View Filing Data

Adjustments for items reclassified to earnings

(8,215)

(7,778)

(437)

1,674

1,585

COMPREHENSIVE INCOME

186,610

168,400

18,210

Business acquisitions and related equity transactions:

Class A common stock issued/issuable (including in connection related amortization)

44,803

41,688

3,115

Conversion of Series A preferred stock into Class A common stock

$ 25

(25)

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

(14,100)

2,434,561

^[1]

Delivery of Class A common stock

(788)

(45,935)

$ 45,147

(788)

Delivery of Class A common stock (in shares)

(1,247,555)

Amortization of share-based incentive compensation

211,466

200,230

11,236

Dividend-equivalents

(57)

9,140

(9,194)

(54)

(3)

Class A common stock dividends

(51,409)

Purchase of Class A common stock (in shares)

4,318,916

Purchase of Class A common stock

(158,617)

$ (158,617)

(158,617)

Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense of $0 for 2012 and $2,178 for 2011

(90,159)

(290,059)

$ 199,827

(90,232)

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

(5,820,438)

Repurchase of common membership interests from LAZ-MD Holdings

(794)

(751)

(43)

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

$ 7

(7)

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

^[1]

738,655

(1,580)

Distributions to noncontrolling interests, net

(17,610)

Other adjustments related to noncontrolling interests

14,258

(244)

14,014

(14,014)

Balance - September 30, 2011 at Sep. 30, 2011

917,982

$ 1,229

685,800

285,575

(57,712)

$ (141,593)

773,299

144,683

Balance (in shares) at Sep. 30, 2011

7,921

122,871,153

^[1]

4,098,431

Balance (in shares) at Dec. 31, 2010

22,021

119,697,937

^[1]

6,847,508

Balance at Dec. 31, 2011

866,856

$ 1,230

659,013

258,646

(88,364)

$ (104,382)

726,143

140,713

Comprehensive income (loss):

Net income

96,891

89,674

7,217

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

12,352

11,547

805

Amortization of interest rate hedge

791

751

Employee benefit plans:

Adjustments for items reclassified to earnings

(7,947)

(7,545)

(402)

2,444

2,320

124

COMPREHENSIVE INCOME

104,531

96,747

7,784

Business acquisitions and related equity transactions:

Class A common stock issued/issuable (including in connection related amortization)

3,549

3,369

180

Amortization of share-based incentive compensation

220,175

209,036

11,139

Dividend-equivalents

(91)

11,770

(11,856)

(86)

(5)

Class A common stock dividends

(66,219)

Purchase of Class A common stock (in shares)

8,235,306

Purchase of Class A common stock

(222,679)

$ (222,679)

(222,679)

Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense of $0 for 2012 and $2,178 for 2011

(41,658)

(141,781)

$ 100,172

(41,609)

(49)

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

(3,196,018)

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

(2)

Distributions to noncontrolling interests, net

(15,855)

Balance - September 30, 2011 at Sep. 30, 2012

833,826

$ 1,232

750,647

$ 270,245

(81,408)

$ (226,889)

713,827

119,999

Balance (in shares) at Sep. 30, 2012

7,921

123,201,013

^[2]

8,531,305

Balance (in shares) at Dec. 31, 2011

7,921

123,009,312

^[2]

3,492,017

Business acquisitions and related equity transactions:

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

^[2]

191,701

Deconsolidation of investment companies

$ (14,783)

(14,783)

$ 9,242

$ (117)

$ 9,125

$ (9,125)

[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 issued at each such date.
[2]	Includes 123,009,311 and 123,201,012 shares of the Company's Class A common stock issued at January 1, 2012 and September 30, 2012, respectively, and 1 share of the Company's Class B common stock issued at each such date.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Share-based incentive compensation and related tax benefits

$ 972

$ 2,178

Class A Common Stock [Member]

123,009,311

119,697,936

123,201,012

122,871,152

Class B Common Stock

Series A Preferred Stock

7,921

22,021

7,921

Common Stock

123,009,312

^[1]

119,697,937

^[2]

Class A Common Stock Held By a Subsidiary

123,201,013

^[1]

122,871,153

^[2]

3,492,017

6,847,508

ORGANIZATION AND BASIS OF PRESENTATION

8,531,305

4,098,431

[1]	Includes 123,009,311 and 123,201,012 shares of the Company's Class A common stock issued at January 1, 2012 and September 30, 2012, respectively, and 1 share of the Company's Class B common stock issued 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 issued at each such date.

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2012

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 individuals.

Lazard Ltd indirectly held approximately 94.9% and 94.8% of all outstanding Lazard Group common membership interests as of September 30, 2012 and December 31, 2011, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which is governed by an Operating Agreement dated as of May 10, 2005, as amended (the “Operating Agreement”). LAZ-MD Holdings LLC (“LAZ-MD Holdings”), an entity owned by Lazard Group’s current and former managing directors, held approximately 5.1% and 5.2% of the outstanding Lazard Group common membership interests as of September 30, 2012 and December 31, 2011, 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 5.1% and 5.2% 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”).

Our sole operating asset is our indirect ownership of common membership interests of Lazard Group and our managing member interest of Lazard Group, whose principal operating activities are included in two business segments:

•

Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (“M&A”) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters, and

•

Asset Management, which offers a broad range of investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients globally.

In addition, we record selected other activities in our Corporate segment, including management of cash, certain investments and the commercial banking activities of Lazard Group’s Paris-based Lazard Frères Banque SA (“LFB”). We also record outstanding indebtedness in our 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.

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, 2011 (the “Form 10-K”). The accompanying December 31, 2011 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, 2012 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”); the 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 (“LCH”), an English private limited company, 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. Intercompany transactions and balances have been eliminated.

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: 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 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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RECENT ACCOUNTING DEVELOPMENTS

RECENT ACCOUNTING DEVELOPMENTS

9 Months Ended

Sep. 30, 2012

2.	*RECENT ACCOUNTING DEVELOPMENTS*

Fair Value Measurements—In the first quarter of 2012, the Company adopted the amended fair value measurement guidance issued by the Financial Accounting Standards Board (the “FASB”), which the FASB stated 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 are 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 became effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The adoption of the amended fair value measurement guidance did not have a material impact on the Company’s consolidated financial statements, primarily because substantially all Level 3 assets are carried at net asset value (“NAV”) or its equivalent.

Other Comprehensive Income—In the first quarter of 2012, the Company adopted the FASB’s amended guidance regarding the presentation of comprehensive income, which the FASB stated was designed to improve comparability, consistency and transparency. The amendment required that all changes in comprehensive income be presented either in (i) a single continuous statement of comprehensive income or in (ii) two separate but consecutive statements. The amendment was to be applied retrospectively and is effective with interim and annual periods beginning after December 15, 2011, with early adoption permitted. The Company elected the two-statement method.

RECEIVABLES

9 Months Ended

Sep. 30, 2012

RECEIVABLES

3.	*RECEIVABLES*

The Company’s “receivables” consist of receivables from fees, customers and other and related parties, net of an allowance for doubtful accounts.

Receivables are stated net of an estimated allowance for doubtful accounts of $22,324 and $19,450 at September 30, 2012 and December 31, 2011, respectively, for certain past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. The Company recorded net bad debt expense of $1,553 and $2,701 for the three month and nine month periods ended September 30, 2012, respectively, and $1,445 and $4,875 for the three month and nine month periods ended September 30, 2011, respectively. In addition, the Company recorded charge-offs, foreign currency translation and other adjustments, which resulted in a net increase (decrease) to the allowance for doubtful accounts of $15 and $173 for the three month and nine month periods ended September 30, 2012, respectively, and $(513) and $(2,435) for the three month and nine month periods ended September 30, 2011, respectively. At September 30, 2012 and December 31, 2011, the Company had receivables deemed past due or uncollectible of $25,990 and $22,785, respectively.

INVESTMENTS

9 Months Ended

Sep. 30, 2012

INVESTMENTS

4.	*INVESTMENTS*

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2012 and December 31, 2011:


	September 30,		December 31,
	2012		2011
Debt	$	25,744	$	36,966

Equities (a)		207,695		156,053

Other:
Interests in alternative asset management funds (a)		31,673		20,610
Fixed income funds (a)		50,393		31,121
Private equity		117,194		122,718
Equity method investments		6,736		11,053

		205,996		185,502

Total		439,435		378,521
Less:
Interest-bearing deposits (included in “debt” above)		552		2,834
Equity method investments		6,736		11,053

Investments, at fair value	$	432,147	$	364,634

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	2,793	$	4,282

(a)

Equities, interests in alternative asset management funds and fixed income funds include investments with fair values of $76,280, $3,577 and $21,856, respectively, at September 30, 2012 and $19,857, $2,256 and $5,212, respectively, at December 31, 2011, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“Lazard Fund Interests”) and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 13 of Notes to Condensed Consolidated Financial Statements).

Debt securities primarily consist of seed investments in Asset Management products and non-U.S. government debt securities.

Equities primarily consist of (i) seed investments in Asset Management products, which in turn invest in marketable equity securities of large-, mid- and small-cap domestic, international and global companies and include investments in public and private asset management funds managed by LAM and (ii) amounts relating to Lazard Fund Interests discussed above.

Interests in alternative asset management funds primarily consist of general partner (“GP”) interests in various Lazard-managed alternative asset management funds.

Fixed income funds primarily consist of (i) seed investments in Asset Management products, which invest in fixed income securities and (ii) amounts relating to Lazard Fund Interests discussed above.

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. Such investments primarily include (i) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies, (ii) Corporate Partners II Limited (“CP II”), a private equity fund targeting significant noncontrolling-stake investments in established public and private companies, (iii) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a private equity fund primarily making equity and buyout investments in lower middle market companies, (iv) Lazard Senior Housing Partners LP (“Senior Housing”), which targets controlling interests in companies and assets in the senior housing, extended-stay hotel and shopping center sectors, and (v) Lazard Australia Corporate Opportunities Fund 2 (“COF 2”), a Lazard-managed Australian private equity fund targeting Australasian mid-market investments.

Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”) which aggregated $19,734 and $18,502 at September 30, 2012 and December 31, 2011, respectively.

During the three month and nine month periods ended September 30, 2012 and 2011, the Company reported in “revenue-other” on its condensed consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows:


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2012		2011		2012		2011
Gross unrealized investment gains	$	4,081	$	–	$	3,778	$	35
Gross unrealized investment losses	$	–	$	2,536	$	–	$	1,670

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2012

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 (i) quoted prices for similar assets or liabilities in an active market or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on NAV or its equivalent redeemable at the measurement date or within the near term without redemption restrictions, or (iii) 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 our 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 or its equivalent, but not redeemable within the near term as a result of redemption restrictions.

The Company’s investments in non-U.S. Government and other debt securities are considered Level 1 assets when their respective fair values are based on unadjusted quoted prices in active markets and are considered Level 2 assets when their fair values are primarily based on prices as provided by external pricing services.

The fair value of equities is principally classified as Level 1, Level 2 or Level 3 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; investments in private asset management funds redeemable in the near term are classified as Level 2 and valued at NAV or its equivalent, which is primarily determined based on information provided by fund managers and, secondarily, from external pricing services to the extent managed by LAM; and Level 3 represents equities valued based on NAV or its equivalent that are not redeemable within the near term.

