View Filing Data

Print Document View Excel Document

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2012	Jan. 31, 2013	Jun. 30, 2012
Entity Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY
Trading Symbol	LAZ
Entity Registrant Name	LAZARD LTD
Entity Central Index Key	0001311370
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 3,018,126,020
Lazard Ltd Subsidiaries [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		12,790,280
Class A Common stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		128,216,423
Class B Common stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 850,190	$ 1,003,791
Deposits with banks	292,494	286,037
Cash deposited with clearing organizations and other segregated cash	65,232	75,506
Receivables (net of allowance for doubtful accounts of $23,017 and $19,450 at December 31, 2012 and 2011, respectively):
Fees	400,529	402,843
Customers and other	53,713	83,111
Related parties	23,801	18,501
Total receivables, net	478,043	504,455
Investments	414,673	378,521
Property (net of accumulated amortization and depreciation of $225,861 and $266,673 at December 31, 2012 and 2011, respectively)	225,033	168,429
Goodwill and other intangible assets (net of accumulated amortization of $35,281 and $26,922 at December 31, 2012 and 2011, respectively)	392,822	393,099
Other assets	268,406	272,098
Total Assets	2,986,893	3,081,936
Liabilities:
Deposits and other customer payables	269,763	288,427
Accrued compensation and benefits	467,578	383,513
Senior debt	1,076,850	1,076,850
Capital lease obligations	17,863	20,084
Related party payables	3,648	6,075
Other liabilities	499,651	440,131
Total Liabilities	2,335,353	2,215,080
Commitments and contingencies
Common stock:
Additional paid-in-capital	846,050	659,013
Retained earnings	182,647	258,646
Accumulated other comprehensive loss, net of tax	(110,541)	(88,364)
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total	919,438	830,525
Total Lazard Ltd Stockholders' Equity	569,656	726,143
Noncontrolling interests	81,884	140,713
Total Stockholders' Equity	651,540	866,856
Total Liabilities and Stockholders' Equity	2,986,893	3,081,936
Series A Preferred Stock [Member]
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock
Series B Preferred stock [Member]
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock
Class A Common stock [Member]
Common stock:
Common stock	1,282	1,230
Common stock held by subsidiary	(349,782)	(104,382)
Class B Common stock [Member]
Common stock:
Common stock

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts receivables	$ 23,017	$ 19,450
Property, accumulated amortization and depreciation	225,861	266,673
Goodwill and other intangible assets, accumulated amortization	$ 35,281	$ 26,922
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Series A Preferred Stock [Member]
Preferred stock, shares issued	7,921	7,921
Preferred stock, shares outstanding	7,921	7,921
Series B Preferred stock [Member]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Class A Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	128,216,423	123,009,311
Common stock held by subsidiaries, shares	12,802,938	3,492,017
Class B Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1	1
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
REVENUE
Investment banking and other advisory fees	$ 1,039,188	$ 970,167	$ 1,105,168
Money management fees	858,834	859,996	812,709
Interest income	6,008	14,609	20,967
Other	89,983	74,866	64,233
Total revenue	1,994,013	1,919,638	2,003,077
Interest expense	81,565	90,126	97,709
Net revenue	1,912,448	1,829,512	1,905,368
OPERATING EXPENSES
Compensation and benefits	1,351,129	1,168,945	1,194,168
Occupancy and equipment	113,163	100,698	88,328
Marketing and business development	95,573	88,411	77,057
Technology and information services	86,892	83,212	73,744
Professional services	43,958	48,324	43,502
Fund administration and outsourced services	51,390	52,793	47,574
Amortization of intangible assets related to acquisitions	8,359	11,915	7,867
Provision pursuant to tax receivable agreement		429	2,361
Restructuring			87,108
Other	38,099	39,286	40,009
Total operating expenses	1,788,563	1,594,013	1,661,718
OPERATING INCOME	123,885	235,499	243,650
Provision for income taxes	31,100	44,940	49,227
NET INCOME	92,785	190,559	194,423
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	8,476	15,642	19,444
NET INCOME ATTRIBUTABLE TO LAZARD LTD	$ 84,309	$ 174,917	$ 174,979
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	116,953,989	118,032,020	104,411,253
Diluted	129,325,622	137,629,525	138,469,654
NET INCOME PER SHARE OF COMMON STOCK:
Basic	$ 0.72	$ 1.48	$ 1.68
Diluted	0.65	1.36	1.36
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 1.160	$ 0.605	$ 0.500

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
NET INCOME	$ 92,785	$ 190,559	$ 194,423
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	15,686	(9,474)	(9,457)
Amortization of interest rate hedge	1,055	1,054	1,163
Available-for-sale securities:
Unrealized gain (net of tax expense of $1645)			3,129
Adjustments for items reclassified to earnings (net of tax expense of $4989)			9,501
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(12,950), $(12,526) and $6,555 for the years ended December 31, 2012, 2011 and 2010, respectively)	(40,298)	(38,248)	17,841
Adjustments for items reclassified to earnings (net of tax expense of $1,145, $1,031 and $975 for the years ended December 31, 2012, 2011 and 2010, respectively)	4,399	2,206	1,643
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(19,158)	(44,462)	23,820
COMPREHENSIVE INCOME	73,627	146,097	218,243
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	8,315	13,105	20,924
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD	$ 65,312	$ 132,992	$ 197,319

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Tax expense on unrealized gain, available-for-sale securities			$ 1,645
Tax expense on adjustments for items reclassified, available-for-sale securities			4,989
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	$ (12,950)	$ (12,526)	6,555
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans	$ 1,145	$ 1,031	$ 975

- Definition

This item represents the tax effects occurring during the period which are related to the net unrealized gain (loss) resulting from changes in the fair [carrying] value during the period of available-for-sale securities. Such tax affects would have been charged or credited directly to other comprehensive income or to related components of shareholders' equity.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 92,785	$ 190,559	$ 194,423
Noncash items included in net income:
Depreciation and amortization of property	30,855	24,580	22,712
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge	360,751	300,286	316,232
Amortization of intangible assets related to acquisitions	8,359	11,915	7,867
Deferred tax provision (benefit)	(4,457)	7,214	8,116
Investment losses (including other-than-temporary impairment losses)			8,854
(Gain) loss on extinguishment of debt		(18,171)	424
(Increase) decrease in operating assets:
Deposits with banks	(806)	63,639	(221,072)
Cash deposited with clearing organizations and other segregated cash	11,613	16,408	(73,005)
Receivables-net	31,157	61,153	(52,690)
Investments	(30,096)	31,543	(50,809)
Other assets	(62,683)	(61,648)	(11,534)
Increase (decrease) in operating liabilities:
Deposits and other payables	(26,576)	(63,141)	46,750
Accrued compensation and benefits and other liabilities	71,006	(166,535)	(27,470)
Net cash provided by operating activities	481,908	397,802	168,798
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(89,301)	(46,438)	(13,382)
Disposals of property	4,368	1,161	432
Distributions relating to equity method investments			51,437
Proceeds from sales of held-to-maturity securities			132,209
Proceeds from sales and maturities of available-for-sale securities			241,029
Net cash provided by (used) in investing activities	(84,933)	(45,277)	411,725
Proceeds from:
Contributions from noncontrolling interests	1,741	17,505	4,624
Excess tax benefits from share-based incentive compensation		1,386
Other financing activities			33,312
Payments for:
Senior and subordinated debt		(131,829)	(10,375)
Capital lease obligations	(2,519)	(2,322)	(2,400)
Distributions to noncontrolling interests	(27,767)	(33,734)	(37,587)
Repurchase of common membership interests from members of LAZ-MD Holdings		(794)	(7,248)
Purchase of Class A common stock	(354,464)	(204,835)	(149,981)
Class A common stock dividends	(135,108)	(70,572)	(50,581)
Settlement of vested share-based incentive compensation	(44,883)	(93,750)	(57,576)
Other financing activities	(220)	(33,414)	(74)
Net cash used in financing activities	(563,220)	(552,359)	(277,886)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	12,644	(6,070)	(10,271)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(153,601)	(205,904)	292,366
Cash and cash equivalents, January 1	1,003,791	1,209,695	917,329
Cash and cash equivalents, December 31	850,190	1,003,791	1,209,695
Supplemental investing non-cash transaction:
Class A common stock issued/issuable in connection with business acquisitions		39,654	41,174
Cash paid during the year for:
Interest	78,441	92,702	102,110
Income taxes	$ 35,340	$ 56,568	$ 69,454

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

Total

Series A Preferred Stock [Member]

Common Stock [Member]

Additional Paid-In-Capital [Member]

Retained Earnings [Member]

Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]

Class A Common Stock Held By Subsidiaries [Member]

Total Lazard Ltd Stockholders' Equity [Member]

Noncontrolling Interests [Member]

Balance at Dec. 31, 2009

$ 523,097

$ 922

$ 549,931

$ 52,726

$ (57,048)

$ (191,140)

$ 355,391

$ 167,706

Balance (in shares) at Dec. 31, 2009

26,883

92,165,913

^[1]

5,850,775

Comprehensive income (loss):

NET INCOME

194,423

174,979

19,444

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

(9,457)

(8,937)

(520)

Amortization of interest rate hedge

1,163

1,093

Available-for-sale securities:

Net unrealized gain

3,129

2,941

188

Adjustments for items reclassified to earnings

9,501

8,930

571

Employee benefit plans:

Net actuarial gain (loss)

17,841

16,769

1,072

Adjustments for items reclassified to earnings

1,643

1,544

COMPREHENSIVE INCOME

218,243

197,319

20,924

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

47,876

$ 3

46,220

46,223

1,653

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

^[1]

315,617

Conversion of Series A preferred stock into Class A common stock

$ 6

(6)

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

(4,862)

572,988

^[1]

Delivery of Class A common stock

(57,576)

(286,847)

$ 229,271

(57,576)

Amortization of share-based incentive compensation

305,303

286,957

18,346

Dividend-equivalents

(53)

10,606

(10,656)

(50)

(3)

Class A common stock dividends

(50,581)

Purchase of Class A common stock

(149,981)

$ (149,981)

(149,981)

Purchase of Class A common stock (in shares)

4,686,892

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

(57,576)

(286,847)

$ 229,271

(57,576)

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

(6,690,159)

Repurchase of common membership interests from LAZ-MD Holdings

(7,248)

(6,812)

(436)

Issuance of Class A common stock

$ 30

116,070

$ (116,100)

Issuance of Class A common stock (in shares)

3,000,000

^[1]

3,000,000

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

$ 236

(236)

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

^[1]

23,643,419

Distributions to noncontrolling interests, net

(32,963)

42,958

(11,450)

31,508

(31,508)

Balance at Dec. 31, 2010

796,117

$ 1,197

758,841

166,468

(46,158)

$ (227,950)

652,398

143,719

Balance (in shares) at Dec. 31, 2010

22,021

119,697,937

^[1]

6,847,508

Comprehensive income (loss):

NET INCOME

190,559

174,917

15,642

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

(9,474)

(8,760)

(714)

Amortization of interest rate hedge

1,054

1,000

Employee benefit plans:

Net actuarial gain (loss)

(38,248)

(36,256)

(1,992)

Adjustments for items reclassified to earnings

2,206

2,091

115

COMPREHENSIVE INCOME

146,097

132,992

13,105

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

44,856

41,800

3,056

Conversion of Series A preferred stock into Class A common stock

$ 24

(24)

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

(3,401)

(126,812)

$ 123,411

(3,401)

Delivery of Class A common stock (in shares)

(3,515,362)

Amortization of share-based incentive compensation

275,142

260,816

14,326

Dividend-equivalents

(79)

12,092

(12,167)

(75)

(4)

Class A common stock dividends

(70,572)

Purchase of Class A common stock

(204,835)

$ (204,835)

(204,835)

Purchase of Class A common stock (in shares)

6,135,189

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

(3,401)

(126,812)

$ 123,411

(3,401)

Repurchase of common membership interests from LAZ-MD Holdings

(794)

(753)

(41)

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

$ 9

(9)

Distributions to noncontrolling interests, net

(21,317)

12,421

(281)

12,140

(12,140)

Balance at Dec. 31, 2011

866,856

$ 1,230

659,013

258,646

(88,364)

$ (104,382)

726,143

140,713

Balance (in shares) at Dec. 31, 2011

7,921

123,009,312

^[1]

3,492,017

Business acquisitions and related equity transactions:

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(92,778)

(297,779)

$ 204,992

(92,787)

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

(5,975,318)

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

^[1]

876,814

(1,580)

NET INCOME

92,785

84,309

8,476

Currency translation adjustments

15,686

15,431

255

Amortization of interest rate hedge

1,055

1,042

Net actuarial gain (loss)

(40,298)

(39,817)

(481)

Adjustments for items reclassified to earnings

4,399

4,347

COMPREHENSIVE INCOME

73,627

65,312

8,315

Class A common stock issuable (including related amortization)

4,079

4,030

Delivery of Class A common stock

(1,633)

$ 1,633

Delivery of Class A common stock (in shares)

(57,287)

Amortization of share-based incentive compensation

310,348

306,642

3,706

Dividend-equivalents

(212)

24,990

(25,200)

(210)

(2)

Class A common stock dividends

(135,108)

Purchase of Class A common stock

(354,464)

$ (354,464)

(354,464)

Purchase of Class A common stock (in shares)

12,817,196

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

(1,633)

$ 1,633

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

$ 52

(52)

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

^[1]

5,207,112

Distributions to noncontrolling interests, net

(26,026)

32,935

(3,180)

29,755

(29,755)

Balance at Dec. 31, 2012

651,540

$ 1,282

846,050

$ 182,647

$ (110,541)

$ (349,782)

569,656

81,884

Balance (in shares) at Dec. 31, 2012

7,921

128,216,424

^[1]

12,802,938

Business acquisitions and related equity transactions:

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(45,855)

(153,274)

$ 107,431

(45,843)

(12)

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

(3,448,988)

Modification of equity incentive compensation award

(26,922)

$ (26,601)

(321)

Deconsolidation of investment companies

$ (14,783)

[1]	Includes 119,697,936, 123,009,311 and 128,216,423 shares of the Company's Class A common stock issued at December 31, 2010, 2011 and, 2012, respectively, and 1 share of the Company's Class B common stock issued at each such date.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Share-based incentive compensation and related tax benefits or expense	$ 972	$ 972
Class A Common stock [Member]
Common stock, issued	128,216,423	123,009,311
Class B Common stock [Member]
Common stock, issued	1	1

ORGANIZATION AND BASIS OF PRESENTATION

12 Months Ended

Dec. 31, 2012

ORGANIZATION AND BASIS OF PRESENTATION

1.	*ORGANIZATION AND BASIS OF PRESENTATION*

Organization

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

Lazard Ltd indirectly held approximately 98.8% and 94.8% of all outstanding Lazard Group common membership interests as of December 31, 2012 and 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 1.2% and 5.2% of the outstanding Lazard Group common membership interests as of December 31, 2012 and 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 1.2% and 5.2% of the voting power but no economic rights in the Company as of December 31, 2012 and 2011, respectively. 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 global 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.

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 allocate outstanding indebtedness to 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 consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 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 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.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 275
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228881-111685

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 272
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 720
-SubTopic 15
-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 915
-SubTopic 235
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4/FIN46(R)-8
-Paragraph 8, C1, C7
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2012

SIGNIFICANT ACCOUNTING POLICIES

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements.

Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Net foreign currency remeasurement gains (losses) amounted to $(761), $1,406 and $(1,606), respectively, for the years ended December 31, 2012, 2011 and 2010, and are included in “revenue-other” on the respective consolidated statements of operations.

Use of Estimates—In preparing the consolidated financial statements, management makes estimates and assumptions regarding:

•

valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives, securities sold, not yet purchased and assumptions used to value pension and other post-retirement plans;

•

the adequacy of the allowance for doubtful accounts;

•

the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions;

•

the outcome of litigation;

•

the carrying amount of goodwill and other intangible assets;

•

the amortization period of intangible assets;

•

the valuation of shares issued or issuable that contain transfer restrictions;

•

share-based and other deferred compensation plan forfeitures, and

•

other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements.

Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements.

Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased.

Deposits with Banks—Represents LFB’s short-term deposits, principally with the Banque de France. The level of these deposits may be driven by the level of LFB customer and bank-related interest-bearing time and demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation.

Cash Deposited with Clearing Organizations and Other Segregated Cash—Primarily represents restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations.

Allowance for Doubtful Accounts—We maintain an allowance for bad debts to provide for estimated losses relating to fees and customer receivables. We determine the adequacy of the allowance by estimating the probability of loss based on management’s analysis of the client’s creditworthiness and specifically reserve against exposures where we determine the receivables may be impaired, which may include situations where a fee is in dispute or litigation has commenced.

With respect to fees receivable from Financial Advisory activities, such receivables are generally deemed past due when they are outstanding 60 days from the date of invoice. However, some Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years (as is the case for our interest-bearing financing receivables) following the invoice date or may be subject to court approval (as is the case with bankruptcy-related restructuring assignments). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory fee receivables past due in excess of 180 days are fully provided for unless there is evidence that the balance is collectable. Asset Management fees are deemed past due and fully provided for when such receivables are outstanding 12 months after the invoice date. Notwithstanding our policy for receivables past due, we specifically reserve against exposures relating to Financial Advisory and Asset Management fees where we determine receivables are impaired.

See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables.

Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds, at the Company’s broker-dealer subsidiaries are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard industry practices. Such amounts are reflected in “revenue-other” in the consolidated statements of operations.

Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries may include “trading”, “available-for-sale” and “held-to-maturity” securities. Investments in debt and marketable equity securities considered “trading” securities are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other” in the consolidated statements of operations. Investments in debt securities considered “available-for-sale” securities are accounted for at fair value, with any increase or decrease in fair value reported in AOCI, until the gains and losses are realized and reclassified to earnings. Investments in debt securities considered “held-to-maturity” securities are accounted for at amortized cost. Declines in the fair value of “available-for-sale” and “held-to-maturity” securities that are determined to be other-than-temporary are charged to earnings, which, for periods beginning after April 1, 2009, may only include the credit loss component of such declines. At December 31, 2010 and subsequent thereto, the Company had no “available-for-sale” or “held-to-maturity” debt or marketable equity securities.

Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, as well as investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of those investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations.

Dividend income is reflected in “revenue-other” on the consolidated statements of operations. Interest income includes accretion or amortization of any discount or premium arising at acquisition of the related debt security. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis.

See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments.

Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $30,855, $24,580 and $22,712 for the years ended December 31, 2012, 2011 and 2010, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred.

Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. For years prior to 2011, the Company assessed whether any goodwill recorded by its applicable reporting units was impaired by comparing the fair value of each reporting unit with its respective carrying amount. In this process, Lazard used its best judgment and information available to it at the time to perform this review and utilized various valuation techniques in order to determine the applicable fair values. Commencing in 2011, as permitted under an amendment issued by the Financial Accounting Standards Board (the “FASB”), the Company elected to perform a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit.

Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. This analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value.

See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets.

Derivative Instruments—A derivative is typically defined as an instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies).

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 contracts 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, in the consolidated statements of operations.

In addition to the derivative instruments above, the Company recognized derivative liabilities relating to its obligations pertaining to Lazard Fund Interests awards (“Lazard Fund Interests”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, as 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 and other similar deferred compensation arrangements, and are reported in “revenue-other” in the consolidated statements of operations. For information regarding Lazard Fund Interests and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements.

Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings and amounts due on short-term collateralized borrowing activities. Collateralized borrowing activities amounted to $13,854 and $8,928 at December 31, 2012 and 2011, respectively, and were fully collateralized with pledged assets of equal or greater value at each such date.

Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations.

Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks, cash deposited with clearing organizations and other segregated cash, receivables, investments (excluding investments accounted for at amortized cost, interest-bearing deposits or using the equity method of accounting), derivative instruments, deposits and other customer payables.

