounting. On January 6, 2010, Sapphire announced it had not completed the Business Combination and it would dissolve and distribute the funds in the Trust Account to all of its public shareholders, to the extent they were holders of shares issued in the Sapphire IPO. Pursuant to such dissolution, on January 26, 2010, Sapphire made an initial distribution to the Company aggregating $50,319. All Sapphire warrants expired without value.

During the three month and six month periods ended June 30, 2011 and 2010, the Company recognized gross investment gains and losses in "revenue-other" on its condensed consolidated statements of operations as follows:


	Three Month Period Ended June 30,				Six Month Period Ended June 30,
	2011		2010		2011		2010
Gross investment gains	$	8,830	$	3,724	$	15,205	$	13,482
Gross investment losses	$	2,235	$	6,368	$	3,251	$	11,129
The table above includes gross unrealized investment gains and losses pertaining to "trading" securities as follows:
	Three Month Period Ended June 30,				Six Month Period Ended June 30,
	2011		2010		2011		2010
Gross unrealized investment gains	$	641	$	–	$	1,214	$	101
Gross unrealized investment losses	$	193	$	1,497	$	313	$	1,325

During the six month period ended June 30, 2010, the Company recorded within "accumulated other comprehensive loss, net of tax" ("AOCI") gross pre-tax unrealized investment gains of $5,456 and gross pre-tax unrealized investment losses of $6,013 pertaining to debt securities held at LFB that were designated as "available-for-sale." With respect to adjustments for items reclassified to earnings, the average cost basis was utilized for purposes of calculating realized investment gains and losses. There were no other-than-temporary impairment charges recognized during the six month period ended June 30, 2010.

During the fourth quarter of 2010, the Company sold its remaining "available-for-sale" debt securities. Accordingly, there were no gross pre-tax investment gains or losses recorded within AOCI during the six month period ended June 30, 2011.

Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Fair Value Measurements

5. FAIR VALUE MEASUREMENTS

Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows:

Level 1.

Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access.

Level 2.

Assets and liabilities whose values are based on quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in non-active markets or inputs other than quoted prices that are directly observable or derived principally from or corroborated by market data.

Level 3.

Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect management's own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.

The Company's investments in U.S. Government and agency debt securities as well as its corporate and other debt securities are considered Level 1 assets with the respective fair values based on unadjusted quoted prices in active markets. The Company's investments in fixed income funds are considered Level 1 assets when their fair values are based on the reported closing price for the fund or Level 2 assets when their fair values are primarily based on broker quotes as provided by external pricing services.

The fair value of equities is principally classified as Level 1 or Level 2 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security; public asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; and investments in private asset management funds are classified as Level 2 and are primarily valued based on information provided by fund managers and, secondarily, from external pricing services to the extent managed by LAM.

The fair value of interests in LAM alternative asset management funds is classified as Level 2, and is based on information provided by external pricing services.

The fair value of private equity investments is classified as Level 3, and is based on financial statements provided by fund managers, appraisals and internal valuations.

Where information reported is based on broker quotes, the Company generally obtains one quote/price per instrument. In some cases, quotes related to corporate bonds obtained through external pricing services represent the average of several broker quotes. Where information reported is based on data received from fund managers or from external pricing services, the Company reviews such information to ascertain at which level within the fair value hierarchy to classify the investment.

The following tables present the categorization of investments and certain other assets and liabilities measured at fair value on a recurring basis as of June 30, 2011 and December 31, 2010 into the three-level fair value hierarchy in accordance with fair value measurement disclosure requirements:


	June 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	31,889	$	–	$	–	$	31,889
Fixed income funds		3,157		37,246		–		40,403
Corporate and other debt		19,208		–		–		19,208
Equities		88,896		21,603		135		110,634
Other (excluding equity method investments):
Interest in LAM alternative asset management funds		–		39,360		–		39,360
Private equity		–		–		174,704		174,704
Derivatives		–		2,328		–		2,328

Total Assets	$	143,150	$	100,537	$	174,839	$	418,526

Liabilities:
Securities sold, not yet purchased	$	1,262	$	–	$	–	$	1,262
Derivatives		–		2,200		–		2,200

Total Liabilities	$	1,262	$	2,200	$	–	$	3,462


	December 31, 2010
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	31,900	$	–	$	–	$	31,900
Fixed income funds		–		33,951		–		33,951
Corporate and other debt		21,939		–		–		21,939
Equities		66,269		21,852		316		88,437
Other (excluding equity method investments):
Interest in LAM alternative asset management funds		–		58,656		–		58,656
Private equity		–		–		163,482		163,482
Derivatives		–		1,874		–		1,874

Total Assets	$	120,108	$	116,333	$	163,798	$	400,239

Liabilities:
Securities sold, not yet purchased	$	2,897	$	–	$	–	$	2,897
Derivatives		–		3,230		–		3,230

Total Liabilities	$	2,897	$	3,230	$	–	$	6,127

There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the three month and six month periods ended June 30, 2011 and 2010.

The following tables provide a summary of changes in fair value of the Company's Level 3 assets for the three month and six month periods ended June 30, 2011 and 2010:


	Three Months Ended June 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	129	$	3	$	–	$	–		$	3	$	135
Private equity		171,487		3,545		922		(2,052	)		802		174,704

Total Level 3 Assets	$	171,616	$	3,548	$	922	$	(2,052	)	$	805	$	174,839


	Six Months Ended June 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	316	$	3		$	–	$	(195	)		$ 11		$	135
Private equity		163,482		3,824			13,075		(9,160	)		3,483			174,704

Total Level 3 Assets	$	163,798	$	3,827		$	13,075	$	(9,355	)		$3,494		$	174,839

	Three Months Ended June 30, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue-Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	298	$	(4	)		$ 5	$	–			$ –		$	299
Private equity		136,264		1,535			5,554		(1,190	)		(3,754	)		138,409

Total Level 3 Assets	$	136,562	$	1,531			$5,559	$	(1,190	)		$(3,754	)	$	138,708


	Six Months Ended June 30, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue-Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	305	$	(12	)		$ 6	$	–			$ –		$	299
Private equity		135,914		4,753			5,554		(1,193	)		(6,619	)		138,409

Total Level 3 Assets	$	136,219	$	4,741			$5,560	$	(1,193	)		$(6,619	)	$	138,708

With respect to Level 3 assets held at June 30, 2011 and 2010, net gains (losses) included in earnings for the three month and six month periods ended June 30, 2011 and the three month and six month periods ended June 30, 2010 in connection with the change in unrealized gains and losses relating to such assets were $3,538, $3,817, $1,531 and $4,741, respectively.

Derivatives

6 Months Ended

Jun. 30, 2011

Derivatives

Derivatives

6. DERIVATIVES

The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, equity and fixed income swaps and other derivative contracts to hedge exposures to fluctuations in interest rates, currency exchange rates and equity and debt markets. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company's derivative instruments are recorded at their fair value, and are included in "other assets" and "other liabilities" on the consolidated statements of financial condition. Except for derivatives hedging "available-for-sale" debt securities, which were sold in the fourth quarter of 2010 (see Note 4 of Notes to Condensed Consolidated Financial Statements), the Company elected to not apply hedge accounting to its other derivative instruments held. Gains and losses on the Company's derivatives not designated as hedging instruments, as well as gains and losses on derivatives then accounted for as fair value hedges, are included in "interest income" and "interest expense", respectively, or "revenue-other", depending on the nature of the underlying item, on the consolidated statements of operations. Furthermore, with respect to derivatives then designated as fair value hedges, the hedged item was required to be adjusted for changes in fair value of the risk being hedged, with such adjustment accounted for in the consolidated statements of operations.

As a result of the sale of the Company's "available-for-sale" debt securities during the fourth quarter of 2010 as discussed above, there were not any derivatives designated as hedging instruments for the three month and six month periods ended June 30, 2011. During the three month and six month periods ended June 30, 2010, the Company recognized pre-tax losses pertaining to interest rate swaps designated as hedging instruments of $1,765 and $3,756, respectively. These losses were substantially offset by gains recognized on the hedged risk portion of such "available-for-sale" securities.

The table below represents the fair values of the Company's derivative assets and liabilities reported within "other assets" and "other liabilities" on the accompanying condensed consolidated statements of financial condition as of June 30, 2011 and December 31, 2010:


	June 30, 2011		December 31, 2010
Derivative Assets:
Forward foreign currency exchange rate contracts	$	242	$	1,432
Interest rate swaps		51		57
Equity swaps		2,035		385

	$	2,328	$	1,874

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	1,507	$	2,151
Interest rate swaps		323		326
Equity and fixed income swaps		370		753

	$	2,200	$	3,230

Gains (losses) with respect to derivatives not designated as hedging instruments on the accompanying condensed consolidated statements of operations for the three month and six month periods ended June 30, 2011 and 2010 (predominantly reflected in "revenue-other"), by type of derivative, were as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Forward foreign currency exchange rate contracts	$	(3,139	)	$	7,133		$	(9,397	)	$	12,351
Interest rate swaps		(1	)		(10	)		(3	)		34
Equity and fixed income swaps		(431	)		5,382			(2,718	)		4,050

	$	(3,571	)	$	12,505		$	(12,118	)	$	16,435

Lam Merger Transaction	6 Months Ended
Lam Merger Transaction	Jun. 30, 2011
Lam Merger Transaction
Lam Merger Transaction	*7. LAM MERGER TRANSACTION* On September 25, 2008, the Company, LAM and LAZ Sub I, LLC, a then newly-formed subsidiary of LFNY, completed the merger of LAZ Sub I, LLC with and into LAM (the "LAM Merger"). Prior to the LAM Merger, the common equity interests of LAM were held by LFNY, and certain other equity interests of LAM, representing contingent payments should certain specified fundamental transactions occur, were held by present and former employees of LAM. Following the LAM Merger, all equity interests of LAM are owned directly or indirectly by LFNY. The aggregate non-contingent consideration relating to the equity interests of LAM held by present and former employees of LAM and its subsidiaries (the "Transaction Consideration") consists of (i) cash payments made from the closing of the LAM Merger through January 2, 2009 of approximately $60,100, (ii) a cash payment on October 31, 2011 of approximately $90,300 and (iii) an issuance on October 31, 2011 of 2,201,457 shares of Class A common stock (plus additional shares of Class A common stock in an amount determined by reference to the cash dividends paid on Class A common stock since the closing of the LAM Merger), subject, in the case of clause (ii) and (iii) and, with respect to certain present employees of LAM and its subsidiaries, to delayed payment/issuance until the eighth anniversary of the closing of the LAM Merger if the applicable employee is no longer employed by Lazard or its affiliates on October 31, 2011, subject to certain exceptions. The merger agreement also generally provides that if there is a change in control of the Company or a sale of LAM, any and all of the Transaction Consideration will be payable as of the date of such change in control. The related liabilities for the present value of the unpaid cash consideration have been recorded in the accompanying condensed consolidated statements of financial condition in "accrued compensation and benefits" and "other liabilities", and amounted to $15,473 and $73,752, respectively, as of June 30, 2011, and $15,152 and $71,394, respectively, as of December 31, 2010.

Business Acquisitions	6 Months Ended
Business Acquisitions	Jun. 30, 2011
Business Acquisitions
Business Acquisitions	*8. BUSINESS ACQUISITIONS* On July 15, 2009, the Company established a private equity business with Edgewater. Edgewater manages funds primarily focused on buy-out and growth equity investments in middle market companies. The acquisition was structured as a purchase by Lazard Group of interests in a holding company that in turn owns interests in the general partner and management company entities of the current Edgewater private equity funds (the "Edgewater Acquisition"). Following the Edgewater Acquisition, Edgewater's current leadership team retained a substantial economic interest in such entities. The aggregate fair value of the consideration recognized by the Company at the acquisition date was $61,624. Such consideration consisted of (i) a one-time cash payment, (ii) 1,142,857 shares of Class A common stock (the "Initial Shares") and (iii) up to 1,142,857 additional shares of Class A common stock subject to earnout criteria and payable over time (the "Earnout Shares"). The Initial Shares are subject to forfeiture provisions that lapse only upon the achievement of certain performance thresholds and transfer restrictions during the four year period ending December 2014. The Earnout Shares will be issued only if certain performance thresholds are met. In prior years, the Company made certain other business acquisitions. These purchases were affected through an exchange of a combination of cash, Class A common stock, and by Lazard Ltd issuing shares of non-participating convertible Series A and Series B preferred stock, which are or were each convertible into Class A common stock. In connection with such acquisitions, as of June 30, 2011 and December 31, 2010, 1,295,029 shares of Class A common stock were issuable on a non-contingent basis. Additionally, at June 30, 2011 and December 31, 2010, 4,862 shares of Series A preferred stock were convertible into Class A common shares on a non-contingent basis, with the number of Class A common shares dependent, in part, upon future prices of the Class A common stock. Depending upon the future performance of such businesses acquired, at June 30, 2011 and December 31, 2010, 17,159 shares of Series A preferred stock were contingently convertible into shares of Class A common stock. The Class A common stock described above related to such acquisitions is primarily issuable during the remainder of 2011.

