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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2011	Oct. 24, 2011
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Trading Symbol	LAZ
Entity Registrant Name	Lazard Ltd
Entity Central Index Key	0001311370
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A Common Stock [Member]
Entity Common Stock, Shares Outstanding		122,871,152
Class B Common Stock [Member]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Statements Of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 989,894	$ 1,209,695
Deposits with banks	267,906	356,539
Cash deposited with clearing organizations and other segregated cash	66,219	92,911
Receivables-net:
Fees	439,857	480,340
Customers and other	141,246	63,490
Related parties	14,248	24,874
Total receivables, net	595,351	568,704
Investments	346,912	417,410
Property (net of accumulated amortization and depreciation of $268,374 and $250,898 at September 30, 2011 and December 31, 2010, respectively)	150,708	150,524
Goodwill and other intangible assets (net of accumulated amortization of $19,903 and $15,007 at September 30, 2011 and December 31, 2010, respectively)	394,382	361,439
Other assets	325,097	265,310
Total assets	3,136,469	3,422,532
Liabilities:
Deposits and other customer payables	342,704	361,553
Accrued compensation and benefits	250,252	498,880
Senior debt	1,076,850	1,076,850
Capital lease obligations	21,576	22,903
Related party payables	4,082	2,819
Other liabilities	523,023	513,410
Subordinated debt		150,000
Total liabilities	2,218,487	2,626,415
Commitments and contingencies
Common stock:
Additional paid-in-capital	685,800	758,841
Retained earnings	285,575	166,468
Accumulated other comprehensive loss, net of tax	(57,712)	(46,158)
Stockholders Equity Subtotal Before Common Stock Held By Subsidiary, Total	914,892	880,348
Class A common stock held by a subsidiary, at cost (4,098,431 and 6,847,508 shares at September 30, 2011 and December 31, 2010, respectively)	(141,593)	(227,950)
Total Lazard Ltd stockholders' equity	773,299	652,398
Noncontrolling interests	144,683	143,719
Total stockholders' equity	917,982	796,117
Total liabilities and stockholders' equity	3,136,469	3,422,532
Class A Common Stock [Member]
Common stock:
Common stock	1,229	1,197
Class B Common Stock [Member]
Common stock:
Common stock
Series A Preferred Stock [Member]
Preferred Stock:
Preferred stock
Series B Preferred Stock [Member]
Preferred Stock:
Preferred stock

Condensed Consolidated Statements Of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Property, accumulated amortization and depreciation	$ 268,374	$ 250,898
Goodwill and other intangible assets, accumulated amortization	$ 19,903	$ 15,007
Class A common stock held by a subsidiary, shares	4,098,431	6,847,508
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	122,871,152	119,697,936
Series A Preferred Stock [Member]
Preferred stock, shares issued	7,921	22,021
Preferred stock, shares outstanding	7,921	22,021
Class B Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1	1
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1
Series B Preferred Stock [Member]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statements Of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
REVENUE
Investment banking and other advisory fees	$ 248,358	$ 245,294	$ 711,781	$ 759,785
Money management fees	213,276	202,662	658,874	560,664
Interest income	3,418	5,430	11,273	16,037
Other	19,531	23,924	64,601	47,785
Total revenue	484,583	477,310	1,446,529	1,384,271
Interest expense	22,164	24,073	68,795	73,788
Net revenue	462,419	453,237	1,377,734	1,310,483
OPERATING EXPENSES
Compensation and benefits	273,532	282,528	830,011	845,926
Occupancy and equipment	24,345	22,414	70,030	65,004
Marketing and business development	19,844	17,503	58,834	51,358
Technology and information services	20,417	18,904	60,566	53,552
Professional services	11,434	10,731	34,395	29,716
Fund administration and outsourced services	14,019	12,037	40,777	34,407
Amortization of intangible assets related to acquisitions	1,716	1,719	4,896	5,258
Restructuring				87,108
Other	9,374	7,934	27,839	26,117
Total operating expenses	374,681	373,770	1,127,348	1,198,446
OPERATING INCOME	87,738	79,467	250,386	112,037
Provision for income taxes	20,605	9,113	51,704	29,049
NET INCOME	67,133	70,354	198,682	82,988
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	4,434	6,263	18,972	7,859
NET INCOME ATTRIBUTABLE TO LAZARD LTD	$ 62,699	$ 64,091	$ 179,710	$ 75,129
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	118,315,944	111,059,071	117,586,028	101,440,741
Diluted	136,857,956	138,094,101	138,265,494	135,554,131
NET INCOME PER SHARE OF COMMON STOCK:
Basic	$ 0.53	$ 0.58	$ 1.53	$ 0.74
Diluted	0.49	0.51	1.39	0.58
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.16	$ 0.125	$ 0.445	$ 0.375

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 198,682	$ 82,988
Noncash items included in net income:
Depreciation and amortization of property	18,176	16,131
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge	228,213	257,840
Amortization of intangible assets related to acquisitions	4,896	5,258
(Gain) loss on extinguishment of debt	(18,171)	424
(Increase) decrease in operating assets:
Deposits with banks	96,193	(41,255)
Cash deposited with clearing organizations and other segregated cash	28,574	(4,824)
Receivables-net	(28,681)	(88,109)
Investments	71,127	(38,902)
Other assets	(64,267)	(35,174)
Increase (decrease) in operating liabilities:
Deposits and other payables	(22,187)	83,741
Accrued compensation and benefits and other liabilities	(230,935)	(191,480)
Net cash provided by operating activities	281,620	46,638
CASH FLOWS FROM INVESTING ACTIVITIES:
Distributions relating to equity method investments		51,437
Additions to property	(17,277)	(10,073)
Disposals of property	353	301
Proceeds from sales and maturities of available-for-sale securities		71,579
Net cash provided by (used in) investing activities	(16,924)	113,244
Proceeds from:
Contribution from noncontrolling interests	3,821	3,005
Excess tax benefits from share-based incentive compensation	2,848
Other financing activities		6,638
Payments for:
Senior and subordinated debt	(131,829)	(10,375)
Capital lease obligations	(1,600)	(1,626)
Distributions to noncontrolling interests	(21,431)	(20,315)
Repurchase of common membership interests from members of LAZ-MD Holdings	(794)	(5,072)
Purchase of Class A common stock	(158,617)	(106,316)
Class A common stock dividends	(51,409)	(36,714)
Settlement of vested share-based incentive compensation	(92,337)	(54,947)
Other financing activities	(33,386)	(53)
Net cash used in financing activities	(484,734)	(225,775)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	237	(4,005)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(219,801)	(69,898)
CASH AND CASH EQUIVALENTS-January 1	1,209,695	917,329
CASH AND CASH EQUIVALENTS-September 30	989,894	$ 847,431
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Class A common stock issued/issuable in connection with business acquisitions	$ 39,654

Condensed Consolidated Statements Of Changes In Stockholders' Equity - USD ($)
$ in Thousands

Series A Preferred Stock [Member]

Common Stock [Member]

Additional Paid-In-Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss), Net of Tax

Class A Common Stock Held By A Subsidiary

Total Lazard Ltd Stockholders' Equity

Noncontrolling Interests

Total

Beginning balance (in shares) at Dec. 31, 2009

26,883

92,165,913

^[1]

5,850,775

Balance at Dec. 31, 2009

$ 922

$ 549,931

$ 52,726

$ (57,048)

$ (191,140)

$ 355,391

$ 167,706

$ 523,097

Comprehensive income (loss)

Net income

75,129

7,859

82,988

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

(3,829)

(292)

(4,121)

Amortization of interest rate hedge

823

899

Available-for-sale securities:

Net unrealized gain

2,272

211

2,483

Adjustments for items reclassified to earnings

2,372

219

2,591

Employee benefit plans:

Net actuarial loss

(5,999)

(556)

(6,555)

Adjustments for items reclassified to earnings

888

970

Comprehensive income

71,656

7,599

79,255

Business acquisitions:

Class A common stock issued/issuable (including in connection with business acquisitions and LAM merger and related amortization) (in shares)

^[1]

315,617

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

$ 3

2,064

2,067

2,119

4,186

Conversion of Series A preferred stock into Class A common stock (in shares)

(4,862)

572,988

^[1]

Conversion of Series A preferred stock into Class A common stock

$ 6

(6)

Amortization of share-based incentive compensation

228,668

21,185

249,853

Dividend-equivalents

7,758

(7,793)

(35)

(3)

(38)

Class A common stock dividends

(36,714)

Purchase of Class A common stock (in shares)

3,466,178

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

(276,374)

$ 221,427

(54,947)

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

(6,451,373)

Purchase of Class A common stock

$ (106,316)

(106,316)

Repurchase of common membership interests from LAZ-MD Holdings

(4,642)

(430)

(5,072)

Issuance of Class A common stock (in shares)

3,000,000

^[1]

3,000,000

Issuance of Class A common stock

$ 30

116,070

$ (116,100)

Class A common stock issued in exchange for Lazard Group common membership interests, including in connection with secondary offerings (in shares)

^[1]

20,549,950

Class A common stock issued in exchange for Lazard Group common membership interests, including in connection with secondary offerings

$ 205

(205)

Distributions to noncontrolling interests, net

(17,310)

Other adjustments related to noncontrolling interests

43,441

(9,998)

33,443

(33,443)

Ending balance (in shares) at Sep. 30, 2010

22,021

116,604,468

^[1]

5,865,580

Balance at Sep. 30, 2010

$ 1,166

666,705

83,348

(70,519)

$ (192,129)

488,571

147,423

635,994

Beginning balance (in shares) at Dec. 31, 2010

22,021

119,697,937

^[2]

6,847,508

Balance at Dec. 31, 2010

$ 1,197

758,841

166,468

(46,158)

$ (227,950)

652,398

143,719

796,117

Comprehensive income (loss)

Net income

179,710

18,972

198,682

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

(5,866)

(456)

(6,322)

Amortization of interest rate hedge

749

791

Employee benefit plans:

Net actuarial loss

(7,778)

(437)

(8,215)

Adjustments for items reclassified to earnings

1,585

1,674

Comprehensive income

168,400

18,210

186,610

Business acquisitions:

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

41,688

3,115

44,803

Conversion of Series A preferred stock into Class A common stock (in shares)

(14,100)

2,434,561

^[2]

Conversion of Series A preferred stock into Class A common stock

$ 25

(25)

Delivery of Class A common stock (in shares)

(1,247,555)

Amortization of share-based incentive compensation

200,230

11,236

211,466

Dividend-equivalents

9,140

(9,194)

(54)

(3)

(57)

Class A common stock dividends

(51,409)

Purchase of Class A common stock (in shares)

4,318,916

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

(290,059)

$ 199,827

(90,232)

(90,159)

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

(5,820,438)

Purchase of Class A common stock

$ (158,617)

(158,617)

Repurchase of common membership interests from LAZ-MD Holdings

(751)

(43)

(794)

Class A common stock issued in exchange for Lazard Group common membership interests, including in connection with secondary offerings (in shares)

^[2]

738,655

Class A common stock issued in exchange for Lazard Group common membership interests, including in connection with secondary offerings

$ 7

(7)

(1,580)

Distributions to noncontrolling interests, net

(17,610)

Other adjustments related to noncontrolling interests

14,258

(244)

14,014

(14,014)

Ending balance (in shares) at Sep. 30, 2011

7,921

122,871,153

^[2]

4,098,431

Balance at Sep. 30, 2011

$ 1,229

685,800

$ 285,575

$ (57,712)

$ (141,593)

773,299

$ 144,683

917,982

Business acquisitions:

Delivery of Class A common stock

$ (45,935)

$ 45,147

$ (788)

[1]	Includes 92,165,912 and 116,604,467 shares of the Company's Class A common stock issued at January 1, 2010 and September 30, 2010, respectively, and 1 share of the Company's Class B common stock at each such date.
[2]	Includes 119,697,936 and 122,871,152 shares of the Company's Class A common stock issued at January 1, 2011 and September 30, 2011, 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 [Member] - USD ($)

9 Months Ended

Sep. 30, 2011

Dec. 31, 2010

Sep. 30, 2010

Dec. 31, 2009

Common stock, issued

122,871,153

^[1]

119,697,937

^[1]

116,604,468

^[2]

92,165,913

^[2]

Class A Common Stock [Member]

Common stock, issued

122,871,152

119,697,936

116,604,467

92,165,912

Share-based incentive compensation and related tax benefits

$ 2,178

Class B Common Stock [Member]

Common stock, issued

[1]	Includes 119,697,936 and 122,871,152 shares of the Company's Class A common stock issued at January 1, 2011 and September 30, 2011, respectively, and 1 share of the Company's Class B common stock at each such date.
[2]	Includes 92,165,912 and 116,604,467 shares of the Company's Class A common stock issued at January 1, 2010 and September 30, 2010, respectively, and 1 share of the Company's Class B common stock at each such date.