Revenue Recognition

Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2012, 2011 and 2010 are $24,762, $18,942 and $20,216, respectively.

Money Management and Incentive Fees—Money management fees are derived from fees for investment management and advisory services provided to clients. Revenue is recorded on an accrual basis primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge funds) and private equity funds, and lower fees earned on fixed income and money market products.

The Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds.

For hedge funds, incentive fees are calculated based on a specified percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds at the end of the relevant performance measurement period, when potential uncertainties regarding the ultimate realizable amounts have been determined. The incentive fee measurement period is generally an annual period (unless an account terminates during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned.

For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, incentive fees earned on our private equity funds are not recognized until potential uncertainties regarding the ultimate realizable amounts have been determined, including any potential for clawback.

Receivables relating to money management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition.

Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services.

Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Equity-based incentive compensation is recognized in “compensation and benefits” expense (and, as applicable, in “restructuring” expense, with respect to the expense associated with the acceleration of unrecognized expense pertaining to awards granted previously to individuals who were terminated by the Company in the 2010 restructuring program described in Note 16 of Notes to Consolidated Financial Statements).

Costs-Saving and Restructuring Plans—The Company records charges associated with management-approved restructuring or cost-saving plans to reorganize one or more of the Company’s business segments. Such plans can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits” and other types of liabilities in “other liabilities” in the consolidated statements of financial condition.

Income Taxes—Lazard Ltd, through certain of its subsidiaries, is subject to U.S. corporate federal income tax on its allocable share of the results of operations of Lazard Group, and certain non-U.S. subsidiaries of the Company are subject to income taxes in their local jurisdictions. In addition, the Company is subject to New York City Unincorporated Business Taxes (“UBT”) attributable to Lazard Group’s operations apportioned to New York City.

Substantially all of Lazard’s operations outside the U.S. 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 year earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes.

Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as deferred tax assets and liabilities and are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by a taxing authority.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets:

•

future reversals of existing taxable temporary differences;

•

future taxable income exclusive of reversing temporary differences and carryforwards;

•

taxable income in prior carryback years; and

•

tax-planning strategies.

The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following:

•

nature, frequency, and magnitude of any recent losses and current operating results;

•

duration of statutory carryforward periods;

•

historical experience with tax attributes expiring unused; and

•

near-term and medium-term financial outlook.

The Company records tax positions taken or expected to be taken in a tax return based upon the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority.

The Company recognizes interest and/or penalties related to unrecognized tax benefits in “income tax expense”. See Note 17 of Notes to Consolidated Financial Statements for additional information relating to income taxes.

RECENT ACCOUNTING DEVELOPMENTS

12 Months Ended

Dec. 31, 2012

RECENT ACCOUNTING DEVELOPMENTS

3.	*RECENT ACCOUNTING DEVELOPMENTS*

Fair Value Measurements—In the first quarter of 2012, the Company adopted the amended fair value measurement guidance issued by 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 - NET

12 Months Ended

Dec. 31, 2012

RECEIVABLES - NET

4.	*RECEIVABLES - NET*

The Company’s “receivables - net” represents receivables from fees, customers and other and related parties.

Receivables are stated net of an estimated allowance for doubtful accounts of $23,017 and $19,450 at December 31, 2012 and 2011, respectively, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. The Company recorded bad debt expense of $6,579, $7,952 and $8,392 for the years ended December 31, 2012, 2011 and 2010, respectively. In addition, the Company recorded charge-offs, foreign currency translation and other adjustments, which resulted in a net decrease to the allowance for doubtful accounts of $3,012, $3,519 and $4,950 for the years ended December 31, 2012, 2011 and 2010, respectively. At December 31, 2012 and 2011, the Company had receivables deemed past due or uncollectible of $25,604 and $22,785, respectively.

In connection with short-term collateralized lending activities of LFB, the Company typically receives a pledge of specifically identified securities of equal or greater value than the amount of the cash loaned and that are permitted to be sold or repledged. Collateralized customer loan receivables, which amounted to $5,952 at December 31, 2011 were collateralized by securities of equal or greater value, none of which were sold or repledged (no such collateralized customer loan receivables existed at December 31, 2012).

Of the Company’s total receivables at December 31, 2012 and 2011, $76,481 and $103,354, respectively, represented interest-bearing financing receivables. There was no allowance for doubtful accounts required at those dates related to such receivables as there were no past due or uncollectible amounts, primarily based upon our historical loss experience and the credit quality of the counterparties.

The carrying amount of our non-interest bearing trade receivables of $401,562 and $401,101 at December 31, 2012 and 2011, respectively, approximates fair value.

INVESTMENTS

12 Months Ended

Dec. 31, 2012

INVESTMENTS

5.	*INVESTMENTS*

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


	December 31,
	2012		2011
Debt (including interest-bearing deposits of $578 and $2,834, respectively)	$	5,948	$	36,966

Equities		44,992		44,436

Funds:
Alternative investments (a)		57,890		59,622
Debt (a)		32,077		14,069
Equity (a)		154,310		89,657
Private equity		112,444		122,718

		356,721		286,066

Equity method		7,012		11,053

Total investments		414,673		378,521
Less:
Interest-bearing deposits		578		2,834
Equity method		7,012		11,053

Investments, at fair value	$	407,083	$	364,634

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	2,755	$	4,282

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $5,054, $18,615 and $76,907, respectively, at December 31, 2012 and $5,367, $2,101 and $19,857, respectively, at December 31, 2011, held in order to satisfy the Company’s liability upon vesting of previously granted 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 7 and 14 of Notes to Consolidated Financial Statements).

Debt securities primarily consist of seed investments invested in debt securities held within separately managed accounts related to our Asset Management business and non-U.S. government debt securities.

Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business.

Interests in alternative investment funds primarily consist of interests in various Lazard-managed hedge funds and fund of funds.

Debt funds primarily consist of seed investments in funds related to our Asset Management business, which invest in debt securities, and amounts related to Lazard Fund Interests discussed above.

Equity funds primarily consist of seed investments in funds related to our Asset Management business, which are invested in equity securities, and amounts related 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) 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 middle market companies, (iv) Lazard Australia Corporate Opportunities Fund (“COF2”), a Lazard-managed Australian private equity fund targeting Australian mid-market investments and (v) at December 31, 2011, Lazard Senior Housing Partners LP, which targets controlling interests in companies and assets in the senior housing, extended-stay hotel and shopping center sectors.

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 $11,490 and $18,502 at December 31, 2012 and 2011, respectively (see Note 12 of Notes to Consolidated Financial Statements).

During the years ended December 31, 2012, 2011 and 2010, the Company reported in revenue-other on its consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows (including, for the years ended December 31, 2011 and 2010, restated amounts pertaining to certain non-broker dealer subsidiaries):


	Year Ended December 31,
	2012		2011		2010
Gross unrealized investment gains	$	23,024	$	2,180	$	4,678
Gross unrealized investment losses	$	697	$	12,844	$	514

During the year ended December 31, 2010 the Company reclassified to earnings realized gains of $1,755 and realized losses of $16,245 related to the sale of the “available-for-sale” portfolio. With respect to the items reclassified to earnings, the average cost basis was utilized for purposes of calculating realized investment gains and losses.

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2012

FAIR VALUE MEASUREMENTS

6.	*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 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 as provided by external pricing services; equity securities in private companies are generally classified as Level 3.

The fair value of investments in alternative investment 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 external fund administrators.

The fair value of investments in debt 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 within the near term.

The fair value of investments in equity funds is classified as Level 1, 2 or 3 as follows: publicly traded asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; investments in asset management funds redeemable in the near term are classified as Level 2 and are valued at NAV or its equivalent, which is primarily determined based on information provided by external fund administrators; and Level 3 represents funds valued based on NAV or its equivalent that are not redeemable within the near term.

The fair value of investments in private equity funds 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; and the fair value of interest rate swaps is 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 forfeitures. See Note 7 of Notes to Consolidated Financial Statements.

Where information reported is based on data received from external fund administrators or 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 December 31, 2012 and 2011 within the fair value hierarchy:



	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,443	$	3,927	$	–	$	5,370
Equities		44,802		–		190		44,992
Funds:
Alternative investments		–		54,433		3,457		57,890
Debt		32,073		4		–		32,077
Equity		145,231		9,069		10		154,310
Private equity		–		–		112,444		112,444
Derivatives		–		933		–		933

Total	$	223,549	$	68,366	$	116,101	$	408,016

Liabilities:
Securities sold, not yet purchased	$	2,696	$	59	$	–	$	2,755
Derivatives		–		102,492		–		102,492

Total	$	2,696	$	102,551	$	–	$	105,247


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,111	$	17,021	$	–	$	34,132
Equities		44,065		160		211		44,436
Funds:
Alternative investments		–		49,451		10,171		59,622
Debt		13,802		267		–		14,069
Equity		85,052		4,605		–		89,657
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 years ended December 31, 2012 and 2011.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2012, 2011 and 2010:


	Year Ended December 31, 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	$	211	$	5		$	–	$	(30	)	$	4		$	190
Alternative investment funds		10,171		130			–		(6,844	)		–			3,457
Equity funds		–		–			10		–			–			10
Private equity funds		122,718		15,983			8,589		(35,796	)		950			112,444

Total Level 3 Assets	$	133,100	$	16,118		$	8,599	$	(42,670	)	$	954		$	116,101


	Year Ended December 31, 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	$	72		$	25	$	(195)		$	(7	)	$	211
Alternative investment funds		–		(169	)		10,340		–			–			10,171
Private equity funds		163,482		(3,319	)		33,117		(69,218	)(b)		(1,344	)		122,718

Total Level 3 Assets	$	163,798	$	(3,416	)	$	43,482	$	(69,413	)	$	(1,351	)	$	133,100


	Year Ended December 31, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	305	$	6		$	14	$	–		$	(9	)	$	316
Private equity funds		135,914		8,646			34,288		(11,985	)		(3,381	)		163,482

Total Level 3 Assets	$	136,219	$	8,652		$	34,302	$	(11,985	)	$	(3,390	)	$	163,798

(a)	Earnings for the years ended December 31, 2012, 2011 and 2010 include net unrealized gains (losses) of $12,910, $(3,268) and $8,299, respectively.

(b)	Sales/dispositions of private equity fund investments for the year ended December 31, 2011 include $49,500 in connection with a reduction of interests in a fund which ceased to be consolidated by the Company.

Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2012 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments.


					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	850,190	$	850,190	$	850,190	$	–	$	–
Deposits with banks		292,494		292,494		292,494		–		–
Cash deposited with clearing organizations and other segregated cash		65,232		65,232		65,232		–		–
Interest-bearing financing receivables		76,481		78,493		–		–		78,493
Interest-bearing deposits (included within investments)		578		578		578		–		–

Financial Liabilities:
Deposits and other customer payables	$	269,763	$	269,763	$	269,763		–		–
Senior debt		1,076,850		1,207,227		–		1,207,227		–

Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities. Money market funds are valued through the use of quoted market prices, or $1.00, which generally is the NAV of the fund.

The carrying value of deposits with banks, and cash deposited with clearing organizations and other segregated cash, approximates fair value because of the relatively short period of time between their origination and expected maturity.

Fair values of interest-bearing financing receivables were generally determined by discounting both principal and interest cash flows expected to be collected, using a discount rate approximating current market interest rates for comparable financial instruments and based on unobservable inputs.

The carrying value of deposits and other customer payables and investments accounted for at amortized cost, such as interest-bearing deposits, approximate fair value due to their short-term nature.

The Company’s senior debt is carried at historical amounts. The fair value of the Company’s senior debt is based on market quotations.

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

December 31, 2012

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds

57,890

–

(a)

<30-120 days

Debt funds

–

(b)

30 days

Equity funds

9,079

–

–%

(c)

30-120 days

Private equity funds

112,444

31,482

100%

13%

39%

48%

Total

179,417

31,482

Redemption frequency as follows:

(a)	daily (10%), weekly (9%), monthly (38%) and quarterly (43%)

(b)	daily (100%)

(c)	daily (37%) and monthly (61%)

December 31, 2011

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds

59,622

–

(a)

< 30-120 days

Debt funds

267

–

(b)

< 30 days

Equity funds

4,605

–

–%

(c)

< 30 days

Private equity funds

122,718

52,197

100%

33%

28%

39%

Total

187,212

52,197

Redemption frequency as follows:

(a)	daily (17%), weekly (8%), monthly (37%) and quarterly (38%)

(b)	daily (100%)

(c)	daily (95%)

See Note 5 of Notes to Consolidated Financial Statements for discussion of significant investment strategies for investments with value based on NAV.

Investment Capital Funding Commitments—At December 31, 2012, the maximum unfunded commitments by the Company for capital contributions to investment funds related to (i) CP II, amounting to $1,940 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 $21,435, 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) COF2, amounting to $8,107, 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 commitment regarding EGCP III described above reflects a March 1, 2012 reduction of $17,400 from the Company’s original commitment of $50,000 that an investor group, owned by current and former managing directors, including certain of our executive officers, assumed from the Company. In connection with their assumption of this assumed commitment, each investor received a right to collect a portion of the Company’s carried interest arising from EGCP III, to the extent any such carried interest is actually received by the Company, equal to 20% of the profit earned by such investor on his or her investment.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 33
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

DERIVATIVES

12 Months Ended

Dec. 31, 2012

DERIVATIVES

7.	*DERIVATIVES*

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 obligation pertaining to Lazard Fund Interests and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2012 and 2011:


	December 31,
	2012		2011
Derivative Assets:
Forward foreign currency exchange rate contracts	$	893	$	4,245
Equity and fixed income swaps and other		40		2,886

	$	933	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	322	$	445
Interest rate swaps		235		277
Equity and fixed income swaps		4,342		91
Lazard Fund Interests and other similar deferred compensation arrangements		97,593		29,900

	$	102,492	$	30,713

Net gains (losses) with respect to derivative instruments (predominantly reflected 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 consolidated statements of operations for the years ended December 31, 2012, 2011 and 2010, were as follows:


	Year Ended December 31,
	2012			2011		2010
Forward foreign currency exchange rate contracts	$	(1,844	)	$	2,422	$	2,291
Lazard Fund Interests and other similar deferred compensation arrangements		(7,557	)		3,024		–
Equity and fixed income swaps and other		(18,327	)		4,276		(6,709	)

	$	(27,728	)	$	9,722	$	(4,418	)

Derivatives designated as hedging instruments related to interest rate swaps that hedged “available-for-sale” securities and had been accounted for as fair value hedges. For the year ended December 31, 2010, the Company recognized pre-tax losses pertaining to interest rate swaps of $2,844. These losses were substantially offset by gains recognized on the hedged risk portion of such “available-for-sale” securities.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624177-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708775-113959

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7668309&loc=d3e80748-113994

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41635-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5708773-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624181-113959

Reference 20: 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.(n))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

PROPERTY-NET

12 Months Ended

Dec. 31, 2012

PROPERTY-NET

8.	*PROPERTY-NET*

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


	Estimated Depreciable Life in Years		December 31,
	Estimated Depreciable Life in Years		2012		2011
Buildings		33	$	166,560	$	164,168
Leasehold improvements		2-20		143,408		159,191
Furniture and equipment		3-10		122,125		85,396
Construction in progress				18,801		26,347

Total				450,894		435,102
Less - Accumulated depreciation and amortization				225,861		266,673

Property-net			$	225,033	$	168,429

- Definition

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.

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2012

GOODWILL AND OTHER INTANGIBLE ASSETS

9.	*GOODWILL AND OTHER INTANGIBLE ASSETS*

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


	December 31,
	2012		2011
Goodwill	$	364,328	$	356,657
Other intangible assets (net of accumulated amortization)		28,494		36,442

	$	392,822	$	393,099

At December 31, 2012 and 2011, goodwill of $299,787 and $292,116, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment.

Changes in the carrying amount of goodwill for the years ended December 31, 2012, 2011 and 2010 are as follows:


	Year Ended December 31,
	2012		2011		2010
Balance, January 1	$	356,657	$	313,229	$	261,703
Business acquisitions, including, in the 2011 and 2010 periods, additional contingent consideration earned relating to prior year business acquisitions		4,272		42,566		41,174
Foreign currency translation adjustments		3,399		862		10,352

Balance, December 31	$	364,328	$	356,657	$	313,229

The Company evaluates goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. The Company has selected December 31 as the date to perform its annual impairment evaluation. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2012, 2011 and 2010, the Company determined that no impairment existed.

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


	December 31, 2012						December 31, 2011
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	10,678	$	20,062	$	30,740	$	7,122	$	23,618
Management fees, customer relationships and non-compete agreements		33,035		24,603		8,432		32,624		19,800		12,824

	$	63,775	$	35,281	$	28,494	$	63,364	$	26,922	$	36,442

Amortization expense of intangible assets for the years ended December 31, 2012, 2011 and 2010 was $8,359, $11,915 and $7,867, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2013	$	8,598
2014		8,277
2015		6,438
2016		5,181

Total amortization expense	$	28,494

(a)

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

- Definition

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

+ References + Details

OTHER ASSETS AND OTHER LIABILITIES

12 Months Ended

Dec. 31, 2012

OTHER ASSETS AND OTHER LIABILITIES

10.

OTHER ASSETS AND OTHER LIABILITIES

The following table sets forth the Company’s other assets, by type, as of December 31, 2012 and 2011:


	December 31,
	2012		2011
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$	137,394	$	129,254
Prepaid compensation (see Note 14)		47,445		17,783
Other advances and prepayments		33,401		68,481
Deferred debt issuance costs		4,902		5,879
Other		45,264		50,701

Total	$	268,406	$	272,098

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2012 and 2011:


	December 31,
	2012		2011
Accrued expenses	$	147,194	$	150,282
Current and deferred income taxes and other taxes		121,854		112,691
Employee benefit-related liabilities		83,629		70,036
Deferred lease incentives		74,880		31,750
Unclaimed funds at LFB		28,716		27,281
Abandoned leased space (principally in the U.K.)		8,475		11,688
Securities sold, not yet purchased		2,755		4,282
Other		32,148		32,121

Total	$	499,651	$	440,131

SENIOR AND SUBORDINATED DEBT

12 Months Ended

Dec. 31, 2012

SENIOR AND SUBORDINATED DEBT

11.

SENIOR AND SUBORDINATED DEBT

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


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of December 31,
	Initial Principal Amount		Maturity Date		Annual Interest Rate			2012		2011
Lazard Group 7.125% Senior Notes (a)	$	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		0.92	%		–		–

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

(a)

During the year ended December 31, 2010, the Company repurchased $10,000 principal amount of the 7.125% Senior Notes, at a cost, excluding accrued interest, of $10,375, and, after the write-off of applicable unamortized debt issuance costs of $49, the Company recognized a pre-tax loss of $424. In connection with the issuance of the 7.125% Senior Notes, on April 1, 2005, Lazard Group entered into an interest rate forward agreement. On May 9, 2005, Lazard Group settled the interest rate forward agreement, of which $11,003 was deemed to be the effective portion of the hedge and recorded within AOCI and is being amortized as a charge to interest expense over the ten-year term of the 7.125% Senior Notes.

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 December 31, 2012, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 0.92%. At December 31, 2012 and 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, the indenture and the supplemental indentures relating to Lazard Group’s senior notes, contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2012, the Company was in compliance with all of these provisions. All of the Company’s senior debt obligations are unsecured.

Debt maturities relating to senior borrowings outstanding at December 31, 2012 for each of the five years in the period ending December 31, 2017 are set forth in the table below.


Year Ending December 31,
2013-2014	$	–
2015		528,500
2016		–
2017		548,350

Total	$	1,076,850

The Company’s senior debt at December 31, 2012 and 2011 is recorded at historical amounts. See Note 6 of Notes to Consolidated Financial Statements for information regarding the fair value and fair value hierarchy category of the Company’s senior debt.