Goodwill And Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill And Other Intangible Assets

Goodwill And Other Intangible Assets

9. GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets as of June 30, 2011 and December 31, 2010 are presented below:


	June 30, 2011		December 31, 2010
Goodwill	$	320,411	$	313,229
Other intangible assets (net of accumulated amortization)		45,030		48,210

	$	365,441	$	361,439

At June 30, 2011 and December 31, 2010, goodwill of $258,781 and $251,599, respectively, was attributable to the Company's Financial Advisory segment and, at each such date, $61,630 of goodwill was attributable to the Company's Asset Management segment.

Changes in the carrying amount of goodwill for the six month periods ended June 30, 2011 and 2010 are as follows:


	Six Months Ended June 30,
	2011		2010
Balance, January 1	$	313,229	$	261,703
Foreign currency translation adjustments		7,182		(7,408	)

Balance, June 30	$	320,411	$	254,295

The gross cost and accumulated amortization of other intangible assets as of June 30, 2011 and December 31, 2010, by major intangible asset category, are as follows:


	June 30, 2011						December 31, 2010
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	1,121	$	29,619	$	30,740	$	890	$	29,850
Management fees, customer relationships and non-compete agreements		32,477		17,066		15,411		32,477		14,117		18,360

	$	63,217	$	18,187	$	45,030	$	63,217	$	15,007	$	48,210

Amortization expense of intangible assets for the three month and six month periods ended June 30, 2011 was $1,706 and $3,180, respectively, and for the three month and six month periods ended June 30, 2010 was $1,769 and $3,539, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2011 (July 1 through December 31)	$	2,778
2012		6,302
2013		12,742
2014		9,803
2015		7,220
Thereafter		6,185

Total amortization expense	$	45,030

(a)

Approximately 48% of intangible asset amortization is attributable to a noncontrolling interest.

Senior And Subordinated Debt

6 Months Ended

Jun. 30, 2011

Senior And Subordinated Debt

Senior And Subordinated Debt

10. SENIOR AND SUBORDINATED DEBT

Senior Debt—Senior debt is comprised of the following as of June 30, 2011 and December 31, 2010:


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of
	Initial Principal Amount		Maturity Date		Annual Interest Rate			June 30, 2011		December 31, 2010
Lazard Group 7.125% Senior Notes	$	550,000		5/15/15		7.125	%	$	528,500	$	528,500
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group Credit Facility (a)		150,000		4/29/13		1.88	%		–		–

Total								$	1,076,850	$	1,076,850

(a)

On April 29, 2010, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the "Credit Facility"). The Credit Facility, as amended, replaced the prior revolving credit facility, which was terminated as a condition to effectiveness of the Credit Facility. Interest rates under the Credit Facility vary and are based on either a Federal Funds rate or a Eurodollar rate, in each case plus an applicable margin. As of June 30, 2011, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 1.88%. As of June 30, 2011 and December 31, 2010, no amounts were outstanding under the Credit Facility.

Subordinated Debt— Subordinated debt at June 30, 2011 and December 31, 2010 represents a note amounting to $150,000 at each date. The note had a maturity date of September 30, 2016 and had a fixed interest rate of 3.25% per annum. Until June 30, 2011 the note had a conversion feature which permitted the holder to convert the note into a maximum of 2,631,570 shares of Class A common stock at an effective conversion price of $57 per share. No conversions had occurred through that date and the note was no longer convertible. On July 22, 2011, the Company repurchased its outstanding 3.25% subordinated note, at a cost, excluding accrued interest, of $131,829. Such repurchase resulted in a pre-tax gain of $18,171, which is being recognized by the Company in the third quarter of 2011.

The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, the indenture and supplemental indentures relating to Lazard Group's senior notes, contain certain covenants (none of which relate to financial condition), events of default and other customary provisions, including a customary make-whole provision in the event of early redemption where applicable. As of June 30, 2011, the Company was in compliance with all of these provisions. All of the Company's senior and subordinated debt obligations are unsecured.

As of June 30, 2011, the Company had approximately $285,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $107,000 (at June 30, 2011 exchange rates) and Edgewater of $20,000. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France.

The Company's senior and subordinated debt are recorded at historical amounts. At June 30, 2011 and December 31, 2010, the fair value of the Company's senior and subordinated debt was approximately $1,338,000 and $1,271,000, respectively, and exceeded the aggregate carrying value by approximately $111,000 and $44,000, respectively. The fair value of the Company's senior and subordinated debt was estimated using a discounted cash flow analysis based on the Company's current borrowing rates for similar types of borrowing arrangements or based on market quotations, where available.

Commitments And Contingencies

6 Months Ended

Jun. 30, 2011

Commitments And Contingencies

Commitments And Contingencies

11. COMMITMENTS AND CONTINGENCIES

Leases— Lazard has various leases and other contractual commitments arising in the ordinary course of business. At June 30, 2011, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows:


Year Ending December 31,
2011 (July 1 through December 31)	$	36,267
2012		54,468
2013		57,671
2014		66,289
2015		62,559
Thereafter		808,662

Total minimum lease payments		1,085,916

Sublease proceeds		185,784

Net lease payments	$	900,132

Guarantees— In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At June 30, 2011, LFB had $4,671 of such indemnifications and held $3,144 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition.

Private Equity Funding Commitments—At June 30, 2011, the principal unfunded commitment by the Company for capital contributions to private equity investment funds related to CP II, and is an amount not to exceed $3,022 for potential "follow-on investments" and/or for CP II expenses through the earlier of February 25, 2017 or the liquidation of the fund.

Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. Such commitments at June 30, 2011 aggregated $27,103. These commitments have varying expiration dates and are fully collateralized and generally contain requirements for the counterparty to maintain a minimum collateral level. These commitments may not represent future cash requirements as they may expire without being drawn upon.

See Notes 7, 8 and 14 of Notes to Condensed Consolidated Financial Statements for information regarding commitments relating to the LAM Merger, business acquisitions and obligations to fund our pension plans, respectively.

The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, LFB enters into underwriting commitments in which it participates as a joint underwriter. The settlement of such transactions are not expected to have a material adverse effect on the Company's consolidated financial position or results of operations.

In the opinion of management, the fulfillment of the commitments described herein will not have a material adverse effect on the Company's consolidated financial position or results of operations.

Legal—The Company is involved from time to time in a number of judicial, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company does experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company's earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

Stockholders' Equity

6 Months Ended

Jun. 30, 2011

Stockholders' Equity

Stockholders' Equity

12. STOCKHOLDERS' EQUITY

Issuance of Class A Common Shares—During the three month period ended March 31, 2010, 3,000,000 shares of Class A common stock were newly issued by Lazard Ltd to Lazard Group in connection with the settlement of vested restricted stock unit grants denominated in shares of Class A common stock ("RSUs"). Such shares were authorized as part of the 25,000,000 shares of Class A common stock that may be issued under the Lazard Ltd 2005 Equity Incentive Plan (the "2005 Plan").

Secondary Offerings—Pursuant to the applicable Prospectus Supplements, certain selling shareholders of Lazard Ltd (which include current and former managing directors of Lazard (and, from time to time, certain of our directors, executive officers or former executive officers) and their permitted transferees (collectively, the "Selling Shareholders") who hold LAZ-MD Holdings exchangeable interests and/or Class A common stock), may offer to sell shares of Class A common stock pursuant to applicable underwriting and pricing agreements. During the three month period ended March 31, 2010 one such secondary offering occurred, which is described below (no secondary offerings occurred during the three month period ended June 30, 2010 or during the six month period ended June 30, 2011).

In March 2010, certain Selling Shareholders sold 7,869,311 shares of Class A common stock (including (i) 7,262 shares of Class A common stock previously received upon the exchange of a like number of LAZ-MD Holdings exchangeable interests, (ii) 6,180,639 shares of Class A common stock received upon a simultaneous exchange of a like number of LAZ-MD Holdings exchangeable interests (including 5,958,000 shares held by the Estate of Lazard's former Chairman and Chief Executive Officer and related trusts (collectively, the "Estate") and (iii) 1,681,410 shares held by the Estate) at a price of $35.90 per share (collectively, the "March 2010 Secondary Offering").

Lazard Ltd did not receive any net proceeds from the sales of Class A common stock from the March 2010 Secondary Offering.

Lazard Group Distributions— As previously described, Lazard Group's common membership interests are held by subsidiaries of Lazard Ltd and by LAZ-MD Holdings. Pursuant to provisions of the Operating Agreement, Lazard Group distributions in respect of its common membership interests are allocated to the holders of such interests on a pro rata basis. Such distributions represent amounts necessary to fund (i) any dividends Lazard Ltd may declare on its Class A common stock and (ii) tax distributions in respect of income taxes that Lazard Ltd's subsidiaries and the members of LAZ-MD Holdings incur as a result of holding Lazard Group common membership interests.

During the six month periods ended June 30, 2011 and 2010, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd (none of which related to tax distributions):


	Six Months Ended June 30,
	2011		2010
LAZ-MD Holdings	$	2,174	$	7,103
Subsidiaries of Lazard Ltd		32,855		23,022

	$	35,029	$	30,125

Pursuant to Lazard Group's Operating Agreement, Lazard Group allocates and distributes to its members a substantial portion of its distributable profits in installments, as soon as practicable after the end of each fiscal year. Such installment distributions usually begin in February.

Exchange of Lazard Group Common Membership Interests—In addition to the simultaneous exchanges that occurred in connection with the March 2010 Secondary Offering, during the six month periods ended June 30, 2011 and 2010, Lazard Ltd issued 728,385 and 11,465,108 shares of Class A common stock, respectively, in connection with the exchange of a like number of Lazard Group common membership interests (received from members of LAZ-MD Holdings in exchange for a like number of LAZ-MD Holdings exchangeable interests).

See "Noncontrolling Interests" below for additional information regarding Lazard Ltd's and LAZ-MD Holdings' ownership interests in Lazard Group.

Share Repurchase Program— In January 2010, the Board of Directors of Lazard Ltd authorized, on a cumulative basis, the repurchase of up to $200,000 in aggregate cost of its Class A common stock and Lazard Group common membership interests through December 31, 2011. The Company's prior share repurchase program expired on December 31, 2009. In February 2011, the Board of Directors of Lazard Ltd authorized the repurchase of up to an additional $250,000 in aggregate cost of Lazard Ltd Class A common stock and Lazard Group common membership interests through December 31, 2012. The Company expects that the share repurchase program, with respect to the Class A common stock, will continue to be used primarily to offset a portion of the shares that have been or will be issued under the 2005 Plan and the Lazard Ltd 2008 Incentive Compensation Plan (the "2008 Plan"). Pursuant to such authorizations, purchases have been made in the open market or through privately negotiated transactions, and since the inception of the program in February 2006 through June 30, 2011, purchases by Lazard Group with respect to such program are set forth in the table below (including, in the six month period ended June 30, 2011, purchases of 3,156,416 Class A common shares, at an aggregate cost of $126,237, and the purchase of 19,032 Lazard Group common membership interests, at an aggregate cost of $794):


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Class A common stock		19,930,075		$33.92
Lazard Group common membership interests		1,400,089		$32.66

As a result of Lazard Group's delivery of shares of Class A common stock during the four year and six month period ended June 30, 2011 relating to (i) the settlement of vested RSUs and deferred stock unit grants ("DSUs"), (ii) the incentive plan share awards of shares of restricted Class A common stock and (iii) the issuance of shares of restricted Class A common stock in exchange for RSUs, there were 4,339,875 and 6,847,508 shares of Class A common stock held by Lazard Group at June 30, 2011 and December 31, 2010, respectively. Such Class A common shares are reported, at cost, as "Class A common stock held by a subsidiary" on the accompanying condensed consolidated statements of financial condition.

As of June 30, 2011, $165,740 of the current $450,000 share repurchase authorization remained available under the share repurchase program. In addition, under the terms of the 2005 Plan and the 2008 Plan, upon the vesting of RSUs, shares of Class A common stock may be withheld by the Company to cover estimated income taxes (see Note 13 of Notes to Condensed Consolidated Financial Statements).

Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A preferred stock and Series B preferred stock. The Series A and Series B preferred shares are each non-participating securities that are or were each convertible into Class A common stock, and have no voting or dividend rights. As of June 30, 2011 and December 31, 2010, 22,021 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding at such dates.

At June 30, 2011 and December 31, 2010, 4,862 shares of the Series A preferred shares outstanding were convertible into shares of Class A common stock. The remaining 17,159 shares of Series A preferred stock outstanding at June 30, 2011 and December 31, 2010 may become convertible into shares of Class A common stock upon completion or satisfaction of specified obligations in the applicable acquisition agreement (see Note 8 of Notes to Condensed Consolidated Financial Statements). The initial conversion rate, at the time of the acquisition, was 100 shares of Class A common stock to one share of Series A preferred stock, with the ultimate conversion rate dependent on certain variables, including the value of the Class A common stock, as defined, and the currency exchange rate on the date of conversion.

Accumulated Other Comprehensive Income (Loss), Net of Tax— The components of AOCI at June 30, 2011 and December 31, 2010 are as follows:


	June 30, 2011			December 31, 2010
	June 30, 2011			December 31, 2010
Currency translation adjustments	$	45,367		$	13,193
Interest rate hedge		(4,084	)		(4,611	)
Employee benefit plans		(59,111	)		(56,595	)

Total AOCI		(17,828	)		(48,013	)
Less amount attributable to noncontrolling interests		(1	)		(1,855	)

Total Lazard Ltd AOCI	$	(17,827	)	$	(46,158	)

Noncontrolling Interests— Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings, (ii) Edgewater's management vehicles that the Company is deemed to control, but does not own, and (iii) various LAM-related GP interests which are deemed to be controlled by the Company.