Organization And Basis Of Presentation

9 Months Ended

Sep. 30, 2011

Organization And Basis Of Presentation

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 94.7% and 94.0% of all outstanding Lazard Group common membership interests as of September 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 5.3% and 6.0% of the outstanding Lazard Group common membership interests as of September 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 5.3% 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 Autorité de Contrôle Prudentiel. It is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Frères Gestion SAS ("LFG") and other clients, investment banking activities, including participation in underwritten offerings of securities in France, asset-liability management and limited trading in securities and foreign exchange. LFB also provides support services for certain European subsidiaries of Lazard Group.

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 nine month periods ended September 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 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.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Name FASB Interpretation (FIN)
-Publisher FASB
-Number 46R
-Paragraph 4, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Recent Accounting Developments

9 Months Ended

Sep. 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 consolidated 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. The Company has not yet determined whether it will adopt the amendment prior to its effective date.

During September 2011, the FASB amended its guidance regarding goodwill impairment testing and the amount of impairment loss, if any, by allowing an entity the option to make a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of a reporting unit. The amendment is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. Early adoption is permitted. The Company has not yet determined whether it will adopt the amendment prior to its effective date. The Company does not anticipate that the adoption of the amended guidance regarding goodwill impairment testing will have a material impact on the Company's consolidated financial statements.

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 154
-Paragraph 2, 17, 18
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 28
-Paragraph 23, 24
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=6958853&loc=d3e46468-122699

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22583-107794

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

+ Details

Receivables - Net

9 Months Ended

Sep. 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 $17,457 and $15,017 at September 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 $1,445 and $4,875 for the three month and nine month periods ended September 30, 2011, respectively, and $226 and $9,416 for the three month and nine month periods ended September 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 $513 and $2,435 for the three month and nine month periods ended September 30, 2011, respectively, and $2,097 and $3,991 for the three month and nine month periods ended September 30, 2010, respectively. At September 30, 2011 and December 31, 2010, the Company had receivables deemed past due or uncollectible of $21,255 and $17,101, respectively.

Customers and other receivables at September 30, 2011 and December 31, 2010 include $1,433 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

9 Months Ended

Sep. 30, 2011

Investments

Investments

4. INVESTMENTS

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


	September 30, 2011		December 31, 2010
	September 30, 2011		December 31, 2010
Debt:
U.S. Government and agencies	$	1,017	$	31,900
Fixed income funds (a)		36,097		33,951
Corporate and other debt and interest-bearing deposits		21,874		29,693

		58,988		95,544

Equities (a)		89,326		88,437

Other:
Interests in alternative asset management funds (a)		44,737		58,656
Private equity		142,778		163,482
Equity method investments		11,083		11,291

		198,598		233,429

Total investments		346,912		417,410
Less:
Interest-bearing deposits		4,437		7,754
Equity method investments		11,083		11,291

Investments, at fair value	$	331,392	$	398,365

Securities sold, not yet purchased, at fair value (included in "other liabilities")		$1,281		$2,897

(a)

At September 30, 2011, fixed income funds, equities and interests in alternative asset management funds include investments with fair values of $5,128, $18,999 and $4,861, respectively, held in order to satisfy the Company's liability upon vesting of previously granted Lazard Fund Interest awards ("Lazard Fund Interests") and other similar arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in several Lazard-managed 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. 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.

Interests in alternative asset management funds represent (i) GP interests owned by Lazard in various Lazard-managed alternative asset management funds and (ii) GP interests consolidated by the Company pertaining to noncontrolling interests in such alternative asset management funds, the latter of which aggregated $7,037 and $8,219 at September 30, 2011 and December 31, 2010, respectively. Such noncontrolling interests, which represent GP interests held directly by certain of our asset management 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 and (ii) Corporate Partners II Limited ("CP II"), a private equity fund targeting significant noncontrolling-stake investments in established public and private companies. Private equity investments also include investments consolidated but not owned by Lazard which 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 $37,610 and $67,206 at September 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 nine month periods ended September 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 September 30,				Nine Month Period Ended September 30,
	2011		2010		2011		2010
Gross investment gains	$	–	$	17,306	$	12,226	$	26,690
Gross investment losses	$	23,873	$	–	$	24,145	$	7,031
The table above includes gross unrealized investment gains and losses pertaining to "trading" securities as follows:
	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2011		2010		2011		2010
Gross unrealized investment gains	$	–	$	1,187	$	35	$	–
Gross unrealized investment losses	$	2,536	$	101	$	1,670	$	138

During the nine month period ended September 30, 2010, the Company recorded within "accumulated other comprehensive loss, net of tax" ("AOCI") gross pre-tax unrealized investment gains of $8,672 and gross pre-tax unrealized investment losses of $1,950 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 nine month period ended September 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 nine month period ended September 30, 2011.

Fair Value Measurements

9 Months Ended

Sep. 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 assets valued based on net asset value ("NAV") redeemable at the measurement date or within the near term without redemption restrictions, 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, as well as assets valued based on NAV not redeemable within the near term.

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 alternative asset management funds is classified as either Level 2 or Level 3 depending on the time frame of any applicable redemption restrictions, 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 the financial statements of the underlying fund 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 September 30, 2011 and December 31, 2010 into the three-level fair value hierarchy in accordance with fair value measurement disclosure requirements:


	September 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	1,017	$	–	$	–	$	1,017
Fixed income funds		4,173		31,924		–		36,097
Corporate and other debt		17,437		–		–		17,437
Equities		71,287		17,913		126		89,326
Other (excluding equity method investments):
Interest in alternative asset management funds		–		36,209		8,528		44,737
Private equity		–		–		142,778		142,778
Derivatives		–		19,603		–		19,603

Total Assets	$	93,914	$	105,649	$	151,432	$	350,995

Liabilities:
Securities sold, not yet purchased	$	1,281	$	–	$	–	$	1,281
Derivatives		–		29,654		–		29,654

Total Liabilities	$	1,281	$	29,654	$	–	$	30,935


	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 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 nine month periods ended September 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 nine month periods ended September 30, 2011 and 2010:


	Three Months Ended September 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	$	135	$	–		$	–	$	–		$	(9	)	$	126
Interests in alternative asset management funds		–		–			8,528		–			–			8,528
Private equity		174,704		(963	)		17,158		(45,058	)		(3,063	)		142,778

Total Level 3 Assets	$	174,839	$	(963	)	$	25,686	$	(45,058	)	$	(3,072	)	$	151,432


	Nine Months Ended September 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)		$	2	$	126
Interests in alternative asset management funds		–		–		8,528		–			–		8,528
Private equity		163,482		2,861		30,233		(54,218	)		420		142,778

Total Level 3 Assets	$	163,798	$	2,864	$	38,761	$	(54,413)		$	422	$	151,432


	Three Months Ended September 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	$	299	$	18	$	2	$	–		$	(6	)	$	313
Private equity		138,409		599		1,486		(869	)		4,188			143,813

Total Level 3 Assets	$	138,708	$	617	$	1,488	$	(869	)	$	4,182		$	144,126


	Nine Months Ended September 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	$	6	$	8	$	–		$	(6	)	$	313
Private equity		135,914		5,352		7,040		(2,062	)		(2,431	)		143,813

Total Level 3 Assets	$	136,219	$	5,358	$	7,048	$	(2,062	)	$	(2,437	)	$	144,126

Sales/dispositions of private equity investments for the three month and nine month periods ended September 30, 2011 include $42,800 and $49,500, respectively, in connection with a reduction of interests in certain funds of Edgewater as such funds are no longer consolidated by Lazard.

With respect to Level 3 assets held at September 30, 2011 and 2010, net gains (losses) included in earnings for the three month and nine month periods ended September 30, 2011 and the three month and nine month periods ended September 30, 2010 in connection with the change in unrealized gains and losses relating to such assets were $(829), $2,988, $617 and $5,358, respectively.

- Definition

Tabular disclosure of the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods. Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 6
-Footnote 4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Derivatives

9 Months Ended

Sep. 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.

In addition to the derivative instruments above, the Company has recognized a derivative liability relating to its obligation pertaining to Lazard Fund Interests and other similar arrangements, the fair value of which is based on the value of the underlying investments and is included in "accrued compensation and benefits" on the consolidated statement of financial condition as of September 30, 2011. Changes in the fair value of the derivative liability are included in "compensation and benefits" expense on the condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2011, the impact of which directly offsets the changes in the fair value of the underlying investments owned and is reported in "revenue-other" in the condensed 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 no derivatives designated as hedging instruments for the three month and nine month periods ended September 30, 2011. During the three month and nine month periods ended September 30, 2010, the Company recognized pre-tax losses pertaining to interest rate swaps designated as hedging instruments of $332 and $4,088, 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 instruments reported within "other assets" and "other liabilities" and the Company's derivative liability relating to its obligation pertaining to Lazard Fund Interests and other similar arrangements reported within "accrued compensation and benefits" on the accompanying condensed consolidated statements of financial condition as of September 30, 2011 and December 31, 2010:


	September 30, 2011		December 31, 2010
Derivative Assets:
Forward foreign currency exchange rate contracts	$	7,963	$	1,432
Interest rate swaps		44		57
Equity and fixed income swaps and other		11,596		385

	$	19,603	$	1,874

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	367	$	2,151
Interest rate swaps		299		326
Equity and fixed income swaps		–		753
Lazard Fund Interests and other similar arrangements		28,988		–

	$	29,654	$	3,230

Net gains (losses) with respect to derivative instruments not designated as hedging instruments (predominantly reflected in "revenue-other") and the Company's derivative liability relating to its obligation pertaining to Lazard Fund Interests and other similar arrangements (reported in "compensation and benefits" expense, which directly offsets corresponding amounts reported in "revenue-other" as described above) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2011 and 2010, by type of derivative, were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
Forward foreign currency exchange rate contracts	$	6,541		$	(11,884	)	$	(2,856	)	$	467
Interest rate swaps		16			2			13			36
Equity and fixed income swaps and other		12,014			(6,900	)		9,296			(2,850	)
Lazard Fund Interests and other similar arrangements		(3,961	)		–			(3,961	)		–

	$	14,610		$	(18,782	)	$	2,492		$	(2,347	)

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Lam Merger Transaction

9 Months Ended

Sep. 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 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 $15,649 and $74,930, respectively, as of September 30, 2011, and $15,152 and $71,394, respectively, as of December 31, 2010.