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 restriction, and is valued at NAV or its equivalent, which is primarily determined based on information provided by fund managers and, secondarily, from external pricing services to the extent managed by LAM.

The Company’s investments in fixed income funds are considered Level 1 assets when the fair values are primarily based on the reported closing price for the fund or Level 2 assets when the fair values are primarily based on NAV or its equivalent and are redeemable in the near future.

The fair value of private equity investments is classified as Level 3, and is primarily based on NAV or its equivalent. Such investments are not redeemable within the near term.

The fair values of derivatives entered into by the Company are classified as Level 2 and are based on the values of the related underlying assets, indices or reference rates as follows - the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the currency from the trade date to settlement date; the fair value of equity and fixed income swaps is based on the change in fair values of the related underlying equity security, financial instrument or index and a specified notional holding; the fair values of interest rate swaps are based on the interest rate yield curve; and the fair value of derivative liabilities related to Lazard Fund Interests and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for estimated forfeitures.

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, 2012 and December 31, 2011 into the three-level fair value hierarchy in accordance with fair value measurement disclosure requirements:



	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	21,877	$	3,315	$	–	$	25,192
Equities		170,043		37,456		196		207,695
Other (excluding equity method investments):
Interests in alternative asset management funds		–		28,238		3,435		31,673
Fixed income funds		35,460		14,933		–		50,393
Private equity		–		–		117,194		117,194
Derivatives		–		46		–		46

Total	$	227,380	$	83,988	$	120,825	$	432,193

Liabilities:
Securities sold, not yet purchased	$	2,793	$	–	$	–	$	2,793
Derivatives		–		101,238		–		101,238

Total	$	2,793	$	101,238	$	–	$	104,031


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,111	$	17,021	$	–	$	34,132
Equities		115,380		37,332		3,341		156,053
Other (excluding equity method investments):
Interests in alternative asset management funds		–		13,569		7,041		20,610
Fixed income funds		27,539		3,582		–		31,121
Private equity		–		–		122,718		122,718
Derivatives		–		7,131		–		7,131

Total	$	160,030	$	78,635	$	133,100	$	371,765

Liabilities:
Securities sold, not yet purchased	$	4,282	$	–	$	–	$	4,282
Derivatives		–		30,713		–		30,713

Total	$	4,282	$	30,713	$	–	$	34,995

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, 2012 and 2011.

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, 2012 and 2011:


	Three Months Ended September 30, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	191	$	–		$	–	$	–		$	5		$	196
Interests in alternative asset management funds		4,616		18			–		(1,199	)		–			3,435
Private equity		113,991		(522	)		2,945		(348	)		1,128			117,194

Total Level 3 Assets	$	118,798	$	(504	)	$	2,945	$	(1,547	)	$	1,133		$	120,825


	Nine Months Ended September 30, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	3,341	$	5		$	10	$	(3,160	)	$	–		$	196
Interests in alternative asset management funds		7,041		107			10		(3,723	)		–			3,435
Private equity		122,718		11,828			5,697		(23,093	)		44			117,194

Total Level 3 Assets	$	133,100	$	11,940		$	5,717	$	(29,976	)	$	44		$	120,825


	Three Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			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	)(b)		(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 (a)		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	)(b)		420		142,778

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

(a) Earnings for the three month and nine month periods ended September 30, 2012 and the three month and nine month periods ended September 30, 2011 include net unrealized gains (losses) of $(460), $9,103, $(829) and $2,988, respectively.

(b) 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.

Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at September 30, 2012 and December 31, 2011 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows:


	September 30, 2012
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	36,559	$	–		1	%		0	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		31,673		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		14,933		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		115,571		34,047		100	%		23	%		35	%		42	%	NA	NA

Total	$	198,736	$	34,047

	December 31, 2011
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	40,512	$	–		2	%		1	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		20,600		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,582		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		121,276		52,197		100	%		33	%		28	%		39	%	NA	NA

Total	$	185,970	$	52,197

See Note 4 of Notes to Condensed Consolidated Financial Statements for discussion of significant investment strategies of investments with values based on NAV.

Investment Capital Funding Commitments—At September 30, 2012, the current maximum unfunded commitments by the Company for capital contributions to investment funds related to (i) CP II, amounting to $2,124 for potential “follow-on investments” and/or for fund expenses through the earlier of February 25, 2017 or the liquidation of the fund, (ii) EGCP III, amounting to $23,776 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 fund expenses) or the liquidation of the fund and (iii) COF 2, amounting to $8,147, through the earlier of November 11, 2016 (i.e., the end of the investment period) for investments and/or fund expenses (with a portion of the undrawn amount of such commitment as of that date remaining committed until November 11, 2019 in respect of “follow-on investments” and/or fund expenses) or the liquidation of the fund.

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

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-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.

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-Number 157
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-Number 157
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DERIVATIVES

9 Months Ended

Sep. 30, 2012

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 currency exchange rates, interest 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. Gains and losses on the Company’s derivative instruments not designated as hedging instruments 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.

In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests awards and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of Lazard Fund Interests awards, which is reported in “revenue-other” in the consolidated statements of operations.

The tables below represent the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to Lazard Fund Interests and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13 of Notes to Condensed Consolidated Financial Statements) on the accompanying condensed consolidated statements of financial condition as of September 30, 2012 and December 31, 2011:


	September 30,		December 31,
	2012		2011
Derivative Assets:
Forward foreign currency exchange rate contracts	$	2	$	4,245
Equity and fixed income swaps and other		44		2,886

Total	$	46	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	5,089	$	445
Interest rate swaps		242		277
Equity and fixed income swaps		4,854		91
Lazard Fund Interests and other similar deferred compensation arrangements		91,053		29,900

Total	$	101,238	$	30,713

Net gains (losses) with respect to derivative instruments (predominantly included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to Lazard Fund Interests and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2012 and 2011, by type of derivative, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Forward foreign currency exchange rate contracts	$	(3,377)	$	6,541	$	(1,248)	$	(2,856)
Lazard Fund Interests and other similar deferred compensation arrangements		(4,728)		3,961		(4,639)		3,961
Equity and fixed income swaps and other		(7,471)		12,030		(14,096)		9,309

Total	$	(15,576)	$	22,532	$	(19,983)	$	10,414

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.

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
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-Number 133
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BUSINESS ACQUISITIONS

9 Months Ended

Sep. 30, 2012

BUSINESS ACQUISITIONS

7.	*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 management team retained a substantial economic interest in such entities. Edgewater’s activities are recorded in the Company’s Asset Management segment.

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. On December 30, 2011, 285,715 Initial Shares and 57,287 Earnout Shares became unrestricted or were otherwise delivered.

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).

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-Number 141R
-Paragraph 67-73
-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.

PROPERTY-NET

9 Months Ended

Sep. 30, 2012

PROPERTY-NET

8.	*PROPERTY-NET*

At September 30, 2012 and December 31, 2011 property-net consists of the following:


	Estimated Depreciable Life in Years		September 30, 2012		December 31, 2011
Buildings		33	$	163,234	$	164,168
Leasehold improvements		2 - 20		182,070		159,191
Furniture and equipment		3 - 10		118,020		85,396
Construction in progress				25,828		26,347

Total				489,152		435,102
Less – Accumulated depreciation and amortization				272,740		266,673

Property-net			$	216,412	$	168,429

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2012

9.	*GOODWILL AND OTHER INTANGIBLE ASSETS*

The components of goodwill and other intangible assets at September 30, 2012 and December 31, 2011 are presented below:


	September 30,		December 31,
	2012		2011
Goodwill	$	364,761	$	356,657
Other intangible assets (net of accumulated amortization)		30,681		36,442

Total	$	395,442	$	393,099

At September 30, 2012 and December 31, 2011, goodwill of $300,220 and $292,116, respectively, was attributable to the Company’s Financial Advisory segment and, at such respective dates, $64,541 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, 2012, and 2011 are as follows:


	Nine Months Ended September 30,
	2012		2011
Balance, January 1	$	356,657	$	313,229
Business acquisitions, including, in the 2011 period, $39,654 of additional contingent consideration earned relating to prior year business acquisitions		4,272		42,566
Foreign currency translation adjustments		3,832		(4,874	)

Balance, September 30	$	364,761	$	350,921

The gross cost and accumulated amortization of other intangible assets as of September 30, 2012 and December 31, 2011, by major intangible asset category, are as follows:


	September 30, 2012						December 31, 2011
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	9,882	$	20,858	$	30,740	$	7,122	$	23,618
Management fees, customer relationships and non-compete agreements		33,035		23,212		9,823		32,624		19,800		12,824

Total	$	63,775	$	33,094	$	30,681	$	63,364	$	26,922	$	36,442

Amortization expense of intangible assets for the three month and nine month periods ended September 30, 2012 was $2,494 and $6,172, respectively, and for the three month and nine month periods ended September 30, 2011 was $1,716 and $4,896, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Future Amortization Expense (a)
2012 (October 1 through December 31)	$	1,487
2013		9,029
2014		8,477
2015		6,642
2016		5,046

Total	$	30,681

(a)

Approximately 45% of intangible asset amortization is attributable to a noncontrolling interest.

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.

SENIOR AND SUBORDINATED DEBT

SENIOR AND SUBORDINATED DEBT

9 Months Ended

Sep. 30, 2012

10.

SENIOR AND SUBORDINATED DEBT

Senior Debt—Senior debt is comprised of the following as of September 30, 2012 and December 31, 2011:


	Initial Principal Amount				Annual Interest Rate			Outstanding As Of
			Maturity Date					September 30, 2012		December 31, 2011
			Maturity Date					September 30, 2012		December 31, 2011
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		9/25/15		0.90	%		–		–

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

On September 25, 2012, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in September, 2015. The Credit Facility replaced a similar 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, 2012, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 0.90%. At September 30, 2012 and December 31, 2011, no amounts were outstanding under the Credit Facility or the prior revolving credit facility, respectively.

The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, as well as the indenture and the supplemental indentures relating to Lazard Group’s senior notes, contain certain covenants, events of default and other customary provisions, including, where applicable, a customary make-whole provision in the event of early redemption. As of September 30, 2012, the Company was in compliance with all of these provisions. All of the Company’s senior debt obligations are unsecured.

As of September 30, 2012, the Company had approximately $301,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $91,000 (at September 30, 2012, exchange rates) and Edgewater of $55,000. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France.

The Company’s senior debt at September 30, 2012 and December 31, 2011 is recorded at historical amounts. At those dates, the fair value of such senior debt outstanding was approximately $1,208,000 and $1,138,000, respectively, and exceeded the aggregate carrying value by approximately $131,000 and $61,000, respectively. The fair value of the Company’s senior 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. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value at both September 30, 2012 and December 31, 2011.

Subordinated Debt—On July 22, 2011, the Company repurchased its then outstanding $150,000 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 statement of operations.

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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

11.

COMMITMENTS AND CONTINGENCIES

Leases—The Company has various leases and other contractual commitments arising in the ordinary course of business. In the opinion of management, the fulfillment of such commitments, in accordance with their terms, will not have a material adverse effect on the Company’s consolidated financial position or results of operations.