As of June 30, 2011 and December 31, 2010, LAZ-MD Holdings held approximately 5.4% and 6.0%, respectively, of the outstanding Lazard Group common membership interests. Subject to certain limitations, LAZ-MD Holdings' interests in Lazard Group are exchangeable for Class A common stock.

The following tables summarize the changes in ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings during the six month periods ended June 30, 2011 and 2010:


	Lazard Ltd					LAZ-MD Holdings						Total Lazard Group Common Membership Interests
	Common Membership Interests		% Ownership			Common Membership Interests			% Ownership			Total Lazard Group Common Membership Interests
Balance, January 1, 2010		92,165,912		74.5	%		31,520,426			25.5	%		123,686,338
Activity January 1, 2010 to June 30, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
March 2010 Secondary Offering		6,180,639					(6,180,639	)					–
Exchanges for Class A common stock		11,465,108					(11,465,108	)					–

Balance, June 30, 2010		112,811,659		89.0	%		13,874,679			11.0	%		126,686,338


Balance, January 1, 2011		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to June 30, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		728,385					(728,385	)					–
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, June 30, 2011		120,426,321		94.6	%		6,905,208			5.4	%		127,331,529

The change in Lazard Ltd's ownership in Lazard Group in the six month periods ended June 30, 2011 and 2010 did not materially impact Lazard Ltd's stockholders' equity.

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and six month periods ended June 30, 2011 and 2010 and noncontrolling interests as of June 30, 2011 and December 31, 2010 in the Company's condensed consolidated financial statements:


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
LAZ-MD Holdings	$	4,012		$	8,476		$	7,746		$	(1,243	)
Edgewater		5,882			1,270			6,905			3,877
LAM GPs		(159	)		(598	)		13			(728	)
Other		(173	)		(192	)		(126	)		(310	)

Total	$	9,562		$	8,956		$	14,538		$	1,596



	Noncontrolling Interests As Of
	June 30, 2011		December 31, 2010
LAZ-MD Holdings	$	23,803	$	22,167
Edgewater		115,808		111,289
LAM GPs		5,735		8,219
Other		1,930		2,044

Total	$	147,276	$	143,719

Dividend Declared, July 2011—On July 27, 2011, the Board of Directors of Lazard Ltd declared a quarterly dividend of $0.16 per share on its Class A common stock, payable on August 26, 2011, to stockholders of record on August 8, 2011.

Incentive Plans

6 Months Ended

Jun. 30, 2011

Incentive Plans

Incentive Plans

13. INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of Lazard Ltd's 2005 Plan and 2008 Plan, and activity with respect thereto during the six month periods ended June 30, 2011 and 2010, is presented below.

Shares Available Under the 2005 Plan and 2008 Plan

The 2005 Plan authorizes the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock, stock units and other equity-based awards. Each stock unit granted under the 2005 Plan represents a contingent right to receive one share of Class A common stock, at no cost to the recipient. The fair value of such stock unit awards is determined based on the closing market price of Lazard Ltd's Class A common stock at the date of grant.

In addition to the shares available under the 2005 Plan, additional shares of Class A common stock are available under the 2008 Plan. The maximum number of shares available under the 2008 Plan is based on a formula that limits the aggregate number of shares that may, at any time, be subject to awards that are considered "outstanding" under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock (treating, for this purpose, the then-outstanding exchangeable interests of LAZ-MD Holdings on a "fully-exchanged" basis as described in the 2008 Plan).

Restricted and Deferred Stock Units

RSUs require future service as a condition for the delivery of the underlying shares of Class A common stock (unless the recipient is then eligible for retirement under the Company's retirement policy) and convert into Class A common stock on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods, and, for purposes of calculating diluted net income per share, are included in the diluted weighted average shares of Class A common stock outstanding using the treasury stock method. Expense relating to RSUs was as follows within the Company's condensed consolidated statements of operations:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Compensation and benefits (*)	$	57,552	$	50,530	$	142,410	$	154,343
Restructuring		-		-		-		46,880

Total	$	57,552	$	50,530	$	142,410	$	201,223

(*)	Includes, during the six month period ended June 30, 2010, $24,860 relating to the January 2010 amendment of the Company's retirement policy (described below).

RSUs issued subsequent to December 31, 2005 generally include a dividend participation right that provides that during vesting periods each RSU is attributed additional RSUs (or fractions thereof) equivalent to any ordinary quarterly dividends paid on Class A common stock during such period. During the six month periods ended June 30, 2011 and 2010, issuances of RSUs pertaining to such dividend participation rights and respective charges to "retained earnings", net of estimated forfeitures (with corresponding credits to "additional paid-in-capital"), consisted of the following:


	Six Months Ended June 30
	2011		2010
Issuance of RSUs		140,613		163,146
Charges to retained earnings, net of estimated forfeitures		$5,337		$4,732

In January 2010, the Company amended its retirement policy with respect to RSU awards. Such amendment served to modify the retirement eligibility vesting requirements of existing and future RSU awards, and, as noted above, Lazard accelerated the recognition of compensation expense for the affected RSU awards. Accordingly, the Company recorded a non-cash charge to "compensation and benefits" expense of $24,860 in the three month period ended March 31, 2010 relating to prior years' awards.

Non-Executive members of the Board of Directors receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 26,859 and 31,588 DSUs granted during the six month periods ended June 30, 2011 and 2010, respectively. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors' Fee Deferral Unit Plan described below. DSUs are convertible into Class A common stock at the time of cessation of service to the Board. The DSUs include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock, and resulted in nominal cash payments for the six month periods ended June 30, 2011 and 2010.

On May 9, 2006, the Board of Directors adopted the Directors' Fee Deferral Unit Plan, which allows the Company's Non-Executive Directors to elect to receive additional DSUs pursuant to the 2005 Plan in lieu of some or all of their cash fees. The number of DSUs that shall be granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of Class A common stock on the date on which the foregone cash fees would otherwise have been paid. During the six month periods ended June 30, 2011 and 2010, 2,942 and 4,120 DSUs, respectively, had been granted pursuant to such Plan.

DSU awards are expensed at their fair value on their date of grant, which, inclusive of amounts related to the Directors' Fee Deferral Unit Plan, totaled $1,068 and $1,124 during the three month and six month periods ended June 30, 2011, respectively, and $1,039 and $1,115 during the three month and six month periods ended June 30, 2010, respectively.

The following is a summary of activity relating to RSUs and DSUs during the six month periods ended June 30, 2011 and 2010:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value

Balance, January 1, 2011		22,108,635		$	35.67		121,737		$	34.46
Granted (including 140,613 RSUs relating to dividend participation)		6,309,310		$	44.93		29,801		$	37.72
Forfeited		(223,365	)	$	37.90		–			–
Vested/Converted		(7,616,386	)	$	39.21		(16,120	)	$	34.76

Balance, June 30, 2011		20,578,194		$	37.18		135,418		$	35.14


Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 163,146 RSUs relating to dividend participation)		6,853,747		$	35.98		35,708		$	31.25
Forfeited		(315,002	)	$	34.57		–			–
Vested/Converted		(6,952,061	)	$	39.88		(20,435	)	$	35.38

Balance, June 30, 2010		22,954,497		$	35.88		118,419		$	34.46

During the six month periods ended June 30, 2011 and 2010, 7,616,386 RSUs and 6,952,061 RSUs vested, respectively. In connection with such vested RSUs, the Company satisfied certain employees' tax obligations in lieu of issuing 2,226,829 and 1,288,331 shares of Class A common stock in the respective periods. Accordingly, 5,389,557 and 5,663,730 shares of Class A common stock held by Lazard Group were delivered during the six month periods ended June 30, 2011 and 2010, respectively.

As of June 30, 2011, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $348,000 , with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.8 years subsequent to June 30, 2011. The ultimate amount of such expense is dependent upon the actual number of RSUs that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described herein.

Restricted Stock

The following is a summary of activity related to shares of restricted Class A common stock during the six month periods ended June 30, 2011 and 2010:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2011		95,332		$	37.63
Granted (a)		327,238		$	43.70
Vested (a)		(327,238	)	$	43.70

Balance, June 30, 2011		95,332		$	37.63


Balance, January 1, 2010		–			–
Granted		54,437		$	38.78
Vested		–			–

Balance, June 30, 2010		54,437		$	38.78

(a)	Includes 143,816 restricted shares pertaining to an award that was accounted for as a liability award through its vesting date.

During the six month period ended June 30, 2011, 327,238 shares of restricted Class A common stock vested. In connection with such vested shares of restricted Class A common stock, the Company satisfied certain employees' tax obligations in lieu of delivering 68,866 shares of Class A common stock by Lazard Group. Accordingly, 258,372 shares of Class A common stock held by Lazard Group were delivered during the six month period ended June 30, 2011.

Expense relating to restricted stock awards is charged to "compensation and benefits" expense within the Company's condensed consolidated statements of operations, and amounted to $356 and $8,999 for the three month and six month periods ended June 30, 2011, respectively, and $160 for the three month and six month periods ended June 30, 2010. The awards include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At June 30, 2011, unrecognized restricted stock expense was approximately $1,600, with such expense to be recognized over a weighted average period of approximately 1.2 years subsequent to June 30, 2011.

For purposes of calculating diluted net income per share, such awards are included in the diluted weighted average shares of Class A common stock outstanding using the "treasury stock" method.

Other Incentive Awards

As described above, in February 2011, the Company granted to eligible employees Lazard Fund Interests, which had an aggregate fair value on the date of grant of approximately $26,000, with such aggregate fair values excluding potential forfeitures. At June 30, 2011, the aggregate fair value of such liability amounted to $25,102.

The Lazard Fund Interests granted provide for one-third vesting on March 1, 2013 and two-thirds vesting on March 3, 2014. Compensation expense with respect to the Lazard Fund Interests amounted to $2,413 and $5,054 for the three month and six month periods ended June 30, 2011, respectively, and is being recognized over the applicable vesting periods or requisite service periods, the ultimate amount of which will vary based on the then vested value of the underlying Lazard Fund Interests, with such compensation expense to be recognized over a weighted average period of approximately 2.3 years subsequent to June 30, 2011.

Employee Benefit Plans

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Employee Benefit Plans

14. EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined contribution and defined benefit pension plans and other post-retirement plans. These plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company's employee benefit plans are included in "compensation and benefits" expense on the consolidated statements of operations.

Employer Contributions to Pension Plans— In accordance with agreements reached with the Trustees of certain U.K. pension plans in 2005, the Company was obligated to make further contributions to such pension plans based upon the cumulative performance of the plans' assets against specific benchmarks as measured on June 1, 2009 (the "measurement date") and subsequently remeasured on June 1, 2010 (the "remeasurement date"). As of December 31, 2009, the obligation related to the cumulative underperformance of the plans' assets (the "underperformance obligation") was payable in equal monthly installments through May 2013. During the year ended December 31, 2010, the Company contributed approximately $8,600 to settle the plans' underperformance obligation in full.

In addition, on June 30, 2009 the Company and Trustees concluded the December 31, 2007 triennial valuation of the U.K. pension plans discussed above, pursuant to which: (i) the Company agreed to contribute, in addition to amounts to cover administrative expenses under the plans, 2.3 million British pounds ($3,683 at June 30, 2011 exchange rates), during each year from 2011 to 2018 inclusive, subject to adjustment resulting from the December 31, 2010 triennial valuation, which the Company expects to have concluded prior to the contribution payment scheduled for 2011, and (ii) to secure the Company's obligations thereunder, on July 15, 2009 the Company placed in escrow 12.5 million British pounds, with a final redemption date of December 31, 2018. This amount is subject to adjustment based on the results of the December 31, 2010 triennial valuation and subsequent triennial valuations. The aggregate escrow balance has been recorded in "cash deposited with clearing organizations and other segregated cash" and "investments", respectively, on the accompanying condensed consolidated statements of financial condition. Income on the escrow balance accretes to the Company and is recorded in interest income.

During the six month period ended June 30, 2011, no contribution to these U.K. pension plans was required, and no contributions were required to be made to other pension plans.