Business Acquisitions

9 Months Ended

Sep. 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 September 30, 2011 and December 31, 2010, 47,474 and 1,295,029 shares of Class A common stock, respectively, were issuable on a non-contingent basis. Additionally, at 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 on certain variables (see Note 12 of Notes to Condensed Consolidated Financial Statements). During the nine month period ended September 30, 2011, an additional 9,238 shares became convertible, with the total of 14,100 shares of Series A preferred stock converting into 2,434,561 shares of Class A common stock during the period. Depending upon the future performance of such businesses acquired, at September 30, 2011 and December 31, 2010, 7,921 and 17,159 shares of Series A preferred stock were contingently convertible into shares of Class A common stock.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Paragraph F4
-Subparagraph e

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Goodwill And Other Intangible Assets

9 Months Ended

Sep. 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 September 30, 2011 and December 31, 2010 are presented below:


	September 30, 2011		December 31, 2010
Goodwill	$	350,921	$	313,229
Other intangible assets (net of accumulated amortization)		43,461		48,210

	$	394,382	$	361,439

At September 30, 2011 and December 31, 2010, goodwill of $286,380 and $251,599, respectively, was attributable to the Company's Financial Advisory segment and, at such respective dates, $64,541 and $61,630 of goodwill was attributable to the Company's Asset Management segment.

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


	Nine Months Ended September 30,
	2011			2010
Balance, January 1	$	313,229		$	261,703
Business acquisitions, including $39,654 of additional contingent consideration earned relating to prior year business acquisitions		42,566			–
Foreign currency translation adjustments		(4,874	)		6,019

Balance, September 30	$	350,921		$	267,722

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


	September 30, 2011						December 31, 2010
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	1,450	$	29,290	$	30,740	$	890	$	29,850
Management fees, customer relationships and non-compete agreements		32,624		18,453		14,171		32,477		14,117		18,360

	$	63,364	$	19,903	$	43,461	$	63,217	$	15,007	$	48,210

Amortization expense of intangible assets for the three month and nine month periods ended September 30, 2011 was $1,716 and $4,896, respectively, and for the three month and nine month periods ended September 30, 2010 was $1,719 and $5,258, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2011 (October 1 through December 31)	$	1,399
2012		6,331
2013		12,689
2014		9,750
2015		7,167
Thereafter		6,125

Total amortization expense	$	43,461

(a)

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

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Senior And Subordinated Debt

9 Months Ended

Sep. 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 September 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			September 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		150,000		4/29/13		1.90	%		–		–

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

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 September 30, 2011, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 1.90%. As of September 30, 2011 and December 31, 2010, no amounts were outstanding under the Credit Facility.

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 September 30, 2011, the Company was in compliance with all of these provisions. All of the Company's senior debt obligations are unsecured.

As of September 30, 2011, the Company had approximately $322,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $100,000 (at September 30, 2011 exchange rates) and Edgewater of $65,000. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France.

Subordinated Debt— Subordinated debt at December 31, 2010 represented a promissory note amounting to $150,000. 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 subordinated promissory note, at a cost, excluding accrued interest, of $131,829. Such repurchase resulted in a pre-tax gain of $18,171, which was recognized by the Company in the third quarter of 2011 and included in "revenue-other" on the accompanying Condensed Consolidated Statements of Operations.

The Company's debt at September 30, 2011 and December 31, 2010 are recorded at historical amounts. At September 30, 2011 and December 31, 2010, the fair value of the Company's senior and subordinated debt outstanding was approximately $1,174,000 and $1,271,000, respectively, and exceeded the aggregate carrying value by approximately $97,000 and $44,000, respectively. The fair value of the Company's 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References + Details

Commitments And Contingencies

9 Months Ended

Sep. 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 September 30, 2011, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows:


Year Ending December 31,
2011 (October 1 through December 31)	$	18,170
2012		57,491
2013		65,469
2014		67,957
2015		63,818
Thereafter		807,230

Total minimum lease payments		1,080,135

Sublease proceeds		180,647

Net lease payments	$	899,488

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 September 30, 2011, LFB had $4,143 of such indemnifications and held $2,828 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.

Investment Capital Funding Commitments—At September 30, 2011, the maximum principal unfunded commitments by the Company for capital contributions to investment funds related to (i) CP II, amounting to $2,692 for potential "follow-on investments" and/or for CP II expenses through the earlier of February 25, 2017 or the liquidation of the fund, (ii) Edgewater Growth Capital Partners III, L.P. ("EGCP III"), an Edgewater private equity fund, amounting to $41,753, through the earlier of October 12, 2016 (i.e., the end of the investment period) for investments and/or expenses (with a portion of the undrawn amount of such commitment as of that date remaining committed until October 12, 2023 in respect of "follow-on investments" and/or EGCP III expenses) or the liquidation of the fund and (iii) a $25,000 investment commitment to develop certain real estate investment funds until the earliest of (a) the date on which third-party assets under management in such funds reach $250,000, (b) December 31, 2013 or (c) the date on which the principal manager of such funds is no longer employed by Lazard.

Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. Such commitments at September 30, 2011 aggregated $16,718. 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.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Stockholders' Equity

9 Months Ended

Sep. 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"). In addition, during the third quarters of 2011 and 2010, the Company issued an aggregate of 3,682,116 shares (including 1,247,555 shares delivered from Class A common stock held by a subsidiary) and 888,605 shares of Class A common stock, respectively, in connection with certain prior year business acquisitions (see Note 8 of Notes to Condensed Consolidated Financial Statements).

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 nine month period ended September 30, 2010 two such secondary offerings occurred, which are described below (no secondary offerings occurred during the nine month period ended September 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").

In August 2010, certain Selling Shareholders (the "August 2010 Selling Shareholders") sold 7,397,837 shares of Class A common stock at a price of $30.32 per share (the "August 2010 Secondary Offering", and together with the March 2010 Secondary Offering, the "2010 Secondary Offerings"). Separately, in connection with the August 2010 Secondary Offering, Lazard Group agreed to purchase from the August 2010 Selling Shareholders 2,500,000 shares of Class A common stock for an aggregate cost of $75,800 ($30.32 per share), with such purchase being part of the share repurchase program in effect during 2010. In the aggregate, the August 2010 Selling Shareholders sold a total of 9,897,837 shares of Class A common stock (including 7,194,144 shares of Class A common stock previously received upon the exchange of a like number of LAZ-MD Holdings exchangeable interests and 2,703,693 shares of Class A common stock received upon a simultaneous exchange of a like number of LAZ-MD Holdings exchangeable interests).

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

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 nine month periods ended September 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):


	Nine Months Ended September 30,
	2011		2010
LAZ-MD Holdings	$	3,280	$	8,453
Subsidiaries of Lazard Ltd		51,409		36,714

	$	54,689	$	45,167

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 2010 Secondary Offerings discussed above, during the nine month periods ended September 30, 2011 and 2010, Lazard Ltd issued 738,655 and 11,665,618 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 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 September 30, 2011, purchases by Lazard Group with respect to such program are set forth in the table below (including, in the nine month period ended September 30, 2011, purchases of 4,318,916 Class A common shares, at an aggregate cost of $158,617, 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		21,092,575	$	33.58
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 nine month period ended September 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 and (iv) the delivery of shares of Class A common stock in connection with business acquisitions, there were 4,098,431 and 6,847,508 shares of Class A common stock held by Lazard Group at September 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 September 30, 2011, $133,360 of the $450,000 share repurchase amount authorized as of such date remained available under the share repurchase program, which authorization expires on December 31, 2012. On October 26, 2011, Lazard Ltd's Board of Directors authorized, on a cumulative basis, the repurchase of up to an additional $125,000 in aggregate cost of its Class A common stock and Lazard Group common membership interests, which authorization expires on December 31, 2013, and brings the total remaining repurchase authorization to $258,360, subject to expiration as set forth above. 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 September 30, 2011 and December 31, 2010, 7,921 and 22,021 shares of Series A preferred stock, respectively, were outstanding, and no shares of Series B preferred stock were outstanding at such dates.

At December 31, 2010, 4,862 shares of the Series A preferred shares outstanding were convertible into shares of Class A common stock. During the nine month period ended September 30, 2011, an additional 9,238 shares became convertible, with the total of 14,100 shares of Series A preferred stock converting into shares of Class A common stock during the period. The remaining 7,921 and 17,159 shares of Series A preferred stock outstanding at September 30, 2011 and December 31, 2010, respectively, may become convertible into shares of Class A common stock upon completion or satisfaction of specified obligations in the applicable acquisition agreement. The Series A preferred stock conversion rate into shares of Class A common stock varies, 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 September 30, 2011 and December 31, 2010 are as follows:


	September 30, 2011			December 31, 2010
	September 30, 2011			December 31, 2010
Currency translation adjustments	$	6,871		$	13,193
Interest rate hedge		(3,820	)		(4,611	)
Employee benefit plans		(63,136	)		(56,595	)

Total AOCI		(60,085	)		(48,013	)
Less amount attributable to noncontrolling interests		(2,373	)		(1,855	)

Total Lazard Ltd AOCI	$	(57,712	)	$	(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 GP interests which are deemed to be controlled by the Company.

As of September 30, 2011 and December 31, 2010, LAZ-MD Holdings held approximately 5.3% 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 nine month periods ended September 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 September 30, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
2010 Secondary Offerings		8,884,332					(8,884,332	)					–
Exchanges for Class A common stock		11,665,618					(11,665,618	)					–
Business acquisitions		888,605					–						888,605
Repurchase of common membership interests from LAZ-MD Holdings		–					(167,286	)					(167,286	)

Balance, September 30, 2010		116,604,467		91.5	%		10,803,190			8.5	%		127,407,657


Balance, January 1, 2011		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to September 30, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		738,655					(738,655	)					–
Business acquisitions		2,434,561					–						2,434,561
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, September 30, 2011		122,871,152		94.7	%		6,894,938			5.3	%		129,766,090

The change in Lazard Ltd's ownership in Lazard Group in the nine month periods ended September 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 nine month periods ended September 30, 2011 and 2010 and noncontrolling interests as of September 30, 2011 and December 31, 2010 in the Company's condensed consolidated financial statements:


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
LAZ-MD Holdings	$	4,209		$	6,152		$	11,955		$	4,909
Edgewater		587			(366	)		7,492			3,511
GP interests		(192	)		879			(179	)		151
Other		(170	)		(402	)		(296	)		(712	)

Total	$	4,434		$	6,263		$	18,972		$	7,859



	Noncontrolling Interests As Of
	September 30, 2011		December 31, 2010
LAZ-MD Holdings	$	30,576	$	22,167
Edgewater		105,461		111,289
GP interests		7,037		8,219
Other		1,609		2,044

Total	$	144,683	$	143,719

Dividend Declared, October 2011—On October 26, 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 November 25, 2011, to stockholders of record on November 7, 2011.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Number 43
-Chapter 1
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

+ Details

Incentive Plans

9 Months Ended

Sep. 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 nine month periods ended September 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 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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		*2010 ()**
Compensation and benefits	$	58,489	$	46,814	$	200,899	$	201,157
Restructuring		–		–		–		46,880

Total	$	58,489	$	46,814	$	200,899	$	248,037

(*)	Includes, during the nine month period ended September 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 nine month periods ended September 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:


	Nine Months Ended September 30
	2011		2010
Issuance of RSUs		251,146		244,754
Charges to retained earnings, net of estimated forfeitures		$8,169		$6,963

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 nine month periods ended September 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 nine month periods ended September 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 nine month periods ended September 30, 2011 and 2010, 5,371 and 5,912 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 $70 and $1,194 during the three month and nine month periods ended September 30, 2011, respectively, and $58 and $1,173 during the three month and nine month periods ended September 30, 2010, respectively.

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 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 251,146 RSUs relating to dividend participation)		6,764,420		$	43.91		32,230		$	37.06
Forfeited		(287,975	)	$	37.73		–			–
Vested/Converted		(7,848,744	)	$	39.21		(16,120	)	$	34.76

Balance, September 30, 2011		20,736,336		$	36.99		137,847		$	35.03


Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 244,754 RSUs relating to dividend participation)		7,730,444		$	35.66		37,500		$	31.27
Forfeited		(726,948	)	$	36.21		–			–
Vested/Converted/Exchanged		(7,979,501	)	$	39.86		(20,435	)	$	35.38

Balance, September 30, 2010		22,391,808		$	35.57		120,211		$	34.42

The Company satisfied certain employees' tax obligations in lieu of issuing 2,302,798 and 1,602,999 shares of Class A common stock in connection with RSUs that vested during the periods set forth in the table above. Accordingly, 5,545,946 and 6,335,607 shares of Class A common stock held by Lazard Group were delivered during the nine month periods ended September 30, 2011 and 2010, respectively.