As of December 31, 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 $92,000 (at December 31, 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.

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 consolidated statement of operations.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2012

COMMITMENTS AND CONTINGENCIES

12.

COMMITMENTS AND CONTINGENCIES

Leases—The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033.

Operating lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. For the years ended December 31, 2012, 2011 and 2010, aggregate rental expense relating to operating leases amounted to $80,888, $76,718 and $66,350, respectively, and is included in “occupancy and equipment” or “technology and information services” on the consolidated statements of operations, depending on the nature of the underlying asset. The Company subleases office space under agreements, which expire on various dates through 2033. Sublease income from such agreements was $9,613, $10,967 and $10,478 for the years ended December 31, 2012, 2011 and 2010, respectively.

Capital lease obligations recorded under sale/leaseback transactions are payable through 2017 at a weighted average interest rate of approximately 6.3%. Such obligations are collateralized primarily by certain buildings with a net book value of approximately $21,932 and $22,491 at December 31, 2012 and 2011, respectively. The net book value of all assets recorded under capital leases aggregated $23,486 and $24,589 at December 31, 2012 and 2011, respectively.

At December 31, 2012, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows:


Year Ending December 31,	Minimum Rental Commitments
Year Ending December 31,	Capital		Operating
2013	$	3,637	$	74,036
2014		3,119		76,246
2015		2,792		72,087
2016		2,475		70,206
2017		9,068		66,212
Thereafter		–		699,522

Total minimum lease payments		21,091		1,058,309
Less amount representing interest		3,228

Present value of capital lease commitments	$	17,863

Less sublease proceeds				163,302

Net lease payments			$	895,007

With respect to abandoned leased facilities in the U.K., at December 31, 2012 and 2011, the Company has recognized liabilities of $7,516 and $10,632, respectively, which are included in “other liabilities” on the consolidated statements of financial condition. Payments toward the liabilities continue through the remaining term of the leases. Such liabilities are based on the discounted future commitment, net of expected sublease income. During the year ended December 31, 2011, the Company recorded a charge of $5,539 related to such abandoned lease facilities, which is included within “occupancy and equipment” on the consolidated statement 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 December 31, 2012, LFB had $5,028 of such indemnifications and held $3,890 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.

Certain Business Transactions—On September 25, 2008, the Company, LAM and LAZ Sub I, LLC, a then newly-formed subsidiary of LFNY, completed the merger of LAZ Sub I, LLC with and into LAM (the “LAM Merger”). Prior to the LAM Merger, the common equity interests of LAM were held by LFNY, and certain other equity interests of LAM, representing contingent payments should certain specified fundamental transactions occur, were held by present and former employees of LAM. Following the LAM Merger, all equity interests of LAM are owned directly or indirectly by LFNY.

The aggregate non-contingent consideration relating to the equity interests of LAM held by present and former employees of LAM and its subsidiaries consisted of (i) cash payments made from the closing of the LAM Merger through January 2, 2009 of approximately $60,000, (ii) a cash payment made on October 31, 2011 of approximately $90,000, (iii) the delivery on October 31, 2011 of 2,210,520 shares of Class A common stock and (iv) the satisfaction of Lazard’s minimum statutory tax withholding requirements for certain employees in lieu of delivering 68,384 shares of Class A common stock on October 31, 2011. In addition, with respect to certain former employees of LAM and its subsidiaries, as of December 31, 2012, additional cash payments of $961 and additional issuances of 24,537 shares of Class A common stock are subject to delayed payment/issuance until the eighth anniversary of the closing of the LAM Merger because the applicable employees were no longer employed by Lazard or its affiliates on October 31, 2011, subject to certain exceptions.

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 leadership team retained a substantial economic interest in such entities.

The aggregate fair value of the consideration recognized by the Company at the acquisition date was $61,624. Such consideration consisted of (i) a one-time cash payment, (ii) 1,142,857 shares of Class A common stock (the “Initial Shares”) and (iii) up to 1,142,857 additional shares of Class A common stock (the “Earnout Shares”) that are subject to earnout criteria and payable over time. 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. As of December 31, 2012 and 2011, 1,209,154 and 514,850 shares, respectively, have been earned because applicable performance thresholds have been satisfied. Such shares are no longer subject to any contingencies. As of the respective dates, 686,004 and 343,002 of such shares have been settled.

Contingent Consideration Relating To Other Business Acquisitions—For a business acquired in 2011, the Company is obligated to pay earnout consideration if certain performance thresholds are achieved. The maximum potential earnout consideration payable by the Company cannot exceed $7,000. For the years ended December 31, 2012 and 2011, no cash payments relating to the earnout consideration were required.

In connection with certain other business acquisitions, at December 31, 2012, 121,076 shares of Class A common stock were issuable on a contingent basis.

Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. Such commitments at December 31, 2012 aggregated approximately $23,000. 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 6 and 15 of Notes to Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments 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 December 31, 2012, LFB had no such underwriting commitments.

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

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

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-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
-Topic 450
-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
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-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.

+ Details

STOCKHOLDERS' EQUITY

12 Months Ended

Dec. 31, 2012

STOCKHOLDERS' EQUITY

13.

STOCKHOLDERS’ EQUITY

Issuance of Class A Common Shares—During the year ended December 31, 2010, 3,000,000 shares of Class A common stock were newly issued by Lazard Ltd to Lazard Group in connection with the settlement of vested restricted stock unit grants denominated in shares of Class A common stock (“RSUs”). Such shares were authorized as part of the 25,000,000 shares of Class A common stock that may be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”). In addition, during the years ended December 31, 2011 and 2010, the Company issued an aggregate of 2,434,561 and 888,605 shares of Class A common stock, respectively, and during the year ended December 31, 2011, delivered 3,515,362 shares from Class A common stock held by its subsidiaries in connection with the LAM Merger (as described in Note 12 of Notes to Consolidated Financial Statements) and certain prior year business acquisitions.

Secondary Offerings—Pursuant to the applicable Prospectus Supplements during 2010, certain selling shareholders of Lazard Ltd (which included current and former managing directors of Lazard (and, from time to time, certain of our directors, executive officers or former executive officers) and their permitted transferees (collectively, the “Selling Shareholders”), who held LAZ-MD Holdings exchangeable interests and/or Class A common stock) offered to sell shares of Class A common stock pursuant to applicable underwriting and pricing agreements. Secondary offerings during the year ended December 31, 2010 are described below (no such secondary offerings occurred during the years ended December 31, 2012 and 2011).

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

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

In November 2010, certain Selling Shareholders (the “November 2010 Selling Shareholders”) sold 3,000,000 shares of Class A common stock at a price of $35.77 per share (the “November 2010 Secondary Offering”, and together with the March 2010 Secondary Offering and the August 2010 Secondary Offering, the “2010 Secondary Offerings”). Separately, in connection with the November 2010 Secondary Offering, Lazard Group agreed to purchase from the November 2010 Selling Shareholders 1,220,714 shares of Class A common stock for an aggregate cost of $43,665 ($35.77 per share), with such purchase being part of the share repurchase program in effect during 2010. In the aggregate, the November 2010 Selling Shareholders sold a total of 4,220,714 shares of Class A common stock (including 1,543,245 shares of Class A common stock previously received upon the exchange of a like number of LAZ-MD Holdings exchangeable interests and 2,677,469 shares of Class A common stock received upon a simultaneous exchange of a like number of LAZ-MD Holdings exchangeable interests).

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

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

During the years ended December 31, 2012, 2011 and 2010, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd:


	Year Ended December 31,
	2012		2011		2010
Tax distributions:
LAZ-MD Holdings	$	–	$	699	$	9,480
Subsidiaries of Lazard Ltd		–		16,800		52,135

	$	–	$	17,499	$	61,615

Other distributions:
LAZ-MD Holdings	$	5,170	$	4,383	$	9,804
Subsidiaries of Lazard Ltd		135,108		70,572		50,581

	$	140,278	$	74,955	$	60,385

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

Exchange of Lazard Group Common Membership Interests—In addition to the simultaneous exchanges that occurred in connection with the 2010 Secondary Offerings discussed above, during the years ended December 31, 2012, 2011 and 2010, Lazard Ltd issued 5,207,112, 876,614 and 12,081,618 shares of Class A common stock, respectively, in connection with the exchange of a like number of Lazard Group common membership interests (received from members of LAZ-MD Holdings in exchange for a like number of LAZ-MD Holdings exchangeable interests).

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

Share Repurchase Program—In February 2011, October 2011, April 2012 and October 2012 the Board of Directors of Lazard Ltd authorized, on a cumulative basis, the repurchase of up to $250,000, $125,000, $125,000 and $200,000, respectively, in aggregate cost of Class A common stock and Lazard Group common membership interests through December 31, 2012, December 31, 2013, December 31, 2013 and December 31, 2014, 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 2005 Plan and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to such authorizations, purchases have been made in the open market or through privately negotiated transactions, and since inception of the program in February 2006 through December 31, 2012, purchases with respect to such program are set forth in the table below (including, during the year ended December 31, 2012, purchases of 12,817,196 Class A common shares, at an aggregate cost of $354,464 (no Lazard Group common membership interests were purchased during the year):


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Class A common stock		35,726,044	$	31.04
Lazard Group common membership interests		1,400,089	$	32.66

As a result of the delivery of shares of Class A common stock through December 31, 2012 relating to (i) the settlement of vested RSUs and deferred stock unit grants (“DSUs”), (ii) the incentive plan share awards of shares of restricted Class A common stock, (iii) the delivery of shares of restricted Class A common stock in exchange for RSUs and (iv) the delivery of shares of Class A common stock in connection with business acquisitions and the LAM Merger, there were 12,802,938 and 3,492,017 shares of Class A common stock held by our subsidiaries at December 31, 2012 and 2011, respectively. Such Class A common shares are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.

As of December 31, 2012, after giving effect to the forward purchase agreement as described below, $154,066 of the current share repurchase amount authorized as of such date remained available under the share repurchase program, all of which expires December 31, 2014. In addition, under the terms of the 2005 Plan and the 2008 Plan, upon the vesting of RSUs and delivery of restricted Class A common stock, shares of Class A common stock may be withheld by the Company to cover its minimum statutory tax withholding requirements (see Note 14 of Notes to Consolidated Financial Statements).

During the year ended December 31, 2012, the Company had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, pursuant to which it effected stock repurchases through the open market.

Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and are each non-participating securities convertible into Class A common stock, and have no voting or dividend rights. During the years ended December 31, 2011 and 2010, 14,100 and 4,862 shares of Series A preferred stock, respectively, were converted into shares of Class A common stock, resulting in the issuance of 2,434,561 and 572,988 shares of Class A common stock in the respective years. As of both December 31, 2012 and 2011, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At December 31, 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—The components of AOCI at December 31, 2012 and 2011 are as follows:


	December 31,
	2012			2011
Currency translation adjustments	$	19,405		$	3,719
Interest rate hedge		(2,502	)		(3,557	)
Employee benefit plans		(128,536	)		(92,637	)

Total AOCI		(111,633	)		(92,475	)
Amount attributable to noncontrolling interests		(1,092	)		(4,111	)

Total Lazard Ltd AOCI	$	(110,541	)	$	(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 December 31, 2012 and 2011, LAZ-MD Holdings held approximately 1.2% 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 years ended December 31, 2012, 2011 and 2010:


	Lazard Ltd					LAZ-MD Holdings						Total Lazard Group Common Membership Interests
	Common Membership Interests		% Ownership			Common Membership Interests			% Ownership			Total Lazard Group Common Membership Interests
Balance, January 1, 2010		92,165,912		74.5	%		31,520,426			25.5	%		123,686,338
Activity January 1, 2010 to December 31, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
2010 Secondary Offerings		11,561,801					(11,561,801	)					–
Exchanges for Class A common stock		12,081,618					(12,081,618	)					–
Business acquisitions		888,605					–						888,605
Repurchase of common membership interests from LAZ-MD Holdings		–					(224,382	)					(224,382	)

Balance, December 31, 2010		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to December 31, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		876,814					(876,814	)					–
Business acquisitions		2,434,561					–						2,434,561
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, December 31, 2011		123,009,311		94.8	%		6,756,779			5.2	%		129,766,090
Activity January 1, 2012 to December 31, 2012:
Common membership interest activity in connection with:
Exchanges for Class A common stock		5,207,112					(5,207,112	)					–

Balance, December 31, 2012		128,216,423		98.8	%		1,549,667			1.2	%		129,766,090

The change in Lazard Ltd’s ownership in Lazard Group in the years ended December 31, 2012, 2011 and 2010 did not materially impact Lazard Ltd’s stockholders’ equity.

The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2012, 2011 and 2010 and noncontrolling interests as of December 31, 2012 and 2011 in the Company’s consolidated financial statements:


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2012			2011			2010
LAZ-MD Holdings	$	5,114		$	11,964		$	12,564
Edgewater		3,491			4,130			6,690
Other		(129	)		(452	)		190

Total	$	8,476		$	15,642		$	19,444


	Noncontrolling Interests As Of December 31,
	2012		2011
LAZ-MD Holdings	$	5,405	$	31,954
Edgewater		75,262		91,713
Other		1,217		17,046

Total	$	81,884	$	140,713

Dividend Declared, December 2012—On December 11, 2012 the Board of Directors of Lazard Ltd (i) declared a special dividend of $0.20 per share on its Class A common stock, payable on December 27, 2012, to stockholders of record on December 21, 2012 and (ii) accelerated the payment and record dates of Lazard’s fourth quarter dividend of $0.20 per share on its Class A common stock, which ordinarily would have been payable in February 2013. The accelerated dividend was also payable on December 27, 2012, to stockholders of record on December 21, 2012.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-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
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-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
-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 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

INCENTIVE PLANS

12 Months Ended

Dec. 31, 2012

INCENTIVE PLANS

14.

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 years ended December 31, 2012, 2011 and 2010, is presented below.

Shares Available Under the 2005 Plan and 2008 Plan

The 2005 Plan authorizes the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock 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 at the date of grant.

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

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs and restricted stock awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations:


	Year Ended December 31,
	2012		2011		2010
Share-based incentive awards:
RSUs (a)	$	298,809	$	264,110	$	303,094
Restricted Stock (b)		10,003		9,767		979
DSUs		1,536		1,265		1,230

Total	$	310,348	$	275,142	$	305,303

(a)

Includes, during the year ended December 31, 2010, $24,860 relating to the amendment of the Company’s retirement policy (described below) and $46,880 relating to the 2010 Restructuring Plan, and, during the year ended December 31, 2012, an aggregate of $26,158 relating to staff reductions and the Cost Saving Initiatives (see Note 16 of Notes to Consolidated Financial Statements) recorded in the first and fourth quarters of 2012, respectively).

(b)	Includes, during the year ended December 31, 2012, $713 relating to the Cost Savings Initiatives recorded in the fourth quarter of 2012.

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 is adjusted for actual forfeitures over such period, 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 years ended December 31, 2012, 2011 and 2010, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures, (with corresponding credits to “additional paid-in-capital”) consisted of the following:


	Year Ended December 31,
	2012		2011		2010
Number of RSUs issued		920,791		389,846		318,025
Charges to retained earnings, net of estimated forfeitures	$	24,990	$	11,120	$	9,522

In January 2010, the Company amended its retirement policy with respect to RSU awards. Such amendment served to modify the retirement eligibility vesting requirements of existing and future RSU awards, and, as noted above, we accelerated the recognition of compensation expense for the affected RSU awards. Accordingly, the Company recorded a non-cash charge to “compensation and benefits” expense of $24,860 in the first quarter of 2010 relating to prior years’ awards.

Non-executive members of the Board of Directors receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 53,239, 26,859 and 31,588 DSUs granted during the years ended December 31, 2012, 2011 and 2010, respectively. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into Class A common stock at the time of cessation of service to the Board 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 years ended December 31, 2012, 2011 and 2010.

On May 9, 2006, the Board of Directors adopted the Directors’ Fee Deferral Unit Plan, which allows the Company’s Non-Executive Directors to elect to receive additional DSUs pursuant to the 2005 Plan in lieu of some or all of their cash fees. The number of DSUs that shall be granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of Class A common stock on the date on which the foregone cash fees would otherwise have been paid. During the years ended December 31, 2012, 2011 and 2010, 10,597, 8,184 and 7,438 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 three-year period ended December 31, 2012:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 318,025 RSUs relating to dividend participation)		7,890,127		$	35.69		39,026		$	31.51
Forfeited		(859,756)		$	36.13		–			–
Vested/Exchanged		(8,289,549)		$	39.42		(20,435	)	$	35.38

Balance, December 31, 2010		22,108,635		$	35.67		121,737		$	34.46
Granted (including 389,846 RSUs relating to dividend participation)		7,002,736		$	43.21		35,043		$	36.09
Forfeited		(305,155	)	$	37.83		–			–
Vested		(8,054,387	)	$	39.13		(16,120	)	$	34.76

Balance, December 31, 2011		20,751,829		$	36.84		140,660		$	34.83
Granted (including 920,791 RSUs relating to dividend participation)		8,594,744		$	27.68		63,836		$	24.06
Forfeited		(581,411	)	$	35.59		–			–
Vested/Exchanged		(7,284,031	)	$	34.71		–		$	–

Balance, December 31, 2012		21,481,131		$	33.92		204,496		$	31.47

During the years ended December 31, 2012, 2011 and 2010, 7,284,031 RSUs, 8,054,387 RSUs and 8,248,654 RSUs vested or were exchanged, respectively, (including in 2012, 1,523,642 RSUs that were exchanged for shares of restricted Class A common stock and 958,213 RSUs that were modified through forward purchase agreements into a liability award of $28,612) and, in 2010, 40,895 RSUs that were exchanged for 40,895 shares of restricted Class A common stock. As of the modification date in 2012, the Company recorded a liability in “accrued compensation and benefits” of $26,922 related to such liability award and an offsetting reduction to “additional paid-in-capital”. As of December 31, 2012, unrecognized compensation expense related to such liability award was $1,690 and will be amortized over the two-month period ending February 28, 2013. No additional compensation expense was recorded as a result of the modification. In connection with the vested RSUs, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 1,471,814, 2,353,561 and 1,674,261 shares of Class A common stock in the years ended December 31, 2012, 2011 and 2010, respectively. Accordingly, 3,330,362, 5,700,826 and 6,574,393 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2012, 2011 and 2010, respectively.

As of December 31, 2012, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $194,000, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.1 years subsequent to December 31, 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 three-year period ended December 31, 2012:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2010		–			–
Granted/Exchanged (a)		95,332		$	37.63

Balance, December 31, 2010		95,332		$	37.63
Granted		327,238		$	43.70
Vested		(327,238	)	$	43.70

Balance, December 31, 2011		95,332		$	37.63
Granted/Exchanged (a)		2,100,965		$	34.34
Forfeited		(21,178	)	$	29.51
Vested		(202,510	)	$	31.43

Balance, December 31, 2012		1,972,609		$	34.85

(a)

Includes during the years ended December 31, 2012 and 2010, as described above, 1,523,642 and 40,895 shares of restricted Class A common stock, respectively, issued in exchange for 1,523,642 and 40,895 previously granted RSUs, respectively, at grant date fair values of $35.95 and $36.10 per share, respectively. The vesting terms of such restricted Class A common stock issued are substantially the same as those of the original awards exchanged. There was no incremental compensation cost incurred as a result of the exchanges.

As mentioned above, during 2012, the Company exchanged 1,523,642 RSUs for shares of restricted Class A common stock.

In connection with shares of restricted Class A common stock that vested during the years ended December 31, 2012 and 2011, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 28,129 and 68,866 shares of Class A common stock during such respective years. Accordingly, 174,381 and 258,372 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2012 and 2011, respectively.

The awards include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2012, unrecognized restricted stock expense was approximately $10,000, with such expense to be recognized over a weighted average period of approximately 0.4 years subsequent to December 31, 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.