The following tables summarize the components of total benefit cost (credit) for the three month and six month periods ended June 30, 2011 and 2010:


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended June 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	169		$	(88	)	$	19	$	22
Interest cost		7,092			6,702			69		73
Expected return on plan assets		(7,644	)		(7,056	)		-		-
Amortization of:
Prior service cost (credit)		762			725			-		(435	)
Net actuarial loss		66			198			-		-

Net periodic benefit cost (credit)	$	445		$	481		$	88	$	(340	)


	Pension Plans						Post-Retirement Medical Plans
	Six Months Ended June 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	332		$	260		$	34	$	40
Interest cost		14,159			13,787			139		146
Expected return on plan assets		(15,266	)		(14,429	)		-		-
Amortization of:
Prior service cost (credit)		1,502			1,476			-		(691	)
Net actuarial loss		129			399			-		-

Net periodic benefit cost (credit)	$	856		$	1,493		$	173	$	(505	)

Restructuring Plans	6 Months Ended
Restructuring Plans	Jun. 30, 2011
Restructuring Plans
Restructuring Plans	*15. RESTRUCTURING PLAN* S In the three month period ended March 31, 2010, the Company announced a restructuring plan which included certain staff reductions and realignments of personnel (the "2010 Restructuring Plan"). In connection with the 2010 Restructuring Plan, the Company recorded a charge in the first quarter of 2010 of $87,108, inclusive of $46,880 relating to the acceleration of RSUs (in aggregate, the "2010 Restructuring Charge"). The 2010 Restructuring Charge primarily consisted of compensation-related expenses, including the acceleration of unrecognized expenses pertaining to RSUs previously granted to individuals who were terminated pursuant to the restructuring, severance and benefit payments and other costs. As of June 30, 2011 and December 31, 2010, the remaining liability associated with the 2010 Restructuring Plan was $13,145 and $21,381, respectively. In the first quarter of 2009 the Company also announced a restructuring plan (the "2009 Restructuring Plan"). As of June 30, 2011 and December 31, 2010, the remaining liability associated with the 2009 Restructuring Plan was $5,128 and $5,427, respectively. During the six month period ended June 30, 2011, other than cash payments of $8,236 and $299 for the 2010 Restructuring Plan and the 2009 Restructuring Plan, respectively, there were no adjustments to the amounts relating to the 2010 and 2009 Restructuring Plans. Liabilities relating to the 2010 and 2009 Restructuring Plans are reported within "accrued compensation and benefits" and "other liabilities" on the accompanying condensed consolidated statements of financial condition.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2011
Income Taxes
Income Taxes	*16. INCOME TAXES* Lazard Ltd is subject to U.S. federal income taxes on its portion of Lazard Group's operating income. Although a portion of Lazard Group's income is subject to U.S. federal income taxes, Lazard Group primarily operates in the U.S. as a limited liability company that is treated as a partnership for U.S. federal income tax purposes. As a result, Lazard Group's income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to the partners. In addition, Lazard Group is subject to New York City Unincorporated Business Tax ("UBT"), which is attributable to Lazard Group's operations apportioned to New York City. UBT is incremental to the U.S. federal statutory tax rate. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes. The Company recorded income tax provisions of $17,636 and $31,099 for the three month and six month periods ended June 30, 2011, respectively, and $13,523 and $19,936 for the three month and six month periods ended June 30, 2010, respectively, representing effective tax rates of 19.8%, 19.1%, 20.2% and 61.2%, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates described above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S., (ii) foreign source income (loss) not subject to U.S. income taxes, (iii) Lazard Group's income from U.S. operations attributable to noncontrolling interests, (iv) valuation allowance changes affecting the provision for income taxes and (v) U.S. state and local taxes (primarily UBT), which are incremental to the U.S. federal statutory tax rate. Substantially all of Lazard's foreign operations are conducted in "pass-through" entities for U.S. income tax purposes and the Company provides for U.S. income taxes on a current basis for substantially all of those earnings. The repatriation of prior earnings attributable to "non-pass-through" entities would not result in the recognition of a material amount of additional U.S. income taxes. *Tax Receivable Agreement* The redemption of historical partner interests in connection with the Company's separation and recapitalization that occurred in May 2005 and subsequent exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock have resulted, and future exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock may result, in increases in the tax basis of the tangible and/or intangible assets of Lazard Group. The tax receivable agreement dated as of May 10, 2005 with LFCM Holdings requires the Company to pay LFCM Holdings 85% of the cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of the above-mentioned increases in tax basis. The Company calculates this provision annually and includes such amounts in operating expenses on its consolidated statements of operations once the results of operations for the full year are known. As a result, there is no provision for such payments in the six month periods ended June 30, 2011 and 2010. If any provision is required pursuant to the tax receivable agreement, such amount would be fully offset by a reduction in the Company's income tax expense.

Net Income Per Share Of Class A Common Stock

6 Months Ended

Jun. 30, 2011

Net Income Per Share Of Class A Common Stock

Net Income Per Share Of Class A Common Stock

17. NET INCOME PER SHARE OF CLASS A COMMON STOCK

The Company's basic and diluted net income per share calculations for the three month and six month periods ended June 30, 2011 and 2010 are computed as described below.

Basic Net Income Per Share

Numerator—utilizes net income attributable to Lazard Ltd for the respective periods, plus applicable adjustments to such net income associated with the inclusion of shares of Class A common stock issuable on a non-contingent basis.

Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective periods, plus applicable adjustments to such shares associated with shares of Class A common stock issuable on a non-contingent basis.

Diluted Net Income Per Share

Numerator—utilizes net income attributable to Lazard Ltd for the respective periods as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) interest expense on convertible debt, (ii) changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt and convertible preferred stock and, on an "as-if-exchanged" basis, amounts applicable to LAZ-MD Holdings exchangeable interests and (iii) income tax related to (i) and (ii) above.

Denominator—utilizes the weighted average number of shares of Class A common stock outstanding for the respective periods as in the basic net income per share calculation described above, plus, to the extent dilutive, the incremental number of shares of Class A common stock to settle share-based incentive compensation, convertible debt, convertible preferred stock and LAZ-MD Holdings exchangeable interests, using the "treasury stock" method, the "if converted" method or the "as-if-exchanged" basis, as applicable.

The calculations of the Company's basic and diluted net income per share and weighted average shares outstanding for the three month and six month periods ended June 30, 2011 and 2010 are presented below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income attributable to Lazard Ltd		$62,004		$44,572		$117,011		$11,038
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		103		192		199		(20	)

Net income attributable to Lazard Ltd - basic		62,107		44,764		117,210		11,018
Add (deduct) - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax		4,649		9,258		9,074		(212	)

Net income attributable to Lazard Ltd - diluted		$66,756		$54,022		$126,284		$10,806


Weighted average number of shares of Class A common stock outstanding		115,326,051		100,608,379		113,503,750		93,717,395
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		3,781,335		2,918,635		3,717,320		2,914,181

Weighted average number of shares of Class A common stock outstanding - basic		119,107,386		103,527,014		117,221,070		96,631,576
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests		20,240,547		36,417,296		21,748,193		12,364,261

Weighted average number of shares of Class A common stock outstanding - diluted		139,347,933		139,944,310		138,969,263		108,995,837

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.52		$0.43		$1.00		$0.11

Diluted		$0.48		$0.39		$0.91		$0.10

Related Parties

6 Months Ended

Jun. 30, 2011

Related Parties

Related Parties

18. RELATED PARTIES

Amounts receivable from, and payable to, related parties as of June 30, 2011 and December 31, 2010 are set forth below:


	June 30, 2011		December 31, 2010
Receivables
LFCM Holdings	$	12,764	$	24,785
Other		738		89

Total	$	13,502	$	24,874

Payables
LFCM Holdings	$	2,479	$	2,819
Other		985		–

Total	$	3,464	$	2,819

LFCM Holdings

LFCM Holdings owns and operates the capital markets business and fund management activities, as well as other specified non-operating assets and liabilities, that were transferred to it by Lazard Group (referred to as the "separated businesses") in May 2005 and is owned by various current and former working members, including certain of Lazard's current and former managing directors (which also include the Company's executive officers) who were also members of LAZ-MD Holdings. In addition to the master separation agreement, which effected the separation and recapitalization that occurred in May 2005, LFCM Holdings entered into certain agreements that addressed various business matters associated with the separation, including agreements related to administrative and support services (the "administrative services agreement"), employee benefits, insurance matters and licensing. In addition, LFCM Holdings and Lazard Group entered into a business alliance agreement. Certain of these agreements are described in more detail in the Company's Form 10-K.

For the three month and six month periods ended June 30, 2011, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $578 and $1,192, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $6,200 and $13,147, respectively. For the three month and six month periods ended June 30, 2010, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $513 and $1,059, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $3,384 and $6,729, respectively. Amounts relating to the administrative services agreement are reported as reductions to operating expenses. Net referral fees for underwriting transactions under the business alliance agreement are reported in "revenue-other". Net referral fees for private placement, M&A and restructuring transactions under the business alliance agreement are reported in advisory fee revenue.

Receivables from LFCM Holdings and its subsidiaries as of June 30, 2011 and December 31, 2010 primarily include $1,616 and $12,775, respectively, related to administrative and support services and reimbursement of expenses incurred on behalf of LFCM Holdings, and $10,397 and $11,413, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at June 30, 2011 and December 31, 2010 relate primarily to obligations pursuant to the tax receivable agreement of $2,361 (see Note 16 of Notes to Condensed Consolidated Financial Statements) and $118 and $458, respectively, principally relating to referral fees for Financial Advisory transactions.

LAZ-MD Holdings

Lazard Group provides selected administrative and support services to LAZ-MD Holdings through the administrative services agreement as discussed above, with such services generally to be provided until December 31, 2014 unless terminated earlier because of a change in control of either party. Lazard Group charges LAZ-MD Holdings for these services based on Lazard Group's cost allocation methodology and, for the three month and six month periods ended June 30, 2011, such charges amounted to $187 and $375, respectively. For the three month and six month periods ended June 30, 2010, such charges amounted to $187 and $375, respectively.

Regulatory Authorities	6 Months Ended
Regulatory Authorities	Jun. 30, 2011
Regulatory Authorities
Regulatory Authorities	*19. REGULATORY AUTHORITIES* LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Securities Exchange Act of 1934. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage of total aggregate indebtedness recorded in LFNY's Financial and Operational Combined Uniform Single ("FOCUS") report filed with the Financial Industry Regulatory Authority ("FINRA"), or $100, whichever is greater. At June 30, 2011, LFNY's regulatory net capital was $142,556, which exceeded the minimum requirement by $135,750. Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the "U.K. Subsidiaries"), are regulated by the Financial Services Authority. At June 30, 2011, the aggregate regulatory net capital of the U.K. Subsidiaries was $128,624, which exceeded the minimum requirement by $83,099. CFLF, through which non-corporate finance advisory activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel for its banking activities conducted through its subsidiary, LFB. In addition, the investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG (asset management), are subject to regulation and supervision by the Autorité des Marchés Financiers. At June 30, 2011, the consolidated regulatory net capital of CFLF was $196,350, which exceeded the minimum requirement set for regulatory capital levels by $90,589. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At June 30, 2011, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $80,680, which exceeded the minimum required capital by $55,686. At June 30, 2011, each of these subsidiaries individually was in compliance with its regulatory capital requirements. Lazard Ltd has been subject to supervision by the SEC as a Supervised Investment Bank Holding Company ("SIBHC"). As a SIBHC, Lazard Ltd was subject to group-wide supervision, which required it to compute allowable capital and risk allowances on a consolidated basis. However, pursuant to Section 617 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), the SEC's SIBHC program was eliminated on July 21, 2011. Pursuant to relevant rules in Europe, Lazard Ltd is required to be supervised by another regulatory body, either in the U.S. or Europe. The Dodd-Frank Act allows certain securities holding companies seeking consolidated supervision, including Lazard Ltd, to elect to be supervised by the Board of Governors of the Federal Reserve. Lazard Ltd anticipates that the Board of Governors of the Federal Reserve will adopt regulations pursuant to Section 618 of the Dodd-Frank Act in the near future for companies that seek to come under their consolidated supervision. Once we understand the final scope of such regulations, Lazard Ltd will determine whether it will elect to comply with such regulations and register to come under the consolidated supervision of the Federal Reserve. Until such regulations are adopted, however, we cannot determine the full impact of such regulations on us. The Dodd-Frank Act and the rules and regulations that may be adopted thereunder (including regulations that have not yet been proposed) could have other effects on us. We continue to monitor the process as such rules are proposed and adopted.

Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information

Segment Information

20. SEGMENT INFORMATION

The Company's reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments' transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company's principal operating activities are included in the two business segments as described in Note 1 above – Financial Advisory and Asset Management. In addition, as described in Note 1 above, the Company records selected other activities in its Corporate segment.

The Company's segment information for the three month and six month periods ended June 30, 2011 and 2010 is prepared using the following methodology:

•

Revenue and expenses directly associated with each segment are included in determining operating income.

•

Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other factors.

•

Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors.

The Company allocates investment gains and losses, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported.

Each segment's operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, facilities management and senior management activities.