As of September 30, 2011, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $309,000, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.5 years subsequent to September 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 nine month periods ended September 30, 2011 and 2010:


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

Balance, September 30, 2011		95,332		$	37.63


Balance, January 1, 2010		–			–
Granted/Exchanged		95,332		$	37.63
Vested		–			–

Balance, September 30, 2010		95,332		$	37.63

The Company satisfied certain employees' tax obligations in lieu of delivering 68,866 shares of Class A common stock in connection with shares of restricted Class A common stock that vested during the period set forth in the table above. Accordingly, 258,372 shares of Class A common stock held by Lazard Group were delivered during the nine month period ended September 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 $374 and $9,373 for the three month and nine month periods ended September 30, 2011, respectively, and $483 and $643 for the three month and nine month periods ended September 30, 2010, respectively. 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 September 30, 2011, unrecognized restricted stock expense was approximately $1,300, with such expense to be recognized over a weighted average period of approximately 1.0 years subsequent to September 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 previously described, in February 2011, the Company granted to eligible employees Lazard Fund Interests. In connection with the Lazard Fund Interests and other similar arrangements, the Company recorded a prepaid compensation asset and a corresponding compensation liability at the grant date fair value. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods. Lazard Fund Interests that do not require future service are expensed immediately.

The Lazard Fund Interests granted generally provide for one-third vesting on March 1, 2013 and two-thirds vesting on March 3, 2014. The amortization of the prepaid asset is charged to "compensation and benefits" expense within the Company's consolidated statement of operations, and amounted to $2,480 and $7,534 for the three month and nine month periods ended September 30, 2011, respectively. As of September 30, 2011, unrecognized compensation expense for Lazard Fund Interests and other similar arrangements, adjusted for estimated forfeitures, was approximately $21,000. Such compensation expense will generally be recognized over a weighted average period of approximately 2.0 years subsequent to September 30, 2011. The related compensation liability is accounted for at fair value as a derivative liability, and is adjusted for changes in the fair value of the underlying investments, with such changes in value directly offset by a corresponding amount recorded to "compensation and benefits" expense within the Company's consolidated statements of operations (see Note 6 of Notes to Condensed Consolidated Financial Statements).

Employee Benefit Plans

9 Months Ended

Sep. 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 and subsequently remeasured on June 1, 2010. 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 ($3,584 at September 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 nine month period ended September 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 nine month periods ended September 30, 2011 and 2010:


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended September 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	163		$	160		$	18	$	20
Interest cost		7,242			6,921			70		73
Expected return on plan assets		(7,763	)		(7,372	)		–		–
Amortization of:
Prior service cost (credit)		756			632			–		(332	)
Net actuarial loss		65			203			–		–

Net periodic benefit cost (credit)	$	463		$	544		$	88	$	(239	)


	Pension Plans						Post-Retirement Medical Plans
	Nine Months Ended September 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	495		$	420		$	52	$	60
Interest cost		21,401			20,708			209		219
Expected return on plan assets		(23,029	)		(21,801	)		–		–
Amortization of:
Prior service cost (credit)		2,258			2,108			–		(1,023	)
Net actuarial loss		194			602			–		–

Net periodic benefit cost (credit)	$	1,319		$	2,037		$	261	$	(744	)

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Implementation Guide (Q and A)
-Number FAS88
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

+ Details

Restructuring Plans

9 Months Ended

Sep. 30, 2011

Restructuring Plans

Restructuring Plans

15. RESTRUCTURING PLANS

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 September 30, 2011 and December 31, 2010, the remaining liability associated with the 2010 Restructuring Plan was $13,036 and $21,381, respectively. In the first quarter of 2009 the Company also announced a restructuring plan (the "2009 Restructuring Plan"). As of September 30, 2011 and December 31, 2010, the remaining liability associated with the 2009 Restructuring Plan was $4,901 and $5,427, respectively. During the nine month period ended September 30, 2011, other than cash payments of $8,345 and $526 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.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References + Details

Income Taxes

9 Months Ended

Sep. 30, 2011

Income Taxes

Income Taxes

16. INCOME TAXES

As a result of its indirect investments in Lazard Group, 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 $20,605 and $51,704 for the three month and nine month periods ended September 30, 2011, respectively, and $9,113 and $29,049 for the three month and nine month periods ended September 30, 2010, respectively, representing effective tax rates of 23.5%, 20.6%, 11.5% and 25.9%, 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) changes in the valuation allowance on deferred tax assets 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 nine month periods ended September 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-Subparagraph (SX 210.4-08.(h))
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+ Details

Net Income Per Share Of Class A Common Stock

9 Months Ended

Sep. 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 nine month periods ended September 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 applicable and 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 nine month periods ended September 30, 2011 and 2010 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income attributable to Lazard Ltd		$62,699		$64,091		$179,710		$75,129
Add - adjustment associated with Class A common stock issuable on a non-contingent basis		86		116		285		95

Net income attributable to Lazard Ltd - basic		62,785		64,207		179,995		75,224
Add - 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		3,618		5,992		12,692		3,988

Net income attributable to Lazard Ltd - diluted		$66,403		$70,199		$192,687		$79,212


Weighted average number of shares of Class A common stock outstanding		115,071,470		108,302,438		114,026,323		98,579,076
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		3,244,474		2,756,633		3,559,705		2,861,665

Weighted average number of shares of Class A common stock outstanding - basic		118,315,944		111,059,071		117,586,028		101,440,741
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		18,542,012		27,035,030		20,679,466		34,113,390

Weighted average number of shares of Class A common stock outstanding - diluted		136,857,956		138,094,101		138,265,494		135,554,131

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.53		$0.58		$1.53		$0.74

Diluted		$0.49		$0.51		$1.39		$0.58

Related Parties

9 Months Ended

Sep. 30, 2011

Related Parties

Related Parties

18. RELATED PARTIES

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


	September 30, 2011		December 31, 2010
Receivables
LFCM Holdings	$	12,375	$	24,785
Other		1,873		89

Total	$	14,248	$	24,874

Payables
LFCM Holdings	$	3,327	$	2,819
Other		755		–

Total	$	4,082	$	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 or are 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 nine month periods ended September 30, 2011, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $596 and $1,788, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $5,927 and $19,074, respectively. For the three month and nine month periods ended September 30, 2010, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $557 and $1,616, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $2,779 and $9,508, 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 September 30, 2011 and December 31, 2010 primarily include $1,566 and $12,775, respectively, related to administrative and support services and reimbursement of expenses incurred on behalf of LFCM Holdings, and $9,698 and $11,413, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at September 30, 2011 and December 31, 2010 relate to obligations pursuant to the tax receivable agreement of $2,361 (see Note 16 of Notes to Condensed Consolidated Financial Statements) and $966 and $458, respectively, principally relating to certain advances and referral fees for Financial Advisory transactions.

Other

Other receivables and payables at September 30, 2011 primarily relate to referral fees for restructuring and M&A transactions with companies within the MBA Lazard Holdings S.A. group, an Argentina-based group in which the Company has a 50% ownership interest.

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 both the three month periods ended September 30, 2011 and 2010, such charges amounted to $188, and for both the nine month periods ended September 30, 2011 and 2010, such charges amounted to $563.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 57
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Regulatory Authorities

9 Months Ended

Sep. 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 September 30, 2011, LFNY's regulatory net capital was $167,157, which exceeded the minimum requirement by $161,116.

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 September 30, 2011, the aggregate regulatory net capital of the U.K. Subsidiaries was $152,947, which exceeded the minimum requirement by $108,653.

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 September 30, 2011, the consolidated regulatory net capital of CFLF was $183,444, which exceeded the minimum requirement set for regulatory capital levels by $84,635.

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 September 30, 2011, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $82,336, which exceeded the minimum required capital by $60,121.

At September 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.

- Definition

The entire disclosure for banks, savings institutions, and credit unions, for regulatory capital requirements imposed by the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS) or for any state imposed capital requirements, as applicable. The disclosure may include (1) a description of regulatory capital requirements (a) for capital adequacy purposes and (b) established by the prompt corrective action provisions of Section 38 of the Federal Depository Insurance Act; (2) the actual or possible material effects of noncompliance with such requirements; (3) whether the entity is in compliance with the regulatory capital requirements including (a) required and actual ratios and amounts of Tier 1 leverage, Tier 1 risk-based, and total risk-based capital, tangible capital (for savings institutions), and Tier 3 capital for market risk (for certain banks and bank holding companies), (b) factors that may significantly affect capital adequacy; (4) the prompt corrective action category in which the entity was classified as of its most recent notification; (5) whether management believes any conditions or events since notification have changed the entity's category. Also may include additional information that might be disclosed in situations where substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
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+ Details

Segment Information

9 Months Ended

Sep. 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 nine month periods ended September 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 September 30,						Nine Months Ended September 30,
		2011			2010			2011			2010
Financial Advisory
	Net Revenue	$	253,585		$	254,012		$	731,621		$	768,481
	Operating Expenses		213,614			215,838			641,397			667,538

	Operating Income	$	39,971		$	38,174		$	90,224		$	100,943


Asset Management
	Net Revenue	$	219,077		$	210,132		$	690,785		$	587,299
	Operating Expenses		156,709			150,515			466,827			416,841

	Operating Income	$	62,368		$	59,617		$	223,958		$	170,458


Corporate
	Net Revenue	$	(10,243	)	$	(10,907	)	$	(44,672	)	$	(45,297	)
	Operating Expenses		4,358			7,417			19,124			114,067

	Operating Loss	$	(14,601	)	$	(18,324	)	$	(63,796	)	$	(159,364	)


Consolidated
	Net Revenue	$	462,419		$	453,237		$	1,377,734		$	1,310,483
	Operating Expenses		374,681			373,770			1,127,348			1,198,446

	Operating Income	$	87,738		$	79,467		$	250,386		$	112,037


	As Of
	September 30, 2011		December 31, 2010
Total Assets
Financial Advisory	$	808,970	$	799,090
Asset Management		617,040		687,323
Corporate		1,710,459		1,936,119

Total	$	3,136,469	$	3,422,532

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Investments (Tables)

9 Months Ended

Sep. 30, 2011

Investments

Company's Investments And Securities Sold, Not Yet Purchased


	September 30, 2011		December 31, 2010
	September 30, 2011		December 31, 2010
Debt:
U.S. Government and agencies	$	1,017	$	31,900
Fixed income funds (a)		36,097		33,951
Corporate and other debt and interest-bearing deposits		21,874		29,693

		58,988		95,544

Equities (a)		89,326		88,437

Other:
Interests in alternative asset management funds (a)		44,737		58,656
Private equity		142,778		163,482
Equity method investments		11,083		11,291

		198,598		233,429

Total investments		346,912		417,410
Less:
Interest-bearing deposits		4,437		7,754
Equity method investments		11,083		11,291

Investments, at fair value	$	331,392	$	398,365

Securities sold, not yet purchased, at fair value (included in "other liabilities")		$1,281		$2,897

(a)

Gross Investment Gains And Losses On Investments


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2011		2010		2011		2010
Gross investment gains	$	–	$	17,306	$	12,226	$	26,690
Gross investment losses	$	23,873	$	–	$	24,145	$	7,031

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


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2011		2010		2011		2010
Gross unrealized investment gains	$	–	$	1,187	$	35	$	–
Gross unrealized investment losses	$	2,536	$	101	$	1,670	$	138