The following is a summary of activity relating to Lazard Fund Interests and other similar deferred compensation arrangements during the year ended December 31, 2012:


	Prepaid Compensation			Compensation Liability
Balance, January 1, 2012	$	17,783		$	29,900
Granted		64,679			64,679
Settled		–			(10,646	)
Forfeited		(1,603	)		(1,711	)
Amortization		(33,476	)		–
Increase in fair value related to:
Change in fair value of underlying investments		–			7,557
Adjustment for estimated forfeitures		–			7,841
Other		62			(27)

Balance, December 31, 2012	$	47,445		$	97,593

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.6 years subsequent to December 31, 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 consolidated statements of operations for the years ended December 31, 2012 and 2011:


	Year Ended December 31,
	2012		2011
Amortization, net of forfeitures (a)	$	41,209	$	14,551
Change in the fair value of underlying investments		7,557		(3,024	)

Total	$	48,766	$	11,527

(a)	Includes, during the year ended December 31, 2012, $3,495 relating to the Cost Savings Initiatives recorded in the fourth quarter of 2012.

Incentive Awards Granted In February 2013

In February 2013, the Company granted approximately $272,000 of deferred incentive awards to eligible employees. These grants included approximately 4.3 million RSUs or shares of restricted Class A common stock that, in accordance with U.S. GAAP, were measured at the grant date fair value of $37.45 per RSU or share of restricted Class A common stock, or an aggregate of approximately $161,000. In addition, eligible employees will have the choice of receiving a portion of their deferred incentive awards in a combination of (i) Lazard Fund Interests, and (ii) additional shares of restricted Class A common stock, with the aggregate fair value on the date of grant of these awards being approximately $99,000. The remaining deferred incentive awards include deferred cash awards and a portion of fund managers’ year-end incentive compensation that is reinvested in certain asset management funds, with such aggregate fair value on the date of grant of these awards being approximately $12,000.

The RSUs, restricted Class A stock and Lazard Fund Interests granted each provide for one-third vesting on March 2, 2015 and the remaining two-thirds vesting on March 1, 2016. Compensation expense with respect to such incentive awards will generally be recognized over the vesting period, with such compensation expense to be recognized over a weighted average period of approximately 2.7 years.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Dec. 31, 2012

EMPLOYEE BENEFIT PLANS

15.

EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, in the U.S., a partially funded contributory post-retirement plan covering qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). The Company also offers defined contribution plans. The post-retirement 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 year ended December 31, 2012 of approximately $1,095. The Company does not expect to make a contribution to the U.S. pension plans during the year ending December 31, 2013.

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 amounts in the account security arrangement at December 31, 2012 and 2011 of approximately $16,500 and $15,800 have been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income.

During the year ended December 31, 2012, the Company contributed 1.7 million British pounds to these U.K. pension plans and expects to contribute a similar amount during the year ending December 31, 2013. Additionally, during the year ended December 31, 2012, contributions were made to other non-U.S. pension plans of approximately $4,500. The Company expects to contribute a similar amount to these other non-U.S. pension plans during the year ending December 31, 2013.

The following table summarizes the changes in the benefit obligations, the fair value of the assets, the funded status and amounts recognized in the consolidated statements of financial condition for the post-retirement plans. The Company uses December 31 as the measurement date for its post-retirement plans.


	Pension Plans						Medical Plan
	2012			2011			2012			2011
Change in benefit obligation
Benefit obligation at beginning of year	$	575,031		$	519,779		$	5,362		$	5,799
Service cost		670			651			60			69
Interest cost		27,636			28,266			211			278
Actuarial (gain) loss		57,057			51,401			310			(437	)
Benefits paid		(26,420	)		(21,718	)		(275	)		(347	)
Foreign currency translation and other adjustments		22,051			(3,348	)

Benefit obligation at end of year		656,025			575,031			5,668			5,362

Change in plan assets
Fair value of plan assets at beginning of year		568,911			554,988
Actual return on plan assets		33,882			29,870
Employer contributions		8,221			8,689			275			347
Benefits paid		(26,420	)		(21,718	)		(275	)		(347	)
Foreign currency translation and other adjustments		23,111			(2,918	)

Fair value of plan assets at end of year		607,705			568,911			–			–

Funded (deficit) at end of year	$	(48,320	)	$	(6,120	)	$	(5,668	)	$	(5,362	)

Amounts recognized in the consolidated statements of financial condition at December 31, 2012 and 2011 consist of:
Prepaid pension asset (included in “other assets”)	$	2,659		$	31,457
Accrued benefit liability (included in “other liabilities”)		(50,979	)		(37,577	)	$	(5,668	)	$	(5,362	)

Net amount recognized	$	(48,320	)	$	(6,120	)	$	(5,668	)	$	(5,362	)

Amounts recognized in AOCI (excluding tax benefits of $25,989 and $14,183 at December 31, 2012 and 2011, respectively) consist of:
Actuarial net loss (gain)	$	143,133		$	93,186		$	50		$	(261	)
Prior service cost		11,342			13,896

Net amount recognized	$	154,475		$	107,082		$	50		$	(261	)

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2012 and 2011:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2012		2011		2012		2011		2012		2011
Fair value of plan assets	$	25,231	$	24,295	$	582,474	$	544,616	$	607,705	$	568,911
Accumulated benefit obligation	$	35,276	$	33,493	$	620,749	$	541,538	$	656,025	$	575,031
Projected benefit obligation	$	35,276	$	33,493	$	620,749	$	541,538	$	656,025	$	575,031

The following table summarizes the components of benefit cost (credit), the return on plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2012, 2011 and 2010:


	Pension Plans For The Years Ended December 31,									Medical Plan For The Years Ended December 31,
	2012			2011			2010			2012		2011			2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	670		$	651		$	598		$	60	$	69		$	81
Interest cost		27,636			28,266			27,734			211		278			292
Expected return on plan assets		(26,657	)		(30,490	)		(29,347	)
Amortization of:
Prior service cost (credit)		2,751			2,979			2,835								(1,023	)
Net actuarial loss		1,658			258			806
Settlement loss (a)		1,135

Net periodic benefit cost (credit)	$	7,193		$	1,664		$	2,626		$	271	$	347		$	(650	)


Actual return on plan assets	$	33,882		$	29,870		$	61,452
Employer contributions	$	8,221		$	8,689		$	13,284		$	275	$	347		$	542
Benefits paid	$	26,420		$	21,718		$	21,826		$	275	$	347		$	542
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax charge (benefit) of $(11,805), $(11,495) and $7,530 during the years ended December 31, 2012, 2011 and 2010, respectively):
Net actuarial (gain) loss	$	50,209		$	51,703		$	(21,026	)	$	310	$	(438	)	$	610
Reclassification of prior service (cost) credit to earnings		(2,751	)		(2,979	)		(2,835	)							1,023
Reclassification of actuarial loss to earnings		(2,793	)		(258	)		(806	)
Currency translation and other adjustments		2,729			(491	)		(3,980	)

Total recognized in AOCI	$	47,394		$	47,975		$	(28,647	)	$	310	$	(438	)	$	1,633

Net amount recognized in total periodic benefit cost and AOCI	$	54,587		$	49,639		$	(26,021	)	$	581	$	(91	)	$	983

(a)

During the year ended December 31, 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 $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, after recording a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032.

The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2012 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2013 are as follows:


	Pension Plans		Medical Plan		Total
Prior service cost	$	2,826	$	–	$	2,826
Net actuarial loss	$	2,455	$	–	$	2,455

The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2012, 2011 and 2010 are set forth below:


	Pension Plans December 31,									Medical Plan December 31,
	2012			2011			2010			2012		2011		2010
Weighted average assumptions used to determine benefit obligations:
Discount rate		4.6	%		4.8	%		5.4	%		3.4%		4.1%		5.0%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.2	%		4.7	%		5.0	%		4.1%		5.0%		5.6%
Expected long-term rate of return on plan assets		4.7	%		5.4	%		5.9	%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial											8.0%		8.0%		8.5%
Ultimate											6.0%		6.0%		6.0%
Year ultimate trend rate achieved											2016		2015		2015

Generally, the Company determined the discount rates for its defined benefit plans by utilizing indices for long-term, high-quality bonds and ensuring that the discount rate does not exceed the yield reported for those indices after adjustment for the duration of the plans’ liabilities.

In selecting the expected long-term rate of return on plan assets, the Company considered the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of the plan, giving consideration to expected returns on different asset classes held by the plans in light of prevailing economic conditions as well as historic returns. This basis is consistent for all years presented.

The assumed cost of healthcare has an effect on the amounts reported for the Company’s medical plan. A 1% change in the assumed healthcare cost trend rate would increase (decrease) our cost and obligation as follows:


	1% Increase				1% Decrease
	2012		2011		2012			2011
Cost	$	44	$	66	$	(31	)	$	(49	)
Obligation	$	880	$	929	$	(610	)	$	(649	)

Expected Benefit Payments—The following table summarizes the expected benefit payments for the Company’s post-retirement plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:


	Pension Plans		Medical Plan
2013	$	22,312	$	383
2014		23,287		401
2015		24,447		392
2016		25,729		382
2017		25,925		382
2018-2022		150,681		1,900

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2012 and 2011, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements:


	As of December 31, 2012
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	10,714	$	–	$	–	$	10,714
Debt		47,298		–		–		47,298
Equities		29,337		–		–		29,337
Funds:
Alternative investments		–		39,930		404		40,334
Debt		12,430		307,695		2,024		322,149
Equity		157,873		–		–		157,873

Total	$	257,652	$	347,625	$	2,428	$	607,705


	As of December 31, 2011
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	6,836	$	–	$	–	$	6,836
Debt		48,369		–		–		48,369
Equities		25,186		–		–		25,186
Funds:
Alternative investments		–		34,753		–		34,753
Debt		13,141		302,384		1,777		317,302
Equity		134,393		2,072		–		136,465

Total	$	227,925	$	339,209	$	1,777	$	568,911

Activity in the fair value of the pension plans’ Level 3 debt and alternative investment funds for the years ended December 31, 2012 and 2011 consisted of purchases of $131 and $1,837 and net unrealized/realized gains of $443, and $3, respectively, partially offset by favorable (unfavorable) foreign currency translation adjustments of $77 and ($63), respectively.

Included in Level 1 equity funds are $106,873 and $95,658 as of December 31, 2012 and 2011, respectively, that are invested in funds managed by LAM.

Consistent with the plans’ investment strategies, at December 31, 2012 and 2011, the Company’s U.S. pension plan had 51% and 46%, respectively, of the plans’ assets invested in Level 1 equity funds and 49% and 54%, respectively, invested in Level 1 debt funds. The Company’s non-U.S. pension plans at December 31, 2012 and 2011, had 30% and 27%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 assets; 61% and 65%, respectively of the plans’ assets invested in debt and debt funds that are primarily Level 2 assets, and 9% and 8%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset or in alternative investment funds that are primarily Level 2 assets.

Investment Policies and Strategies—The primary investment goal is to ensure that the plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the trust to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan assets classified as Level 2 assets are primarily valued based on inputs other than quoted prices that are directly observable or derived principally from, or corroborated by market data. The fair value of plan investments classified as Level 3 assets are primarily based on NAV determined based on information provided by external fund administrators.

Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $13,070, $10,944 and $9,684 for the years ended December 31, 2012, 2011 and 2010, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Implementation Guide (Q and A)
-Number FAS88
-Paragraph 63
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 106
-Paragraph 518
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-2
-Paragraph 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 87
-Paragraph 264
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph h
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 8
-Subparagraph m
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5, 6, 7, 8
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 158
-Paragraph 7, 21, 22
-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 FASB Staff Position (FSP)
-Number FAS106-2
-Paragraph 20, 21, 22
-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 AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 30
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

COST SAVING INITIATIVES AND 2010 RESTRUCTURING PLAN

12 Months Ended

Dec. 31, 2012

COST SAVING INITIATIVES AND 2010 RESTRUCTURING PLAN

16.

COST SAVING INITIATIVES AND 2010 RESTRUCTURING PLAN

Cost Saving Initiatives—In October 2012, the Company announced a number of cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives include streamlining our corporate structure and consolidating support functions; realigning our investments into areas with potential for the greatest long-term return; and creating greater flexibility to retain and attract the best people and invest in new growth areas. The Company expects associated aggregate pre-tax implementation expenses to range between $110,000 and $130,000, primarily consisting of compensation-related expense, including the acceleration of unrecognized expenses pertaining to previously granted RSUs, severance and benefit payments and other non-compensation-related costs. Approximately 75% of the aggregate implementation expense is expected to be paid in cash. As reflected in the table below, the Company incurred $102,576 of the pre-tax implementation expense in the fourth quarter of 2012, with the remainder expected to be recorded in the first half of 2013.

The Company’s consolidated statement of operations for the quarter and year ended December 31, 2012 includes pre-tax implementation expense, by segment, as reflected in the table below:


	Financial Advisory		Asset Management		Corporate		Total
Compensation and benefits	$	76,133	$	12,056	$	11,798	$	99,987
Other		1,399		733		457		2,589

Total	$	77,532	$	12,789	$	12,255	$	102,576

Activity related to the obligation pursuant to the Cost Saving Initiatives during 2012 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, October 1, 2012	$	–		$	–		$	–
New charges		99,987			2,589			102,576
Less:
Non-cash charges		(22,360	)		–			(22,360	)
Settlements		(31,499	)		(875	)		(32,374	)

Balance, December 31, 2012	$	46,128		$	1,714		$	47,842

2010 Restructuring Plan—In the first quarter of 2010, the Company announced a restructuring plan which included certain staff reductions and realignments of personnel (the “2010 Restructuring Plan”). In connection with the 2010 Restructuring Plan, the Company recorded a charge in the first quarter of 2010 of $87,108, inclusive of $46,880 relating to the acceleration of RSUs (in aggregate, the “2010 Restructuring Charge”).

The 2010 Restructuring Charge primarily consisted of compensation-related expenses, including the acceleration of unrecognized expenses pertaining to RSUs previously granted to individuals who were terminated pursuant to the restructuring, severance and benefit payments and certain other costs. As of December 31, 2011, the remaining liability associated with the 2010 Restructuring Plan was $9,456, and is reported within “accrued compensation and benefits” and “other liabilities” on the accompanying consolidated statement of financial condition (there was no remaining liability as of December 31, 2012). During the years ended December 31, 2012, 2011 and 2010, the Company made cash payments of $8,546, $10,625 and $18,847, respectively, for the 2010 Restructuring Plan, and during the years ended December 31, 2012 and 2011, we reduced our provision for the 2010 Restructuring Charge by $910 and $1,300, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2012

INCOME TAXES

17.

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 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.

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.

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2012, 2011 and 2010, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below.


	Year Ended December 31,
	2012			2011			2010
Current:
Federal	$	2,094		$	(501	)	$	833
Foreign		27,650			35,885			27,626
State and local (primarily UBT)		5,813			2,342			12,652

Total current		35,557			37,726			41,111

Deferred:
Federal		(3,330	)		16,167			2,785
Foreign		(1,127	)		(2,832	)		5,331
State and local (primarily UBT)		–			(6,121	)		–

Total deferred		(4,457	)		7,214			8,116

Total	$	31,100		$	44,940		$	49,227


	Year Ended December 31,
	2012			2011			2010
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Income of noncontrolling interests		(2.4	)		(2.0	)		(5.0	)
Share-based incentive compensation		7.4			–			–
Foreign source income not subject to U.S. income tax		(34.6	)		(13.8	)		(15.1	)
Foreign taxes		13.5			8.3			12.0
State and local taxes (primarily UBT)		3.4			0.9			4.3
Change in valuation allowance		1.4			(8.3	)		(10.9	)
Other, net		1.4			(1.0	)		(0.1	)

Effective income tax rate		25.1	%		19.1	%		20.2	%

See Note 21 of Notes to Consolidated Financial Statements regarding operating income (loss) by geographic region.

Deferred income taxes are provided for the effects of temporary differences between the tax basis of an asset or liability and its reported amount in the consolidated statements of financial condition. These temporary differences result in taxable or deductible amounts in future years. Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows:


	December 31,
	2012			2011
Deferred Tax Assets:
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings)	$	820,229		$	846,252
Compensation and benefits		243,564			196,133
Net operating loss and tax credit carryforwards		308,233			209,781
Depreciation and amortization		3,404			1,519
Other		30,626			25,410

Gross deferred tax assets		1,406,056			1,279,095
Valuation allowance		(1,238,765	)		(1,145,257	)

Deferred tax assets (net of valuation allowance)	$	167,291		$	133,838

Deferred Tax Liabilities:
Depreciation and amortization	$	33,715		$	16,240
Compensation and benefits		4,292			10,729
Goodwill		15,843			15,031
Other		50,648			41,581

Deferred tax liabilities	$	104,498		$	83,581

The basis adjustments recorded as of December 31, 2012 and 2011 are the result of:

•

purchases and redemptions of historical and working member interests consummated in connection with the separation and recapitalization of the Company, which resulted in deferred tax assets of $158,459 and $176,871 at December 31, 2012 and 2011, respectively,

•

tax basis step-ups resulting from the exchange of LAZ-MD exchangeable interests and from secondary offerings, and associated with the LAM Merger, which in the aggregate resulted in deferred tax assets of $638,993 and $638,069 at December 31, 2012 and 2011, respectively,

•

tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $16,083 and $24,338 at December 31, 2012 and 2011, respectively, and

•

tax basis step-up for payments made under the tax receivable agreement of $6,694 and $6,974 at December 31, 2012 and 2011, respectively.

Although we have been profitable on a consolidated basis in the last three years, certain of our tax-paying entities have individually experienced minimal profits on a cumulative three-year basis and losses in 2012, primarily due to permanent differences between net income and taxable income at such entities. Considering the recent operating results of such entities, we have recorded valuation allowances on our deferred tax assets of $1,238,765 and $1,145,257 as of December 31, 2012 and December 31, 2011, respectively. If these entities achieve sustainable levels of profitability in the future, we believe that the valuation allowance recorded against our deferred tax assets at such entities could be reduced significantly. The valuation allowance at December 31, 2012 reflects a net increase of $93,508 from the balance of $1,145,257 at December 31, 2011.

The Company had net operating loss and tax credit carryforwards for which related deferred tax assets were recorded at December 31, 2012 primarily relating to:

(i)

indefinite-lived carryforwards (subject to various limitations) of approximately $54,442, primarily in the U.K. and Italy, and

(ii)

certain carryforwards of approximately $228,790 in the U.S., which begin expiring in 2029.

As a result of certain realization requirements regarding share-based incentive plan awards, certain deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting that would otherwise have been recognized at both December 31, 2012 and 2011 of $19,900 are not included in the table above. The impact of such excess tax deductions will be recorded in stockholders’ equity if and when such deferred tax assets are ultimately realized.

With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2008. While we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate.

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2012, 2011 and 2010 is as follows:


	Year Ended December 31,
	2012			2011			2010
Balance, January 1 (excluding interest and penalties of $8,454, $7,099 and $7,247, respectively)	$	62,200		$	58,605		$	60,558
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years		1,393			1,081			2,184
Current year		19,690			16,928			15,756
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years		(5,397	)		(5,133	)		(644	)
Settlements with tax authorities		(12,077	)		–			(3,805	)
Lapse of the applicable statute of limitations		(9,862	)		(9,281	)		(15,444	)

Balance, December 31 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively)	$	55,947		$	62,200		$	58,605

Additional information with respect to unrecognized tax benefits is as follows:


	Year Ended December 31,
	2012		2011		2010
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $14,799, $8,454 and $7,099, respectively)	$	44,452	$	44,545	$	39,112
Offset to deferred tax assets for unrecognized tax benefits	$	26,294	$	26,109	$	26,592
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,130, $1,785 and $2,430, respectively)	$	6,345	$	1,355	$	(148	)

The Company anticipates that it is reasonably possible that approximately $8,500 of unrecognized tax benefits recorded at December 31, 2012 may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions.