Management evaluates segment results based on net revenue and operating income and believes that the following information provides a reasonable representation of each segment's contribution with respect to net revenue, operating income (loss) and total assets:


		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
Financial Advisory
	Net Revenue	$	249,191		$	245,973		$	478,036		$	514,469
	Operating Expenses		214,217			213,900			427,783			451,700

	Operating Income (a)	$	34,974		$	32,073		$	50,253		$	62,769


Asset Management
	Net Revenue	$	244,855		$	189,414		$	471,708		$	377,167
	Operating Expenses		160,914			136,886			310,118			266,326

	Operating Income (a)	$	83,941		$	52,528		$	161,590		$	110,841


Corporate
	Net Revenue	$	(16,754	)	$	(16,352	)	$	(34,429	)	$	(34,390	)
	Operating Expenses		12,959			1,198			14,766			106,650

	Operating Loss (a)	$	(29,713	)	$	(17,550	)	$	(49,195	)	$	(141,040	)


Total
	Net Revenue	$	477,292		$	419,035		$	915,315		$	857,246
	Operating Expenses		388,090			351,984			752,667			824,676

	Operating Income (a)	$	89,202		$	67,051		$	162,648		$	32,570


	As Of
	June 30, 2011		December 31, 2010
Total Assets
Financial Advisory	$	731,184	$	799,090
Asset Management		689,118		687,323
Corporate		1,660,712		1,936,119

Total	$	3,081,014	$	3,422,532

(a)	Operating income (loss) for the six month period ended June 30, 2010 was significantly impacted by certain charges related to the three month period ended March 31, 2010. Such impact, including the amounts attributable to each of the Company's business segments, is described in the table below:


Financial Advisory
Operating income, as reported above	$	62,769
Special item:
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		19,571

Operating income, excluding impact of special item	$	82,340


Asset Management
Operating income, as reported above	$	110,841
Special item:
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		2,902

Operating income, excluding impact of special item	$	113,743


Corporate
Operating loss, as reported above	$	(141,040	)
Special items:
Restructuring expense		87,108
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		2,387

Operating loss, excluding impact of special items	$	(51,545	)


Consolidated
Operating income, as reported above	$	32,570
Special items:
Restructuring expense		87,108
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		24,860

Operating income, excluding impact of special items	$	144,538

Investments (Tables)

6 Months Ended

Jun. 30, 2011

Investments

Company's Investments And Securities Sold, Not Yet Purchased


	June 30, 2011		December 31, 2010
	June 30, 2011		December 31, 2010
Debt:
U.S. Government and agencies	$	31,889	$	31,900
Fixed income funds (a)		40,403		33,951
Corporate and other debt and interest-bearing deposits		26,868		29,693

		99,160		95,544

Equities (a)		110,634		88,437

Other:
Interests in LAM alternative asset management funds		39,360		58,656
Private equity		174,704		163,482
Equity method investments		11,281		11,291

		225,345		233,429

Total investments		435,139		417,410
Less:
Interest-bearing deposits		7,660		7,754
Equity method investments		11,281		11,291

Investments, at fair value	$	416,198	$	398,365

Securities sold, not yet purchased, at fair value (included in "other liabilities")	$	1,262		$2,897

(a)

Gross Investment Gains And Losses On Investments At Fair Value

Three Month Period Ended June 30,					Six Month Period Ended June 30,
	2011		2010			2011		2010
Gross investment gains	$	8,830	$	3,724		$	15,205	$	13,482
Gross investment losses	$	2,235	$	6,368		$	3,251	$	11,129

Gross Unrealized Investment Gains And Losses Pertaining To "Trading" Securities

Three Month Period Ended June 30,					Six Month Period Ended June 30,
	2011		2010			2011		2010
Gross unrealized investment gains	$	641	$	–		$	1,214	$	101
Gross unrealized investment losses	$	193	$	1,497		$	313	$	1,325

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements

Categorization Of Investments And Certain Other Assets And Liabilities Measured At Fair Value On Recurring Basis


	June 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	31,889	$	–	$	–	$	31,889
Fixed income funds		3,157		37,246		–		40,403
Corporate and other debt		19,208		–		–		19,208
Equities		88,896		21,603		135		110,634
Other (excluding equity method investments):
Interest in LAM alternative asset management funds		–		39,360		–		39,360
Private equity		–		–		174,704		174,704
Derivatives		–		2,328		–		2,328

Total Assets	$	143,150	$	100,537	$	174,839	$	418,526

Liabilities:
Securities sold, not yet purchased	$	1,262	$	–	$	–	$	1,262
Derivatives		–		2,200		–		2,200

Total Liabilities	$	1,262	$	2,200	$	–	$	3,462


	December 31, 2010
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	31,900	$	–	$	–	$	31,900
Fixed income funds		–		33,951		–		33,951
Corporate and other debt		21,939		–		–		21,939
Equities		66,269		21,852		316		88,437
Other (excluding equity method investments):
Interest in LAM alternative asset management funds		–		58,656		–		58,656
Private equity		–		–		163,482		163,482
Derivatives		–		1,874		–		1,874

Total Assets	$	120,108	$	116,333	$	163,798	$	400,239

Liabilities:
Securities sold, not yet purchased	$	2,897	$	–	$	–	$	2,897
Derivatives		–		3,230		–		3,230

Total Liabilities	$	2,897	$	3,230	$	–	$	6,127

Summary Of Changes In Fair Value Of The Company's Level 3 Assets


	Three Months Ended June 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	129	$	3	$	–	$	–		$	3	$	135
Private equity		171,487		3,545		922		(2,052	)		802		174,704

Total Level 3 Assets	$	171,616	$	3,548	$	922	$	(2,052	)	$	805	$	174,839


	Six Months Ended June 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	316	$	3		$	–	$	(195	)		$ 11		$	135
Private equity		163,482		3,824			13,075		(9,160	)		3,483			174,704

Total Level 3 Assets	$	163,798	$	3,827		$	13,075	$	(9,355	)		$3,494		$	174,839

	Three Months Ended June 30, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue-Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	298	$	(4	)		$ 5	$	–			$ –		$	299
Private equity		136,264		1,535			5,554		(1,190	)		(3,754	)		138,409

Total Level 3 Assets	$	136,562	$	1,531			$5,559	$	(1,190	)		$(3,754	)	$	138,708


	Six Months Ended June 30, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue-Other			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	305	$	(12	)		$ 6	$	–			$ –		$	299
Private equity		135,914		4,753			5,554		(1,193	)		(6,619	)		138,409

Total Level 3 Assets	$	136,219	$	4,741			$5,560	$	(1,193	)		$(6,619	)	$	138,708

Derivatives (Tables)

6 Months Ended

Jun. 30, 2011

Derivatives

Fair Value Of Derivatives Reported On Consolidated Statements Of Financial Condition


	June 30, 2011		December 31, 2010
Derivative Assets:
Forward foreign currency exchange rate contracts	$	242	$	1,432
Interest rate swaps		51		57
Equity swaps		2,035		385

	$	2,328	$	1,874

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	1,507	$	2,151
Interest rate swaps		323		326
Equity and fixed income swaps		370		753

	$	2,200	$	3,230

Schedule Of Derivatives Not Designated As Hedging Instruments In Statements Of Operations Location

<table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="63%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Three Months Ended June 30,</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" nowrap="nowrap" align="center">Six Months Ended June 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"> 2010 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"> 2011 </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" nowrap="nowrap" align="center"> 2010 </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Forward foreign currency exchange rate contracts</td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,139</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,133</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(9,397</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,351</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr><td valign="top"> Interest rate swaps</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(10</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">34</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Equity and fixed income swaps </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(431</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,382</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,718</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4,050</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,571</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,505</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(12,118</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,435</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td> </td></tr></table>

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2011

Goodwill And Other Intangible Assets

Schedule Of Component Of Goodwill And Other Intangible Assets


	June 30, 2011		December 31, 2010
Goodwill	$	320,411	$	313,229
Other intangible assets (net of accumulated amortization)		45,030		48,210

	$	365,441	$	361,439

Schedule Of Changes In Carrying Amount Of Goodwill


	Six Months Ended June 30,
	2011		2010
Balance, January 1	$	313,229	$	261,703
Foreign currency translation adjustments		7,182		(7,408	)

Balance, June 30	$	320,411	$	254,295

Schedule Of Gross Cost And Accumulated Amortization


	June 30, 2011						December 31, 2010
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	1,121	$	29,619	$	30,740	$	890	$	29,850
Management fees, customer relationships and non-compete agreements		32,477		17,066		15,411		32,477		14,117		18,360

	$	63,217	$	18,187	$	45,030	$	63,217	$	15,007	$	48,210

Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense


Year Ending December 31,	Amortization Expense (a)
2011 (July 1 through December 31)	$	2,778
2012		6,302
2013		12,742
2014		9,803
2015		7,220
Thereafter		6,185

Total amortization expense	$	45,030

(a)

Approximately 48% of intangible asset amortization is attributable to a noncontrolling interest.

Senior And Subordinated Debt (Tables)

6 Months Ended

Jun. 30, 2011

Senior And Subordinated Debt

Schedule Of Senior Debt


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of
	Initial Principal Amount		Maturity Date		Annual Interest Rate			June 30, 2011		December 31, 2010
Lazard Group 7.125% Senior Notes	$	550,000		5/15/15		7.125	%	$	528,500	$	528,500
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group Credit Facility (a)		150,000		4/29/13		1.88	%		–		–

Total								$	1,076,850	$	1,076,850

(a)

Commitments And Contingencies (Tables)

6 Months Ended

Jun. 30, 2011

Commitments And Contingencies

Schedule Of Future Minimum Rental Payments For Operating Leases


Year Ending December 31,
2011 (July 1 through December 31)	$	36,267
2012		54,468
2013		57,671
2014		66,289
2015		62,559
Thereafter		808,662

Total minimum lease payments		1,085,916

Sublease proceeds		185,784

Net lease payments	$	900,132

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2011

Stockholders' Equity

Schedule Of Group Distributions


	Six Months Ended June 30,
	2011		2010
LAZ-MD Holdings	$	2,174	$	7,103
Subsidiaries of Lazard Ltd		32,855		23,022

	$	35,029	$	30,125

Schedule Of Share Repurchase Program


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Class A common stock		19,930,075		$33.92
Lazard Group common membership interests		1,400,089		$32.66

Schedule Of Accumulated Other Comprehensive Income (Loss), Net of Tax


	June 30, 2011			December 31, 2010
	June 30, 2011			December 31, 2010
Currency translation adjustments	$	45,367		$	13,193
Interest rate hedge		(4,084	)		(4,611	)
Employee benefit plans		(59,111	)		(56,595	)

Total AOCI		(17,828	)		(48,013	)
Less amount attributable to noncontrolling interests		(1	)		(1,855	)

Total Lazard Ltd AOCI	$	(17,827	)	$	(46,158	)

Schedule Of Changes In Ownership Interests


	Lazard Ltd					LAZ-MD Holdings						Total Lazard Group Common Membership Interests
	Common Membership Interests		% Ownership			Common Membership Interests			% Ownership			Total Lazard Group Common Membership Interests
Balance, January 1, 2010		92,165,912		74.5	%		31,520,426			25.5	%		123,686,338
Activity January 1, 2010 to June 30, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
March 2010 Secondary Offering		6,180,639					(6,180,639	)					–
Exchanges for Class A common stock		11,465,108					(11,465,108	)					–

Balance, June 30, 2010		112,811,659		89.0	%		13,874,679			11.0	%		126,686,338


Balance, January 1, 2011		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to June 30, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		728,385					(728,385	)					–
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, June 30, 2011		120,426,321		94.6	%		6,905,208			5.4	%		127,331,529

Schedule Of Net Income (Loss) Attributable To Noncontrolling Interests and Noncontrolling Interests at End of Period


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
LAZ-MD Holdings	$	4,012		$	8,476		$	7,746		$	(1,243	)
Edgewater		5,882			1,270			6,905			3,877
LAM GPs		(159	)		(598	)		13			(728	)
Other		(173	)		(192	)		(126	)		(310	)

Total	$	9,562		$	8,956		$	14,538		$	1,596



	Noncontrolling Interests As Of
	June 30, 2011		December 31, 2010
LAZ-MD Holdings	$	23,803	$	22,167
Edgewater		115,808		111,289
LAM GPs		5,735		8,219
Other		1,930		2,044

Total	$	147,276	$	143,719

Incentive Plans (Tables)

6 Months Ended

Jun. 30, 2011

Incentive Plans

Schedule Of Expense Relating To RSUs, Charged To Compensation And Benefits Expense And Restructuring Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Compensation and benefits (*)	$	57,552	$	50,530	$	142,410	$	154,343
Restructuring		-		-		-		46,880

Total	$	57,552	$	50,530	$	142,410	$	201,223

(*)	Includes, during the six month period ended June 30, 2010, $24,860 relating to the January 2010 amendment of the Company's retirement policy (described below).

Schedule Of Issuance Of RSUs And Charges To Retained Earnings


	Six Months Ended June 30
	2011		2010
Issuance of RSUs		140,613		163,146
Charges to retained earnings, net of estimated forfeitures		$5,337		$4,732

Schedule Of Activity Relating To RSUs And DSUs


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value

Balance, January 1, 2011		22,108,635		$	35.67		121,737		$	34.46
Granted (including 140,613 RSUs relating to dividend participation)		6,309,310		$	44.93		29,801		$	37.72
Forfeited		(223,365	)	$	37.90		–			–
Vested/Converted		(7,616,386	)	$	39.21		(16,120	)	$	34.76

Balance, June 30, 2011		20,578,194		$	37.18		135,418		$	35.14


Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 163,146 RSUs relating to dividend participation)		6,853,747		$	35.98		35,708		$	31.25
Forfeited		(315,002	)	$	34.57		–			–
Vested/Converted		(6,952,061	)	$	39.88		(20,435	)	$	35.38

Balance, June 30, 2010		22,954,497		$	35.88		118,419		$	34.46

Summary Of Activity Related To Shares Of Restricted Class A Common Stock


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2011		95,332		$	37.63
Granted (a)		327,238		$	43.70
Vested (a)		(327,238	)	$	43.70

Balance, June 30, 2011		95,332		$	37.63


Balance, January 1, 2010		–			–
Granted		54,437		$	38.78
Vested		–			–

Balance, June 30, 2010		54,437		$	38.78

(a)	Includes 143,816 restricted shares pertaining to an award that was accounted for as a liability award through its vesting date.

Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Schedule Of Net Periodic Benefit Cost (Credit)


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended June 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	169		$	(88	)	$	19	$	22
Interest cost		7,092			6,702			69		73
Expected return on plan assets		(7,644	)		(7,056	)		-		-
Amortization of:
Prior service cost (credit)		762			725			-		(435	)
Net actuarial loss		66			198			-		-

Net periodic benefit cost (credit)	$	445		$	481		$	88	$	(340	)


	Pension Plans						Post-Retirement Medical Plans
	Six Months Ended June 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	332		$	260		$	34	$	40
Interest cost		14,159			13,787			139		146
Expected return on plan assets		(15,266	)		(14,429	)		-		-
Amortization of:
Prior service cost (credit)		1,502			1,476			-		(691	)
Net actuarial loss		129			399			-		-

Net periodic benefit cost (credit)	$	856		$	1,493		$	173	$	(505	)

Net Income Per Share Of Class A Common Stock (Tables)

6 Months Ended

Jun. 30, 2011

Net Income Per Share Of Class A Common Stock

Schedule Of Company's Basic And Diluted Net Income Per Share And Weighted Average Shares Outstanding


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Net income attributable to Lazard Ltd		$62,004		$44,572		$117,011		$11,038
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		103		192		199		(20	)

Net income attributable to Lazard Ltd - basic		62,107		44,764		117,210		11,018
Add (deduct) - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax		4,649		9,258		9,074		(212	)

Net income attributable to Lazard Ltd - diluted		$66,756		$54,022		$126,284		$10,806


Weighted average number of shares of Class A common stock outstanding		115,326,051		100,608,379		113,503,750		93,717,395
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		3,781,335		2,918,635		3,717,320		2,914,181

Weighted average number of shares of Class A common stock outstanding - basic		119,107,386		103,527,014		117,221,070		96,631,576
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests		20,240,547		36,417,296		21,748,193		12,364,261

Weighted average number of shares of Class A common stock outstanding - diluted		139,347,933		139,944,310		138,969,263		108,995,837

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.52		$0.43		$1.00		$0.11

Diluted		$0.48		$0.39		$0.91		$0.10

Related Parties (Tables)

6 Months Ended

Jun. 30, 2011


	June 30, 2011		December 31, 2010
Receivables
LFCM Holdings	$	12,764	$	24,785
Other		738		89

Total	$	13,502	$	24,874

Payables
LFCM Holdings	$	2,479	$	2,819
Other		985		–

Total	$	3,464	$	2,819

Segment Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment Information

Schedule Of Segment's Contribution With Respect To Net Revenue, Operating Expenses, Operating Income (Loss) And Total Assets


		Three Months Ended June 30,						Six Months Ended June 30,
		2011			2010			2011			2010
Financial Advisory
	Net Revenue	$	249,191		$	245,973		$	478,036		$	514,469
	Operating Expenses		214,217			213,900			427,783			451,700

	Operating Income (a)	$	34,974		$	32,073		$	50,253		$	62,769


Asset Management
	Net Revenue	$	244,855		$	189,414		$	471,708		$	377,167
	Operating Expenses		160,914			136,886			310,118			266,326

	Operating Income (a)	$	83,941		$	52,528		$	161,590		$	110,841


Corporate
	Net Revenue	$	(16,754	)	$	(16,352	)	$	(34,429	)	$	(34,390	)
	Operating Expenses		12,959			1,198			14,766			106,650

	Operating Loss (a)	$	(29,713	)	$	(17,550	)	$	(49,195	)	$	(141,040	)


Total
	Net Revenue	$	477,292		$	419,035		$	915,315		$	857,246
	Operating Expenses		388,090			351,984			752,667			824,676

	Operating Income (a)	$	89,202		$	67,051		$	162,648		$	32,570


	As Of
	June 30, 2011		December 31, 2010
Total Assets
Financial Advisory	$	731,184	$	799,090
Asset Management		689,118		687,323
Corporate		1,660,712		1,936,119

Total	$	3,081,014	$	3,422,532

(a)	Operating income (loss) for the six month period ended June 30, 2010 was significantly impacted by certain charges related to the three month period ended March 31, 2010. Such impact, including the amounts attributable to each of the Company's business segments, is described in the table below:

Schedule Of Amounts Attributable To Each Of Company Business Segments [Table Text Block]


Financial Advisory
Operating income, as reported above	$	62,769
Special item:
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		19,571

Operating income, excluding impact of special item	$	82,340


Asset Management
Operating income, as reported above	$	110,841
Special item:
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		2,902

Operating income, excluding impact of special item	$	113,743


Corporate
Operating loss, as reported above	$	(141,040	)
Special items:
Restructuring expense		87,108
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		2,387

Operating loss, excluding impact of special items	$	(51,545	)


Consolidated
Operating income, as reported above	$	32,570
Special items:
Restructuring expense		87,108
Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards		24,860

Operating income, excluding impact of special items	$	144,538

Organization And Basis Of Presentation (Details) - $ / shares	Jun. 30, 2011	Dec. 31, 2010
Lazard Ltd [Member]
Statement [Line Items]
Common membership interests held	94.60%	94.00%
Lazard MD Holdings LLC [Member]
Statement [Line Items]
Common membership interests held	5.40%	6.00%
Class A Common Stock
Statement [Line Items]
Common stock, par value	$ 0.01	$ 0.01

Receivables - Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Receivables - Net (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Receivables-Net
Receivables from customers and other receivables	$ 1,534		$ 1,534		$ 2,121
Estimated allowance for doubtful accounts	16,525		16,525		15,017
Bad debt expense	2,463	$ 2,322	3,430	$ 9,190
Charge-offs, foreign currency translation and other adjustments	1,435	$ 937	1,922	$ 1,894
Receivable deemed past due or uncollectible	$ 18,023		$ 18,023		$ 17,101

Investments (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010	Jan. 26, 2010	Jan. 24, 2008
Statement [Line Items]
Equity method investments - purchase of common stock	$ 11,281		$ 11,291
Pre-tax unrealized available-for-sale investment gains	0	$ 5,456
Pre-tax unrealized available-for-sale investment losses	0	$ 6,013
Sapphire Industrials Corp. [Member]
Statement [Line Items]
Equity method investments - purchase of warrants					$ 12,500
Equity method investments - purchase of common stock					$ 50,000
Equity method investments -distribution from company dissolution				$ 50,319
LAM Alternative Asset Management Funds [Member]
Statement [Line Items]
GP interests consolidated, but owned by noncontrolling interests	5,735		8,219
Edgewater [Member]
Statement [Line Items]
Private equity investments consolidated, but owned by noncontrolling interests	$ 74,505		$ 67,206

Investments (Company's Investments And Securities Sold, Not Yet Purchased) (Details) - USD ($)
$ in Thousands

Jun. 30, 2011

Dec. 31, 2010

Investments, at fair value

$ 99,160

$ 95,544

Equities

^[1]

110,634

88,437

Total Investments

435,139

417,410

416,198

398,365

Interest-bearing deposits

7,660

7,754

Interests in LAM alternative asset management funds

39,360

58,656

Private equity

174,704

163,482

Equity method investments

11,281

11,291

Securities sold, not yet purchased, at fair value (included in "other liabilities")

1,262

2,897

Lazard Fund Interests Fixed Income Funds

2,051

Lazard Fund Interests Equities

23,051

Other [Member]

U.S. Government And Agencies [Member] | Debt [Member]

Other investments

225,345

233,429

Fixed Income Funds [Member] | Debt [Member]

31,889

31,900

Corporate And Other Debt And Interest-Bearing Deposits [Member] | Debt [Member]

^[1]

40,403

33,951

2011 (July 1 through December 31)

$ 26,868

$ 29,693

[1]

Investments (Gross Investment Gains And Losses On Investments At Fair Value) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Investments
Gross investment gains	$ 8,830	$ 3,724	$ 15,205	$ 13,482
Gross investment losses	$ 2,235	$ 6,368	$ 3,251	$ 11,129

Investments (Gross Unrealized Investment Gains And Losses Pertaining To "Trading" Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Investments
Gross unrealized investment gains	$ 641		$ 1,214	$ 101
Gross unrealized investment losses	$ 193	$ 1,497	$ 313	$ 1,325

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Fair Value, Inputs, Level 3 [Member]
Statement [Line Items]
Net unrealized gains (losses)	$ 3,538	$ 1,531	$ 3,817	$ 4,741

Fair Value Measurements (Categorization Of Investments And Certain Other Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Statement [Line Items]
Derivatives	$ 2,328	$ 1,874
Total Assets	418,526	400,239
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,262	2,897
Derivatives	2,200	3,230
Total Liabilities	3,462	6,127
Fair Value, Inputs, Level 1 [Member]
Statement [Line Items]
Total Assets	143,150	120,108
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,262	2,897
Total Liabilities	1,262	2,897
Fair Value, Inputs, Level 2 [Member]
Statement [Line Items]
Derivatives	2,328	1,874
Total Assets	100,537	116,333
Derivatives	2,200	3,230
Total Liabilities	2,200	3,230
Fair Value, Inputs, Level 3 [Member]
Statement [Line Items]
Total Assets	174,839	163,798
Equities [Member]
Statement [Line Items]
Investments	110,634	88,437
Equities [Member] \| Fair Value, Inputs, Level 1 [Member]
Statement [Line Items]
Investments	88,896	66,269
Equities [Member] \| Fair Value, Inputs, Level 2 [Member]
Statement [Line Items]
Investments	21,603	21,852
Equities [Member] \| Fair Value, Inputs, Level 3 [Member]
Statement [Line Items]
Investments	135	316
Other [Member] \| Interest In LAM Alternative Asset Management Funds [Member]
Statement [Line Items]
Investments	39,360	58,656
Other [Member] \| Interest In LAM Alternative Asset Management Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Statement [Line Items]
Investments	39,360	58,656
Other [Member] \| Private Equity [Member]
Statement [Line Items]
Investments	174,704	163,482
Other [Member] \| Private Equity [Member] \| Fair Value, Inputs, Level 3 [Member]
Statement [Line Items]
Investments	174,704	163,482
U.S. Government And Agencies [Member] \| Debt [Member]
Statement [Line Items]
Investments	31,889	31,900
U.S. Government And Agencies [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Statement [Line Items]
Investments	31,889	31,900
Fixed Income Funds [Member] \| Debt [Member]
Statement [Line Items]
Investments	40,403	33,951
Fixed Income Funds [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Statement [Line Items]
Investments	3,157
Fixed Income Funds [Member] \| Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Statement [Line Items]
Investments	37,246	33,951
Corporate And Other Debt [Member] \| Debt [Member]
Statement [Line Items]
Investments	19,208	21,939
Corporate And Other Debt [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Statement [Line Items]
Investments	$ 19,208	$ 21,939

Fair Value Measurements (Summary Of Changes In Fair Value Of The Company's Level 3 Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Beginning Balance	$ 171,616	$ 136,562	$ 163,798	$ 136,219
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	3,548	1,531	3,827	4,741
Purchases/Acquisitions	922	5,559	13,075	5,560
Sales/Dispositions	(2,052)	(1,190)	(9,355)	(1,193)
Foreign Currency Translation Adjustments	805	(3,754)	3,494	(6,619)
Ending Balance	174,839	138,708	174,839	138,708
Equities [Member]
Statement [Line Items]
Beginning Balance	129	298	316	305
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	3	(4)	3	(12)
Purchases/Acquisitions		5		6
Sales/Dispositions			(195)
Foreign Currency Translation Adjustments	3		11
Ending Balance	135	299	135	299
Private Equity [Member]
Statement [Line Items]
Beginning Balance	171,487	136,264	163,482	135,914
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	3,545	1,535	3,824	4,753
Purchases/Acquisitions	922	5,554	13,075	5,554
Sales/Dispositions	(2,052)	(1,190)	(9,160)	(1,193)
Foreign Currency Translation Adjustments	802	(3,754)	3,483	(6,619)
Ending Balance	$ 174,704	$ 138,409	$ 174,704	$ 138,409

Derivatives (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2010	Jun. 30, 2010
Interest Rate Swaps [Member]
Statement [Line Items]
Pre-tax losses on derivatives	$ 1,765	$ 3,756

Derivatives (Fair Value Of Derivatives Reported On Consolidated Statements Of Financial Condition) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Statement [Line Items]
Derivative assets	$ 2,328	$ 1,874
Derivative liabilities	2,200	3,230
Forward Foreign Currency Exchange Rate Contracts [Member]
Statement [Line Items]
Derivative assets	242	1,432
Derivative liabilities	1,507	2,151
Interest Rate Swaps [Member]
Statement [Line Items]
Derivative assets	51	57
Derivative liabilities	323	326
Equity And Fixed Income Swaps [Member]
Statement [Line Items]
Derivative liabilities	370	753
Equity Swaps [Member]
Statement [Line Items]
Derivative assets	$ 2,035	$ 385

Derivatives (Gains (Losses) With Respect To Derivatives Not Designated As Hedging Instruments On The Consolidated Statements Of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (3,571)	$ 12,505	$ (12,118)	$ 16,435
Forward Foreign Currency Exchange Rate Contracts [Member]
Statement [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(3,139)	7,133	(9,397)	12,351
Interest Rate Swaps [Member]
Statement [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(1)	(10)	(3)	34
Equity Swaps And Other [Member]
Statement [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (431)	$ 5,382	$ (2,718)	$ 4,050