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2011

Fair Value Measurements

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


	September 30, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt:
U.S. Government and agencies	$	1,017	$	–	$	–	$	1,017
Fixed income funds		4,173		31,924		–		36,097
Corporate and other debt		17,437		–		–		17,437
Equities		71,287		17,913		126		89,326
Other (excluding equity method investments):
Interest in alternative asset management funds		–		36,209		8,528		44,737
Private equity		–		–		142,778		142,778
Derivatives		–		19,603		–		19,603

Total Assets	$	93,914	$	105,649	$	151,432	$	350,995

Liabilities:
Securities sold, not yet purchased	$	1,281	$	–	$	–	$	1,281
Derivatives		–		29,654		–		29,654

Total Liabilities	$	1,281	$	29,654	$	–	$	30,935


	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 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 September 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	$	135	$	–		$	–	$	–		$	(9	)	$	126
Interests in alternative asset management funds		–		–			8,528		–			–			8,528
Private equity		174,704		(963	)		17,158		(45,058	)		(3,063	)		142,778

Total Level 3 Assets	$	174,839	$	(963	)	$	25,686	$	(45,058	)	$	(3,072	)	$	151,432


	Nine Months Ended September 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)		$	2	$	126
Interests in alternative asset management funds		–		–		8,528		–			–		8,528
Private equity		163,482		2,861		30,233		(54,218	)		420		142,778

Total Level 3 Assets	$	163,798	$	2,864	$	38,761	$	(54,413)		$	422	$	151,432


	Three Months Ended September 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	$	299	$	18	$	2	$	–		$	(6	)	$	313
Private equity		138,409		599		1,486		(869	)		4,188			143,813

Total Level 3 Assets	$	138,708	$	617	$	1,488	$	(869	)	$	4,182		$	144,126


	Nine Months Ended September 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	$	6	$	8	$	–		$	(6	)	$	313
Private equity		135,914		5,352		7,040		(2,062	)		(2,431	)		143,813

Total Level 3 Assets	$	136,219	$	5,358	$	7,048	$	(2,062	)	$	(2,437	)	$	144,126

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

Derivatives (Tables)

9 Months Ended

Sep. 30, 2011

Derivatives

Fair Value Of Derivatives Reported On Consolidated Statements Of Financial Condition


	September 30, 2011		December 31, 2010
Derivative Assets:
Forward foreign currency exchange rate contracts	$	7,963	$	1,432
Interest rate swaps		44		57
Equity and fixed income swaps and other		11,596		385

	$	19,603	$	1,874

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	367	$	2,151
Interest rate swaps		299		326
Equity and fixed income swaps		–		753
Lazard Fund Interests and other similar arrangements		28,988		–

	$	29,654	$	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="67%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </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 September 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">Nine Months Ended September 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">$</td> <td valign="bottom" align="right">6,541</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,884</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,856</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">467</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">16</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">36</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Equity and fixed income swaps and other</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">12,014</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,900</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,296</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,850</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Lazard Fund Interests and other similar arrangements</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,961</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">– </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,961</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">– </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 bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,610</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(18,782</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,492</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,347</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)

9 Months Ended

Sep. 30, 2011

Goodwill And Other Intangible Assets

Schedule Of Components Of Goodwill And Other Intangible Assets


	September 30, 2011		December 31, 2010
Goodwill	$	350,921	$	313,229
Other intangible assets (net of accumulated amortization)		43,461		48,210

	$	394,382	$	361,439

Schedule Of Changes In Carrying Amount Of Goodwill


	Nine Months Ended September 30,
	2011			2010
Balance, January 1	$	313,229		$	261,703
Business acquisitions, including $39,654 of additional contingent consideration earned relating to prior year business acquisitions		42,566			–
Foreign currency translation adjustments		(4,874	)		6,019

Balance, September 30	$	350,921		$	267,722

Schedule Of Gross Cost And Accumulated Amortization


	September 30, 2011						December 31, 2010
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	1,450	$	29,290	$	30,740	$	890	$	29,850
Management fees, customer relationships and non-compete agreements		32,624		18,453		14,171		32,477		14,117		18,360

	$	63,364	$	19,903	$	43,461	$	63,217	$	15,007	$	48,210

Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense


Year Ending December 31,	Amortization Expense (a)
2011 (October 1 through December 31)	$	1,399
2012		6,331
2013		12,689
2014		9,750
2015		7,167
Thereafter		6,125

Total amortization expense	$	43,461

(a)

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

- Definition

Tabular disclosure of goodwill by reportable segment and in total. Disclosure details may include, but are not limited to, the carrying amount of goodwill, goodwill acquired during the year, goodwill impairment losses recognized, goodwill written-off due to the sale of a business unit, goodwill not yet allocated, and any other changes to goodwill.

+ References + Details

Senior And Subordinated Debt (Tables)

9 Months Ended

Sep. 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			September 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		150,000		4/29/13		1.90	%		–		–

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

Commitments And Contingencies (Tables)

9 Months Ended

Sep. 30, 2011

Commitments And Contingencies

Schedule Of Future Minimum Rental Payments For Operating Leases


Year Ending December 31,
2011 (October 1 through December 31)	$	18,170
2012		57,491
2013		65,469
2014		67,957
2015		63,818
Thereafter		807,230

Total minimum lease payments		1,080,135

Sublease proceeds		180,647

Net lease payments	$	899,488

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2011

Stockholders' Equity

Schedule Of Group Distributions


	Nine Months Ended September 30,
	2011		2010
LAZ-MD Holdings	$	3,280	$	8,453
Subsidiaries of Lazard Ltd		51,409		36,714

	$	54,689	$	45,167

Schedule Of Share Repurchase Program


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Class A common stock		21,092,575	$	33.58
Lazard Group common membership interests		1,400,089	$	32.66

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


	September 30, 2011			December 31, 2010
	September 30, 2011			December 31, 2010
Currency translation adjustments	$	6,871		$	13,193
Interest rate hedge		(3,820	)		(4,611	)
Employee benefit plans		(63,136	)		(56,595	)

Total AOCI		(60,085	)		(48,013	)
Less amount attributable to noncontrolling interests		(2,373	)		(1,855	)

Total Lazard Ltd AOCI	$	(57,712	)	$	(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 September 30, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
2010 Secondary Offerings		8,884,332					(8,884,332	)					–
Exchanges for Class A common stock		11,665,618					(11,665,618	)					–
Business acquisitions		888,605					–						888,605
Repurchase of common membership interests from LAZ-MD Holdings		–					(167,286	)					(167,286	)

Balance, September 30, 2010		116,604,467		91.5	%		10,803,190			8.5	%		127,407,657


Balance, January 1, 2011		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to September 30, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		738,655					(738,655	)					–
Business acquisitions		2,434,561					–						2,434,561
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, September 30, 2011		122,871,152		94.7	%		6,894,938			5.3	%		129,766,090

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 September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010
LAZ-MD Holdings	$	4,209		$	6,152		$	11,955		$	4,909
Edgewater		587			(366	)		7,492			3,511
GP interests		(192	)		879			(179	)		151
Other		(170	)		(402	)		(296	)		(712	)

Total	$	4,434		$	6,263		$	18,972		$	7,859



	Noncontrolling Interests As Of
	September 30, 2011		December 31, 2010
LAZ-MD Holdings	$	30,576	$	22,167
Edgewater		105,461		111,289
GP interests		7,037		8,219
Other		1,609		2,044

Total	$	144,683	$	143,719

Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2011

Incentive Plans

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		*2010 ()**
Compensation and benefits	$	58,489	$	46,814	$	200,899	$	201,157
Restructuring		–		–		–		46,880

Total	$	58,489	$	46,814	$	200,899	$	248,037

(*)	Includes, during the nine month period ended September 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


	Nine Months Ended September 30
	2011		2010
Issuance of RSUs		251,146		244,754
Charges to retained earnings, net of estimated forfeitures		$8,169		$6,963

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 251,146 RSUs relating to dividend participation)		6,764,420		$	43.91		32,230		$	37.06
Forfeited		(287,975	)	$	37.73		–			–
Vested/Converted		(7,848,744	)	$	39.21		(16,120	)	$	34.76

Balance, September 30, 2011		20,736,336		$	36.99		137,847		$	35.03


Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 244,754 RSUs relating to dividend participation)		7,730,444		$	35.66		37,500		$	31.27
Forfeited		(726,948	)	$	36.21		–			–
Vested/Converted/Exchanged		(7,979,501	)	$	39.86		(20,435	)	$	35.38

Balance, September 30, 2010		22,391,808		$	35.57		120,211		$	34.42

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		327,238		$	43.70
Vested		(327,238	)	$	43.70

Balance, September 30, 2011		95,332		$	37.63


Balance, January 1, 2010		–			–
Granted/Exchanged		95,332		$	37.63
Vested		–			–

Balance, September 30, 2010		95,332		$	37.63

Employee Benefit Plans (Tables)

3 Months Ended

9 Months Ended

Sep. 30, 2011

Employee Benefit Plans

Schedule Of Net Periodic Benefit Cost (Credit)


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended September 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	163		$	160		$	18	$	20
Interest cost		7,242			6,921			70		73
Expected return on plan assets		(7,763	)		(7,372	)		–		–
Amortization of:
Prior service cost (credit)		756			632			–		(332	)
Net actuarial loss		65			203			–		–

Net periodic benefit cost (credit)	$	463		$	544		$	88	$	(239	)


	Pension Plans						Post-Retirement Medical Plans
	Nine Months Ended September 30,
	2011			2010			2011		2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	495		$	420		$	52	$	60
Interest cost		21,401			20,708			209		219
Expected return on plan assets		(23,029	)		(21,801	)		–		–
Amortization of:
Prior service cost (credit)		2,258			2,108			–		(1,023	)
Net actuarial loss		194			602			–		–

Net periodic benefit cost (credit)	$	1,319		$	2,037		$	261	$	(744	)

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

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Net income attributable to Lazard Ltd		$62,699		$64,091		$179,710		$75,129
Add - adjustment associated with Class A common stock issuable on a non-contingent basis		86		116		285		95

Net income attributable to Lazard Ltd - basic		62,785		64,207		179,995		75,224
Add - 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		3,618		5,992		12,692		3,988

Net income attributable to Lazard Ltd - diluted		$66,403		$70,199		$192,687		$79,212


Weighted average number of shares of Class A common stock outstanding		115,071,470		108,302,438		114,026,323		98,579,076
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		3,244,474		2,756,633		3,559,705		2,861,665

Weighted average number of shares of Class A common stock outstanding - basic		118,315,944		111,059,071		117,586,028		101,440,741
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		18,542,012		27,035,030		20,679,466		34,113,390

Weighted average number of shares of Class A common stock outstanding - diluted		136,857,956		138,094,101		138,265,494		135,554,131

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.53		$0.58		$1.53		$0.74

Diluted		$0.49		$0.51		$1.39		$0.58

Related Parties (Tables)

9 Months Ended

Sep. 30, 2011


	September 30, 2011		December 31, 2010
Receivables
LFCM Holdings	$	12,375	$	24,785
Other		1,873		89

Total	$	14,248	$	24,874

Payables
LFCM Holdings	$	3,327	$	2,819
Other		755		–

Total	$	4,082	$	2,819

Segment Information (Tables)

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
		2011			2010			2011			2010
Financial Advisory
	Net Revenue	$	253,585		$	254,012		$	731,621		$	768,481
	Operating Expenses		213,614			215,838			641,397			667,538

	Operating Income	$	39,971		$	38,174		$	90,224		$	100,943


Asset Management
	Net Revenue	$	219,077		$	210,132		$	690,785		$	587,299
	Operating Expenses		156,709			150,515			466,827			416,841

	Operating Income	$	62,368		$	59,617		$	223,958		$	170,458


Corporate
	Net Revenue	$	(10,243	)	$	(10,907	)	$	(44,672	)	$	(45,297	)
	Operating Expenses		4,358			7,417			19,124			114,067