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, 2012, LFB had approximately $5,000 of such indemnifications and held approximately $4,000 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.

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, 2012 aggregated approximately $22,000. 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 5, 7 and 14 of Notes to Condensed Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments, 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. At September 30, 2012, LFB had no such underwriting commitments.

Legal—The Company is involved from time to time in 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.

The entire disclosure for commitments and contingencies.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 6: 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 7: 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.

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2012

STOCKHOLDERS' EQUITY

12.

STOCKHOLDERS’ EQUITY

Issuance of Class A Common Shares—During the third quarter of 2011, 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) of Class A common stock in connection with certain prior year business acquisitions.

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, 2012 and 2011, Lazard Group distributed the following amounts to subsidiaries of Lazard Ltd and LAZ-MD Holdings (none of which related to tax distributions):


	Nine Months Ended September 30,
	2012		2011
Subsidiaries of Lazard Ltd	$	66,219	$	51,409
LAZ-MD Holdings		3,729		3,280

Total	$	69,948	$	54,689

Pursuant to the 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— During the nine month periods ended September 30, 2012 and 2011, Lazard Ltd issued 191,701 and 738,655 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 February 2011, October 2011 and April 2012, the Board of Directors of Lazard Ltd authorized, on a cumulative basis, the repurchase of up to $250,000, $125,000 and $125,000, respectively, in aggregate cost of Class A common stock and Lazard Group common membership interests through December 31, 2012, December 31, 2013 and December 31, 2013, respectively. The Company’s prior share repurchase authorizations expired on December 31, 2009 and December 31, 2011. The Company expects that the share repurchase program, with respect to the Class A common stock, will continue to be used, among other ways, to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (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. During the nine month period ended September 30, 2012, the Company purchased 8,235,306 shares of Class A common stock, at an aggregate cost of $222,679 (no Lazard Group common membership interests were purchased during such nine month period).

As of September 30, 2012, $114,463 of the current aggregate share repurchase amount authorized as of such date remained available under the share repurchase program, all of which expires on December 31, 2013. In addition, under the terms of the 2005 Plan and the 2008 Plan, upon the vesting of restricted stock units (“RSUs”), shares of Class A common stock may be withheld by the Company to cover the recipient’s estimated income tax liability (see Note 13 of Notes to Condensed Consolidated Financial Statements).

During the nine month period ended September 30, 2012, the Company had written trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934 in place, pursuant to which it effected stock repurchases through the open market.

In October 2012, the Board of Directors of Lazard Ltd authorized the repurchase of up to an additional $200,000 in aggregate cost of Class A common stock and Lazard Group common membership interests through December 31, 2014. During the period October 1 through October 24, 2012, the Company purchased 3,374,308 shares of Class A common stock, at an aggregate cost of $97,858 (including shares of Class A common stock received from members of LAZ-MD Holdings in exchange for a like number of LAZ-MD Holdings exchangeable interests). No Lazard Group common membership interests were purchased during such period. After giving effect to these purchases, and the additional share repurchase authorization described above, $216,605 of the current aggregate share repurchase amount authorized remained available under the share repurchase program as of October 24, 2012, $16,605 of which expires on December 31, 2013 and $200,000 of which expires on December 31, 2014.

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. During the nine month period ended September 30, 2011, 14,100 shares of Series A preferred stock were converted into shares of Class A common stock. The remaining 7,921 shares of Series A preferred stock were outstanding as of both September 30, 2012 and December 31, 2011, and no shares of Series B preferred stock were outstanding at such respective dates. At September 30, 2012, no shares of Series A preferred stock were convertible into shares of Class A common stock on a contingent or a non-contingent basis.

Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)—The components of AOCI at September 30, 2012 and December 31, 2011 are as follows:


	September 30,			December 31,
	2012			2011
Currency translation adjustments	$	16,071		$	3,719
Interest rate hedge		(2,766	)		(3,557	)
Employee benefit plans		(98,140	)		(92,637	)

Total AOCI		(84,835	)		(92,475	)
Less amount attributable to noncontrolling interests		(3,427	)		(4,111	)

Total Lazard Ltd AOCI	$	(81,408	)	$	(88,364	)

Noncontrolling Interests—Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings and (ii) Edgewater’s management vehicles that the Company is deemed to control, but does not own.

As of September 30, 2012 and December 31, 2011, LAZ-MD Holdings held approximately 5.1% and 5.2%, 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, 2012, and 2011:


	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, 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


Balance, January 1, 2012		123,009,311		94.8	%		6,756,779			5.2	%		129,766,090
Activity January 1, 2012 to September 30, 2012:
Common membership interest activity in connection with:
Exchanges for Class A common stock		191,701					(191,701	)					–

Balance, September 30, 2012		123,201,012		94.9	%		6,565,078			5.1	%		129,766,090

The change in Lazard Ltd’s ownership in Lazard Group in the nine month periods ended September 30, 2012 and 2011 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, 2012 and 2011 and noncontrolling interests as of September 30, 2012 and December 31, 2011 as reflected in the Company’s accompanying condensed consolidated financial statements:


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
LAZ-MD Holdings	$	1,937		$	4,209		$	4,956	$	11,955
Edgewater		(1,704	)		587			2,168		7,492
Other		139			(362	)		93		(475	)

Total	$	372		$	4,434		$	7,217	$	18,972


	Noncontrolling Interests As Of
	September 30, 2012		December 31, 2011
LAZ-MD Holdings	$	35,819	$	31,954
Edgewater		82,669		91,713
Other		1,511		17,046

Total	$	119,999	$	140,713

Dividend Declared, October 2012—On October 24, 2012, the Board of Directors of Lazard Ltd declared a quarterly dividend of $0.20 per share on its Class A common stock, payable on November 23, 2012, to stockholders of record on November 5, 2012.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
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-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

INCENTIVE PLANS

9 Months Ended

Sep. 30, 2012

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, 2012 and 2011 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, restricted stock units and other equity-based awards. Each stock unit or similar award 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 awards is generally determined based on the closing market price of Class A common stock on the day prior to 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).

The following is a summary of the impact of share-based incentive plans on “compensation and benefits” expense (with respect to RSUs and restricted stock awards) and “professional services” expense (with respect to deferred stock unit awards (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Share-based incentive awards:
RSUs	$	65,952	$	58,489		$211,271	$	200,899
Restricted stock		1,659		374		7,538		9,373
DSUs		78		70		1,366		1,194

Total	$	67,689	$	58,933		$220,175	$	211,466

The Company’s incentive plans are described below.

Restricted and Deferred Stock Units

RSUs generally 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, RSUs are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method.

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, 2012 and 2011, 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,
	2012		2011
Number of RSUs issued		479,958		251,146
Charges to retained earnings, net of estimated forfeitures		$11,770		$8,169

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 49,982 and 26,859 DSUs granted during the nine month periods ended September 30, 2012 and 2011, 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, 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. 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, 2012 and 2011.

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 will 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, 2012 and 2011, 7,988 and 5,371 DSUs, respectively, had been granted pursuant to such Plan.

DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan.

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2012 and 2011:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		20,751,829		$	36.84		140,660		$	34.83
Granted (including 479,958 RSUs relating to dividend participation)		8,121,632		$	27.56		57,970		$	23.57
Forfeited		(401,065	)	$	35.49		–			–
Vested		(4,425,534	)	$	34.43		–			–

Balance, September 30, 2012		24,046,862		$	34.16		198,630		$	31.54


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		(7,848,744	)	$	39.21		(16,120	)	$	34.76

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

In connection with RSUs which vested during the nine month periods ended September 30, 2012 and 2011, the Company satisfied certain employees’ tax obligations in lieu of issuing 1,331,812 and 2,302,798 shares of Class A common stock in the respective periods. Accordingly, 3,093,722 and 5,545,946 shares of Class A common stock held by the Company were delivered during the respective periods. In addition, during the nine month period ended September 30, 2012, 42,432 shares of previously delivered Class A common stock were forfeited by certain former employees and returned to the Company.

As of September 30, 2012, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $257,000, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.2 years subsequent to September 30, 2012. 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 associated with compensation arrangements during the nine month periods ended September 30, 2012 and 2011:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		95,332		$	37.63
Granted		577,323		$	29.25
Forfeited		(21,178	)	$	29.51
Vested		(186,180	)	$	31.60

Balance, September 30, 2012		465,297		$	30.02


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

In connection with shares of restricted Class A common stock that vested during the nine month periods ended September 30, 2012 and 2011, the Company satisfied certain employees’ tax obligations in lieu of delivering 28,129 and 68,866 shares of Class A common stock during the respective periods. Accordingly, 158,051 and 258,372 shares of Class A common stock held by the Company were delivered during the respective nine month periods.

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, 2012, unrecognized restricted stock expense was approximately $8,000, with such expense to be recognized over a weighted average period of approximately 1.8 years subsequent to September 30, 2012.

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.

Lazard Fund Interests and Other Similar Deferred Compensation Arrangements

Commencing in February 2011, the Company granted to eligible employees Lazard Fund Interests. In connection with the Lazard Fund Interests and other similar deferred compensation arrangements, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods, and is charged to “compensation and benefits” expense within the Company’s consolidated statement of operations. Lazard Fund Interests and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. Such changes in the fair value of the derivative liability are recorded to “compensation and benefits” expense within the Company’s consolidated statements of operations, the impact of which equally offsets the changes in fair value of investments which are currently expected to be delivered upon settlement of Lazard Fund Interests awards, which is reported in “revenue-other” in the consolidated statement of operations (see Note 6 of Notes to Condensed Consolidated Financial Statements).

The following is a summary of activity relating to Lazard Fund Interests and other similar deferred compensation arrangements during the nine month period ended September 30, 2012:


	Prepaid Compensation			Compensation Liability
Balance, January 1, 2012	$	17,782		$	29,900
Granted		64,658			64,658
Settled		–			(8,640	)
Forfeited		(1,607	)		(1,706	)
Amortization (including grants of awards to retirement-eligible recipients)		(24,508	)		–
Increase in fair value related to:
Change in fair value of underlying investments		–			4,639
Adjustment for estimated forfeitures		–			2,202
Other		101			–

Balance, September 30, 2012	$	56,426		$	91,053

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.8 years subsequent to September 30, 2012.

The following is a summary of the impact of Lazard Fund Interests and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three and nine month periods ended September 30, 2012 and 2011:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
Amortization, after impact of forfeitures	$	9,626	$	2,480		$	26,611	$	7,534
Change in fair value of underlying investments		4,728		(3,961	)		4,639		(3,961	)

Total	$	14,354	$	(1,481	)	$	31,250	$	3,573

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2012

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—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ Trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The Company made a contribution to the U.S. pension plans during the nine month period ended September 30, 2012 of approximately $700.