Tax Receivable Agreement

The redemption of historical partner interests in connection with the Company’s separation and recapitalization that occurred in May 2005 and the subsequent exchanges through December 31, 2012 of LAZ-MD Holdings exchangeable interests for shares of Class A common stock have resulted, and future exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock may result, in increases in the tax basis of the tangible and/or intangible assets of Lazard Group. Included in our deferred tax assets as of December 31, 2012 are approximately $705,000 related to certain basis step-up assets and approximately $196,000 of net operating losses generated by the amortization of such step-up assets. 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 these increases in tax basis. The Company records provisions for payments under the tax receivable agreement to the extent they are probable and estimable. During the years ended December 31, 2011 and 2010, the Company recorded a “provision pursuant to tax receivable agreement” on the consolidated statements of operations of $429 and $2,361, respectively (no provision was required for the year ended December 31, 2012), with the liability related thereto at December 31, 2011 of $2,790 included within “related party payables” on the consolidated statement of financial condition (see Note 19 of Notes to Consolidated Financial Statements).

- Definition

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

+ References

+ Details

NET INCOME PER SHARE OF CLASS A COMMON STOCK

12 Months Ended

Dec. 31, 2012

NET INCOME PER SHARE OF CLASS A COMMON STOCK

18.

NET INCOME PER SHARE OF CLASS A COMMON STOCK

The Company’s basic and diluted net income per share calculations for the years ended December 31, 2012, 2011 and 2010 are computed as described below.

Basic Net Income Per Share

Numerator—utilizes net income attributable to Lazard Ltd for the respective years, 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 years, 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 years 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 years 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 years ended December 31, 2012, 2011 and 2010 are presented below:


	Year Ended December 31,
	2012		2011		2010
Net income attributable to Lazard Ltd		$84,309		$174,917		$174,979
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		7		284		251

Net income attributable to Lazard Ltd - basic		84,316		175,201		175,230
Add - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax		371		12,512		13,689

Net income attributable to Lazard Ltd - diluted		$84,687		$187,713		$188,919


Weighted average number of shares of Class A common stock outstanding		116,163,821		115,005,676		101,607,301
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		790,168		3,026,344		2,803,952

Weighted average number of shares of Class A common stock outstanding - basic		116,953,989		118,032,020		104,411,253
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests		12,371,633		19,597,505		34,058,401

Weighted average number of shares of Class A common stock outstanding - diluted		129,325,622		137,629,525		138,469,654

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.72		$1.48		$1.68

Diluted		$0.65		$1.36		$1.36

RELATED PARTIES

12 Months Ended

Dec. 31, 2012

RELATED PARTIES

19.

RELATED PARTIES

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


	December 31,
	2012		2011
Receivables
LFCM Holdings	$	20,529	$	14,790
Other		3,272		3,711

Total	$	23,801	$	18,501

Payables
LFCM Holdings	$	2,943	$	4,850
Other		705		1,225

Total	$	3,648	$	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 discussed below.

Under the employee benefits agreement, dated as of May 10, 2005, by and among Lazard Ltd, Lazard Group, LAZ-MD Holdings and LFCM Holdings, LFCM Holdings generally assumed, as of the completion of the separation and recapitalization transactions, all outstanding and future liabilities in respect of the current and former employees of the separated businesses. The Company retained all accrued liabilities under, and assets of, the pension plans in the U.S. and the U.K. as well as the 401(k) plan accounts of the inactive employees of LFCM Holdings and its subsidiaries.

Pursuant to the administrative services agreement, dated as of May 10, 2005, by and among LAZ-MD Holdings, LFCM Holdings and Lazard Group, Lazard Group provides selected administrative and support services to LAZ-MD Holdings and LFCM Holdings, such as cash management and debt service administration, accounting and financing activities, tax, payroll, human resources administration, financial transaction support, information technology, public communications, data processing, procurement, real estate management and other general administrative functions. Lazard Group charges for these services based on Lazard Group’s cost allocation methodology.

The services provided pursuant to the administrative services agreement by Lazard Group to LFCM Holdings, and by LFCM Holdings to Lazard Group, are subject to automatic annual renewal, unless either party gives 180 days’ notice of termination. LFCM Holdings and Lazard Group have a right to terminate the services earlier if there is a change of control of either party or the business alliance provided in the business alliance agreement entered into on May 10, 2005, by and among LAZ-MD Holdings, LFCM Holdings and Lazard Group (described below) expires or is terminated. The party receiving a service may also terminate a service earlier upon 180 days’ notice as long as the receiving party pays the service provider an additional three months of service fee for the terminated service.

The business alliance agreement provides, among other matters, that Lazard Group will refer to LFCM Holdings selected opportunities for underwriting and distribution of securities. In addition, Lazard Group will provide assistance in the execution of any such referred business. In exchange for the referral obligation and assistance, Lazard Group will receive a referral fee from LFCM Holdings equal to approximately one-half of the revenue obtained by LFCM Holdings in respect of any underwriting or distribution opportunity. In addition, LFCM Holdings will refer opportunities in the Financial Advisory and Asset Management businesses to Lazard Group. In exchange for this referral, LFCM Holdings will be entitled to a customary finders’ fee from Lazard Group. The business alliance agreement further provides that, during the term of the business alliance, LFNY and Lazard Asset Management Securities LLC, an indirect wholly-owned subsidiary of LFNY, will introduce execution and settlement transactions to broker-dealer entities affiliated with LFCM Holdings. The business alliance agreement is subject to periodic automatic renewal, unless Lazard Group or LFCM Holdings elects to terminate the agreement in connection with any such renewal or elects to terminate on account of a change of control of either party.

For the years ended December 31, 2012, 2011 and 2010, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $7,637, $10,277 and $12,110, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $5,947, $18,862 and $11,506, 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 December 31, 2012 and 2011 include $14,299 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 $6,230 and $2,928, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at December 31, 2012 and 2011 include $2,943 and $2,060, respectively, primarily relating to certain advances and referral fees for Financial Advisory transactions, and, at December 31, 2011, $2,790 related to obligations pursuant to the tax receivable agreement (see Note 17 of Notes to Consolidated Financial Statements).

Other

For the years ended December 31, 2012 and 2011, amounts recorded by Lazard Group relating to referral fees for restructuring transactions and fee sharing with MBA Lazard Holdings S.A. and its affiliates (“MBA”), an Argentina-based group in which the Company has a 50% ownership interest, amounted to $1,506 and $1,866, respectively, and are reported in advisory fee revenue.

Other receivables at December 31, 2012 and 2011 primarily relate to referral fees for restructuring and M&A transactions with MBA 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 years ended December 31, 2012, 2011 and 2010, such charges amounted to $1,000, $750 and $750, respectively.

Lazard Alternative Investments

The business alliance agreement, among other things, granted Lazard Group the option to acquire the North American and European fund management activities of Lazard Alternative Investments Holdings LLC (“LAI”), the subsidiary of LFCM Holdings that owns and operates LFCM Holdings’ alternative investment (including private equity) activities, for an aggregate purchase price of $8,000 and $2,000, respectively. On December 15, 2009, Lazard Group exercised its option to acquire the European fund management activities of LAI for a purchase price of $2,000. Through February 2009, the Company had prepaid $5,500 of the option exercise price related to the North American business of LAI. The remaining option to purchase the North American fund management activities is currently exercisable at any time prior to May 10, 2014, for a purchase price of $2,500.

During the fourth quarter of 2011, the Company determined that it was unlikely to exercise the North American option. Accordingly, during such period the Company wrote-off the $5,500 previously capitalized cost associated with the prepayment of the option which is included within “other” operating expenses on the consolidated statement of operations.

- Definition

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.

+ References

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 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.

+ Details

REGULATORY AUTHORITIES

12 Months Ended

Dec. 31, 2012

REGULATORY AUTHORITIES

20.

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 (6 ²/₃%) 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 December 31, 2012, LFNY’s regulatory net capital was $107,838, which exceeded the minimum requirement by $101,393.

Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the “U.K. Subsidiaries”) are authorized and regulated by the Financial Services Authority. At December 31, 2012, the aggregate regulatory net capital of the U.K. Subsidiaries was $119,704, which exceeded the minimum requirement by $100,929.

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 December 31, 2012, the consolidated regulatory net capital of CFLF was $177,475, which exceeded the minimum requirement set for regulatory capital levels by $80,927.

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 December 31, 2012, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $130,278, which exceeded the minimum required capital by $103,774.

At December 31, 2012, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

Lazard Ltd had been subject to supervision by the United States Securities and Exchange Commission (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 continue to examine, 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 in 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 affect us in other ways. We continue to monitor the process as such rules are proposed and adopted.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958572-112826

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=7881181&loc=d3e65071-112826

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958574-112826

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958569-112826

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958570-112826

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958573-112826

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958568-112826

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=7881181&loc=SL5958575-112826

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.

+ Details

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2012

SEGMENT INFORMATION

21.

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 years ended December 31, 2012, 2011 and 2010 is prepared using the following methodology:

•

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

•

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

•

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

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

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

For the years ended December 31, 2012, 2011 and 2010, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments.

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:


		As Of Or For The Year Ended December 31,
		2012(b)			2011			2010
Financial Advisory	Net Revenue	$	1,049,090		$	992,107		$	1,119,867
	Operating Expenses (a)		1,057,620			929,688			950,968

	Operating Income (Loss)	$	(8,530	)	$	62,419		$	168,899

	Total Assets	$	793,007		$	767,699		$	799,090


Asset Management	Net Revenue	$	896,260		$	897,401		$	849,662
	Operating Expenses (a)		659,502			628,945			584,348

	Operating Income	$	236,758		$	268,456		$	265,314

	Total Assets	$	566,677		$	583,524		$	687,323


Corporate	Net Revenue	$	(32,902	)	$	(59,996	)	$	(64,161	)
	Operating Expenses (a)		71,441			35,380			126,402

	Operating Loss	$	(104,343	)	$	(95,376	)	$	(190,563	)

	Total Assets	$	1,627,209		$	1,730,713		$	1,936,119


Total	Net Revenue	$	1,912,448		$	1,829,512		$	1,905,368
	Operating Expenses (a)		1,788,563			1,594,013			1,661,718

	Operating Income	$	123,885		$	235,499		$	243,650

	Total Assets	$	2,986,893		$	3,081,936		$	3,422,532

(a)	Operating expenses include depreciation and amortization of property as set forth in table below.


	Year Ended December 31,
	2012		2011		2010
Financial Advisory	$	5,710	$	6,739	$	6,718
Asset Management		3,250		3,502		3,693
Corporate		21,895		14,339		12,301

Total	$	30,855	$	24,580	$	22,712

(b)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Savings Initiatives announced by the Company in the fourth quarter of 2012, and the impact on each of the Company’s business segments.

Geographic Information

Due to the highly integrated nature of international financial markets, the Company manages its business based on the profitability of the enterprise as a whole. Accordingly, management believes that profitability by geographic region is not necessarily meaningful. The Company’s revenue and identifiable assets are generally allocated based on the country or domicile of the legal entity providing the service.

The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above.


	As Of Or For The Year Ended December 31,
	2012			2011			2010
Net Revenue:
United States	$	1,172,566		$	1,083,457		$	1,161,071
United Kingdom		180,784			190,307			215,243
France		265,523			234,441			261,085
Other Western Europe		132,754			174,284			141,343
Rest of World		160,821			147,023			126,626

Total	$	1,912,448		$	1,829,512		$	1,905,368

Operating Income (Loss):
United States	$	169,111		$	209,236		$	223,341
United Kingdom		(37,329	)		(18,074	)		4,867
France		8,332			8,262			23,092
Other Western Europe		(20,812	)		27,276			(9,838	)
Rest of World		4,583			8,799			2,188

Total	$	123,885		$	235,499		$	243,650

Identifiable Assets:
United States	$	1,507,331		$	1,630,547		$	1,821,992
United Kingdom		226,578			253,365			324,309
France		808,655			773,196			883,932
Other Western Europe		114,763			116,682			141,216
Rest of World		329,566			308,146			251,083

Total	$	2,986,893		$	3,081,936		$	3,422,532

SUPPLEMENTAL FINANCIAL INFORMATION

QUARTERLY RESULTS (UNAUDITED)

The following represents the Company’s unaudited quarterly results for the years ended December 31, 2012 and 2011. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.


	2012 Fiscal Quarter
	First		Second		Third		Fourth(a)			Year
	(dollars in thousands, except per share data)
Net revenue	$	486,039	$	436,910	$	428,806	$	560,693		$	1,912,448
Operating expenses		448,216		392,377		382,080		565,890			1,788,563

Operating income (loss)	$	37,823	$	44,533	$	46,726	$	(5,197	)	$	123,885

Net income (loss)	$	29,056	$	34,162	$	33,673	$	(4,106	)	$	92,785
Less - net income attributable to noncontrolling interests		3,504		3,341		372		1,259			8,476

Net income (loss) attributable to Lazard Ltd	$	25,552	$	30,821	$	33,301	$	(5,365	)	$	84,309

Attributable to Lazard Ltd Class A common stockholders:
Net income (loss) per share of common stock:
Basic		$0.21		$0.26		$0.29		$(0.05	)		$0.72
Diluted		$0.20		$0.24		$0.26		$(0.05	)		$0.65
Dividends declared per share of common stock		$0.16		$0.20		$0.20		$ 0.60			$1.16

(a)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Savings Initiatives announced in the fourth quarter of 2012.



	2011 Fiscal Quarter
	First		Second		Third		Fourth			Year
	(dollars in thousands, except per share data)
Net revenue	$	438,023	$	477,292	$	462,419	$	451,778		$	1,829,512
Operating expenses		364,577		388,090		374,681		466,665			1,594,013

Operating income (loss)	$	73,446	$	89,202	$	87,738	$	(14,887	)	$	235,499

Net income (loss)	$	59,983	$	71,566	$	67,133	$	(8,123	)	$	190,559
Less - net income (loss) attributable to noncontrolling interests		4,976		9,562		4,434		(3,330	)		15,642

Net income (loss) attributable to Lazard Ltd	$	55,007	$	62,004	$	62,699	$	(4,793	)	$	174,917

Attributable to Lazard Ltd Class A common stockholders:
Net income (loss) per share of common stock:
Basic		$ 0.48		$0.52		$0.53		$(0.04	)		$ 1.48
Diluted		$ 0.43		$0.48		$0.49		$(0.04	)		$ 1.36
Dividends declared per share of common stock		$0.125		$0.16		$0.16		$ 0.16			$0.605

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

There were no changes in or disagreements with accountants on accounting and financial disclosure during the last two fiscal years.

Item 9A.

Controls and Procedures

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of December 31, 2012 (the end of the period covered by this Annual Report on Form 10-K). Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Annual Report on Form 10-K, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) are effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

In addition, no change in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) occurred during our most recent fiscal quarter that has materially affected, or is likely to materially affect, our internal control over financial reporting.

Management’s Report on Internal Controls Over Financial Reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act), and the related report of our independent registered public accounting firm, are set forth in Part II, Item 8 of this Annual Report on Form 10-K and are incorporated herein by reference.

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers and Corporate Governance

Information regarding members of the Board of Directors, including its audit committee and audit committee financial experts, as well as information regarding our Code of Business Conduct and Ethics that applies to our Chief Executive Officer and senior financial officers, will be presented in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, which will be held in April 2013, and is incorporated herein by reference. Information regarding our executive officers is included in Part I of this Annual Report on Form 10-K under the caption “Executive Officers of the Registrant.”

The information required to be furnished pursuant to this item with respect to compliance with Section 16(a) of the Exchange Act will be set forth under the caption “Section 16(a) Beneficial Ownership Reporting Compliance” in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, and is incorporated herein by reference.

Item 11.

Executive Compensation

Information regarding executive officer and director compensation will be presented in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, which will be held in April 2013, and is incorporated herein by reference.

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Information regarding security ownership of certain beneficial owners and management and related shareholder matters will be presented in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, which will be held in April 2013, and is incorporated herein by reference.

Equity Compensation Plan Information

The following table provides information as of December 31, 2012 regarding securities issued under our 2005 Equity Incentive Plan and 2008 Incentive Compensation Plan.

Plan
Category

Number of Securities
to be Issued
Upon Exercise of
Outstanding Options,
Warrants and Rights

Weighted-Average
Exercise Price of
Outstanding
Options,
Warrants and Rights

Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(Excluding Securities
Reflected in the
Second Column)

Equity compensation plans approved by security holders

2008 Incentive
Compensation

Plan⁽¹⁾

21,278,794

⁽³⁾

⁽⁴⁾

10,349,885

Equity compensation plans not approved by security holders

2005 Equity
Incentive
Plan⁽²⁾

406,833

⁽³⁾

⁽⁴⁾

6,690,106

⁽⁵⁾

Total

21,685,627

⁽³⁾

17,039,991

⁽¹⁾

Our 2008 Incentive Compensation Plan was approved by the stockholders of Lazard Ltd on May 6, 2008. The number of shares of Lazard Ltd Class A common stock available for issuance under the 2008 Incentive Compensation Plan is determined by a formula, which generally provides that the aggregate number of shares subject to outstanding awards under the 2008 Incentive Compensation Plan may not exceed 30% of the aggregate number of then-outstanding shares of Lazard Ltd Class A common stock (treating, for this purpose, the then-outstanding LAZ-MD Holdings exchangeable interests as shares of Lazard Ltd Class A common stock on an as-if-fully exchanged basis in accordance with the Master Separation Agreement).

⁽²⁾	Our 2005 Equity Incentive Plan was established prior to our equity public offering in May 2005 and, as a result, did not require approval by security holders.

⁽³⁾

Represents outstanding stock unit awards, after giving effect to forfeitures, as of December 31, 2012. As of that date, the only grants made under the 2005 Equity Incentive Plan and 2008 Incentive Compensation Plan have been in the form of stock unit awards and restricted stock awards. See Note 14 of Notes to Consolidated Financial Statements for a description of the plans.

⁽⁴⁾	Each stock unit awarded under our 2005 Equity Incentive Plan and 2008 Incentive Compensation Plan was granted at no cost to the persons receiving them and represents the contingent right to receive the equivalent number of shares of Lazard Ltd Class A common stock.

⁽⁵⁾	Gives effect to the number of securities remaining available for future issuance, after considering the impact of vested RSUs not delivered as a result of withholding taxes.

Item 13.

Certain Relationships and Related Transactions, and Director Independence

Information regarding certain relationships and related transactions, and director independence, will be presented in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, which will be held in April 2013, and is incorporated herein by reference.

Item 14.

Principal Accounting Fees and Services

Information regarding principal accountant fees and services will be presented in Lazard Ltd’s definitive proxy statement for its 2013 annual general meeting of shareholders, which will be held in April 2013, and is incorporated herein by reference.

PART IV

Item 15.

Exhibits and Financial Statement Schedules

(a)

Documents filed as part of this Report:

Consolidated Financial Statements

The consolidated financial statements required to be filed in the Annual Report on Form 10-K are listed on page F-1 hereof and in Part II, Item 8 hereof.

Financial Statement Schedule

The financial statement schedule required in the Annual Report on Form 10-K is listed on page F-1 hereof. The required schedule appears on pages F-2 through F-9 hereof.

Exhibits


2.1		Master Separation Agreement, dated as of May 10, 2005, by and among the Registrant, Lazard Group LLC, LAZ-MD Holdings LLC and LFCM Holdings LLC (incorporated by reference to Exhibit 2.1 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

2.2		Amendment No. 1, dated as of November 6, 2006, to the Master Separation Agreement, dated as of May 10, 2005, by and among the Registrant, Lazard Group LLC and LAZ-MD Holdings LLC (incorporated by reference to Exhibit 2.2 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on November 7, 2006).

2.3		Second Amendment, dated as of May 7, 2008, to the Master Separation Agreement, dated as of May 10, 2005, as amended, by and among Lazard Ltd, Lazard Group LLC and LAZ-MD Holdings LLC (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 9, 2008).