Lam Merger Transaction (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Jun. 30, 2011	Dec. 31, 2010	Jan. 02, 2009
Lam Merger Transaction
Cash payment made for merger related cost	$ 90,300			$ 60,100
Business acquisition, equity interest issued or issuable, number of shares	2,201,457
Accrued compensation and benefits		$ 15,473	$ 15,152
Other liabilities		$ 73,752	$ 71,394

Business Acquisitions (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Business Acquisitions (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010	Jul. 15, 2009
Statement [Line Items]
Aggregate fair value of the consideration recognized at the acquisition date			$ 61,624
Preferred stock convertible into common shares on a non-contingent basis	4,862	4,862
Preferred stock convertible into common shares on a contingent basis	17,159	17,159
Class A Common Stock
Statement [Line Items]
Business acquisition number of common stock issued			1,142,857
Business acquisition common stock issuable on a non-contingent basis	1,295,029	1,295,029
Class A Common Stock \| Additional Common Stock [Member]
Statement [Line Items]
Business acquisition number of common stock issued subject to earnout criteria and payable over time			1,142,857

Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010	Dec. 31, 2009
Statement [Line Items]
Goodwill	$ 320,411	$ 254,295	$ 320,411	$ 254,295	$ 313,229	$ 261,703
Amortization expenses of intangible assets	1,706	$ 1,769	3,180	$ 3,539
Financial Advisory Segment [Member]
Statement [Line Items]
Goodwill	258,781		258,781		251,599
Asset Management Segment [Member]
Statement [Line Items]
Goodwill	$ 61,630		$ 61,630		$ 61,630

Goodwill And Other Intangible Assets (Schedule Of Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Goodwill And Other Intangible Assets
Goodwill	$ 320,411	$ 313,229	$ 254,295	$ 261,703
Other intangible assets (net of accumulated amortization)	45,030	48,210
Goodwill and intangible assets net	$ 365,441	$ 361,439

Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Goodwill And Other Intangible Assets
Balance, January 1	$ 313,229	$ 261,703
Foreign currency translation adjustments	7,182	(7,408)
Balance, June 30	$ 320,411	$ 254,295

Goodwill And Other Intangible Assets (Schedule Of Gross Cost And Accumulated Amortization) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Statement [Line Items]
Other intangible assets, Gross Cost	$ 63,217	$ 63,217
Other intangible assets, Accumulated Amortization	18,187	15,007
Other intangible assets, Net Carrying Amount	45,030	48,210
Success/Performance Fees [Member]
Statement [Line Items]
Other intangible assets, Gross Cost	30,740	30,740
Other intangible assets, Accumulated Amortization	1,121	890
Other intangible assets, Net Carrying Amount	29,619	29,850
Management Fees, Customer Relationships And Non-Compete Agreements [Member]
Statement [Line Items]
Other intangible assets, Gross Cost	32,477	32,477
Other intangible assets, Accumulated Amortization	17,066	14,117
Other intangible assets, Net Carrying Amount	$ 15,411	$ 18,360

Goodwill And Other Intangible Assets (Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense) (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2011

USD ($)

Intangible Assets

$ 2,778

^[1]

2012

6,302

^[1]

2013

12,742

^[1]

2014

9,803

^[1]

2015

7,220

^[1]

Thereafter

6,185

^[1]

Total amortization expense

$ 45,030

^[1]

Intangible asset amortization attributable to noncontrolling interest, percentage

48.00%

[1]	Approximately 48% of intangible asset amortization is attributable to a noncontrolling interest.

Senior And Subordinated Debt (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Statement [Line Items]
Subordinated debt	$ 150,000	$ 150,000
Subordinated debt conversion, shares issuable, maximum	2,631,570
Convertible subordinated debt per share amounts	$ 57
Subordinated note maturity date	Sep. 30, 2016	Sep. 30, 2016
Subordinated borrowing, annual interest rate	3.25%	3.25%
Fair value of senior and subordinated debt	$ 1,338,000	$ 1,271,000
Fair value of senior and subordinated debt in excess of the aggregate carrying value	111,000	$ 44,000
Unused line of credit facility available	285,000
Cost of repurchased subordinated note	131,829
Pre-tax gain resulted from repurchasing of subordinated note	$ 18,171
Repurchasing date of subordinated note	July 22, 2011
LFB [Member]
Statement [Line Items]
Unused line of credit facility available	$ 107,000
Edgewater [Member]
Statement [Line Items]
Unused line of credit facility available	$ 20,000

Senior And Subordinated Debt (Schedule Of Senior Debt) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2011

Dec. 31, 2010

Apr. 29, 2010

Senior revolving credit facility

$ 1,076,850

$ 150,000

Revolving Credit Facility [Member]

Revolver Credit Facility annual interest rate

1.88%

Senior Debt [Member]

Senior Debt [Member] | Lazard Group 7.125% Senior Notes [Member]

$ 1,076,850

1,076,850

Senior Debt, Initial Principal Amount

$ 550,000

Senior Debt, Maturity Date

May 15, 2015

Senior Debt, Annual Interest Rate

7.125%

Senior Debt [Member] | Lazard Group 6.85% Senior Notes [Member]

$ 528,500

528,500

Senior Debt, Initial Principal Amount

$ 600,000

Senior Debt, Maturity Date

Jun. 15, 2017

Senior Debt, Annual Interest Rate

6.85%

Senior Debt [Member] | Lazard Group Credit Facility [Member]

$ 548,350

548,350

Senior Debt, Initial Principal Amount

^[1]

$ 150,000

Senior Debt, Maturity Date

^[1]

Apr. 29, 2013

Senior Debt, Annual Interest Rate

^[1]

1.88%

^[1]

[1]

Commitments And Contingencies (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2011 USD ($)
Commitments And Contingencies
Guarantees	$ 4,671
Collateral counter-guarantees	3,144
Private equity investment funds, maximum	3,022
Other outstanding commitments	$ 27,103

Commitments And Contingencies (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) $ in Thousands	Jun. 30, 2011 USD ($)
Commitments And Contingencies
2011 (July 1 through December 31)	$ 36,267
2012	54,468
2013	57,671
2014	66,289
2015	62,559
Thereafter	808,662
Total minimum lease payments	1,085,916
Sublease proceeds	185,784
Net lease payments	$ 900,132

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended			6 Months Ended		65 Months Ended
	Jul. 27, 2011	Mar. 31, 2010	Jun. 30, 2011	Jun. 30, 2010	Mar. 31, 2010	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Feb. 28, 2011	Dec. 31, 2010	Sep. 30, 2010	Jan. 31, 2010
Statement [Line Items]
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests						$ 0
Quarterly dividend declared per share			$ 0.16	$ 0.125		$ 0.285	$ 0.25
Secondary offering - shares sold				0			0
Secondary offering - shares sold pertaining to shares held by Estate		1,681,410
Authorized shares of preferred stock			15,000,000			15,000,000		15,000,000		15,000,000	15,000,000
Par value of preferred stock			$ 0.01			$ 0.01		$ 0.01		$ 0.01	$ 0.01
Percentage of common membership interests and corresponding voting interests in subsidiary by non controlling interests			5.40%			5.40%		5.40%		6.00%
Subsidiaries Of Lazard Ltd [Member]
Statement [Line Items]
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests						$ 0
LAZ-MD Holdings [Member]
Statement [Line Items]
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests						$ 0
Lazard Ltd [Member]
Statement [Line Items]
Shares in exchange of a like number of common membership interests						728,385	11,465,108
Estate of Former Chairman and Chief Executive Officer [Member]
Statement [Line Items]
Secondary offering - price of shares sold		$ 35.90
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange pertaining to shares held by Estate of Chairman and CEO		5,958,000
Class A Common Stock
Statement [Line Items]
Quarterly dividend declared per share	$ 0.16
Newly issued common stock					3,000,000
Shares authorized pertaining to share based compensation arrangements, 2005 Plan		25,000,000	25,000,000		25,000,000	25,000,000		25,000,000
Secondary offering - shares sold		7,869,311
Number of shares/common membership interests purchased						3,156,416
Aggregate cost of shares/common membership interests purchased						$ 126,237
Series A Preferred Stock
Statement [Line Items]
Outstanding shares of preferred stock			22,021			22,021		22,021		22,021
Convertible preferred stock			4,862			4,862		4,862		4,862
Remaining outstanding preferred shares			17,159			17,159		17,159		17,159
Initial conversion rate			100			100		100		100
Series B Preferred Stock
Statement [Line Items]
Outstanding shares of preferred stock			0			0		0		0
Share Repurchase Program [Member]
Statement [Line Items]
Stock/membership interest repurchase program authorized amount			$ 450,000			$ 450,000		$ 450,000	$ 250,000			$ 200,000
Share repurchase amount unused						$ 165,740
Common stock of parent held by subsidiary			4,339,875			4,339,875		4,339,875		6,847,508
Shares Received Upon Exchange [Member] \| Class A Common Stock
Statement [Line Items]
Secondary offering - shares sold pertaining to shares previously received		7,262
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange		6,180,639
Lazard Group Common Membership Interests [Member]
Statement [Line Items]
Number of shares/common membership interests purchased						19,032		1,400,089
Aggregate cost of shares/common membership interests purchased						$ 794
Average price per share/common membership interest								$ 32.66

Stockholders' Equity (Schedule Of Group Distributions) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Amounts distributed by Lazard Group	$ 35,029	$ 30,125
LAZ-MD Holdings [Member]
Statement [Line Items]
Amounts distributed by Lazard Group	2,174	7,103
Subsidiaries Of Lazard Ltd [Member]
Statement [Line Items]
Amounts distributed by Lazard Group	$ 32,855	$ 23,022

Stockholders' Equity (Schedule Of Share Repurchase Program) (Details) - $ / shares	6 Months Ended	65 Months Ended
	Jun. 30, 2011	Jun. 30, 2011
Class A Common Stock [Member]
Statement [Line Items]
Average price per share/common membership interest		$ 33.92
Number of shares/common membership interests purchased		19,930,075
Lazard Group Common Membership Interests [Member]
Statement [Line Items]
Average price per share/common membership interest		$ 32.66
Number of shares/common membership interests purchased	19,032	1,400,089

Stockholders' Equity (Schedule Of Accumulated Other Comprehensive Income (Loss), Net Of Tax) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Stockholders' Equity
Currency translation adjustments	$ 45,367	$ 13,193
Interest rate hedge	(4,084)	(4,611)
Employee benefit plans	(59,111)	(56,595)
Total AOCI	(17,828)	(48,013)
Less amount attributable to noncontrolling interests	(1)	(1,855)
Total Lazard Ltd AOCI	$ (17,827)	$ (46,158)

Stockholders' Equity (Schedule Of Changes In Ownership Interests) (Details) - shares	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Beginning balance (in shares)	127,350,561	123,686,338
Common membership interest activity in connection with Equity compensation		3,000,000
Common membership interest activity in connection with secondary offering, equity compensation and other activity	127,350,561	123,686,338
Repurchase of common membership interests from LAZ-MD Holdings	(19,032)
Ending balance (in shares)	127,331,529	126,686,338
LAZ-MD Holdings [Member]
Statement [Line Items]
Beginning balance (in shares)	7,652,625	31,520,426
Percentage of ownership, beginning balance	6.00%	25.50%
Common membership interest activity in connection with secondary offering		(6,180,639)
Common membership interest activity in connection with exchanges for class a common stock	(728,385)	(11,465,108)
Common membership interest activity in connection with secondary offering, equity compensation and other activity	7,652,625	31,520,426
Repurchase of common membership interests from LAZ-MD Holdings	(19,032)
Ending balance (in shares)	6,905,208	13,874,679
Percentage of ownership, ending balance	5.40%	11.00%
Lazard Ltd [Member]
Statement [Line Items]
Beginning balance (in shares)	119,697,936	92,165,912
Percentage of ownership, beginning balance	94.00%	74.50%
Common membership interest activity in connection with Equity compensation		3,000,000
Common membership interest activity in connection with secondary offering		6,180,639
Common membership interest activity in connection with exchanges for class a common stock	728,385	11,465,108
Common membership interest activity in connection with secondary offering, equity compensation and other activity	119,697,936	92,165,912
Ending balance (in shares)	120,426,321	112,811,659
Percentage of ownership, ending balance	94.60%	89.00%

Stockholders' Equity (Schedule Of Net Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Statement [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	$ 9,562	$ 8,956	$ 14,538	$ 1,596
Noncontrolling interests	147,276		147,276		$ 143,719
LAZ-MD Holdings [Member]
Statement [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	4,012	8,476	7,746	(1,243)
Noncontrolling interests	23,803		23,803		22,167
Edgewater [Member]
Statement [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	5,882	1,270	6,905	3,877
Noncontrolling interests	115,808		115,808		111,289
LAM GPs [Member]
Statement [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	(159)	(598)	13	(728)
Noncontrolling interests	5,735		5,735		8,219
Other [Member]
Statement [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	(173)	$ (192)	(126)	$ (310)
Noncontrolling interests	$ 1,930		$ 1,930		$ 2,044

Incentive Plans (Narrative) (Details)

3 Months Ended

6 Months Ended

Jun. 30, 2011

USD ($)

Jun. 30, 2010

USD ($)

Jun. 30, 2011

USD ($)

years

Jun. 30, 2010

USD ($)