On April 30, 2012, the Company and the Trustees of the U.K. pension plans concluded the December 31, 2010 triennial valuations of the plans. In connection with such valuations and a previously negotiated agreement with the Trustees, the Company and the Trustees agreed upon pension funding terms (the “agreement”) (which superseded the terms of an agreement reached in June 2009 with respect to the previous triennial valuation as of December 31, 2007) whereby the Company: (i) made a contribution in December 2011 to the plans of 2.3 million British pounds ($3,687 at December 31, 2011 exchange rates) from a previously established escrow account, (ii) will make contributions of 1 million British pounds during each year from 2012 through 2020 inclusive and (iii) amended the previous escrow arrangement into an account security arrangement covering 10.2 million British pounds, committing to make annual contributions of 1 million British pounds into such account security arrangement during each year from 2014 through 2020. It was further agreed that, to the extent that the value of the plans’ assets falls short of the funding target for June 1, 2020 that has been agreed upon with the Trustees, the assets from the account security arrangement would be released into the plans at that date. Additionally, the Company agreed to fund the expenses of administering the plans, including certain regulator levies and the cost of other professional advisors to the plans. The terms of the agreement are subject to adjustment based on the results of subsequent triennial valuations. The aggregate amount in the account security arrangement at September 30, 2012 of approximately $16,500 has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying condensed consolidated statement 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, 2012, the Company contributed 1 million British pounds ($1,577 at September 30, 2012 exchange rates) to these U.K. pension plans, and no contributions were made to other non-U.S. pension plans.

The following table summarizes the components of net periodic benefit cost for the three month and nine month periods ended September 30, 2012 and 2011:


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended September 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost:
Service cost	$	166		$	163		$	15	$	18
Interest cost		6,862			7,242			53		70
Expected return on plan assets		(6,637	)		(7,763	)		–		–
Amortization of:
Prior service cost		668			756			–		–
Net actuarial loss		412			65			–		–

Net periodic benefit cost	$	1,471		$	463		$	68	$	88


	Pension Plans						Post-Retirement Medical Plans
	Nine Months Ended September 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost:
Service cost	$	504		$	495		$	45	$	52
Interest cost		20,649			21,401			158		209
Expected return on plan assets		(19,931	)		(23,029	)		–		–
Amortization of:
Prior service cost		2,056			2,258			–		–
Net actuarial loss		1,243			194			–		–
Settlement loss (a)		886			–			–		–

Net periodic benefit cost	$	5,407		$	1,319		$	203	$	261

(a) During the nine month period ended September 30, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $1,935 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, after recording a settlement loss of $886 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,049.

The entire disclosure for pension and other postretirement benefits.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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INCOME TAXES

9 Months Ended

Sep. 30, 2012

INCOME TAXES

15.

INCOME TAXES

As a result of its indirect investment in Lazard Group, Lazard Ltd, through certain of its subsidiaries, 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 its 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 $13,053 and $32,191 for the three month and nine month periods ended September 30, 2012, respectively, and $20,605 and $51,704 for the three month and nine month periods ended September 30, 2011, respectively, representing effective tax rates of 27.9%, 24.9%, 23.5% and 20.6%, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates reflected 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 and (iv) 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 intangible assets of Lazard Group. The tax receivable agreement dated as of May 10, 2005 with LFCM Holdings LLC (“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, 2012 and 2011. 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.

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.

NET INCOME PER SHARE OF CLASS A COMMON STOCK

NET INCOME PER SHARE OF CLASS A COMMON STOCK

9 Months Ended

Sep. 30, 2012

16.

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, 2012 and 2011 are computed as described below.

Basic Net Income Per Share

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

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

Diluted Net Income Per Share

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

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

The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the three month and nine month periods ended September 30, 2012 and 2011 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net income attributable to Lazard Ltd		$33,301		$62,699		$89,674		$179,710
Add - adjustment associated with Class A common stock issuable on a non-contingent basis		3		86		6		285

Net income attributable to Lazard Ltd - basic		33,304		62,785		89,680		179,995
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 preferred stock and exchangeable interests, net of tax		1,804		3,618		4,680		12,692

Net income attributable to Lazard Ltd - diluted		$35,108		$66,403		$94,360		$192,687


Weighted average number of shares of Class A common stock outstanding		114,689,712		115,071,470		116,949,317		114,026,323
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		913,639		3,244,474		740,087		3,559,705

Weighted average number of shares of Class A common stock outstanding - basic		115,603,351		118,315,944		117,689,404		117,586,028
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible preferred stock and exchangeable interests		19,776,685		18,542,012		17,847,646		20,679,466

Weighted average number of shares of Class A common stock outstanding - diluted		135,380,036		136,857,956		135,537,050		138,265,494

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.29		$0.53		$0.76		$1.53

Diluted		$0.26		$0.49		$0.70		$1.39

RELATED PARTIES

9 Months Ended

Sep. 30, 2012

RELATED PARTIES

17.

RELATED PARTIES

Amounts receivable from, and payable to, related parties are set forth below:


	September 30, 2012		December 31, 2011
Receivables
LFCM Holdings		$7,037		$14,790
Other		3,865		3,711

Total		$10,902		$18,501

Payables
LFCM Holdings		$2,290		$ 4,850
Other		747		1,225

Total		$3,037		$ 6,075

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 dated as of May 10, 2005, by and among Lazard Ltd, Lazard Group, LAZ-MD Holdings and LFCM Holdings (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 (the “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, 2012, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $666 and $2,181, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $182 and $4,548, respectively. 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. 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, 2012 and December 31, 2011 include $2,363 and $11,862, respectively, related to administrative and support services, and other receivables which include sublease income and reimbursement of expenses incurred on behalf of LFCM Holdings, and $4,674 and $2,928, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at September 30, 2012 and December 31, 2011 consist of $2,290 and $2,060, respectively, principally relating to certain advances and referral fees for Financial Advisory transactions and, at December 31, 2011, obligations pursuant to the tax receivable agreement of $2,790 (see Note 15 of Notes to Condensed Consolidated Financial Statements).

Other

Other receivables and payables at September 30, 2012 and December 31, 2011 primarily relate to referral fees for restructuring and M&A transactions with MBA Lazard Holdings S.A. and its affiliates, an Argentina-based group in which the Company has a 50% ownership interest, and a related party loan.

LAZ-MD Holdings

Lazard Group provides selected administrative and support services to LAZ-MD Holdings through the administrative services agreement as discussed above, with such services generally to be provided until December 31, 2014 unless terminated earlier because of a change in control of either party. Lazard Group charges LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the three month and nine month periods ended September 30, 2012, such charges amounted to $188 and $563, respectively. For the three month and nine month periods ended September 30, 2011, such charges amounted to $188 and $563, respectively.

The entire disclosure for related party transactions. 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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

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

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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-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.

REGULATORY AUTHORITIES

9 Months Ended

Sep. 30, 2012

REGULATORY AUTHORITIES

18.

REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. 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, 2012, LFNY’s regulatory net capital was $123,097, which exceeded the minimum requirement by $119,424.

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, 2012, the aggregate regulatory net capital of the U.K. Subsidiaries was $107,795, which exceeded the minimum requirement by $89,602.

CFLF, under which asset management and commercial banking 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, 2012, the consolidated regulatory net capital of CFLF was $173,924, which exceeded the minimum requirement set for regulatory capital levels by $79,308.

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, 2012, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $116,764, which exceeded the minimum required capital by an aggregate of $88,166.

At September 30, 2012, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

Lazard Ltd had 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 the European Union, which we are examining, LFB, as a European credit institution, is required to be supervised on a consolidated basis by another regulatory body, either in the U.S., by the Board of Governors of the Federal Reserve, or the European Union. 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.

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958577-112826

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-DEP
-Paragraph 15, 16, 17
-IssueDate 2006-05-01
-Chapter 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.

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2012

SEGMENT INFORMATION

19.

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 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, 2012 and 2011 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 revenue, 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 (loss) 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,
		2012			2011			2012			2011
Financial Advisory
	Net Revenue	$	219,973		$	253,585		$	739,793		$	731,621
	Operating Expenses		212,449			213,614			693,546			641,397

	Operating Income	$	7,524		$	39,971		$	46,247		$	90,224


Asset Management
	Net Revenue	$	221,516		$	219,077		$	647,096		$	690,785
	Operating Expenses		160,869			156,709			477,989			466,827

	Operating Income	$	60,647		$	62,368		$	169,107		$	223,958


Corporate
	Net Revenue	$	(12,683	)	$	(10,243	)	$	(35,134	)	$	(44,672	)
	Operating Expenses		8,762			4,358			51,138			19,124

	Operating Loss	$	(21,445	)	$	(14,601	)	$	(86,272	)	$	(63,796	)


Total
	Net Revenue	$	428,806		$	462,419		$	1,351,755		$	1,377,734
	Operating Expenses		382,080			374,681			1,222,673			1,127,348

	Operating Income	$	46,726		$	87,738		$	129,082		$	250,386


	As Of
	September 30, 2012		December 31, 2011
Total Assets
Financial Advisory	$	760,366	$	767,699
Asset Management		487,635		583,524
Corporate		1,746,945		1,730,713

Total	$	2,994,946	$	3,081,936

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 131
-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.

Other Comprehensive Income

SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENT

20.

SUBSEQUENT EVENT

In October 2012, the Company announced a number of cost saving initiatives relating to the Company’s operations. The Company expects associated pre-tax implementation expenses to range between $110,000 and $130,000, primarily consisting of compensation expense. The Company expects to recognize a significant majority of the expense in the fourth quarter of 2012 and the remainder in the first half of 2013. Approximately 75% of the implementation expenses are expected to be paid in cash.

ORGANIZATION AND BASIS OF PRESENTATION (Policies)

9 Months Ended

Sep. 30, 2012

Organization

Organization

•

Basis of Presentation

Basis of Presentation

Fair Value Measurements

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2012 and December 31, 2011:


	September 30,		December 31,
	2012		2011
Debt	$	25,744	$	36,966

Equities (a)		207,695		156,053

Other:
Interests in alternative asset management funds (a)		31,673		20,610
Fixed income funds (a)		50,393		31,121
Private equity		117,194		122,718
Equity method investments		6,736		11,053

		205,996		185,502

Total		439,435		378,521
Less:
Interest-bearing deposits (included in “debt” above)		552		2,834
Equity method investments		6,736		11,053

Investments, at fair value	$	432,147	$	364,634

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	2,793	$	4,282

(a)

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2012		2011		2012		2011
Gross unrealized investment gains	$	4,081	$	–	$	3,778	$	35
Gross unrealized investment losses	$	–	$	2,536	$	–	$	1,670

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on a Recurring Basis



	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	21,877	$	3,315	$	–	$	25,192
Equities		170,043		37,456		196		207,695
Other (excluding equity method investments):
Interests in alternative asset management funds		–		28,238		3,435		31,673
Fixed income funds		35,460		14,933		–		50,393
Private equity		–		–		117,194		117,194
Derivatives		–		46		–		46

Total	$	227,380	$	83,988	$	120,825	$	432,193

Liabilities:
Securities sold, not yet purchased	$	2,793	$	–	$	–	$	2,793
Derivatives		–		101,238		–		101,238

Total	$	2,793	$	101,238	$	–	$	104,031


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,111	$	17,021	$	–	$	34,132
Equities		115,380		37,332		3,341		156,053
Other (excluding equity method investments):
Interests in alternative asset management funds		–		13,569		7,041		20,610
Fixed income funds		27,539		3,582		–		31,121
Private equity		–		–		122,718		122,718
Derivatives		–		7,131		–		7,131

Total	$	160,030	$	78,635	$	133,100	$	371,765

Liabilities:
Securities sold, not yet purchased	$	4,282	$	–	$	–	$	4,282
Derivatives		–		30,713		–		30,713

Total	$	4,282	$	30,713	$	–	$	34,995

Summary of Changes in Fair Value of Company's Level 3 Assets

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, 2012 and 2011:


	Three Months Ended September 30, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	191	$	–		$	–	$	–		$	5		$	196
Interests in alternative asset management funds		4,616		18			–		(1,199	)		–			3,435
Private equity		113,991		(522	)		2,945		(348	)		1,128			117,194

Total Level 3 Assets	$	118,798	$	(504	)	$	2,945	$	(1,547	)	$	1,133		$	120,825


	Nine Months Ended September 30, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	3,341	$	5		$	10	$	(3,160	)	$	–		$	196
Interests in alternative asset management funds		7,041		107			10		(3,723	)		–			3,435
Private equity		122,718		11,828			5,697		(23,093	)		44			117,194

Total Level 3 Assets	$	133,100	$	11,940		$	5,717	$	(29,976	)	$	44		$	120,825


	Three Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			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	)(b)		(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 (a)		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	)(b)		420		142,778

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

Fair Value of Certain Investments Based on NAV


	September 30, 2012
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	36,559	$	–		1	%		0	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		31,673		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		14,933		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		115,571		34,047		100	%		23	%		35	%		42	%	NA	NA

Total	$	198,736	$	34,047

	December 31, 2011
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	40,512	$	–		2	%		1	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		20,600		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,582		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		121,276		52,197		100	%		33	%		28	%		39	%	NA	NA

Total	$	185,970	$	52,197

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 (loss), 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, issues, 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.

Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2012


	September 30,		December 31,
	2012		2011
Derivative Assets:
Forward foreign currency exchange rate contracts	$	2	$	4,245
Equity and fixed income swaps and other		44		2,886

Total	$	46	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	5,089	$	445
Interest rate swaps		242		277
Equity and fixed income swaps		4,854		91
Lazard Fund Interests and other similar deferred compensation arrangements		91,053		29,900

Total	$	101,238	$	30,713

Net Gains (Losses) With Respect to Derivative Instruments Not Designated as Hedging Instruments


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Forward foreign currency exchange rate contracts	$	(3,377)	$	6,541	$	(1,248)	$	(2,856)
Lazard Fund Interests and other similar deferred compensation arrangements		(4,728)		3,961		(4,639)		3,961
Equity and fixed income swaps and other		(7,471)		12,030		(14,096)		9,309

Total	$	(15,576)	$	22,532	$	(19,983)	$	10,414

PROPERTY-NET (Tables)

9 Months Ended

Sep. 30, 2012

Property-net

At September 30, 2012 and December 31, 2011 property-net consists of the following:


	Estimated Depreciable Life in Years		September 30, 2012		December 31, 2011
Buildings		33	$	163,234	$	164,168
Leasehold improvements		2 - 20		182,070		159,191
Furniture and equipment		3 - 10		118,020		85,396
Construction in progress				25,828		26,347

Total				489,152		435,102
Less – Accumulated depreciation and amortization				272,740		266,673

Property-net			$	216,412	$	168,429

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2012

Components of Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets at September 30, 2012 and December 31, 2011 are presented below:


	September 30,		December 31,
	2012		2011
Goodwill	$	364,761	$	356,657
Other intangible assets (net of accumulated amortization)		30,681		36,442

Total	$	395,442	$	393,099

Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2012, and 2011 are as follows:


	Nine Months Ended September 30,
	2012		2011
Balance, January 1	$	356,657	$	313,229
Business acquisitions, including, in the 2011 period, $39,654 of additional contingent consideration earned relating to prior year business acquisitions		4,272		42,566
Foreign currency translation adjustments		3,832		(4,874	)

Balance, September 30	$	364,761	$	350,921

Gross Cost and Accumulated Amortization of Other Intangible Assets

The gross cost and accumulated amortization of other intangible assets as of September 30, 2012 and December 31, 2011, by major intangible asset category, are as follows:


	September 30, 2012						December 31, 2011
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	9,882	$	20,858	$	30,740	$	7,122	$	23,618
Management fees, customer relationships and non-compete agreements		33,035		23,212		9,823		32,624		19,800		12,824

Total	$	63,775	$	33,094	$	30,681	$	63,364	$	26,922	$	36,442

Estimated Future Amortization Expense


Year Ending December 31,	Future Amortization Expense (a)
2012 (October 1 through December 31)	$	1,487
2013		9,029
2014		8,477
2015		6,642
2016		5,046

Total	$	30,681

(a)

Approximately 45% of intangible asset amortization is attributable to a noncontrolling interest.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Lazard Group Distributed Amounts to Subsidiaries of Lazard Ltd and LAZ-MD Holdings

SENIOR AND SUBORDINATED DEBT (Tables)

9 Months Ended

Sep. 30, 2012

Senior Debt

Senior Debt—Senior debt is comprised of the following as of September 30, 2012 and December 31, 2011:


	Initial Principal Amount				Annual Interest Rate			Outstanding As Of
			Maturity Date					September 30, 2012		December 31, 2011
			Maturity Date					September 30, 2012		December 31, 2011
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		9/25/15		0.90	%		–		–

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

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2012


	Nine Months Ended September 30,
	2012		2011
Subsidiaries of Lazard Ltd	$	66,219	$	51,409
LAZ-MD Holdings		3,729		3,280

Total	$	69,948	$	54,689

Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)—The components of AOCI at September 30, 2012 and December 31, 2011 are as follows:


	September 30,			December 31,
	2012			2011
Currency translation adjustments	$	16,071		$	3,719
Interest rate hedge		(2,766	)		(3,557	)
Employee benefit plans		(98,140	)		(92,637	)

Total AOCI		(84,835	)		(92,475	)
Less amount attributable to noncontrolling interests		(3,427	)		(4,111	)

Total Lazard Ltd AOCI	$	(81,408	)	$	(88,364	)

Changes in Ownership Interest

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, 2012, and 2011:


	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, 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


Balance, January 1, 2012		123,009,311		94.8	%		6,756,779			5.2	%		129,766,090
Activity January 1, 2012 to September 30, 2012:
Common membership interest activity in connection with:
Exchanges for Class A common stock		191,701					(191,701	)					–

Balance, September 30, 2012		123,201,012		94.9	%		6,565,078			5.1	%		129,766,090

Net Income Attributable to Noncontrolling Interests


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
LAZ-MD Holdings	$	1,937		$	4,209		$	4,956	$	11,955
Edgewater		(1,704	)		587			2,168		7,492
Other		139			(362	)		93		(475	)

Total	$	372		$	4,434		$	7,217	$	18,972


	Noncontrolling Interests As Of
	September 30, 2012		December 31, 2011
LAZ-MD Holdings	$	35,819	$	31,954
Edgewater		82,669		91,713
Other		1,511		17,046

Total	$	119,999	$	140,713

INCENTIVE PLANS (Tables)

9 Months Ended

Sep. 30, 2012

Summary of the Impact of Share-Based Incentive Plans on Compensation and Benefits Expense


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Share-based incentive awards:
RSUs	$	65,952	$	58,489		$211,271	$	200,899
Restricted stock		1,659		374		7,538		9,373
DSUs		78		70		1,366		1,194

Total	$	67,689	$	58,933		$220,175	$	211,466

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the nine month periods ended September 30, 2012 and 2011, 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,
	2012		2011
Number of RSUs issued		479,958		251,146
Charges to retained earnings, net of estimated forfeitures		$11,770		$8,169

Schedule of Activity Relating to RSUs and DSUs

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2012 and 2011:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		20,751,829		$	36.84		140,660		$	34.83
Granted (including 479,958 RSUs relating to dividend participation)		8,121,632		$	27.56		57,970		$	23.57
Forfeited		(401,065	)	$	35.49		–			–
Vested		(4,425,534	)	$	34.43		–			–

Balance, September 30, 2012		24,046,862		$	34.16		198,630		$	31.54


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		(7,848,744	)	$	39.21		(16,120	)	$	34.76

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

Summary of Activity Related to Shares of Restricted Class A Common Stock

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2012 and 2011:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		95,332		$	37.63
Granted		577,323		$	29.25
Forfeited		(21,178	)	$	29.51
Vested		(186,180	)	$	31.60

Balance, September 30, 2012		465,297		$	30.02


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

Summary of Fund Interests and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to Lazard Fund Interests and other similar deferred compensation arrangements during the nine month period ended September 30, 2012:


	Prepaid Compensation			Compensation Liability
Balance, January 1, 2012	$	17,782		$	29,900
Granted		64,658			64,658
Settled		–			(8,640	)
Forfeited		(1,607	)		(1,706	)
Amortization (including grants of awards to retirement-eligible recipients)		(24,508	)		–
Increase in fair value related to:
Change in fair value of underlying investments		–			4,639
Adjustment for estimated forfeitures		–			2,202
Other		101			–

Balance, September 30, 2012	$	56,426		$	91,053

Summary of the Impact of Fund Interests and Other Similar Deferred Compensation


	Three Months Ended September 30,					Nine Months Ended September 30,
	2012		2011			2012		2011
Amortization, after impact of forfeitures	$	9,626	$	2,480		$	26,611	$	7,534
Change in fair value of underlying investments		4,728		(3,961	)		4,639		(3,961	)

Total	$	14,354	$	(1,481	)	$	31,250	$	3,573

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2012

Components of Net Benefit Cost

The following table summarizes the components of net periodic benefit cost for the three month and nine month periods ended September 30, 2012 and 2011:


	Pension Plans						Post-Retirement Medical Plans
	Three Months Ended September 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost:
Service cost	$	166		$	163		$	15	$	18
Interest cost		6,862			7,242			53		70
Expected return on plan assets		(6,637	)		(7,763	)		–		–
Amortization of:
Prior service cost		668			756			–		–
Net actuarial loss		412			65			–		–

Net periodic benefit cost	$	1,471		$	463		$	68	$	88


	Pension Plans						Post-Retirement Medical Plans
	Nine Months Ended September 30,
	2012			2011			2012		2011
Components of Net Periodic Benefit Cost:
Service cost	$	504		$	495		$	45	$	52
Interest cost		20,649			21,401			158		209
Expected return on plan assets		(19,931	)		(23,029	)		–		–
Amortization of:
Prior service cost		2,056			2,258			–		–
Net actuarial loss		1,243			194			–		–
Settlement loss (a)		886			–			–		–

Net periodic benefit cost	$	5,407		$	1,319		$	203	$	261

NET INCOME PER SHARE OF CLASS A COMMON STOCK (Tables)

9 Months Ended

Sep. 30, 2012

Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Net income attributable to Lazard Ltd		$33,301		$62,699		$89,674		$179,710
Add - adjustment associated with Class A common stock issuable on a non-contingent basis		3		86		6		285

Net income attributable to Lazard Ltd - basic		33,304		62,785		89,680		179,995
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 preferred stock and exchangeable interests, net of tax		1,804		3,618		4,680		12,692

Net income attributable to Lazard Ltd - diluted		$35,108		$66,403		$94,360		$192,687