2.4		Class B-1 and Class C Members Transaction Agreement (incorporated by reference to Exhibit 2.2 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1 filed on December 17, 2004).

3.1		Certificate of Incorporation and Memorandum of Association of the Registrant (incorporated by reference to Exhibit 3.1 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on March 21, 2005).

3.2		Certificate of Incorporation in Change of Name of the Registrant (incorporated by reference to Exhibit 3.2 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on March 21, 2005).

3.3		Amended and Restated Bye-Laws of Lazard Ltd (incorporated by reference to Exhibit 3.3 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

3.4		First Amendment to Amended and Restated Bye-Laws of Lazard Ltd (incorporated by reference to Exhibit 3.4 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 9, 2008).

3.5		Second Amendment to the Amended and Restated Bye-Laws of Lazard Ltd (incorporated by reference to Exhibit 3.5 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 30, 2010).

4.1		Form of Specimen Certificate for Class A common stock (incorporated by reference to Exhibit 4.1 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on April 11, 2005).
4.2		Indenture, dated as of May 10, 2005, by and between Lazard Group LLC and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to Lazard Group LLC’s Registration Statement (File No. 333-126751) on Form S-4 filed on July 21, 2005).

4.3		Amended and Restated Third Supplemental Indenture, dated as of May 15, 2008, by and among Lazard Group LLC and The Bank of New York, as trustee (and incorporated by reference to Exhibit 4.1 to the Registrants’ Current Report on Form 8-K (Commission File No. 333-126751) filed on May 16, 2008).

4.4		Fourth Supplemental Indenture, dated as of June 21, 2007, between Lazard Group LLC and The Bank of New York, as trustee (incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on June 22, 2007).

4.5		Form of Senior Note (included in Exhibit 4.3).

10.1		Amended and Restated Stockholders’ Agreement, dated as of November 6, 2006, by and among LAZ-MD Holdings LLC, the Registrant and certain members of LAZ-MD Holdings LLC (incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on November 7, 2006).

10.2		First Amendment, dated as of May 7, 2008, to the Amended and Restated Stockholders’ Agreement dated as of November 6, 2006, between LAZ-MD Holdings LLC and Lazard Ltd (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 9, 2008).

10.3		Operating Agreement of Lazard Group LLC, dated as of May 10, 2005 (incorporated by reference to Exhibit 10.2 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.4		Amendment No. 1 to the Operating Agreement of Lazard Group LLC, dated as of December 19, 2005 (incorporated by reference to Exhibit 3.01 to Lazard Group LLC’s Current Report on Form 8-K (File No. 333-126751) filed on December 19, 2005).

10.5		Amendment No. 2, dated as of May 9, 2008, to the Operating Agreement of Lazard Group LLC, dated as of May 10, 2005 (incorporated by reference to Exhibit 10.3 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 8, 2008).

10.6		Amendment No. 3, dated as of April 27, 2010, to the Operating Agreement of Lazard Group LLC, dated as of May 10, 2005 (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 30, 2010).

10.7		Tax Receivable Agreement, dated as of May 10, 2005, by and among Ltd Sub A, Ltd Sub B and LFCM Holdings LLC (incorporated by reference to Exhibit 10.3 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.8		Employee Benefits Agreement, dated as of May 10, 2005, by and among the Registrant, Lazard Group LLC, LAZ-MD Holdings LLC and LFCM Holdings LLC (incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.9		Insurance Matters Agreement, dated as of May 10, 2005, by and between Lazard Group LLC and LFCM Holdings LLC (incorporated by reference to Exhibit 10.5 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.10		License Agreement, dated as of May 10, 2005, by and among Lazard Strategic Coordination Company LLC, Lazard Frères & Co. LLC, Lazard Frères S.A.S., Lazard & Co., Holdings Limited and LFCM Holdings LLC (incorporated by reference to Exhibit 10.6 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.11		Administrative Services Agreement, dated as of May 10, 2005, by and among LAZ-MD Holdings LLC, LFCM Holdings LLC and Lazard Group LLC (incorporated by reference to Exhibit 10.7 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).
10.12		Business Alliance Agreement, dated as of May 10, 2005, by and between Lazard Group LLC and LFCM Holdings LLC (incorporated by reference to Exhibit 10.8 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.13		Amendment and Consent, dated February 9, 2009, to the Business Alliance Agreement, dated as of May 10, 2005, by and between Lazard Group LLC and LFCM Holdings LLC (incorporated by reference to Exhibit 10.12 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on March 2, 2009).

10.14		Amended and Restated Operating Agreement of Lazard Strategic Coordination Company LLC, dated as of January 1, 2002 (incorporated by reference to Exhibit 10.16 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on February 11, 2005).

10.15		Lease, dated as of January 27, 1994, by and between Rockefeller Center Properties and Lazard Frères & Co. LLC (incorporated by reference to Exhibit 10.19 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on February 11, 2005).

10.16		Amendment dated as of February 16, 2011, by and among RCPI Landmark Properties, L.L.C. (as the successor in interest to Rockefeller Center Properties), RCPI 30 Rock 22234849, L.L.C. and Lazard Group LLC (as the successor in interest to Lazard Frères & Co. LLC), to the Lease dated as of January 27, 1994, by and among Rockefeller Center Properties and Lazard Frères & Co. LLC (incorporated by reference to Exhibit 10.16 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).

10.17		Lease with an Option to Purchase, dated as of July 11, 1990, by and between Sicomibail and Finabail and SCI du 121 Boulevard Hausmann (English translation) (incorporated by reference to Exhibit 10.20 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on February 11, 2005).

10.18		Occupational Lease, dated as of August 9, 2002, by and among Burford (Stratton) Nominee 1 Limited, Burford (Stratton) Nominee 2 Limited, Burford (Stratton) Limited, Lazard & Co., Limited and Lazard LLC (incorporated by reference to Exhibit 10.21 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on February 11, 2005).

10.19*		2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on May 2, 2005).

10.20*		Lazard Ltd’s 2008 Incentive Compensation Plan (incorporated by reference to Annex B to the Registrant’s Definitive Proxy Statement on Schedule 14A (File No. 001-32492) filed on March 24, 2008).

10.21*		2005 Bonus Plan (incorporated by reference to Exhibit 10.23 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on March 21, 2005).

10.22*		Form of Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 4, 2005, applicable to, and related Schedule I for each of Michael J. Castellano and Scott D. Hoffman (incorporated by reference to Exhibit 10.26 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.23*		Form of First Amendment, dated as of May 7, 2008, to Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 4, 2005, for each of Michael J. Castellano and Scott D. Hoffman (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on May 9, 2008).

10.24*		Second Amendment, dated as of February 23, 2011, to the Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of May 4, 2005 and amended as of May 7, 2008, for Scott D. Hoffman (incorporated by reference to Exhibit 10.25 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).
10.25*		Form of Agreement Relating to Retention and Noncompetition and Other Covenants (incorporated by reference to Exhibit 10.27 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on April 11, 2005).

10.26*		Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of October 4, 2004, by and between Lazard Group LLC and Alexander F. Stern (incorporated by reference to Exhibit 10.28 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on March 2, 2009).

10.27*		First Amendment, dated as of March 23, 2010, to the Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of October 4, 2004, with Alexander F. Stern (incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on March 23, 2010).

10.28*		Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of March 18, 2005, by and between Lazard Group LLC and Kenneth M. Jacobs (incorporated by reference to Exhibit 10.29 to the Registrant’s Annual Report on Form 10-K (File No. 001-32492) filed on March 1, 2010).

10.29*		First Amendment, dated as of March 23, 2010, to the Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of March 18, 2005, with Kenneth M. Jacobs (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) field on March 23, 2010).

10.30*		Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of October 4, 2004, by and between Lazard Group LLC and Matthieu Bucaille (incorporated by reference to Exhibit 10.31 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).

10.31*		First Amendment, dated as of April 1, 2011, to the Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of October 4, 2004, between Lazard Group LLC and Matthieu Bucaille (incorporated by reference to Exhibit 10.32 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).

10.32*		Amended and Restated Letter Agreement, effective as of January 1, 2004, between Vernon E. Jordan, Jr. and Lazard Frères & Co. LLC (incorporated by reference to Exhibit 10.28 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.33*		Acknowledgement Letter, dated as of November 6, 2006 from Lazard Group LLC to certain managing directors of Lazard Group LLC modifying the terms of the retention agreements of persons party to the Amended and Restated Stockholders’ Agreement, dated as of November 6, 2006 (incorporated by reference to Exhibit 10.23 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on November 7, 2006).

10.34		Letter Agreement, dated as of March 15, 2005, from IXIS Corporate and Investment Bank to Lazard LLC and Lazard Ltd (incorporated by reference to Exhibit 10.27 to the Registrant’s Registration Statement (File No. 333-121407) on Form S-1/A filed on March 21, 2005).

10.35		Registration Rights Agreement, dated as of May 10, 2005, by and among Lazard Group Finance LLC, the Registrant, Lazard Group LLC and IXIS Corporate and Investment Bank (incorporated by reference to Exhibit 10.30 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on June 16, 2005).

10.36*		Description of Non-Executive Director Compensation (incorporated by reference to Exhibit 10.33 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q for the quarter ended June 30, 2005).

10.37*		Form of Award Letter for Annual Grant of Deferred Stock Units to Non-Executive Directors (incorporated by reference to Exhibit 99.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on September 8, 2005).
10.38*		Form of Agreement evidencing a grant of Restricted Stock Units to Executive Officers under the Lazard Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on January 26, 2006).

10.39*		Form of Agreement evidencing a grant of Restricted Stock Units to Executive Officers under the 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.41 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on March 2, 2009).

10.40*		Form of Agreement evidencing a grant of Deferred Cash Award to Executive Officers under the 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.42 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on March 2, 2009).

10.41*		Directors’ Fee Deferral Unit Plan (incorporated by reference to Exhibit 10.39 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 11, 2006).

10.42*		First Amended Form of Agreement evidencing a grant of Restricted Stock Units to Executive Officers under the Lazard 2005 Equity Incentive Plan (incorporated by reference to Exhibit 10.43 to the Registrant’s Annual Report (File No. 001-32492) on Form 10-K filed on March 1, 2007).

10.43		Agreement and Plan of Merger, dated as of August 14, 2008, by and among Lazard Ltd, LAZ Sub I, Lazard Asset Management LLC and Lazard Asset Management Limited (incorporated by reference to Exhibit 2.1 to the Registrant’s Current Report on Form 8-K (File No. 001-32492) filed on August 15, 2008).

10.44*		Letter Agreement regarding employment, dated as of April 21, 2010, between Lazard Group LLC and Gary W. Parr (incorporated by reference to Exhibit 10.53 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 30, 2010).

10.45*		Amendment, dated as of February 27, 2012 to Letter Agreement regarding employment, dated as of April 21, 2010, between Lazard Group LLC and Gary W. Parr (incorporated by reference to Exhibit 10.46 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2012).

10.46		Senior Revolving Credit Agreement, dated as of September 25, 2012, among Lazard Group LLC, the Banks from time to time parties thereto, and Citibank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.47 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on November 1, 2012).

10.47*		Form of Agreement evidencing a grant of Restricted Stock under the 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.55 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 30, 2010).

10.48*		Form of Agreement evidencing a grant of Lazard Fund Interests under the 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.55 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on April 29, 2011).

10.49*		Form of Agreement evidencing a grant of Restricted Stock Units and Restricted Stock to Executive Officers who are or may become eligible for retirement under the 2008 Incentive Compensation Plan (incorporated by reference to Exhibit 10.53 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on May 2, 2012).

10.50*		First Amendment, dated as of August 2, 2011, to the Agreement Relating to Retention and Noncompetition and Other Covenants, dated as of March 15, 2005, between Lazard Group LLC and Ashish Bhutani (incorporated by reference to Exhibit 10.56 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on August 4, 2011).
10.51*		Second Amendment, dated as of October 24, 2012, to the Agreement relating to Retention and Noncompetition and Other Covenants, dated as of March 18, 2005 and amended on March 23, 2010, among the Registrant, Lazard Group LLC and Kenneth M. Jacobs (incorporated by reference to Exhibit 10.52 to the Registrant’s Quarterly Report (File No. 001-32492) on Form 10-Q filed on November 1, 2012).

12.1		Computation of Ratio of Earnings to Fixed Charges.

21.1		Subsidiaries of Registrant.

23.1		Consent of Independent Registered Public Accounting Firm.

31.1		Rule 13a-14(a) Certification of Kenneth M. Jacobs.

31.2		Rule 13a-14(a) Certification of Matthieu Bucaille.

32.1		Section 1350 Certification for Kenneth M. Jacobs.

32.2		Section 1350 Certification for Matthieu Bucaille.

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema

101.CAL		XBRL Taxonomy Extension Calculation Linkbase

101.DEF		XBRL Taxonomy Extension Definition Linkbase

101.LAB		XBRL Taxonomy Extension Label Linkbase

101.PRE		XBRL Taxonomy Extension Presentation Linkbase

*	Management contract or compensatory plan or arrangement.

LAZARD LTD

INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE

ITEMS 15 (a)(1) AND 15 (a)(2)


	Page No.
Management’s Report on Internal Control Over Financial Reporting		72

Reports of Independent Registered Public Accounting Firm		73-74

Consolidated Financial Statements

Consolidated Statements of Financial Condition as of December 31, 2012 and 2011		75

Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010		77

Consolidated Statements of Comprehensive Income for the years ended December 31, 2012, 2011 and 2010		78

Consolidated Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010		79

Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2012, 2011 and 2010		80

Notes to Consolidated Financial Statements		83

Supplemental Financial Information

Quarterly Results		134

Financial Statement Schedule

Schedule I—Condensed Financial Information of Registrant (Parent Company Only)

Condensed Statements of Financial Condition as of December 31, 2012 and 2011		F-2

Condensed Statements of Operations for the years ended December 31, 2012, 2011 and 2010		F-3

Condensed Statements of Comprehensive Income for the years ended December 31, 2012, 2011 and 2010		F-4

Condensed Statements of Cash Flows for the years ended December 31, 2012, 2011 and 2010		F-5

Condensed Statements of Changes in Stockholders’ Equity for the years ended December 31, 2012, 2011 and 2010		F-6

Notes to Condensed Financial Statements		F-9

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the consolidated financial statements or notes thereto.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2012 AND 2011

(dollars in thousands, except per share data)


	December 31,
	2012			2011
ASSETS
Cash and cash equivalents	$	298		$	218
Investments in subsidiaries, equity method		(1,852,072	)		(1,633,687	)
Due from subsidiaries		2,421,780			2,359,798

Total assets	$	570,006		$	726,329


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Due to subsidiaries	$	254		$	–
Other liabilities		96			186

Total liabilities		350			186

Commitments and contingencies

STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A—7,921 shares issued and outstanding at December 31, 2012 and 2011		–			–
Series B—no shares issued and outstanding		–			–
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 128,216,423 and 123,009,311 shares issued at December 31, 2012 and 2011, respectively, including shares held by subsidiaries as indicated below)		1,282			1,230
Class B, par value $.01 per share (1 share authorized, issued and outstanding at December 31, 2012 and 2011)		–			–
Additional paid-in-capital		846,050			659,013
Retained earnings		182,647			258,646
Accumulated other comprehensive loss, net of tax		(110,541	)		(88,364	)

		919,438			830,525
Class A common stock held by subsidiaries, at cost (12,802,938 and 3,492,017 shares at December 31, 2012 and 2011, respectively)		(349,782	)		(104,382	)

Total stockholders’ equity		569,656			726,143

Total liabilities and stockholders’ equity	$	570,006		$	726,329

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(dollars in thousands)


	Year Ended December 31,
	2012		2011		2010
REVENUE
Equity in earnings of subsidiaries	$	20,598	$	109,294	$	109,576
Interest and other income		65,319		67,042		66,722

Total revenue		85,917		176,336		176,298

OPERATING EXPENSES
Professional services		1,477		1,276		1,217
Other		131		143		102

Total operating expenses		1,608		1,419		1,319

NET INCOME	$	84,309	$	174,917	$	174,979

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(dollars in thousands)


	Year Ended December 31,
	2012			2011			2010
NET INCOME	$	84,309		$	174,917		$	174,979

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments		15,431			(8,760	)		(8,937	)
Amortization of interest rate hedge		1,042			1,000			1,093
Available-for-sale securities:
Unrealized gain (net of tax expense of $1,546)		–			–			2,941
Adjustments for items reclassified to earnings (net of tax expense of $4,689)		–			–			8,930
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(12,796), $(11,874) and $6,161 for the years ended December 31, 2012, 2011 and 2010, respectively)		(39,817	)		(36,256	)		16,769
Adjustments for items reclassified to earnings (net of tax expense of $1,131, $977 and $916 for the years ended December 31, 2012, 2011 and 2010, respectively)		4,347			2,091			1,544

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX		(18,997	)		(41,925	)		22,340

COMPREHENSIVE INCOME	$	65,312		$	132,992		$	197,319

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(dollars in thousands)


	Year Ended December 31,
	2012			2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	84,309		$	174,917		$	174,979
Adjustments to reconcile net income to net cash provided by operating activities:
Noncash items included in net income:
Equity in earnings of subsidiaries		(20,598	)		(109,294	)		(109,576	)
Changes in due to/from subsidiaries		71,566			4,945			(16,215	)
Changes in other operating assets and liabilities		(89	)		12			(83	)

Net cash provided by operating activities		135,188			70,580			49,105

CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends		(135,108	)		(70,572	)		(50,581	)

Net cash used in financing activities		(135,108	)		(70,572	)		(50,581	)

Net increase (decrease) in cash and cash equivalents		80			8			(1,476	)
Cash and cash equivalents, January 1		218			210			1,686

Cash and cash equivalents, December 31	$	298		$	218		$	210

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Supplemental investing non-cash transaction:
Class A common stock issued/issuable in connection with business acquisitions	$	–		$	39,654		$	41,174

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010

(dollars in thousands)


	Series A Preferred Stock					Common Stock				Additional Paid-In- Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Class A Common Stock Held By Subsidiaries						Total Lazard Ltd Stockholders’ Equity
	Series A Preferred Stock					Common Stock													Class A Common Stock Held By Subsidiaries
	Shares			$		*Shares()**		$											Shares			$
Balance – January 1, 2010		26,883		$	–		92,165,913	$	922	$	549,931		$	52,726		$	(57,048	)		5,850,775		$	(191,140	)	$	355,391

Comprehensive income (loss):
Net income														174,979												174,979
Other comprehensive income (loss) - net of tax:
Currency translation adjustments																	(8,937	)								(8,937	)
Amortization of interest rate hedge																	1,093									1,093
Available-for-sale securities:
Net unrealized gain																	2,941									2,941
Adjustment for items reclassified to earnings																	8,930									8,930
Employee benefit plans:
Net actuarial gain																	16,769									16,769
Adjustment for items reclassified to earnings																	1,544									1,544

Comprehensive income																										197,319

Business acquisitions and related equity transactions:
Class A common stock issued/issuable (including related amortization)							315,617		3		46,220															46,223
Conversion of Series A preferred stock into Class A common stock		(4,862	)				572,988		6		(6	)														–
Amortization of share-based incentive compensation											286,957															286,957
Dividend-equivalents											10,606			(10,656	)											(50	)
Class A common stock dividends														(50,581	)											(50,581	)
Purchase of Class A common stock																				4,686,892			(149,981	)		(149,981	)
Delivery of Class A common stock in connection with share-based incentive compensation											(286,847	)								(6,690,159	)		229,271			(57,576	)
Repurchase of common membership interests from LAZ-MD Holdings											(6,812	)														(6,812	)
Issuance of Class A common stock							3,000,000		30		116,070									3,000,000			(116,100	)		–
Class A common stock issued in exchange for Lazard Group common membership interests, including in connection with secondary offerings							23,643,419		236		(236	)														–
Adjustments related to noncontrolling interests											42,958						(11,450	)								31,508