	Operating Loss	$	(14,601	)	$	(18,324	)	$	(63,796	)	$	(159,364	)


Consolidated
	Net Revenue	$	462,419		$	453,237		$	1,377,734		$	1,310,483
	Operating Expenses		374,681			373,770			1,127,348			1,198,446

	Operating Income	$	87,738		$	79,467		$	250,386		$	112,037


	As Of
	September 30, 2011		December 31, 2010
Total Assets
Financial Advisory	$	808,970	$	799,090
Asset Management		617,040		687,323
Corporate		1,710,459		1,936,119

Total	$	3,136,469	$	3,422,532

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References + Details

Organization And Basis Of Presentation (Details) - $ / shares	Sep. 30, 2011	Dec. 31, 2010
Lazard Ltd [Member]
Common membership interests held	94.70%	94.00%
Lazard MD Holdings LLC [Member]
Common membership interests held	5.30%	6.00%
Class A Common Stock [Member]
Common stock, par value	$ 0.01	$ 0.01

Receivables - Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Receivables - Net (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Receivables - Net
Receivables from customers and other receivables	$ 1,433		$ 1,433		$ 2,121
Estimated allowance for doubtful accounts	17,457		17,457		15,017
Bad debt expense	1,445	$ 226	4,875	$ 9,416
Charge-offs, foreign currency translation and other adjustments	513	$ 2,097	2,435	$ 3,991
Receivables deemed past due or uncollectible	$ 21,255		$ 21,255		$ 17,101

Investments (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
Investments (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010	Jan. 26, 2010	Jan. 24, 2008
Equity method investments - purchase of common stock	$ 11,083		$ 11,291
Pre-tax unrealized available-for-sale investment gains	0	$ 8,672
Pre-tax unrealized available-for-sale investment losses	0	$ 1,950
GP interests consolidated, but owned by noncontrolling interests	7,037		8,219
Sapphire Industrials Corp. [Member]
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
Edgewater [Member]
Private equity investments consolidated, but owned by noncontrolling interests	$ 37,610		$ 67,206

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

Sep. 30, 2011

Dec. 31, 2010

Total debt securities

$ 58,988

$ 95,544

Equities

^[1]

89,326

88,437

Total Investments

346,912

417,410

Investments, at fair value

331,392

398,365

Interest-bearing deposits

4,437

7,754

Interests in alternative asset management funds

^[1]

44,737

58,656

Private equity

142,778

163,482

Equity method investments

11,083

11,291

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

1,281

2,897

Lazard Fund Interests, Fixed Income Funds

5,128

Lazard Fund Interests Equities

18,999

Lazard Fund Interests, Alternative Asset Management Funds

4,861

Other [Member]

Other investments

198,598

233,429

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

Total debt securities

1,017

31,900

Fixed Income Funds [Member] | Debt [Member]

Total debt securities

^[1]

36,097

33,951

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

Total debt securities

$ 21,874

$ 29,693

[1]

Investments (Gross Investment Gains And Losses On Investments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Investments
Gross investment gains		$ 17,306	$ 12,226	$ 26,690
Gross investment losses	$ 23,873		$ 24,145	$ 7,031

Investments (Gross Unrealized Investment Gains And Losses Pertaining To "Trading" Securities) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Investments
Gross unrealized investment gains		$ 1,187	$ 35
Gross unrealized investment losses	$ 2,536	$ 101	$ 1,670	$ 138

- Definition

The increase (decrease) resulting in a gain from the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(c))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6956420&loc=d3e24584-111560

+ Details

- Definition

The increase (decrease) resulting in a loss from the difference between the fair value and the carrying value, or in the comparative fair values, of trading securities held at each balance sheet date, that was included in earnings for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(c))
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6956420&loc=d3e24584-111560

+ Details

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Sales/Dispositions	$ (45,058)	$ (869)	$ (54,413)	$ (2,062)
Fair Value, Inputs, Level 3 [Member]
Net unrealized gains (losses)	(829)	617	2,988	5,358
Private Equity [Member]
Sales/Dispositions	(45,058)	$ (869)	(54,218)	$ (2,062)
Private Equity [Member] \| Edgewater [Member]
Sales/Dispositions	$ 42,800		$ 49,500

Fair Value Measurements (Categorization Of Investments And Certain Other Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Derivatives	$ 19,603	$ 1,874
Total Assets	350,995	400,239
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,281	2,897
Derivatives	29,654	3,230
Total Liabilities	30,935	6,127
Fair Value, Inputs, Level 1 [Member]
Total Assets	93,914	120,108
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,281	2,897
Total Liabilities	1,281	2,897
Fair Value, Inputs, Level 2 [Member]
Derivatives	19,603	1,874
Total Assets	105,649	116,333
Derivatives	29,654	3,230
Total Liabilities	29,654	3,230
Fair Value, Inputs, Level 3 [Member]
Total Assets	151,432	163,798
Equities [Member]
Investments	89,326	88,437
Equities [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments	71,287	66,269
Equities [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments	17,913	21,852
Equities [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments	126	316
Other [Member] \| Interests In Alternative Asset Management Funds [Member]
Investments	44,737	58,656
Other [Member] \| Interests In Alternative Asset Management Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments	36,209	58,656
Other [Member] \| Interests In Alternative Asset Management Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments	8,528
Other [Member] \| Private Equity [Member]
Investments	142,778	163,482
Other [Member] \| Private Equity [Member] \| Fair Value, Inputs, Level 3 [Member]
Investments	142,778	163,482
U.S. Government And Agencies [Member] \| Debt [Member]
Investments	1,017	31,900
U.S. Government And Agencies [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments	1,017	31,900
Fixed Income Funds [Member] \| Debt [Member]
Investments	36,097	33,951
Fixed Income Funds [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments	4,173
Fixed Income Funds [Member] \| Debt [Member] \| Fair Value, Inputs, Level 2 [Member]
Investments	31,924	33,951
Corporate And Other Debt [Member] \| Debt [Member]
Investments	17,437	21,939
Corporate And Other Debt [Member] \| Debt [Member] \| Fair Value, Inputs, Level 1 [Member]
Investments	$ 17,437	$ 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		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Beginning Balance	$ 174,839	$ 138,708	$ 163,798	$ 136,219
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	(963)	617	2,864	5,358
Purchases/Acquisitions	25,686	1,488	38,761	7,048
Sales/Dispositions	(45,058)	(869)	(54,413)	(2,062)
Foreign Currency Translation Adjustments	(3,072)	4,182	422	(2,437)
Ending Balance	151,432	144,126	151,432	144,126
Equities [Member]
Beginning Balance	135	299	316	305
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other		18	3	6
Purchases/Acquisitions		2		8
Sales/Dispositions			(195)
Foreign Currency Translation Adjustments	(9)	(6)	2	(6)
Ending Balance	126	313	126	313
Interests In Alternative Asset Management Funds [Member]
Purchases/Acquisitions	8,528		8,528
Ending Balance	8,528		8,528
Private Equity [Member]
Beginning Balance	174,704	138,409	163,482	135,914
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	(963)	599	2,861	5,352
Purchases/Acquisitions	17,158	1,486	30,233	7,040
Sales/Dispositions	(45,058)	(869)	(54,218)	(2,062)
Foreign Currency Translation Adjustments	(3,063)	4,188	420	(2,431)
Ending Balance	$ 142,778	$ 143,813	$ 142,778	$ 143,813

Derivatives (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Derivatives (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Derivatives designated as hedging instruments	no		no
Interest Rate Swaps [Member]
Pre-tax losses on derivatives		$ 332		$ 4,088

Derivatives (Fair Value Of Derivatives Reported On Consolidated Statements Of Financial Condition) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Derivative assets	$ 19,603	$ 1,874
Derivative liabilities	29,654	3,230
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative assets	7,963	1,432
Derivative liabilities	367	2,151
Interest Rate Swaps [Member]
Derivative assets	44	57
Derivative liabilities	299	326
Equity And Fixed Income Swaps [Member]
Derivative liabilities		753
Equity And Fixed Income Swaps And Other [Member]
Derivative assets	11,596	$ 385
Lazard Fund Interests And Other Similar Arrangements [Member]
Derivative liabilities	$ 28,988

- Definition

Fair values as of the balance sheet date of all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References + Details

- Definition

Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements.

+ References + Details

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		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Gains (losses) on derivatives not designated as hedging instruments	$ 14,610	$ (18,782)	$ 2,492	$ (2,347)
Forward Foreign Currency Exchange Rate Contracts [Member]
Gains (losses) on derivatives not designated as hedging instruments	6,541	(11,884)	(2,856)	467
Interest Rate Swaps [Member]
Gains (losses) on derivatives not designated as hedging instruments	16	2	13	36
Equity And Fixed Income Swaps And Other [Member]
Gains (losses) on derivatives not designated as hedging instruments	12,014	$ (6,900)	9,296	$ (2,850)
Lazard Fund Interests And Other Similar Arrangements [Member]
Gains (losses) on derivatives not designated as hedging instruments	$ (3,961)		$ (3,961)

Lam Merger Transaction (Details) - USD ($) $ in Thousands	Oct. 31, 2011	Sep. 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		$ 15,649	$ 15,152
Other liabilities		$ 74,930	$ 71,394

Business Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
Business Acquisitions (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Jul. 15, 2009
Aggregate fair value of the consideration recognized at the acquisition date				$ 61,624
Business acquisition number of common stock issued	2,434,561		888,605
Preferred stock convertible into common shares on a non-contingent basis	14,100	4,862
Preferred stock convertible into common shares on a contingent basis	7,921	17,159
Additional Preferred Stock [Member]
Preferred stock convertible into common shares on a non-contingent basis	9,238
Class A Common Stock [Member]
Business acquisition number of common stock issued	3,682,116			1,142,857
Business acquisition common stock issuable on a non-contingent basis	47,474	1,295,029
Converted preferred stock into common stock, shares	2,434,561
Class A Common Stock [Member] \| Additional Common Stock [Member]
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		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010	Dec. 31, 2009
Goodwill	$ 350,921	$ 267,722	$ 350,921	$ 267,722	$ 313,229	$ 261,703
Amortization expenses of intangible assets	1,716	$ 1,719	4,896	$ 5,258
Financial Advisory Segment [Member]
Goodwill	286,380		286,380		251,599
Asset Management Segment [Member]
Goodwill	$ 64,541		$ 64,541		$ 61,630

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 1
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Other Intangible Assets (Schedule Of Components Of Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Dec. 31, 2009
Goodwill And Other Intangible Assets
Goodwill	$ 350,921	$ 313,229	$ 267,722	$ 261,703
Other intangible assets (net of accumulated amortization)	43,461	48,210
Goodwill and intangible assets net	$ 394,382	$ 361,439

- Definition

+ References

+ Details

Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Goodwill And Other Intangible Assets
Balance, January 1	$ 313,229	$ 261,703
Foreign currency translation adjustments	(4,874)	6,019
Business acquisitions, including $39,654 of additional contingent consideration earned relating to prior year business acquisitions	42,566
Balance, September 30	350,921	$ 267,722
Additional contingent consideration earned	$ 39,654

The increase (decrease) in the recorded value of goodwill for foreign currency translation adjustments and purchase accounting adjustments needed to revise the carrying amount of goodwill to fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Subparagraph e
-Paragraph 45
-Clause 7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Goodwill And Other Intangible Assets (Schedule Of Gross Cost And Accumulated Amortization) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Other intangible assets, Gross Cost	$ 63,364	$ 63,217
Other intangible assets, Accumulated Amortization	19,903	15,007
Other intangible assets, Net Carrying Amount	43,461	48,210
Success/Performance Fees [Member]
Other intangible assets, Gross Cost	30,740	30,740
Other intangible assets, Accumulated Amortization	1,450	890
Other intangible assets, Net Carrying Amount	29,290	29,850
Management Fees, Customer Relationships And Non-Compete Agreements [Member]
Other intangible assets, Gross Cost	32,624	32,477
Other intangible assets, Accumulated Amortization	18,453	14,117
Other intangible assets, Net Carrying Amount	$ 14,171	$ 18,360