Weighted average number of shares of Class A common stock outstanding		114,689,712		115,071,470		116,949,317		114,026,323
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		913,639		3,244,474		740,087		3,559,705

Weighted average number of shares of Class A common stock outstanding - basic		115,603,351		118,315,944		117,689,404		117,586,028
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible preferred stock and exchangeable interests		19,776,685		18,542,012		17,847,646		20,679,466

Weighted average number of shares of Class A common stock outstanding - diluted		135,380,036		136,857,956		135,537,050		138,265,494

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.29		$0.53		$0.76		$1.53

Diluted		$0.26		$0.49		$0.70		$1.39

RELATED PARTIES (Tables)

9 Months Ended

Sep. 30, 2012

Amounts Receivable from and Payable to Related Parties

Amounts receivable from, and payable to, related parties are set forth below:


	September 30, 2012		December 31, 2011
Receivables
LFCM Holdings		$7,037		$14,790
Other		3,865		3,711

Total		$10,902		$18,501

Payables
LFCM Holdings		$2,290		$ 4,850
Other		747		1,225

Total		$3,037		$ 6,075

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

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

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,
		2012			2011			2012			2011
Financial Advisory
	Net Revenue	$	219,973		$	253,585		$	739,793		$	731,621
	Operating Expenses		212,449			213,614			693,546			641,397

	Operating Income	$	7,524		$	39,971		$	46,247		$	90,224


Asset Management
	Net Revenue	$	221,516		$	219,077		$	647,096		$	690,785
	Operating Expenses		160,869			156,709			477,989			466,827

	Operating Income	$	60,647		$	62,368		$	169,107		$	223,958


Corporate
	Net Revenue	$	(12,683	)	$	(10,243	)	$	(35,134	)	$	(44,672	)
	Operating Expenses		8,762			4,358			51,138			19,124

	Operating Loss	$	(21,445	)	$	(14,601	)	$	(86,272	)	$	(63,796	)


Total
	Net Revenue	$	428,806		$	462,419		$	1,351,755		$	1,377,734
	Operating Expenses		382,080			374,681			1,222,673			1,127,348

	Operating Income	$	46,726		$	87,738		$	129,082		$	250,386


	As Of
	September 30, 2012		December 31, 2011
Total Assets
Financial Advisory	$	760,366	$	767,699
Asset Management		487,635		583,524
Corporate		1,746,945		1,730,713

Total	$	2,994,946	$	3,081,936

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.

Organization And Basis Of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2012 $ / shares Segment shares	Dec. 31, 2011 $ / shares shares	Sep. 30, 2011 shares
Organization And Basis Of Presentation [Line Items]
Governing Operating Agreement, Date	May 10, 2005
Number of business segments \| Segment	2
Class B Common Stock
Organization And Basis Of Presentation [Line Items]
Common stock, par value \| $ / shares	$ 0.01	$ 0.01
Common stock, shares outstanding	1	1
Common stock, shares issued	1	1
Class A Common Stock [Member]
Organization And Basis Of Presentation [Line Items]
Common stock, par value \| $ / shares	$ 0.01	$ 0.01
Common stock, shares issued	123,201,012	123,009,311	3,682,116
LAZ-MD Holdings LLC [Member]
Organization And Basis Of Presentation [Line Items]
Common membership interests held	94.90%	94.80%
LAZ-MD Holdings LLC [Member] \| Class B Common Stock
Organization And Basis Of Presentation [Line Items]
Common membership voting power held	5.10%	5.20%
Common stock, shares outstanding	1
Common stock, shares issued	1
Lazard Ltd [Member]
Organization And Basis Of Presentation [Line Items]
Common membership interests held	5.10%	5.20%

Receivables - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivables	$ 22,324		$ 22,324		$ 19,450
Bad debt expense, Net	1,553	$ 1,445	2,701	$ 4,875
Charge-offs, foreign currency translation and other adjustments	15	$ (513)	173	$ (2,435)
Receivables deemed past due or uncollectible	$ 25,990		$ 25,990		$ 22,785

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

Sep. 30, 2012

Dec. 31, 2011

Debt

$ 25,744

$ 36,966

^[1]

207,695

156,053

Interest-bearing deposits (included in "debt" above)

205,996

185,502

Total

439,435

378,521

552

2,834

Investments, at fair value

432,147

364,634

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

2,793

4,282

Interests in Alternative Asset Management Funds

^[1]

31,673

20,610

Fixed Income Funds

^[1]

50,393

31,121

Private Equity

Equity Method Investments

117,194

122,718

$ 6,736

$ 11,053

[1]

Equities, interests in alternative asset management funds and fixed income funds include investments with fair values of $76,280, $3,577 and $21,856, respectively, at September 30, 2012 and $19,857, $2,256 and $5,212, respectively, at December 31, 2011, held in order to satisfy the Company's liability upon vesting of previously granted Lazard Fund Interests ("Lazard Fund Interests") and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 13 of Notes to Condensed Consolidated Financial Statements).

Investments - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Lazard Fund Interests in Equities	$ 76,280	$ 19,857
Lazard Fund Interests in alternative asset management funds	3,577	2,256
Lazard Fund Interests in fixed income funds	21,856	5,212
Economic interests that are owned by management team and other investors in the Edgewater Funds	$ 19,734	$ 18,502

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Investments [Line Items]
Gross unrealized investment gains	$ 4,081		$ 3,778	$ 35
Gross unrealized investment losses		$ 2,536		$ 1,670

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.

Reference 1: 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=16383099&loc=d3e24584-111560

Reference 2: 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 3: 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 4: 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 5: 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 6: 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.

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.

Reference 1: 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=16383099&loc=d3e24584-111560

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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.

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($)
$ in Thousands

Sep. 30, 2012

Dec. 31, 2011

^[1]

$ 207,695

$ 156,053

Securities sold, not yet purchased

7,131

2,793

4,282

Fair Value, Measurements, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

207,695

156,053

7,131

Securities sold, not yet purchased

432,193

371,765

2,793

4,282

Debt [Member] | Fair Value, Measurements, Recurring

101,238

30,713

Total Liabilities

104,031

34,995

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Interests in Alternative Asset Management Funds | Fair Value, Measurements, Recurring

25,192

34,132

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fixed Income Funds | Fair Value, Measurements, Recurring

31,673

20,610

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Private Equity | Fair Value, Measurements, Recurring

50,393

31,121

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 [Member] | Fair Value, Measurements, Recurring

117,194

122,718

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

170,043

115,380

Securities sold, not yet purchased

227,380

160,030

2,793

4,282

Total Liabilities

2,793

4,282

Level 1 [Member] | Debt [Member] | Fair Value, Measurements, Recurring

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 [Member] | Fixed Income Funds | Fair Value, Measurements, Recurring

21,877

17,111

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 [Member] | Fair Value, Measurements, Recurring

35,460

27,539

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

37,456

37,332

7,131

83,988

78,635

Level 2 [Member] | Debt [Member] | Fair Value, Measurements, Recurring

101,238

30,713

Total Liabilities

101,238

30,713

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 [Member] | Interests in Alternative Asset Management Funds | Fair Value, Measurements, Recurring

3,315

17,021

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 [Member] | Fixed Income Funds | Fair Value, Measurements, Recurring

28,238

13,569

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 [Member] | Fair Value, Measurements, Recurring

14,933

3,582

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

196

3,341

Level 3 [Member] | Interests in Alternative Asset Management Funds | Fair Value, Measurements, Recurring

120,825

133,100

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 3 [Member] | Private Equity | Fair Value, Measurements, Recurring

3,435

7,041

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 117,194

$ 122,718

[1]

Equities, interests in alternative asset management funds and fixed income funds include investments with fair values of $76,280, $3,577 and $21,856, respectively, at September 30, 2012 and $19,857, $2,256 and $5,212, respectively, at December 31, 2011, held in order to satisfy the Company's liability upon vesting of previously granted Lazard Fund Interests ("Lazard Fund Interests") and other similar deferred compensation arrangements. Lazard Fund Interests represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 13 of Notes to Condensed Consolidated Financial Statements).

Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Net Unrealized/Realized Gain (Losses) Included In Revenue-Other

$ 118,798

$ 174,839

$ 133,100

$ 163,798

^[1]

(504)

(963)

11,940

2,864

2,945

25,686

5,717

38,761

Foreign Currency Translation Adjustments

(1,547)

(45,058)

(29,976)

(54,413)

1,133

(3,072)

422

120,825

151,432

120,825

151,432

Net Unrealized/Realized Gain (Losses) Included In Revenue-Other

191

135

3,341

316

^[1]

Foreign Currency Translation Adjustments

(3,160)

(195)

(9)

Interest In Alternative Asset Management Funds

196

126

196

126

Net Unrealized/Realized Gain (Losses) Included In Revenue-Other

4,616

7,041

^[1]

107

8,528

(1,199)

(3,723)

3,435

8,528

3,435

8,528

Private Equity

Net Unrealized/Realized Gain (Losses) Included In Revenue-Other

113,991

174,704

122,718

163,482

^[1]

(522)

(963)

11,828

2,861

2,945

17,158

5,697

30,233

Foreign Currency Translation Adjustments

(348)

(45,058)

^[2]

(23,093)

(54,218)

^[2]

1,128

(3,063)

420

$ 117,194

$ 142,778

$ 117,194

$ 142,778

[1]	Earnings for the three month and nine month periods ended September 30, 2012 and the three month and nine month periods ended September 30, 2011 include net unrealized gains (losses) of $(460), $9,103, $(829) and $2,988, respectively.
[2]	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.

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Fair Value Measurements [Line Items]
Net unrealized gain (losses)	$ (460)	$ (829)	$ 9,103	$ 2,988
Sale/disposition of private equity investments		$ 42,800		$ 49,500
Unfunded Commitments	34,047		34,047		$ 52,197
Private Equity
Fair Value Measurements [Line Items]
Unfunded Commitments	34,047		$ 34,047		$ 52,197
CP II
Fair Value Measurements [Line Items]
End of the investment period			Feb. 25, 2017
CP II \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	2,124		$ 2,124
EGCP III
Fair Value Measurements [Line Items]
End of the investment period			Oct. 12, 2016
EGCP III \| Private Equity
Fair Value Measurements [Line Items]
Remaining commitment date			Oct. 12, 2023
EGCP III \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	23,776		$ 23,776
COF 2 \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	$ 8,147		$ 8,147
Remaining commitment date			Nov. 11, 2019
COF 2 \| Minimum [Member]
Fair Value Measurements [Line Items]
End of the investment period			Nov. 11, 2016

Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 198,736	$ 185,970
Unfunded Commitments	34,047	52,197
Equities
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 36,559	$ 40,512
% of Fair Value Not Redeemable	1.00%	2.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	1.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	1.00%	1.00%
Investments Redeemable Redemption Frequency	Quarterly	Quarterly
Investments Redeemable Redemption Notice Period	60 Days	60 Days
Interest In Alternative Asset Management Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 31,673	$ 20,600
% of Fair Value Not Redeemable	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	0.00%	0.00%
Investments Redeemable Redemption Frequency	Quarterly	Quarterly
Investments Redeemable Redemption Notice Period	>90 Days	>90 Days
Fixed Income Funds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 14,933	$ 3,582
% of Fair Value Not Redeemable	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	0.00%	0.00%
Investments Redeemable Redemption Frequency	Monthly	Monthly
Investments Redeemable Redemption Notice Period	60 Days	60 Days
Private Equity
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 115,571	$ 121,276
Unfunded Commitments	$ 34,047	$ 52,197
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	23.00%	33.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	35.00%	28.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	42.00%	39.00%
Investments Redeemable Redemption Frequency	NA	NA
Investments Redeemable Redemption Notice Period	NA	NA

Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 46	$ 7,131
Derivative Liabilities	101,238	30,713
Foreign Exchange Forward
Derivatives, Fair Value [Line Items]
Derivative Assets	2	4,245
Derivative Liabilities	5,089	445
Equity And Fixed Income Swaps And Other
Derivatives, Fair Value [Line Items]
Derivative Assets	44	2,886
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Derivative Liabilities	242	277
Equity And Fixed Income Swaps
Derivatives, Fair Value [Line Items]
Derivative Liabilities	4,854	91
Lazard Fund Interests And Other Similar Deferred Compensation Arrangements
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 91,053	$ 29,900

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.