Balance – December 31, 2010		22,021		$	–		119,697,937	$	1,197	$	758,841		$	166,468		$	(46,158	)		6,847,508		$	(227,950	)	$	652,398

Balance – January 1, 2011		22,021		$	–		119,697,937	$	1,197	$	758,841		$	166,468		$	(46,158	)		6,847,508		$	(227,950	)	$	652,398

Comprehensive income (loss):
Net income														174,917												174,917
Other comprehensive income (loss) - net of tax:
Currency translation adjustments																	(8,760	)								(8,760	)
Amortization of interest rate hedge																	1,000									1,000
Employee benefit plans:
Net actuarial loss																	(36,256	)								(36,256	)
Adjustments for items reclassified to earnings																	2,091									2,091

Comprehensive income																										132,992

Business acquisitions and related equity transactions:
Class A common stock issued/issuable (including related amortization)											41,800															41,800
Conversion of Series A preferred stock into Class A common stock		(14,100	)		–		2,434,561		24		(24	)														–
Delivery of Class A common stock											(126,812	)								(3,515,362	)		123,411			(3,401	)
Amortization of share-based incentive compensation											260,816															260,816
Dividend-equivalents											12,092			(12,167	)											(75	)
Class A common stock dividends														(70,572	)											(70,572	)
Purchase of Class A common stock																				6,135,189			(204,835	)		(204,835	)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972											(297,779	)								(5,975,318	)		204,992			(92,787	)
Repurchase of common membership interests from LAZ-MD Holdings											(753	)														(753	)
Class A common stock issued in exchange for Lazard Group common membership interests							876,814		9		(9	)														–
Adjustment related to the change in Lazard Ltd’s ownership in Lazard Group											(1,580	)														(1,580	)
Adjustments related to noncontrolling interests											12,421						(281	)								12,140

Balance – December 31, 2011		7,921		$	–		123,009,312	$	1,230	$	659,013		$	258,646		$	(88,364	)		3,492,017		$	(104,382	)	$	726,143


	Series A Preferred Stock				Common Stock				Additional Paid-In- Capital			Retained Earnings			Accumulated Other Comprehensive Income (Loss), Net of Tax			Class A Common Stock Held By Subsidiaries						Total Lazard Ltd Stockholders’ Equity
	Series A Preferred Stock				Common Stock													Class A Common Stock Held By Subsidiaries
	Shares		$		*Shares()**		$											Shares			$
Balance – January 1, 2012		7,921	$	–		123,009,312	$	1,230	$	659,013		$	258,646		$	(88,364	)		3,492,017		$	(104,382	)	$	726,143

Comprehensive income (loss):
Net income													84,309												84,309
Other comprehensive income (loss) - net of tax:
Currency translation adjustments																15,431									15,431
Amortization of interest rate hedge																1,042									1,042
Employee benefit plans:
Net actuarial loss																(39,817	)								(39,817	)
Adjustments for items reclassified to earnings																4,347									4,347

Comprehensive income																									65,312

Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)										4,030															4,030
Delivery of Class A common stock										(1,633)									(57,287)			1,633			–
Amortization of share-based incentive compensation										306,642															306,642
Dividend-equivalents										24,990			(25,200	)											(210	)
Class A common stock dividends													(135,108	)											(135,108	)
Purchase of Class A common stock																			12,817,196			(354,464	)		(354,464	)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense of $972										(153,274	)								(3,448,988	)		107,431			(45,843	)
Modification of equity incentive compensation award										(26,601	)														(26,601	)
Class A common stock issued in exchange for Lazard Group common membership interests						5,207,112		52		(52	)														–
Adjustments related to noncontrolling interests										32,935						(3,180	)								29,755

Balance – December 31, 2012		7,921	$	–		128,216,424	$	1,282	$	846,050		$	182,647		$	(110,541	)		12,802,938		$	(349,782	)	$	569,656

^(*)	Includes 119,697,936, 123,009,311 and 128,216,423 shares of the Company’s Class A common stock issued at December 31, 2010, 2011 and 2012, respectively, and 1 share of the Company’s Class B common stock issued at each such date.

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1.	*BASIS OF PRESENTATION*

The accompanying Lazard Ltd condensed financial statements (the “Parent Company Financial Statements”), including the notes thereto, should be read in conjunction with the consolidated financial statements of Lazard Ltd and its subsidiaries (the “Company”) and the notes thereto.

The Parent Company Financial Statements as of December 31, 2012 and 2011, and for each of the three years in the period ended December 31, 2012, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates.

The Parent Company Financial Statements include investments in subsidiaries, accounted for under the equity method.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: February 28, 2013


LAZARD LTD

By:		/s/ Kenneth M. Jacobs

		Kenneth M. Jacobs
		Chairman and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.


Signature	Capacity	Date

/s/ Kenneth M. Jacobs Kenneth M. Jacobs	Chairman, Chief Executive Officer and Director (Principal Executive Officer)	February 28, 2013

/s/ Matthieu Bucaille Matthieu Bucaille	Chief Financial Officer (Principal Financial Officer)	February 28, 2013

/s/ Dominick Ragone Dominick Ragone	Chief Accounting Officer	February 28, 2013

/s/ Andrew M. Alper Andrew M. Alper	Director	February 28, 2013

/s/ Ashish Bhutani Ashish Bhutani	Director	February 28, 2013

/s/ Steven J. Heyer Steven J. Heyer	Director	February 28, 2013

/s/ Sylvia Jay Sylvia Jay	Director	February 28, 2013

/s/ Philip A. Laskawy Philip A. Laskawy	Director	February 28, 2013

/s/ Laurent Mignon Laurent Mignon	Director	February 28, 2013

/s/ Richard D. Parsons Richard D. Parsons	Director	February 28, 2013

/s/ Hal S. Scott Hal S. Scott	Director	February 28, 2013

/s/ Michael J. Turner Michael J. Turner	Director	February 28, 2013

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

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.

+ Details

ORGANIZATION AND BASIS OF PRESENTATION (Policies)

12 Months Ended

Dec. 31, 2012

Organization

Organization

•

Basis of Presentation

Basis of Presentation

Foreign Currency Translation

Use of Estimates

Use of Estimates—In preparing the consolidated financial statements, management makes estimates and assumptions regarding:

•

the adequacy of the allowance for doubtful accounts;

•

the realization of deferred taxes and adequacy of tax reserves for uncertain tax positions;

•

the outcome of litigation;

•

the carrying amount of goodwill and other intangible assets;

•

the amortization period of intangible assets;

•

the valuation of shares issued or issuable that contain transfer restrictions;

•

share-based and other deferred compensation plan forfeitures, and

•

other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased.

Deposits with Banks

Cash Deposited with Clearing Organizations and Other Segregated Cash

Allowance for Doubtful Accounts

See Note 4 of Notes to Consolidated Financial Statements for additional information regarding receivables.

Investments

See Notes 5 and 6 of Notes to Consolidated Financial Statements for additional information regarding the Company’s investments.

Property-net

Goodwill and Other Intangible Assets

See Note 9 of Notes to Consolidated Financial Statements with respect to goodwill and other intangible assets.

Derivative Instruments

Deposits and Other Customer Payables

Securities Sold, Not Yet Purchased

Fair Value of Financial Assets and Liabilities

Revenue Recognition

Revenue Recognition

The Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds.

Receivables relating to money management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition.

Equity-Based Incentive Compensation Awards

Costs-Saving and Restructuring Plans

Income Taxes

•

future reversals of existing taxable temporary differences;

•

future taxable income exclusive of reversing temporary differences and carryforwards;

•

taxable income in prior carryback years; and

•

tax-planning strategies.

The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available positive and negative evidence, including, but not limited to, the following:

•

nature, frequency, and magnitude of any recent losses and current operating results;

•

duration of statutory carryforward periods;

•

historical experience with tax attributes expiring unused; and

•

near-term and medium-term financial outlook.

Fair Value Measurements

Other Comprehensive Income

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2012 and 2011:


	December 31,
	2012		2011
Debt (including interest-bearing deposits of $578 and $2,834, respectively)	$	5,948	$	36,966

Equities		44,992		44,436

Funds:
Alternative investments (a)		57,890		59,622
Debt (a)		32,077		14,069
Equity (a)		154,310		89,657
Private equity		112,444		122,718

		356,721		286,066

Equity method		7,012		11,053

Total investments		414,673		378,521
Less:
Interest-bearing deposits		578		2,834
Equity method		7,012		11,053

Investments, at fair value	$	407,083	$	364,634

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	2,755	$	4,282

(a)

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses


	Year Ended December 31,
	2012		2011		2010
Gross unrealized investment gains	$	23,024	$	2,180	$	4,678
Gross unrealized investment losses	$	697	$	12,844	$	514

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2012

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



	December 31, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	1,443	$	3,927	$	–	$	5,370
Equities		44,802		–		190		44,992
Funds:
Alternative investments		–		54,433		3,457		57,890
Debt		32,073		4		–		32,077
Equity		145,231		9,069		10		154,310
Private equity		–		–		112,444		112,444
Derivatives		–		933		–		933

Total	$	223,549	$	68,366	$	116,101	$	408,016

Liabilities:
Securities sold, not yet purchased	$	2,696	$	59	$	–	$	2,755
Derivatives		–		102,492		–		102,492

Total	$	2,696	$	102,551	$	–	$	105,247


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,111	$	17,021	$	–	$	34,132
Equities		44,065		160		211		44,436
Funds:
Alternative investments		–		49,451		10,171		59,622
Debt		13,802		267		–		14,069
Equity		85,052		4,605		–		89,657
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 years ended December 31, 2012, 2011 and 2010:


	Year Ended December 31, 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	$	211	$	5		$	–	$	(30	)	$	4		$	190
Alternative investment funds		10,171		130			–		(6,844	)		–			3,457
Equity funds		–		–			10		–			–			10
Private equity funds		122,718		15,983			8,589		(35,796	)		950			112,444

Total Level 3 Assets	$	133,100	$	16,118		$	8,599	$	(42,670	)	$	954		$	116,101


	Year Ended December 31, 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	$	72		$	25	$	(195)		$	(7	)	$	211
Alternative investment funds		–		(169	)		10,340		–			–			10,171
Private equity funds		163,482		(3,319	)		33,117		(69,218	)(b)		(1,344	)		122,718

Total Level 3 Assets	$	163,798	$	(3,416	)	$	43,482	$	(69,413	)	$	(1,351	)	$	133,100


	Year Ended December 31, 2010
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Disposition			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	305	$	6		$	14	$	–		$	(9	)	$	316
Private equity funds		135,914		8,646			34,288		(11,985	)		(3,381	)		163,482

Total Level 3 Assets	$	136,219	$	8,652		$	34,302	$	(11,985	)	$	(3,390	)	$	163,798

(a)	Earnings for the years ended December 31, 2012, 2011 and 2010 include net unrealized gains (losses) of $12,910, $(3,268) and $8,299, respectively.

(b)	Sales/dispositions of private equity fund investments for the year ended December 31, 2011 include $49,500 in connection with a reduction of interests in a fund which ceased to be consolidated by the Company.

Financial Instruments Not Measured at Fair Value


					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	850,190	$	850,190	$	850,190	$	–	$	–
Deposits with banks		292,494		292,494		292,494		–		–
Cash deposited with clearing organizations and other segregated cash		65,232		65,232		65,232		–		–
Interest-bearing financing receivables		76,481		78,493		–		–		78,493
Interest-bearing deposits (included within investments)		578		578		578		–		–

Financial Liabilities:
Deposits and other customer payables	$	269,763	$	269,763	$	269,763		–		–
Senior debt		1,076,850		1,207,227		–		1,207,227		–

Fair Value of Certain Investments Based on NAV

December 31, 2012

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds

57,890

–

(a)

<30-120 days

Debt funds

–

(b)

30 days

Equity funds

9,079

–

–%

(c)

30-120 days

Private equity funds

112,444

31,482

100%

13%

39%

48%

Total

179,417

31,482

Redemption frequency as follows:

(a)	daily (10%), weekly (9%), monthly (38%) and quarterly (43%)

(b)	daily (100%)

(c)	daily (37%) and monthly (61%)

December 31, 2011

% of
Fair Value
Not
Redeemable

Estimated Liquidation Period of
Investments Not Redeemable

Investments Redeemable

Fair value

Unfunded
Commitments

%
Next
5 Years

%
5-10
Years

%
Thereafter

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds

59,622

–

(a)

< 30-120 days

Debt funds

267

–

(b)

< 30 days

Equity funds

4,605

–

–%

(c)

< 30 days

Private equity funds

122,718

52,197

100%

33%

28%

39%

Total

187,212

52,197

Redemption frequency as follows:

(a)	daily (17%), weekly (8%), monthly (37%) and quarterly (38%)

(b)	daily (100%)

(c)	daily (95%)

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (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.

+ References + Details

DERIVATIVES (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition


	December 31,
	2012		2011
Derivative Assets:
Forward foreign currency exchange rate contracts	$	893	$	4,245
Equity and fixed income swaps and other		40		2,886

	$	933	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	322	$	445
Interest rate swaps		235		277
Equity and fixed income swaps		4,342		91
Lazard Fund Interests and other similar deferred compensation arrangements		97,593		29,900

	$	102,492	$	30,713

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


	Year Ended December 31,
	2012			2011		2010
Forward foreign currency exchange rate contracts	$	(1,844	)	$	2,422	$	2,291
Lazard Fund Interests and other similar deferred compensation arrangements		(7,557	)		3,024		–
Equity and fixed income swaps and other		(18,327	)		4,276		(6,709	)

	$	(27,728	)	$	9,722	$	(4,418	)

PROPERTY-NET (Tables)

12 Months Ended

Dec. 31, 2012

Property-Net

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


	Estimated Depreciable Life in Years		December 31,
	Estimated Depreciable Life in Years		2012		2011
Buildings		33	$	166,560	$	164,168
Leasehold improvements		2-20		143,408		159,191
Furniture and equipment		3-10		122,125		85,396
Construction in progress				18,801		26,347

Total				450,894		435,102
Less - Accumulated depreciation and amortization				225,861		266,673

Property-net			$	225,033	$	168,429

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2012

Components of Goodwill and Other Intangible Assets

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


	December 31,
	2012		2011
Goodwill	$	364,328	$	356,657
Other intangible assets (net of accumulated amortization)		28,494		36,442

	$	392,822	$	393,099

Changes in the Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2012, 2011 and 2010 are as follows:


	Year Ended December 31,
	2012		2011		2010
Balance, January 1	$	356,657	$	313,229	$	261,703
Business acquisitions, including, in the 2011 and 2010 periods, additional contingent consideration earned relating to prior year business acquisitions		4,272		42,566		41,174
Foreign currency translation adjustments		3,399		862		10,352

Balance, December 31	$	364,328	$	356,657	$	313,229

Gross Cost and Accumulated Amortization of Other Intangible Assets

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


	December 31, 2012						December 31, 2011
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/performance fees	$	30,740	$	10,678	$	20,062	$	30,740	$	7,122	$	23,618
Management fees, customer relationships and non-compete agreements		33,035		24,603		8,432		32,624		19,800		12,824

	$	63,775	$	35,281	$	28,494	$	63,364	$	26,922	$	36,442

Estimated Future Amortization Expense

Amortization expense of intangible assets for the years ended December 31, 2012, 2011 and 2010 was $8,359, $11,915 and $7,867, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2013	$	8,598
2014		8,277
2015		6,438
2016		5,181

Total amortization expense	$	28,494

(a)

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

- Definition

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

+ References + Details

OTHER ASSETS AND OTHER LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Other Assets

The following table sets forth the Company’s other assets, by type, as of December 31, 2012 and 2011:


	December 31,
	2012		2011
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$	137,394	$	129,254
Prepaid compensation (see Note 14)		47,445		17,783
Other advances and prepayments		33,401		68,481
Deferred debt issuance costs		4,902		5,879
Other		45,264		50,701

Total	$	268,406	$	272,098

Schedule of Other Liabilities

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2012 and 2011:


	December 31,
	2012		2011
Accrued expenses	$	147,194	$	150,282
Current and deferred income taxes and other taxes		121,854		112,691
Employee benefit-related liabilities		83,629		70,036
Deferred lease incentives		74,880		31,750
Unclaimed funds at LFB		28,716		27,281
Abandoned leased space (principally in the U.K.)		8,475		11,688
Securities sold, not yet purchased		2,755		4,282
Other		32,148		32,121

Total	$	499,651	$	440,131

SENIOR AND SUBORDINATED DEBT (Tables)

12 Months Ended

Dec. 31, 2012

Senior Debt

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


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of December 31,
	Initial Principal Amount		Maturity Date		Annual Interest Rate			2012		2011
Lazard Group 7.125% Senior Notes (a)	$	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		0.92	%		–		–

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

(a)

Debt Maturities Relating to Senior Borrowings Outstanding

Debt maturities relating to senior borrowings outstanding at December 31, 2012 for each of the five years in the period ending December 31, 2017 are set forth in the table below.


Year Ending December 31,
2013-2014	$	–
2015		528,500
2016		–
2017		548,350

Total	$	1,076,850

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases

At December 31, 2012, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows:


Year Ending December 31,	Minimum Rental Commitments
Year Ending December 31,	Capital		Operating
2013	$	3,637	$	74,036
2014		3,119		76,246
2015		2,792		72,087
2016		2,475		70,206
2017		9,068		66,212
Thereafter		–		699,522

Total minimum lease payments		21,091		1,058,309
Less amount representing interest		3,228

Present value of capital lease commitments	$	17,863

Less sublease proceeds				163,302

Net lease payments			$	895,007

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Dec. 31, 2012

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

During the years ended December 31, 2012, 2011 and 2010, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd:


	Year Ended December 31,
	2012		2011		2010
Tax distributions:
LAZ-MD Holdings	$	–	$	699	$	9,480
Subsidiaries of Lazard Ltd		–		16,800		52,135

	$	–	$	17,499	$	61,615

Other distributions:
LAZ-MD Holdings	$	5,170	$	4,383	$	9,804
Subsidiaries of Lazard Ltd		135,108		70,572		50,581

	$	140,278	$	74,955	$	60,385

Schedule of Share Repurchase Program


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Class A common stock		35,726,044	$	31.04
Lazard Group common membership interests		1,400,089	$	32.66

Accumulated Other Comprehensive Income (Loss), Net of Tax

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


	December 31,
	2012			2011
Currency translation adjustments	$	19,405		$	3,719
Interest rate hedge		(2,502	)		(3,557	)
Employee benefit plans		(128,536	)		(92,637	)

Total AOCI		(111,633	)		(92,475	)
Amount attributable to noncontrolling interests		(1,092	)		(4,111	)

Total Lazard Ltd AOCI	$	(110,541	)	$	(88,364	)

Changes in Ownership Interests

The following tables summarize the changes in ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings during the years ended December 31, 2012, 2011 and 2010:


	Lazard Ltd					LAZ-MD Holdings						Total Lazard Group Common Membership Interests
	Common Membership Interests		% Ownership			Common Membership Interests			% Ownership			Total Lazard Group Common Membership Interests
Balance, January 1, 2010		92,165,912		74.5	%		31,520,426			25.5	%		123,686,338
Activity January 1, 2010 to December 31, 2010:
Common membership interest activity in connection with:
Equity compensation		3,000,000					–						3,000,000
2010 Secondary Offerings		11,561,801					(11,561,801	)					–
Exchanges for Class A common stock		12,081,618					(12,081,618	)					–
Business acquisitions		888,605					–						888,605
Repurchase of common membership interests from LAZ-MD Holdings		–					(224,382	)					(224,382	)

Balance, December 31, 2010		119,697,936		94.0	%		7,652,625			6.0	%		127,350,561
Activity January 1, 2011 to December 31, 2011:
Common membership interest activity in connection with:
Exchanges for Class A common stock		876,814					(876,814	)					–
Business acquisitions		2,434,561					–						2,434,561
Repurchase of common membership interests from LAZ-MD Holdings		–					(19,032	)					(19,032	)

Balance, December 31, 2011		123,009,311		94.8	%		6,756,779			5.2	%		129,766,090
Activity January 1, 2012 to December 31, 2012:
Common membership interest activity in connection with:
Exchanges for Class A common stock		5,207,112					(5,207,112	)					–

Balance, December 31, 2012		128,216,423		98.8	%		1,549,667			1.2	%		129,766,090

Net Income (Loss) Attributable to Noncontrolling Interests


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2012			2011			2010
LAZ-MD Holdings	$	5,114		$	11,964		$	12,564
Edgewater		3,491			4,130			6,690
Other		(129	)		(452	)		190

Total	$	8,476		$	15,642		$	19,444


	Noncontrolling Interests As Of December 31,
	2012		2011
LAZ-MD Holdings	$	5,405	$	31,954
Edgewater		75,262		91,713
Other		1,217		17,046

Total	$	81,884	$	140,713

INCENTIVE PLANS (Tables)

12 Months Ended

Dec. 31, 2012

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


	Year Ended December 31,
	2012		2011		2010
Share-based incentive awards:
RSUs (a)	$	298,809	$	264,110	$	303,094
Restricted Stock (b)		10,003		9,767		979
DSUs		1,536		1,265		1,230

Total	$	310,348	$	275,142	$	305,303

(a)

(b)	Includes, during the year ended December 31, 2012, $713 relating to the Cost Savings Initiatives recorded in the fourth quarter of 2012.