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

9 Months Ended

Sep. 30, 2011

USD ($)

Intangible Assets

2011 (October 1 through December 31)

$ 1,399

^[1]

2012

6,331

^[1]

2013

12,689

^[1]

2014

9,750

^[1]

2015

7,167

^[1]

Thereafter

6,125

^[1]

Total amortization expense

$ 43,461

^[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	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2010	Sep. 30, 2010	Apr. 29, 2010
Senior revolving credit facility over next 3 years				$ 150,000
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
Subordinated borrowing, annual interest rate		3.25%
Fair value of senior and subordinated debt	$ 1,174,000	$ 1,271,000
Fair value of senior and subordinated debt in excess of the aggregate carrying value	97,000	$ 44,000
Unused line of credit facility available	322,000
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]
Unused line of credit facility available	$ 100,000
Edgewater [Member]
Unused line of credit facility available	$ 65,000
Revolving Credit Facility [Member]
Revolver Credit Facility annual interest rate	1.90%

Senior And Subordinated Debt (Schedule Of Senior Debt) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2011	Dec. 31, 2010
Senior Debt, Outstanding	$ 1,076,850,000	$ 1,076,850,000
Senior Debt [Member]
Senior Debt, Outstanding	1,076,850,000	1,076,850,000
Senior Debt [Member] \| Lazard Group 7.125% Senior Notes [Member]
Senior Debt, Initial Principal Amount	$ 550,000,000
Senior Debt, Maturity Date	May 15, 2015
Senior Debt, Annual Interest Rate	7.125%
Senior Debt, Outstanding	$ 528,500,000	528,500,000
Senior Debt [Member] \| Lazard Group 6.85% Senior Notes [Member]
Senior Debt, Initial Principal Amount	$ 600,000,000
Senior Debt, Maturity Date	Jun. 15, 2017
Senior Debt, Annual Interest Rate	6.85%
Senior Debt, Outstanding	$ 548,350,000	548,350,000
Senior Debt [Member] \| Lazard Group Credit Facility [Member]
Senior Debt, Initial Principal Amount	$ 150,000,000
Senior Debt, Maturity Date	Apr. 29, 2013
Senior Debt, Annual Interest Rate	1.90%
Senior Debt, Outstanding

Commitments And Contingencies (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Guarantees	$ 4,143
Collateral counter-guarantees	2,828
Investment commitment to develop certain real estate investment funds	25,000
Third Party assets under Management in such funds ,minimum	$ 250,000
Investment commitment to develop real estate investment funds, maximum, period	December 31, 2013
Other outstanding commitments	$ 16,718
Corporate Partners II Limited [Member]
Private equity investment funds, maximum	2,692
Edgewater Growth Capital Partners III [Member]
Private equity investment funds, maximum	$ 41,753

Commitments And Contingencies (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Commitments And Contingencies
2011 (October 1 through December 31)	$ 18,170
2012	57,491
2013	65,469
2014	67,957
2015	63,818
Thereafter	807,230
Total minimum lease payments	1,080,135
Sublease proceeds	180,647
Net lease payments	$ 899,488

Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended					3 Months Ended			9 Months Ended		68 Months Ended
	Oct. 26, 2011	Oct. 31, 2011	Feb. 28, 2011	Aug. 31, 2010	Mar. 31, 2010	Jan. 31, 2010	Sep. 30, 2011	Sep. 30, 2010	Mar. 31, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Dec. 31, 2010	Jul. 15, 2009
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests										$ 0
Quarterly dividend declared per share							$ 0.16	$ 0.125		$ 0.445	$ 0.375
Business acquisition number of common stock issued							2,434,561	888,605		2,434,561	888,605	2,434,561
Secondary offering - shares sold pertaining to shares held by Estate					1,681,410
Stock/membership interest repurchase program authorized amount		$ 125,000
Price per share in connection with shares repurchase program				30.32
Authorized shares of preferred stock							15,000,000	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	$ 0.01
Convertible preferred stock							14,100			14,100		14,100
Percentage of common membership interests and corresponding voting interests in subsidiary by non controlling interests							5.30%			5.30%		5.30%	6.00%
Subsidiaries Of Lazard Ltd [Member]
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests										$ 0
LAZ-MD Holdings [Member]
Tax Distributions by Subsidiary to controlling and noncontrolling common membership interests										$ 0
Lazard Ltd [Member]
Business acquisition number of common stock issued							2,434,561	888,605		2,434,561	888,605	2,434,561
Shares in exchange of a like number of common membership interests										738,655	11,665,618
Estate Of Former Chairman And Chief Executive Officer [Member]
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 [Member]
Quarterly dividend declared per share	$ 0.16
Newly issued common stock									3,000,000
Business acquisition number of common stock issued							3,682,116			3,682,116		3,682,116		1,142,857
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
Shares purchased in connection with secondary offering				2,500,000
Secondary offering - shares sold				7,397,837	7,869,311
Aggregate shares sold from selling shareholders - secondary offering				9,897,837
Secondary offering - price of shares sold				$ 30.32
Aggregate cost of shares in connection with shares repurchase program				$ 75,800
Number of shares/common membership interests purchased										4,318,916
Aggregate cost of shares/common membership interests purchased										$ 158,617
Class A Common Stock [Member] \| Subsidiaries Of Lazard Ltd [Member]
Business acquisition number of common stock issued							1,247,555			1,247,555		1,247,555
Series A Preferred Stock [Member]
Outstanding shares of preferred stock							7,921			7,921		7,921	22,021
Convertible preferred stock							9,238			9,238		9,238	4,862
Remaining outstanding preferred shares							7,921			7,921		7,921	17,159
Series B Preferred Stock [Member]
Outstanding shares of preferred stock							0			0		0	0
Share Repurchase Program [Member]
Stock/membership interest repurchase program authorized amount			$ 250,000			$ 200,000				$ 450,000
Share repurchase amount unused		$ 258,360								$ 133,360
Common stock of parent held by subsidiary							4,098,431			4,098,431		4,098,431	6,847,508
Shares Received Upon Exchange [Member] \| Class A Common Stock [Member]
Secondary offering - shares sold pertaining to shares previously received				7,194,144	7,262
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange				2,703,693	6,180,639
Lazard Group Common Membership Interests [Member]
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	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Amounts distributed by Lazard Group	$ 54,689	$ 45,167
LAZ-MD Holdings [Member]
Amounts distributed by Lazard Group	3,280	8,453
Subsidiaries Of Lazard Ltd [Member]
Amounts distributed by Lazard Group	$ 51,409	$ 36,714

Stockholders' Equity (Schedule Of Share Repurchase Program) (Details) - $ / shares	9 Months Ended	68 Months Ended
	Sep. 30, 2011	Sep. 30, 2011
Class A Common Stock [Member]
Average price per share/common membership interest		$ 33.58
Number of shares/common membership interests purchased		21,092,575
Lazard Group Common Membership Interests [Member]
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	Sep. 30, 2011	Dec. 31, 2010
Stockholders' Equity
Currency translation adjustments	$ 6,871	$ 13,193
Interest rate hedge	(3,820)	(4,611)
Employee benefit plans	(63,136)	(56,595)
Total AOCI	(60,085)	(48,013)
Less amount attributable to noncontrolling interests	(2,373)	(1,855)
Total Lazard Ltd AOCI	$ (57,712)	$ (46,158)

- Definition

The total of net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other postretirement plan(s) because they have yet to be recognized as components of net periodic benefit cost.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph i
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7
-Subparagraph c
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e637-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e681-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6920043&loc=d3e653-108580

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

+ Details

- Definition

Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses.

+ References

+ Details

Stockholders' Equity (Schedule Of Changes In Ownership Interests) (Details) - shares	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
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 Exchanges for Class A common stock
Common membership interest activity in connection with Business acquisitions	2,434,561	888,605
Repurchase of common membership interests from LAZ-MD Holdings	(19,032)	(167,286)
Ending balance (in shares)	129,766,090	127,407,657
LAZ-MD Holdings [Member]
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 2010 Secondary Offerings		(8,884,332)
Common membership interest activity in connection with Exchanges for Class A common stock	(738,655)	(11,665,618)
Repurchase of common membership interests from LAZ-MD Holdings	(19,032)	(167,286)
Ending balance (in shares)	6,894,938	10,803,190
Percentage Of Ownership, Ending Balance	5.30%	8.50%
Lazard Ltd [Member]
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 2010 Secondary Offerings		8,884,332
Common membership interest activity in connection with Exchanges for Class A common stock	738,655	11,665,618
Common membership interest activity in connection with Business acquisitions	2,434,561	888,605
Repurchase of common membership interests from LAZ-MD Holdings
Ending balance (in shares)	122,871,152	116,604,467
Percentage Of Ownership, Ending Balance	94.70%	91.50%

Stockholders' Equity (Schedule Of Net Income (Loss) Attributable To Noncontrolling Interests) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Net Income (Loss) Attributable To Noncontrolling Interests	$ 4,434	$ 6,263	$ 18,972	$ 7,859
Noncontrolling interests	144,683		144,683		$ 143,719
LAZ-MD Holdings [Member]
Net Income (Loss) Attributable To Noncontrolling Interests	4,209	6,152	11,955	4,909
Noncontrolling interests	30,576		30,576		22,167
Edgewater [Member]
Net Income (Loss) Attributable To Noncontrolling Interests	587	(366)	7,492	3,511
Noncontrolling interests	105,461		105,461		111,289
GP Interests [Member]
Net Income (Loss) Attributable To Noncontrolling Interests	(192)	879	(179)	151
Noncontrolling interests	7,037		7,037		8,219
Other [Member]
Net Income (Loss) Attributable To Noncontrolling Interests	(170)	$ (402)	(296)	$ (712)
Noncontrolling interests	$ 1,609		$ 1,609		$ 2,044

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).