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.

Net Gains (Losses) With Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (15,576)	$ 22,532	$ (19,983)	$ 10,414
Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(3,377)	6,541	(1,248)	(2,856)
Lazard Fund Interests And Other Similar Deferred Compensation Arrangements
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(4,728)	3,961	(4,639)	3,961
Equity And Fixed Income Swaps And Other
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (7,471)	$ 12,030	$ (14,096)	$ 9,309

Business Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011	Jul. 15, 2009
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Aggregate fair value of the consideration recognized at the acquisition date			$ 61,624
Class A Common Stock [Member]
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition number of common stock issued			1,142,857
Business acquisition, initial shares unrestricted or delivered		285,715
Earnout Shares
Business Acquisition, Equity Interests Issued or Issuable [Line Items]
Business acquisition, shares unrestricted or delivered		57,287
Business acquisition number of common stock issued subject to earnout criteria and payable over time	1,142,857

Fair value, as of the acquisition date, of potential payments under the contingent consideration arrangement including cash and shares.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 35
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6910684&loc=d3e4570-128470

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6411-128476

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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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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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6910732&loc=d3e4805-128471

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6946367&loc=d3e3642-128468

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6911189&loc=d3e6405-128476

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph g(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 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 29, 30, 41, 42, 64
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph f
-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 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 65
-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.

Property-net (Detail) - USD ($) $ in Thousands	9 Months Ended
Property-net (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 489,152	$ 435,102
Less - Accumulated depreciation and amortization	272,740	266,673
Property-net	216,412	168,429
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 163,234	164,168
Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	33 years
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 182,070	159,191
Leasehold Improvements \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Leasehold Improvements \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Furniture And Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 118,020	85,396
Furniture And Equipment \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Furniture And Equipment \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 25,828	$ 26,347

Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 364,761	$ 356,657	$ 350,921	$ 313,229
Other intangible assets (net of accumulated amortization)	30,681	36,442
Goodwill and other intangible assets, Total	$ 395,442	$ 393,099

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
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-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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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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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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Goodwill And Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 364,761	$ 350,921	$ 364,761	$ 350,921	$ 356,657	$ 313,229
Amortization expense of intangible assets related to acquisitions	2,494	$ 1,716	$ 6,172	$ 4,896
Intangible asset amortization attributable to noncontrolling interest, percentage			45.00%
Financial Advisory Segment
Goodwill And Intangible Assets [Line Items]
Goodwill	300,220		$ 300,220		292,116
Asset Management Segment
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 64,541		$ 64,541		$ 64,541

Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Goodwill [Line Items]
Balance	$ 356,657	$ 313,229
Business acquisitions, including, in the 2011 period, $39,654 of additional contingent consideration earned relating to prior year business acquisitions	4,272	42,566
Additional contingent consideration earned		39,654
Foreign currency translation adjustments	3,832	(4,874)
Balance	364,761	350,921
Foreign currency translation adjustments	3,832	(4,874)
Balance	$ 364,761	$ 350,921

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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2012 (October 1 through December 31)

Gross Cost and Accumulated Amortization (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 63,775	$ 63,364
Other intangible assets, Accumulated Amortization	33,094	26,922
Other intangible assets, Net Carrying Amount	30,681	36,442
Success/Performance Fees [Member]
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	30,740	30,740
Other intangible assets, Accumulated Amortization	9,882	7,122
Other intangible assets, Net Carrying Amount	20,858	23,618
Management Fees, Customer Relationships And Non-Compete Agreements [Member]
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	33,035	32,624
Other intangible assets, Accumulated Amortization	23,212	19,800
Other intangible assets, Net Carrying Amount	$ 9,823	$ 12,824

Estimated Future Amortization Expense (Detail)
$ in Thousands

Sep. 30, 2012

USD ($)

^[1]

Intangible Assets [Line Items]

$ 1,487

9,029

8,477

6,642

5,046

Total amortization expense

$ 30,681

[1]	Approximately 45% of intangible asset amortization is attributable to a noncontrolling interest.

Senior Debt (Detail) - USD ($) $ in Thousands	9 Months Ended
Senior Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Debt Instrument [Line Items]
Senior debt, Outstanding	$ 1,076,850	$ 1,076,850
Lazard Group 7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 550,000
Senior Debt, Maturity Date	May 15, 2015
Senior Debt, Annual Interest Rate	7.125%
Senior debt, Outstanding	$ 528,500	528,500
Lazard Group 6.85% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 600,000
Senior Debt, Maturity Date	Jun. 15, 2017
Senior Debt, Annual Interest Rate	6.85%
Senior debt, Outstanding	$ 548,350	$ 548,350
Lazard Group Credit Facility [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 150,000
Senior Debt, Maturity Date	Sep. 25, 2015
Senior Debt, Annual Interest Rate	0.90%

Senior And Subordinated Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Sep. 30, 2012	Dec. 31, 2011	Sep. 25, 2012	Jul. 22, 2011
Debt Instrument [Line Items]
Senior revolving credit facility over next 3 years				$ 150,000
Outstanding Credit Facility		$ 0	$ 0
Unused line of credit facility available		301,000
Fair value of senior debt		1,208,000	1,138,000
Fair value of senior debt in excess of the aggregate carrying value		$ 131,000	$ 61,000
Promissory note representing subordinated debt, outstanding					$ 150,000
Subordinated promissory note, at cost					$ 131,829
Revolving Credit Facility
Debt Instrument [Line Items]
Senior Debt, Maturity Date		Sep. 25, 2015
Revolving Credit Facility annual interest rate		0.90%
Subordinated Debt
Debt Instrument [Line Items]
Pre-tax gain resulted from repurchasing of subordinated note	$ 18,171
LFB [Member]
Debt Instrument [Line Items]
Unused line of credit facility available		$ 91,000
Edgewater [Member]
Debt Instrument [Line Items]
Unused line of credit facility available		$ 55,000

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($)
Commitment And Contingencies [Line Items]
Guarantees indemnifications	$ 5,000
Collateral/counter-guarantees	4,000
Other commitments	$ 22,000

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended					3 Months Ended		9 Months Ended
	Oct. 31, 2012	Oct. 24, 2012	Apr. 30, 2012	Oct. 31, 2011	Feb. 28, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Schedule Of Stockholders Equity [Line Items]
Shares in exchange of like number of common membership interests								191,701
Current aggregate share repurchase amount	$ 216,605
Preferred stock, Shares authorized						15,000,000		15,000,000		15,000,000
Preferred stock, par value						$ 0.01		$ 0.01		$ 0.01
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK						$ 0.200	$ 0.160	$ 0.560	$ 0.445
Subsequent Event [Member]
Schedule Of Stockholders Equity [Line Items]
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK		$ 0.20
Dividend Declare Date		Oct. 24, 2012
Dividend Payable Date		Nov. 23, 2012
Dividend Date of Record		Nov. 05, 2012
LAZ-MD Holdings LLC [Member]
Schedule Of Stockholders Equity [Line Items]
Percentage of common membership interest and corresponding voting interests in subsidiary by noncontrolling interests						5.10%		5.10%		5.20%
December 31,2013
Schedule Of Stockholders Equity [Line Items]
Current aggregate share repurchase amount	16,605
December 31,2014
Schedule Of Stockholders Equity [Line Items]
Current aggregate share repurchase amount	200,000
Class A Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock, shares issued						123,201,012	3,682,116	123,201,012	3,682,116	123,009,311
Common stock held by subsidiary							1,247,555		1,247,555
Shares in exchange of like number of common membership interests									738,655
Stock/membership interest repurchase program authorized amount	$ 200,000		$ 125,000	$ 125,000	$ 250,000
Share repurchase program expiration date	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Number of shares/common membership interests purchased								8,235,306
Aggregate cost of shares/common membership interests purchased								$ 222,679
Remaining shares authorized						114,463		114,463
Number of additional shares purchased	3,374,308
Aggregate cost of shares purchased under share repurchase program	$ 97,858
Class A Common Stock [Member] \| December 31,2013
Schedule Of Stockholders Equity [Line Items]
Share repurchase program expiration date	Dec. 31, 2013
Class A Common Stock [Member] \| December 31,2014
Schedule Of Stockholders Equity [Line Items]
Share repurchase program expiration date	Dec. 31, 2014
Series A Preferred Stock
Schedule Of Stockholders Equity [Line Items]
Conversion of Series A preferred stock into Class A common stock									14,100
Preferred stock, shares outstanding						7,921		7,921		7,921

Lazard Group Distributed Amounts to Subsidiaries of Lazard Ltd and LAZ-MD Holdings (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Schedule Of Group Distributions [Line Items]
Amounts distributed by Lazard Group	$ 69,948	$ 54,689
Subsidiaries Of Lazard Ltd [Member]
Schedule Of Group Distributions [Line Items]
Amounts distributed by Lazard Group	66,219	51,409
LAZ-MD Holdings [Member]
Schedule Of Group Distributions [Line Items]
Amounts distributed by Lazard Group	$ 3,729	$ 3,280

Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Currency translation adjustments	$ 16,071	$ 3,719
Interest rate hedge	(2,766)	(3,557)
Employee benefit plans	(98,140)	(92,637)
Total AOCI	(84,835)	(92,475)
Less amount attributable to noncontrolling interests	(3,427)	(4,111)
Total Lazard Ltd AOCI	$ (81,408)	$ (88,364)

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.

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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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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.

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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

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Net of tax amount of other comprehensive income (loss) attributable to noncontrolling interests.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Research Bulletin (ARB)
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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(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 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
-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.