Mar. 31, 2010

Fair value of DSU awards expensed | $

$ 1,068,000

$ 1,039,000

$ 1,124,000

$ 1,115,000

Lazard Fund Interests Awards | $

327,238

^[1]

327,238

^[1]

$ 25,102,000

Restricted Stock Units (RSUs) [Member]

Dividend participation rights

140,613

163,146

Delivery of common stock associated with stock awards | $

7,616,386

6,952,061

7,616,386

6,952,061

$ 5,389,557

$ 5,663,730

Unrecognized compensation expense associated with stock awards | $

$ 348,000,000

Weighted average period of unrecognized compensation expense, years | years

1.8

Deferred Stock Unit [Member]

Restricted Stock [Member]

16,120

20,435

16,120

20,435

Withholding taxes in lieu of share delivery

68,866

Delivery of common stock associated with stock awards | $

$ 258,372

Unrecognized compensation expense associated with stock awards | $

$ 1,600,000

Weighted average period of unrecognized compensation expense, years | years

1.2

$ 356,000

$ 160,000

$ 8,999,000

$ 160,000

Other Incentive Awards [Member]

Weighted average period of unrecognized compensation expense, years | years

2.3

$ 2,413,000

$ 5,054,000

Lazard Fund Interests Awards | $

$ 26,000,000

Class A Common Stock

Shares authorized pertaining to share based compensation arrangements, 2005 Plan

25,000,000

Class A Common Stock | Restricted Stock Units (RSUs) [Member]

Withholding taxes in lieu of share delivery

2,226,829

1,288,331

Class A Common Stock | Restricted Stock Awards [Member]

Issuance of restricted stock

327,238

Non-executive [Member] | Deferred Stock Unit [Member]

Percentage of annual compensation received by directors in the form of DSUs

55.00%

Portion of annual compensation required to be paid in DSUs

26,859

31,588

Portion of annual compensation elected to be paid in DSUs in lieu of cash

2,942

4,120

Awarded Under 2008 Plan [Member]

Percentage of outstanding Class A common stock

30.00%

[1]	Includes 143,816 restricted shares pertaining to an award that was accounted for as a liability award through its vesting date.

Incentive Plans (Schedule Of Expense Relating To RSUs, Charged To Compensation And Benefits Expense And Restructuring Expense) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Mar. 31, 2010

Jun. 30, 2011

Jun. 30, 2010

Incentive Plans

Compensation and benefits

^[1]

$ 57,552

$ 50,530

$ 142,410

$ 154,343

Restructuring

46,880

Total

$ 57,552

$ 50,530

$ 142,410

$ 201,223

Cost relating to Company's retirement policy

$ 24,860

[1]	Includes, during the six month period ended June 30, 2010, $24,860 relating to the January 2010 amendment of the Company's retirement policy (described below).

Incentive Plans (Schedule Of Issuance Of RSUs And Charges To Retained Earnings) (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Incentive Plans
Issuance of RSUs	140,613	163,146
Charge to retained earnings, net of estimated forfeitures	$ 5,337	$ 4,732

Incentive Plans (Schedule Of Activity Relating To RSUs And DSUs) (Details) - $ / shares

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Shares/Units, Beginning Balance

95,332

Shares/Units, Granted

327,238

^[1]

54,437

Shares/Units, Closing Balance

(327,238)

^[1]

95,332

54,437

Weighted Average Grant Date Fair Value, Beginning balance

$ 37.63

Weighted Average Grant Date Fair Value, Granted

43.70

^[1]

38.78

Weighted Average Grant Date Fair Value, Vested

43.70

^[1]

Weighted Average Grant Date Fair Value, Ending balance

$ 37.63

$ 38.78

Shares of restricted Class A common stock pertained to an award accounted for as a liability award until vested

143,816

Deferred Stock Unit [Member]

Shares/Units, Beginning Balance

121,737

103,146

Shares/Units, Granted

29,801

35,708

Shares/Units, Forfeited

Shares/Units, Closing Balance

(16,120)

(20,435)

135,418

118,419

Weighted Average Grant Date Fair Value, Beginning balance

$ 34.46

$ 35.75

Weighted Average Grant Date Fair Value, Granted

37.72

31.25

Weighted Average Grant Date Fair Value, Forfeited

Weighted Average Grant Date Fair Value, Vested

34.76

35.38

Weighted Average Grant Date Fair Value, Ending balance

$ 35.14

$ 34.46

Restricted Stock Units (RSUs) [Member]

Shares/Units, Beginning Balance

22,108,635

23,367,813

Shares/Units, Granted

6,309,310

6,853,747

Shares/Units, Forfeited

(223,365)

(315,002)

Shares/Units, Closing Balance

(7,616,386)

(6,952,061)

20,578,194

22,954,497

Weighted Average Grant Date Fair Value, Beginning balance

$ 35.67

$ 37.01

Weighted Average Grant Date Fair Value, Granted

44.93

35.98

Weighted Average Grant Date Fair Value, Forfeited

37.90

34.57

Weighted Average Grant Date Fair Value, Vested

39.21

39.88

Weighted Average Grant Date Fair Value, Ending balance

$ 37.18

$ 35.88

[1]	Includes 143,816 restricted shares pertaining to an award that was accounted for as a liability award through its vesting date.

Employee Benefit Plans (Narrative) (Details) $ in Thousands, £ in Millions	6 Months Ended
	Jun. 30, 2011 GBP (£)	Jun. 30, 2011 USD ($)	Dec. 31, 2010 USD ($)
Employee Benefit Plans
Contribution To Settle Obligation Related To The Cumulative Underperformance Of Plan Assets			$ 8,600
Contribution Each Year From 2011 Through 2018	£ 2.3	$ 3,683
Escrow deposit \| £	£ 12.5
Pension contributions		$ 0

Employee Benefit Plans (Schedule Of Net Periodic Benefit Costs (Credit)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Pension Plans [member]
Statement [Line Items]
Service cost	$ 169	$ (88)	$ 332	$ 260
Interest cost	7,092	6,702	14,159	13,787
Expected return on plan assets	(7,644)	(7,056)	(15,266)	(14,429)
Amortization of prior service cost (credit)	762	725	1,502	1,476
Amortization of net actuarial loss	66	198	129	399
Net periodic benefit cost (credit)	445	481	856	1,493
Post-Retirement Medical Plans [Member]
Statement [Line Items]
Service cost	19	22	34	40
Interest cost	69	73	139	146
Amortization of prior service cost (credit)		(435)		(691)
Net periodic benefit cost (credit)	$ 88	$ (340)	$ 173	$ (505)

Restructuring Plans (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
Restructuring Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2010	Jun. 30, 2011	Dec. 31, 2010
2010 Restructuring Charges [Member]
Statement [Line Items]
Restructuring charges	$ 87,108
Restructuring charges related to acceleration of RSUs	$ 46,880
Liability associated with restructuring plan		$ 13,145	$ 21,381
Other than cash payments for restructuring plan		8,236
2009 Restructuring Charges [Member]
Statement [Line Items]
Liability associated with restructuring plan		5,128	$ 5,427
Other than cash payments for restructuring plan		$ 299

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Provision for income taxes	$ 17,636	$ 13,523	$ 31,099	$ 19,936
Effective income tax rate, continuing operations	19.80%	20.20%	19.10%	61.20%
U.S. federal statutory rate	35.00%	35.00%	35.00%	35.00%
LFCM Holdings [Member]
Statement [Line Items]
Percentage of cash savings required to pay			85.00%

Net Income Per Share Of Class A Common Stock (Schedule Of Company's Basic And Diluted Net Income Per Share And Weighted Average Shares Outstanding) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Statement [Line Items]
Net income attributable to Lazard Ltd	$ 62,004	$ 44,572	$ 117,011	$ 11,038
Net income attributable to Lazard Ltd - basic	62,107	44,764	117,210	11,018
Net income attributable to Lazard Ltd - diluted	$ 66,756	$ 54,022	$ 126,284	$ 10,806
Weighted average number of shares of Class A common stock outstanding - basic	119,107,386	103,527,014	117,221,070	96,631,576
Weighted average number of shares of Class A common stock outstanding - diluted	139,347,933	139,944,310	138,969,263	108,995,837
Net income attributable to Lazard Ltd per share of Class A common stock, Basic	$ 0.52	$ 0.43	$ 1.00	$ 0.11
Net income attributable to Lazard Ltd per share of Class A common stock, Diluted	$ 0.48	$ 0.39	$ 0.91	$ 0.10
Class A Common Stock
Statement [Line Items]
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis	$ 103	$ 192	$ 199	$ (20)
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax	$ 4,649	$ 9,258	$ 9,074	$ (212)
Weighted average number of shares of Class A common stock outstanding	115,326,051	100,608,379	113,503,750	93,717,395
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis	3,781,335	2,918,635	3,717,320	2,914,181
Weighted average number of shares of Class A common stock outstanding - basic	119,107,386	103,527,014	117,221,070	96,631,576
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests	20,240,547	36,417,296	21,748,193	12,364,261
Weighted average number of shares of Class A common stock outstanding - diluted	139,347,933	139,944,310	138,969,263	108,995,837
Net income attributable to Lazard Ltd per share of Class A common stock, Basic	$ 0.52	$ 0.43	$ 1.00	$ 0.11
Net income attributable to Lazard Ltd per share of Class A common stock, Diluted	$ 0.48	$ 0.39	$ 0.91	$ 0.10

Related Parties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
LFCM Holdings [Member]
Statement [Line Items]
Amounts recorded relating to the administrative services agreement	$ 578	$ 513	$ 1,192	$ 1,059
Amounts recorded relating to net referral fees for underwriting, private placement, and restructuring transactions	6,200	3,384	13,147	6,729
Amount receivables related to administrative and support services and reimbursement of expenses			1,616		$ 12,775
Amount receivable related to referral fees for underwriting and private placement transactions			10,397		11,413
Amounts payables related to tax receivable agreement			2,361		2,361
Referral fees for financial advisory transactions			118		$ 458
LAZ-MD Holdings [Member]
Statement [Line Items]
Revenue from administrative services	$ 187	$ 187	$ 375	$ 375

Related Parties (Schedule Of Amounts Receivable From And Payable To Related Parties) (Details) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Statement [Line Items]
Amounts receivables from related parties	$ 13,502	$ 24,874
Amounts payables to related parties	3,464	2,819
LFCM Holdings [Member]
Statement [Line Items]
Amounts receivables from related parties	12,764	24,785
Amounts payables to related parties	2,479	2,819
Other [Member]
Statement [Line Items]
Amounts receivables from related parties	738	$ 89
Amounts payables to related parties	$ 985

Regulatory Authorities (Details) $ in Thousands	6 Months Ended
Regulatory Authorities (Details) $ in Thousands	Jun. 30, 2011 USD ($)
Statement [Line Items]
Minimum net capital requirement as defined under securities exchange act	$ 100
LFNY [Member]
Statement [Line Items]
Regulatory net capital	142,556
Regulatory capital in excess of minimum requirement	135,750
U.K. Subsidiaries [Member]
Statement [Line Items]
Regulatory net capital	128,624
Regulatory capital in excess of minimum requirement	83,099
CFLF [Member]
Statement [Line Items]
Regulatory net capital	196,350
Regulatory capital in excess of minimum requirement	90,589
Other U.S. And Non-U.S. Subsidiaries [Member]
Statement [Line Items]
Regulatory net capital	80,680
Regulatory capital in excess of minimum requirement	$ 55,686

Segment Information (Schedule Of Segment's Contribution With Respect To Net Revenue, Operating Income (Loss) And Total Assets) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Dec. 31, 2010

$ 477,292

$ 419,035

$ 915,315

$ 857,246

388,090

351,984

752,667

824,676

^[1]

89,202

67,051

162,648

32,570

Financial Advisory [Member]

3,081,014

$ 3,422,532

249,191

245,973

478,036

514,469

214,217

213,900

427,783

451,700

^[1]

34,974

32,073

50,253

62,769

Asset Management [Member]

731,184

799,090

244,855

189,414

471,708

377,167

160,914

136,886

310,118

266,326

^[1]

83,941

52,528

161,590

110,841

689,118

687,323

Corporate [Member]

(16,754)

(16,352)

(34,429)

(34,390)

12,959

1,198

14,766

106,650

^[1]

(29,713)

$ (17,550)

(49,195)

$ (141,040)

$ 1,660,712

$ 1,936,119

[1]	Operating income (loss) for the six month period ended June 30, 2010 was significantly impacted by certain charges related to the three month period ended March 31, 2010. Such impact, including the amounts attributable to each of the Company's business segments, is described in the table below:

Segment Information (Schedule Of Amounts Attributable To Each Of The Company's Business Segments) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2011

Jun. 30, 2010

Jun. 30, 2011

Jun. 30, 2010

Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards

^[1]

$ 89,202

$ 67,051

$ 162,648

$ 32,570

Restructuring expense

87,108

24,860

Financial Advisory [Member]

144,538

Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards

^[1]

34,974

32,073

50,253

62,769

19,571

Asset Management [Member]

82,340

Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards

^[1]

83,941

52,528

161,590

110,841

2,902

113,743

Corporate [Member]

Acceleration of amortization expense pertaining to the amendment of Lazard's retirement policy with respect to RSU awards

^[1]

$ (29,713)

$ (17,550)

$ (49,195)

(141,040)

Restructuring expense

87,108

2,387