+ References + Details

- Definition

The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591552-111686

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6921930&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=6922042&loc=SL4591551-111686

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Incentive Plans (Narrative) (Details)	1 Months Ended	3 Months Ended			9 Months Ended
Incentive Plans (Narrative) (Details)	Jan. 31, 2010 USD ($)	Sep. 30, 2011 USD ($) shares	Sep. 30, 2010 USD ($)	Mar. 31, 2010 USD ($) shares	Sep. 30, 2011 USD ($) years shares	Sep. 30, 2010 USD ($) shares
Fair value of DSU awards expensed \| $		$ 70,000	$ 58,000		$ 1,194,000	$ 1,173,000
Share Based Compensation Expense RSU Awards Expense In Connection With Change In Retirement Policy \| $	$ 24,860,000			$ 24,860,000
Restricted Stock Units (RSUs) [Member]
Dividend participation rights \| shares					251,146	244,754
Shares/Units, Vested \| shares					7,848,744	7,979,501
Delivery of common stock associated with stock awards \| $					$ 5,545,946	$ 6,335,607
Unrecognized compensation expense for Lazard Fund Interests and other similar arrangements, adjusted for forfeitures \| $					$ 309,000,000
Weighted average period of unrecognized compensation expense, years \| years					1.5
Deferred Stock Unit [Member]
Shares/Units, Vested \| shares					16,120	20,435
Restricted Stock [Member]
Withholding taxes in lieu of share delivery \| shares					68,866
Shares/Units, Vested \| shares					327,238
Delivery of common stock associated with stock awards \| $					$ 258,372
Unrecognized compensation expense for Lazard Fund Interests and other similar arrangements, adjusted for forfeitures \| $					$ 1,300,000
Weighted average period of unrecognized compensation expense, years \| years					1.0
Expense related to stock and other awards \| $		374,000	$ 483,000		$ 9,373,000	$ 643,000
Other Incentive Awards [Member]
Unrecognized compensation expense for Lazard Fund Interests and other similar arrangements, adjusted for forfeitures \| $					$ 21,000,000
Weighted average period of unrecognized compensation expense, years \| years					2.0
Expense related to stock and other awards \| $		$ 2,480,000			$ 7,534,000
Class A Common Stock [Member]
Shares authorized pertaining to share based compensation arrangements, 2005 Plan \| shares		25,000,000		25,000,000	25,000,000
Class A Common Stock [Member] \| Restricted Stock Units (RSUs) [Member]
Withholding taxes in lieu of share delivery \| shares					2,302,798	1,602,999
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 \| shares					26,859	31,588
Portion of annual compensation elected to be paid in DSUs in lieu of cash \| shares					5,371	5,912
Awarded Under 2008 Plan [Member]
Percentage of outstanding Class A common stock					30.00%

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

1 Months Ended

3 Months Ended

9 Months Ended

Jan. 31, 2010

Sep. 30, 2011

Sep. 30, 2010

Mar. 31, 2010

Sep. 30, 2011

Sep. 30, 2010

Incentive Plans

Compensation and benefits

$ 58,489

$ 46,814

$ 200,899

$ 201,157

^[1]

Restructuring

^[1]

46,880

Total

$ 58,489

$ 46,814

$ 200,899

$ 248,037

^[1]

Share Based Compensation Expense RSU Awards Expense In Connection With Change In Retirement Policy

$ 24,860

[1]	Includes, during the nine month period ended September 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	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Incentive Plans
Issuance of RSUs	251,146	244,754
Charges to retained earnings, net of estimated forfeitures	$ 8,169	$ 6,963

Incentive Plans (Schedule Of Activity Relating To RSUs And DSUs) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Deferred Stock Unit [Member]
Shares/Units, Beginning Balance	121,737	103,146
Shares/Units, Granted	32,230	37,500
Shares/Units, Forfeited
Shares/Units, Vested	(16,120)	(20,435)
Shares/Units, Closing Balance	137,847	120,211
Weighted Average Grant Date Fair Value, Beginning balance	$ 34.46	$ 35.75
Weighted Average Grant Date Fair Value, Granted	37.06	31.27
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	$ 35.03	$ 34.42
Restricted Stock Units (RSUs) [Member]
Shares/Units, Beginning Balance	22,108,635	23,367,813
Shares/Units, Granted	6,764,420	7,730,444
Shares/Units, Forfeited	(287,975)	(726,948)
Shares/Units, Vested	(7,848,744)	(7,979,501)
Shares/Units, Closing Balance	20,736,336	22,391,808
Weighted Average Grant Date Fair Value, Beginning balance	$ 35.67	$ 37.01
Weighted Average Grant Date Fair Value, Granted	43.91	35.66
Weighted Average Grant Date Fair Value, Forfeited	37.73	36.21
Weighted Average Grant Date Fair Value, Vested	39.21	39.86
Weighted Average Grant Date Fair Value, Ending balance	$ 36.99	$ 35.57
Restricted Stock [Member]
Shares/Units, Beginning Balance	95,332
Shares/Units, Granted	327,238	95,332
Shares/Units, Vested	(327,238)
Shares/Units, Closing Balance	95,332	95,332
Weighted Average Grant Date Fair Value, Beginning balance	$ 37.63
Weighted Average Grant Date Fair Value, Granted	43.70	$ 37.63
Weighted Average Grant Date Fair Value, Vested	43.70
Weighted Average Grant Date Fair Value, Ending balance	$ 37.63	$ 37.63

Employee Benefit Plans (Narrative) (Details) $ in Thousands, £ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2011 GBP (£)	Sep. 30, 2011 USD ($)	Dec. 31, 2010 USD ($)	Jul. 15, 2009 GBP (£)
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	$ 3,584
Escrow deposit \| £				£ 12.5
Pension contributions		$ 0

Employee Benefit Plans (Schedule Of Net Periodic Benefit Costs (Credit)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Pension Plans [member]
Service cost	$ 163	$ 160	$ 495	$ 420
Interest cost	7,242	6,921	21,401	20,708
Expected return on plan assets	(7,763)	(7,372)	(23,029)	(21,801)
Amortization of prior service cost (credit)	756	632	2,258	2,108
Amortization of net actuarial loss	65	203	194	602
Net periodic benefit cost (credit)	463	544	1,319	2,037
Post-Retirement Medical Plans [Member]
Service cost	18	20	52	60
Interest cost	70	73	209	219
Expected return on plan assets
Amortization of prior service cost (credit)		(332)		(1,023)
Amortization of net actuarial loss
Net periodic benefit cost (credit)	$ 88	$ (239)	$ 261	$ (744)

- Definition

The net increase or decrease of changes in the value of either the benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption, or the consequence of a decision to temporarily deviate from the substantive plan.

+ References

+ Details

- Definition

An amount calculated as a basis for determining the extent of delayed recognition of the effects of changes in the fair value of assets. The expected return on plan assets is determined based on the expected long-term rate of return on plan assets and the market-related value of plan assets.

+ References

+ Details

- Definition

The increase in a defined benefit pension plan's projected benefit obligation or a defined benefit postretirement plan's accumulated postretirement benefit obligation due to the passage of time.

+ References + Details

- Definition

The actuarial present value of benefits attributed by the pension benefit formula to services rendered by employees during the period. The portion of the expected postretirement benefit obligation attributed to employee service during the period. The service cost component is a portion of the benefit obligation and is unaffected by the funded status of the plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph a, h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=6962843&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Service Cost (Component of Net Periodic Pension Cost)
-URI http://asc.fasb.org/extlink&oid=6525008

+ Details

Restructuring Plans (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Restructuring Plans (Details) - USD ($) $ in Thousands	Mar. 31, 2010	Sep. 30, 2011	Dec. 31, 2010
2010 Restructuring Charges [Member]
Restructuring charges	$ 87,108
Restructuring charges related to acceleration of RSUs	$ 46,880
Liability associated with restructuring plan		$ 13,036	$ 21,381
Other than cash payments for restructuring plan		8,345
2009 Restructuring Charges [Member]
Liability associated with restructuring plan		4,901	$ 5,427
Other than cash payments for restructuring plan		$ 526

Income Taxes (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands	May 10, 2005	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Provision for income taxes		$ 20,605	$ 9,113	$ 51,704	$ 29,049
Effective income tax rate, continuing operations		23.50%	11.50%	20.60%	25.90%
U.S. federal statutory rate		35.00%	35.00%	35.00%	35.00%
LFCM Holdings [Member]
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		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Net income attributable to Lazard Ltd	$ 62,699	$ 64,091	$ 179,710	$ 75,129
Net income attributable to Lazard Ltd - basic	62,785	64,207	179,995	75,224
Net income attributable to Lazard Ltd - diluted	$ 66,403	$ 70,199	$ 192,687	$ 79,212
Weighted average number of shares of Class A common stock outstanding - basic	118,315,944	111,059,071	117,586,028	101,440,741
Weighted average number of shares of Class A common stock outstanding - diluted	136,857,956	138,094,101	138,265,494	135,554,131
Net income attributable to Lazard Ltd per share of Class A common stock - Basic	$ 0.53	$ 0.58	$ 1.53	$ 0.74
Net income attributable to Lazard Ltd per share of Class A common stock - Diluted	$ 0.49	$ 0.51	$ 1.39	$ 0.58
Class A Common Stock [Member]
Add - adjustment associated with Class A common stock issuable on a non-contingent basis	$ 86	$ 116	$ 285	$ 95
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	$ 3,618	$ 5,992	$ 12,692	$ 3,988
Weighted average number of shares of Class A common stock outstanding	115,071,470	108,302,438	114,026,323	98,579,076
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis	3,244,474	2,756,633	3,559,705	2,861,665
Weighted average number of shares of Class A common stock outstanding - basic	118,315,944	111,059,071	117,586,028	101,440,741
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	18,542,012	27,035,030	20,679,466	34,113,390
Weighted average number of shares of Class A common stock outstanding - diluted	136,857,956	138,094,101	138,265,494	135,554,131
Net income attributable to Lazard Ltd per share of Class A common stock - Basic	$ 0.53	$ 0.58	$ 1.53	$ 0.74
Net income attributable to Lazard Ltd per share of Class A common stock - Diluted	$ 0.49	$ 0.51	$ 1.39	$ 0.58

Related Parties (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Other receivables and payables primarily related to referral fees, percentage of ownership	50.00%		50.00%
LFCM Holdings [Member]
Amounts recorded relating to the administrative services agreement	$ 596	$ 557	$ 1,788	$ 1,616
Amounts recorded relating to net referral fees for underwriting, private placement, and restructuring transactions	5,927	2,779	19,074	9,508
Amount receivables related to administrative and support services and reimbursement of expenses			1,566		$ 12,775
Amount receivable related to referral fees for underwriting and private placement transactions			9,698		11,413
Amounts payables related to tax receivable agreement			2,361		2,361
Certain advances and referral fees			966		$ 458
LAZ-MD Holdings [Member]
Revenue from administrative services	$ 188	$ 188	$ 563	$ 563

Related Parties (Schedule Of Amounts Receivable From And Payable To Related Parties) (Details) - USD ($) $ in Thousands	Sep. 30, 2011	Dec. 31, 2010
Amounts receivables from related parties	$ 14,248	$ 24,874
Amounts payables to related parties	4,082	2,819
LFCM Holdings [Member]
Amounts receivables from related parties	12,375	24,785
Amounts payables to related parties	3,327	2,819
Other [Member]
Amounts receivables from related parties	1,873	$ 89
Amounts payables to related parties	$ 755

- Definition

For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k
-Subparagraph 1

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 7
-Section 03
-Paragraph 3

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

+ Details

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References + Details

Regulatory Authorities (Details) $ in Thousands	9 Months Ended
Regulatory Authorities (Details) $ in Thousands	Sep. 30, 2011 USD ($)
Minimum net capital requirement as defined under securities exchange act	$ 100
LFNY [Member]
Regulatory net capital	167,157
Regulatory capital in excess of minimum requirement	161,116
U.K. Subsidiaries [Member]
Regulatory net capital	152,947
Regulatory capital in excess of minimum requirement	108,653
CFLF [Member]
Regulatory net capital	183,444
Regulatory capital in excess of minimum requirement	84,635
Other U.S. And Non-U.S. Subsidiaries [Member]
Regulatory net capital	82,336
Regulatory capital in excess of minimum requirement	$ 60,121

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		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Dec. 31, 2010
Net Revenue	$ 462,419	$ 453,237	$ 1,377,734	$ 1,310,483
Operating Expenses	374,681	373,770	1,127,348	1,198,446
Operating Income (Loss)	87,738	79,467	250,386	112,037
Total Assets	3,136,469		3,136,469		$ 3,422,532
Financial Advisory [Member]
Net Revenue	253,585	254,012	731,621	768,481
Operating Expenses	213,614	215,838	641,397	667,538
Operating Income (Loss)	39,971	38,174	90,224	100,943
Total Assets	808,970		808,970		799,090
Asset Management [Member]
Net Revenue	219,077	210,132	690,785	587,299
Operating Expenses	156,709	150,515	466,827	416,841
Operating Income (Loss)	62,368	59,617	223,958	170,458
Total Assets	617,040		617,040		687,323
Corporate [Member]
Net Revenue	(10,243)	(10,907)	(44,672)	(45,297)
Operating Expenses	4,358	7,417	19,124	114,067
Operating Income (Loss)	(14,601)	$ (18,324)	(63,796)	$ (159,364)
Total Assets	$ 1,710,459		$ 1,710,459		$ 1,936,119