Changes in Ownership Interests (Detail) - shares	9 Months Ended
Changes in Ownership Interests (Detail) - shares	Sep. 30, 2012	Sep. 30, 2011
Change In Ownership Interest [Line Items]
Beginning balance (in shares)	129,766,090	127,350,561
Business acquisitions		2,434,561
Repurchase of common membership interests from LAZ-MD Holdings		(19,032)
Ending balance (in shares)	129,766,090	129,766,090
Lazard Ltd [Member]
Change In Ownership Interest [Line Items]
Beginning balance (in shares)	123,009,311	119,697,936
Common membership interest activity in connection with: Exchanges for Class A common stock	191,701	738,655
Business acquisitions		2,434,561
Ending balance (in shares)	123,201,012	122,871,152
Percentage of Ownership Beginning Balance	94.80%	94.00%
Percentage of Ownership Ending Balance	94.90%	94.70%
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Beginning balance (in shares)	6,756,779	7,652,625
Common membership interest activity in connection with: Exchanges for Class A common stock	(191,701)	(738,655)
Repurchase of common membership interests from LAZ-MD Holdings		(19,032)
Ending balance (in shares)	6,565,078	6,894,938
Percentage of Ownership Beginning Balance	5.20%	6.00%
Percentage of Ownership Ending Balance	5.10%	5.30%

Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	$ 372	$ 4,434	$ 7,217	$ 18,972
Noncontrolling interests	119,999		119,999		$ 140,713
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	1,937	4,209	4,956	11,955
Noncontrolling interests	35,819		35,819		31,954
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	(1,704)	587	2,168	7,492
Noncontrolling interests	82,669		82,669		91,713
Other Noncontrolling Interests [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	139	$ (362)	93	$ (475)
Noncontrolling interests	$ 1,511		$ 1,511		$ 17,046

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 (that is, noncontrolling interest, previously referred to as minority interest).

Amount of Net Income (Loss) attributable to noncontrolling interest.

Components of Net Periodic Benefit Cost:

Incentive Plans - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($) yr shares	Sep. 30, 2011 shares
Lazard Fund Interest
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of prepaid compensation asset, weighted average recognition period, years \| yr	1.8
Non-Executive Members
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual compensation received by directors in the form of DSUs	55.00%
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of annual compensation elected to be paid in DSUs in lieu of cash	49,982	26,859
Units granted under the directors deferred unit plan	7,988	5,371
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Company satisfied employees' tax obligations in lieu of issuing vested stock	1,331,812	2,302,798
Unrecognized compensation expense \| $	$ 257,000
Unrecognized compensation expense, years \| yr	1.2
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $	$ 8,000
Unrecognized compensation expense, years \| yr	1.8
Common stock delivered by company, shares	28,129	68,866
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements, 2005 Plan	25,000,000
Class A Common Stock [Member] \| Awarded Under 2008 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding Class A common stock	30.00%
Class A Common Stock [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A shares delivered	3,093,722	5,545,946
Forfeitures of shares	42,432
Class A Common Stock [Member] \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock delivered by company, shares	158,051	258,372

Summary of Impact of All Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share-based incentive compensation:
Share-based incentive compensation	$ 67,689	$ 58,933	$ 220,175	$ 211,466
RSUs [Member]
Share-based incentive compensation:
Share-based incentive compensation	65,952	58,489	211,271	200,899
Restricted Stock
Share-based incentive compensation:
Share-based incentive compensation	1,659	374	7,538	9,373
DSUs [Member]
Share-based incentive compensation:
Share-based incentive compensation	$ 78	$ 70	$ 1,366	$ 1,194

Schedule of Issuance of RSUs And Charges to Retained Earnings (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs issued	479,958	251,146
Charges to retained earnings, net of estimated forfeitures	$ 11,770	$ 8,169

Schedule of Activity Relating to RSUs And DSUs (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	20,751,829	22,108,635
Units, Granted/Exchanged	8,121,632	6,764,420
Units, Forfeited	(401,065)	(287,975)
Units, Vested	(4,425,534)	(7,848,744)
Units, Ending Balance	24,046,862	20,736,336
Weighted Average Grant Date Fair Value, Beginning Balance	$ 36.84	$ 35.67
Weighted Average Grant Date Fair Value, Granted	27.56	43.91
Weighted Average Grant Date Fair Value, Forfeited	35.49	37.73
Weighted Average Grant Date Fair Value, Vested	34.43	39.21
Weighted Average Grant Date Fair Value, Ending Balance	$ 34.16	$ 36.99
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	140,660	121,737
Units, Granted/Exchanged	57,970	32,230
Units, Vested		(16,120)
Units, Ending Balance	198,630	137,847
Weighted Average Grant Date Fair Value, Beginning Balance	$ 34.83	$ 34.46
Weighted Average Grant Date Fair Value, Granted	23.57	37.06
Weighted Average Grant Date Fair Value, Forfeited
Weighted Average Grant Date Fair Value, Vested		34.76
Weighted Average Grant Date Fair Value, Ending Balance	$ 31.54	$ 35.03

Schedule of Activity Relating to RSUs And DSUs (Parenthetical) (Detail) - shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend participation rights	479,958	251,146

Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock - $ / shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	95,332	95,332
Units, Granted	577,323	327,238
Units, Forfeited	(21,178)
Units, Vested	(186,180)	(327,238)
Units, Ending Balance	465,297	95,332
Weighted Average Grant Date Fair Value, Beginning Balance	$ 37.63	$ 37.63
Weighted Average Grant Date Fair Value, Granted	29.25	43.70
Weighted Average Grant Date Fair Value, Forfeited	29.51
Weighted Average Grant Date Fair Value, Vested	31.60	43.70
Weighted Average Grant Date Fair Value, Ending Balance	$ 30.02	$ 37.63

Summary of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Prepaid Compensation Asset, Balance January 1, 2012	$ 17,782
Prepaid Compensation Asset, Granted	64,658
Prepaid Compensation Asset, Settled
Prepaid Compensation asset, Forfeited	(1,607)
Prepaid Compensation Asset, Amortization (including grants of awards to retirement-eligible recipients)	(24,508)
Prepaid Compensation Asset, Change in fair value of underlying investments
Prepaid Compensation Asset, Adjustment for estimated forfeitures
Other	101
Balance, September 30, 2012	56,426
Compensation liability, Balance January 1, 2012	29,900
Compensation liability, Granted	64,658
Compensation liability, Settled	(8,640)
Compensation liability, Forfeited	(1,706)
Compensation liability, Amortization (including grants of awards to retirement-eligible recipients)
Compensation liability, Change in fair value of underlying investments	4,639
Compensation liability, Adjustment for estimated forfeitures	2,202
Compensation liability, Other
Compensation liability, Balance, September 30, 2012	$ 91,053

Summary of Impact of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization, after impact of forfeitures	$ 9,626	$ 2,480	$ 26,611	$ 7,534
Change in fair value of underlying investments	4,728	(3,961)	4,639	(3,961)
Total	$ 14,354	$ (1,481)	$ 31,250	$ 3,573

Employee Benefit Plans - Additional Information (Detail) $ in Thousands, £ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2012 GBP (£)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2012 GBP (£)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 GBP (£)	Dec. 31, 2011 USD ($)	Dec. 31, 2011 GBP (£)
Defined Benefit Plan Disclosure [Line Items]
Contribution related to the US pension plan				$ 700
Contribution to UK pension plan from previously established escrow account								$ 3,687
Amended amount from previous escrow arrangement \| £							£ 10.2
Aggregate amount in account security arrangement	$ 16,500			16,500
Company's contribution to U.K. pension plans				1,577
Contributions to other non-U.S. pension plans	0			0
Net charges to OCI	$ (1,893)		$ (4,585)	(7,947)		$ (8,215)
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution to UK pension plan from previously established escrow account \| £									£ 2.3
Company's contribution to U.K. pension plans \| £					£ 1.0
Total actuarial losses				1,935
Settlements loss				886
Net charges to OCI				$ 1,049
Payments From 2014 Through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional contribution to plan assets or escrow account \| £		£ 1.0
Payments From 2012 Through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional contribution to plan assets or escrow account \| £					£ 1.0

Components of Net Benefit Cost (Detail) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Pension Plans [Member]

Service cost

$ 166

$ 163

$ 504

$ 495

Interest cost

6,862

7,242

20,649

21,401

Expected return on plan assets

(6,637)

(7,763)

(19,931)

(23,029)

Amortization of:

Prior service cost

668

756

2,056

2,258

Net periodic benefit cost

412

1,243

194

Settlement loss

^[1]

886

1,471

463

5,407

1,319

Post-Retirement Medical Plans [Member]

Components of Net Periodic Benefit Cost:

Service cost

Interest cost

158

209

Expected return on plan assets

Amortization of:

Prior service cost

Net periodic benefit cost

$ 68

$ 88

$ 203

$ 261

[1]

During the nine month period ended September 30, 2012, the Company's pension plans in the U.S. made lump sum benefit payments in excess of the plans' annual service and interest costs, which, under U.S. GAAP, requires that the plans' obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $1,935 recorded in "other comprehensive income (loss), net of tax" ("OCI"), which, after recording a settlement loss of $886 recognized in "compensation and benefits" expense, resulted in a net charge to OCI of $1,049.

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	May 10, 2005
Provision for income taxes	$ 13,053	$ 20,605	$ 32,191	$ 51,704
Income tax provisions, effective tax rates	27.90%	23.50%	24.90%	20.60%
U.S. federal statutory rate			35.00%
LFCM Holdings [Member]
Percentage of cash savings to pay per the tax receivable agreement					85.00%

Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Earnings Per Share Basic And Diluted [Line Items]
Net income attributable to Lazard Ltd	$ 33,301	$ 62,699	$ 89,674	$ 179,710
Net income attributable to Lazard Ltd - basic	$ 33,304	$ 62,785	$ 89,680	$ 179,995
Weighted average number of shares of Class A common stock outstanding - basic	115,603,351	118,315,944	117,689,404	117,586,028
Weighted average number of shares of Class A common stock outstanding - diluted	135,380,036	136,857,956	135,537,050	138,265,494
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$ 0.29	$ 0.53	$ 0.76	$ 1.53
Diluted	$ 0.26	$ 0.49	$ 0.70	$ 1.39
Class A Common Stock [Member]
Earnings Per Share Basic And Diluted [Line Items]
Add - adjustment associated with Class A common stock issuable on a non-contingent basis	$ 3	$ 86	$ 6	$ 285
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 preferred stock and exchangeable interests, net of tax	1,804	3,618	4,680	12,692
Net income attributable to Lazard Ltd - diluted	$ 35,108	$ 66,403	$ 94,360	$ 192,687
Weighted average number of shares of Class A common stock outstanding	114,689,712	115,071,470	116,949,317	114,026,323
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis	913,639	3,244,474	740,087	3,559,705
Weighted average number of shares of Class A common stock outstanding - basic	115,603,351	118,315,944	117,689,404	117,586,028
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible preferred stock and exchangeable interests	19,776,685	18,542,012	17,847,646	20,679,466
Weighted average number of shares of Class A common stock outstanding - diluted	135,380,036	136,857,956	135,537,050	138,265,494
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$ 0.29	$ 0.53	$ 0.76	$ 1.53
Diluted	$ 0.26	$ 0.49	$ 0.70	$ 1.39

Schedule of Amounts Receivable From and Payable to Related Parties (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Amounts receivables from related parties	$ 10,902	$ 18,501
Amounts payables to related parties	3,037	6,075
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	7,037	14,790
Amounts payables to related parties	2,290	4,850
Other [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	3,865	3,711
Amounts payables to related parties	$ 747	$ 1,225

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

Reference 1: 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 2: 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 3: 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 4: 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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 3
-Article 7

Reference 6: 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 7: 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Subparagraph 1
-Article 4

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