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the years ended December 31, 2012, 2011 and 2010, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures, (with corresponding credits to “additional paid-in-capital”) consisted of the following:


	Year Ended December 31,
	2012		2011		2010
Number of RSUs issued		920,791		389,846		318,025
Charges to retained earnings, net of estimated forfeitures	$	24,990	$	11,120	$	9,522

Schedule of Activity Relating to RSUs and DSUs

The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2012:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units			Weighted Average Grant Date Fair Value
Balance, January 1, 2010		23,367,813		$	37.01		103,146		$	35.75
Granted (including 318,025 RSUs relating to dividend participation)		7,890,127		$	35.69		39,026		$	31.51
Forfeited		(859,756)		$	36.13		–			–
Vested/Exchanged		(8,289,549)		$	39.42		(20,435	)	$	35.38

Balance, December 31, 2010		22,108,635		$	35.67		121,737		$	34.46
Granted (including 389,846 RSUs relating to dividend participation)		7,002,736		$	43.21		35,043		$	36.09
Forfeited		(305,155	)	$	37.83		–			–
Vested		(8,054,387	)	$	39.13		(16,120	)	$	34.76

Balance, December 31, 2011		20,751,829		$	36.84		140,660		$	34.83
Granted (including 920,791 RSUs relating to dividend participation)		8,594,744		$	27.68		63,836		$	24.06
Forfeited		(581,411	)	$	35.59		–			–
Vested/Exchanged		(7,284,031	)	$	34.71		–		$	–

Balance, December 31, 2012		21,481,131		$	33.92		204,496		$	31.47

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 three-year period ended December 31, 2012:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2010		–			–
Granted/Exchanged (a)		95,332		$	37.63

Balance, December 31, 2010		95,332		$	37.63
Granted		327,238		$	43.70
Vested		(327,238	)	$	43.70

Balance, December 31, 2011		95,332		$	37.63
Granted/Exchanged (a)		2,100,965		$	34.34
Forfeited		(21,178	)	$	29.51
Vested		(202,510	)	$	31.43

Balance, December 31, 2012		1,972,609		$	34.85

(a)

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 year ended December 31, 2012:


	Prepaid Compensation			Compensation Liability
Balance, January 1, 2012	$	17,783		$	29,900
Granted		64,679			64,679
Settled		–			(10,646	)
Forfeited		(1,603	)		(1,711	)
Amortization		(33,476	)		–
Increase in fair value related to:
Change in fair value of underlying investments		–			7,557
Adjustment for estimated forfeitures		–			7,841
Other		62			(27)

Balance, December 31, 2012	$	47,445		$	97,593

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


	Year Ended December 31,
	2012		2011
Amortization, net of forfeitures (a)	$	41,209	$	14,551
Change in the fair value of underlying investments		7,557		(3,024	)

Total	$	48,766	$	11,527

(a)	Includes, during the year ended December 31, 2012, $3,495 relating to the Cost Savings Initiatives recorded in the fourth quarter of 2012.

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Changes in Benefit Obligations, the Fair Value of Assets, Funded Status and Amounts Recognized in the Consolidated Statements of Financial Condition


	Pension Plans						Medical Plan
	2012			2011			2012			2011
Change in benefit obligation
Benefit obligation at beginning of year	$	575,031		$	519,779		$	5,362		$	5,799
Service cost		670			651			60			69
Interest cost		27,636			28,266			211			278
Actuarial (gain) loss		57,057			51,401			310			(437	)
Benefits paid		(26,420	)		(21,718	)		(275	)		(347	)
Foreign currency translation and other adjustments		22,051			(3,348	)

Benefit obligation at end of year		656,025			575,031			5,668			5,362

Change in plan assets
Fair value of plan assets at beginning of year		568,911			554,988
Actual return on plan assets		33,882			29,870
Employer contributions		8,221			8,689			275			347
Benefits paid		(26,420	)		(21,718	)		(275	)		(347	)
Foreign currency translation and other adjustments		23,111			(2,918	)

Fair value of plan assets at end of year		607,705			568,911			–			–

Funded (deficit) at end of year	$	(48,320	)	$	(6,120	)	$	(5,668	)	$	(5,362	)

Amounts recognized in the consolidated statements of financial condition at December 31, 2012 and 2011 consist of:
Prepaid pension asset (included in “other assets”)	$	2,659		$	31,457
Accrued benefit liability (included in “other liabilities”)		(50,979	)		(37,577	)	$	(5,668	)	$	(5,362	)

Net amount recognized	$	(48,320	)	$	(6,120	)	$	(5,668	)	$	(5,362	)

Amounts recognized in AOCI (excluding tax benefits of $25,989 and $14,183 at December 31, 2012 and 2011, respectively) consist of:
Actuarial net loss (gain)	$	143,133		$	93,186		$	50		$	(261	)
Prior service cost		11,342			13,896

Net amount recognized	$	154,475		$	107,082		$	50		$	(261	)

Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2012 and 2011:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2012		2011		2012		2011		2012		2011
Fair value of plan assets	$	25,231	$	24,295	$	582,474	$	544,616	$	607,705	$	568,911
Accumulated benefit obligation	$	35,276	$	33,493	$	620,749	$	541,538	$	656,025	$	575,031
Projected benefit obligation	$	35,276	$	33,493	$	620,749	$	541,538	$	656,025	$	575,031

Components of Net Benefit Cost


	Pension Plans For The Years Ended December 31,									Medical Plan For The Years Ended December 31,
	2012			2011			2010			2012		2011			2010
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	670		$	651		$	598		$	60	$	69		$	81
Interest cost		27,636			28,266			27,734			211		278			292
Expected return on plan assets		(26,657	)		(30,490	)		(29,347	)
Amortization of:
Prior service cost (credit)		2,751			2,979			2,835								(1,023	)
Net actuarial loss		1,658			258			806
Settlement loss (a)		1,135

Net periodic benefit cost (credit)	$	7,193		$	1,664		$	2,626		$	271	$	347		$	(650	)


Actual return on plan assets	$	33,882		$	29,870		$	61,452
Employer contributions	$	8,221		$	8,689		$	13,284		$	275	$	347		$	542
Benefits paid	$	26,420		$	21,718		$	21,826		$	275	$	347		$	542
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax charge (benefit) of $(11,805), $(11,495) and $7,530 during the years ended December 31, 2012, 2011 and 2010, respectively):
Net actuarial (gain) loss	$	50,209		$	51,703		$	(21,026	)	$	310	$	(438	)	$	610
Reclassification of prior service (cost) credit to earnings		(2,751	)		(2,979	)		(2,835	)							1,023
Reclassification of actuarial loss to earnings		(2,793	)		(258	)		(806	)
Currency translation and other adjustments		2,729			(491	)		(3,980	)

Total recognized in AOCI	$	47,394		$	47,975		$	(28,647	)	$	310	$	(438	)	$	1,633

Net amount recognized in total periodic benefit cost and AOCI	$	54,587		$	49,639		$	(26,021	)	$	581	$	(91	)	$	983

(a)

Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized


	Pension Plans		Medical Plan		Total
Prior service cost	$	2,826	$	–	$	2,826
Net actuarial loss	$	2,455	$	–	$	2,455

Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost


	Pension Plans December 31,									Medical Plan December 31,
	2012			2011			2010			2012		2011		2010
Weighted average assumptions used to determine benefit obligations:
Discount rate		4.6	%		4.8	%		5.4	%		3.4%		4.1%		5.0%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		3.2	%		4.7	%		5.0	%		4.1%		5.0%		5.6%
Expected long-term rate of return on plan assets		4.7	%		5.4	%		5.9	%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial											8.0%		8.0%		8.5%
Ultimate											6.0%		6.0%		6.0%
Year ultimate trend rate achieved											2016		2015		2015

Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans


	1% Increase				1% Decrease
	2012		2011		2012			2011
Cost	$	44	$	66	$	(31	)	$	(49	)
Obligation	$	880	$	929	$	(610	)	$	(649	)

Schedule of Expected Benefit Payments


	Pension Plans		Medical Plan
2013	$	22,312	$	383
2014		23,287		401
2015		24,447		392
2016		25,729		382
2017		25,925		382
2018-2022		150,681		1,900

Schedule of Categorization of Plans' Assets


	As of December 31, 2012
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	10,714	$	–	$	–	$	10,714
Debt		47,298		–		–		47,298
Equities		29,337		–		–		29,337
Funds:
Alternative investments		–		39,930		404		40,334
Debt		12,430		307,695		2,024		322,149
Equity		157,873		–		–		157,873

Total	$	257,652	$	347,625	$	2,428	$	607,705


	As of December 31, 2011
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	6,836	$	–	$	–	$	6,836
Debt		48,369		–		–		48,369
Equities		25,186		–		–		25,186
Funds:
Alternative investments		–		34,753		–		34,753
Debt		13,141		302,384		1,777		317,302
Equity		134,393		2,072		–		136,465

Total	$	227,925	$	339,209	$	1,777	$	568,911

COST SAVING INITIATIVES AND 2010 RESTRUCTURING PLAN (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Pre-tax Implementation Expense

The Company’s consolidated statement of operations for the quarter and year ended December 31, 2012 includes pre-tax implementation expense, by segment, as reflected in the table below:


	Financial Advisory		Asset Management		Corporate		Total
Compensation and benefits	$	76,133	$	12,056	$	11,798	$	99,987
Other		1,399		733		457		2,589

Total	$	77,532	$	12,789	$	12,255	$	102,576

Activity related to the obligation pursuant to the Cost Saving Initiatives during 2012 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, October 1, 2012	$	–		$	–		$	–
New charges		99,987			2,589			102,576
Less:
Non-cash charges		(22,360	)		–			(22,360	)
Settlements		(31,499	)		(875	)		(32,374	)

Balance, December 31, 2012	$	46,128		$	1,714		$	47,842

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Provision for Income Taxes


	Year Ended December 31,
	2012			2011			2010
Current:
Federal	$	2,094		$	(501	)	$	833
Foreign		27,650			35,885			27,626
State and local (primarily UBT)		5,813			2,342			12,652

Total current		35,557			37,726			41,111

Deferred:
Federal		(3,330	)		16,167			2,785
Foreign		(1,127	)		(2,832	)		5,331
State and local (primarily UBT)		–			(6,121	)		–

Total deferred		(4,457	)		7,214			8,116

Total	$	31,100		$	44,940		$	49,227

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rate

Year Ended December 31,
	2012			2011			2010
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Income of noncontrolling interests		(2.4	)		(2.0	)		(5.0	)
Share-based incentive compensation		7.4			–			–
Foreign source income not subject to U.S. income tax		(34.6	)		(13.8	)		(15.1	)
Foreign taxes		13.5			8.3			12.0
State and local taxes (primarily UBT)		3.4			0.9			4.3
Change in valuation allowance		1.4			(8.3	)		(10.9	)
Other, net		1.4			(1.0	)		(0.1	)

Effective income tax rate		25.1	%		19.1	%		20.2	%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows:


	December 31,
	2012			2011
Deferred Tax Assets:
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings)	$	820,229		$	846,252
Compensation and benefits		243,564			196,133
Net operating loss and tax credit carryforwards		308,233			209,781
Depreciation and amortization		3,404			1,519
Other		30,626			25,410

Gross deferred tax assets		1,406,056			1,279,095
Valuation allowance		(1,238,765	)		(1,145,257	)

Deferred tax assets (net of valuation allowance)	$	167,291		$	133,838

Deferred Tax Liabilities:
Depreciation and amortization	$	33,715		$	16,240
Compensation and benefits		4,292			10,729
Goodwill		15,843			15,031
Other		50,648			41,581

Deferred tax liabilities	$	104,498		$	83,581

The basis adjustments recorded as of December 31, 2012 and 2011 are the result of:

•

tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $16,083 and $24,338 at December 31, 2012 and 2011, respectively, and

•

tax basis step-up for payments made under the tax receivable agreement of $6,694 and $6,974 at December 31, 2012 and 2011, respectively.

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2012, 2011 and 2010 is as follows:


	Year Ended December 31,
	2012			2011			2010
Balance, January 1 (excluding interest and penalties of $8,454, $7,099 and $7,247, respectively)	$	62,200		$	58,605		$	60,558
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years		1,393			1,081			2,184
Current year		19,690			16,928			15,756
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years		(5,397	)		(5,133	)		(644	)
Settlements with tax authorities		(12,077	)		–			(3,805	)
Lapse of the applicable statute of limitations		(9,862	)		(9,281	)		(15,444	)

Balance, December 31 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively)	$	55,947		$	62,200		$	58,605

Schedule of Additional Information Relating to Unrecognized Tax Benefits

Additional information with respect to unrecognized tax benefits is as follows:


	Year Ended December 31,
	2012		2011		2010
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $14,799, $8,454 and $7,099, respectively)	$	44,452	$	44,545	$	39,112
Offset to deferred tax assets for unrecognized tax benefits	$	26,294	$	26,109	$	26,592
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,130, $1,785 and $2,430, respectively)	$	6,345	$	1,355	$	(148	)

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

12 Months Ended

Dec. 31, 2012

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

The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the years ended December 31, 2012, 2011 and 2010 are presented below:


	Year Ended December 31,
	2012		2011		2010
Net income attributable to Lazard Ltd		$84,309		$174,917		$174,979
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		7		284		251

Net income attributable to Lazard Ltd - basic		84,316		175,201		175,230
Add - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax		371		12,512		13,689

Net income attributable to Lazard Ltd - diluted		$84,687		$187,713		$188,919


Weighted average number of shares of Class A common stock outstanding		116,163,821		115,005,676		101,607,301
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		790,168		3,026,344		2,803,952

Weighted average number of shares of Class A common stock outstanding - basic		116,953,989		118,032,020		104,411,253
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests		12,371,633		19,597,505		34,058,401

Weighted average number of shares of Class A common stock outstanding - diluted		129,325,622		137,629,525		138,469,654

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.72		$1.48		$1.68

Diluted		$0.65		$1.36		$1.36

RELATED PARTIES (Tables)

12 Months Ended

Dec. 31, 2012

Amounts Receivable from and Payable to Related Parties

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


	December 31,
	2012		2011
Receivables
LFCM Holdings	$	20,529	$	14,790
Other		3,272		3,711

Total	$	23,801	$	18,501

Payables
LFCM Holdings	$	2,943	$	4,850
Other		705		1,225

Total	$	3,648	$	6,075

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2012

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

the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:


		As Of Or For The Year Ended December 31,
		2012(b)			2011			2010
Financial Advisory	Net Revenue	$	1,049,090		$	992,107		$	1,119,867
	Operating Expenses (a)		1,057,620			929,688			950,968

	Operating Income (Loss)	$	(8,530	)	$	62,419		$	168,899

	Total Assets	$	793,007		$	767,699		$	799,090


Asset Management	Net Revenue	$	896,260		$	897,401		$	849,662
	Operating Expenses (a)		659,502			628,945			584,348

	Operating Income	$	236,758		$	268,456		$	265,314

	Total Assets	$	566,677		$	583,524		$	687,323


Corporate	Net Revenue	$	(32,902	)	$	(59,996	)	$	(64,161	)
	Operating Expenses (a)		71,441			35,380			126,402

	Operating Loss	$	(104,343	)	$	(95,376	)	$	(190,563	)

	Total Assets	$	1,627,209		$	1,730,713		$	1,936,119


Total	Net Revenue	$	1,912,448		$	1,829,512		$	1,905,368
	Operating Expenses (a)		1,788,563			1,594,013			1,661,718

	Operating Income	$	123,885		$	235,499		$	243,650

	Total Assets	$	2,986,893		$	3,081,936		$	3,422,532

(a)	Operating expenses include depreciation and amortization of property as set forth in table below.


	Year Ended December 31,
	2012		2011		2010
Financial Advisory	$	5,710	$	6,739	$	6,718
Asset Management		3,250		3,502		3,693
Corporate		21,895		14,339		12,301

Total	$	30,855	$	24,580	$	22,712

(b)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Savings Initiatives announced by the Company in the fourth quarter of 2012, and the impact on each of the Company’s business segments.

Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas

The following table sets forth the net revenue from, and identifiable assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above.


	As Of Or For The Year Ended December 31,
	2012			2011			2010
Net Revenue:
United States	$	1,172,566		$	1,083,457		$	1,161,071
United Kingdom		180,784			190,307			215,243
France		265,523			234,441			261,085
Other Western Europe		132,754			174,284			141,343
Rest of World		160,821			147,023			126,626

Total	$	1,912,448		$	1,829,512		$	1,905,368

Operating Income (Loss):
United States	$	169,111		$	209,236		$	223,341
United Kingdom		(37,329	)		(18,074	)		4,867
France		8,332			8,262			23,092
Other Western Europe		(20,812	)		27,276			(9,838	)
Rest of World		4,583			8,799			2,188

Total	$	123,885		$	235,499		$	243,650

Identifiable Assets:
United States	$	1,507,331		$	1,630,547		$	1,821,992
United Kingdom		226,578			253,365			324,309
France		808,655			773,196			883,932
Other Western Europe		114,763			116,682			141,216
Rest of World		329,566			308,146			251,083

Total	$	2,986,893		$	3,081,936		$	3,422,532

- Definition

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

+ References + Details

Organization and Basis of Presentation - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2012 $ / shares Segment shares	Dec. 31, 2011 $ / shares 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 [Member]
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	128,216,423	123,009,311
LAZ-MD Holdings LLC [Member]
Organization And Basis Of Presentation [Line Items]
Common membership interests held	98.80%	94.80%
LAZ-MD Holdings LLC [Member] \| Class B Common stock [Member]
Organization And Basis Of Presentation [Line Items]
Common membership voting power held	1.20%	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	1.20%	5.20%

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Significant Accounting Policies [Line Items]
Foreign currency remeasurement gains (losses), net	$ (761)	$ 1,406	$ (1,606)
Depreciation and amortization expense	30,855	24,580	22,712
Collateralized borrowing activities	13,854	8,928
Reimbursements of expenses	$ 24,762	$ 18,942	$ 20,216

Receivables - Net - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Receivables, Net [Line Items]
Allowance for doubtful accounts receivables	$ 23,017	$ 19,450
Bad debt expense	6,579	7,952	$ 8,392
Charge-offs, foreign currency translation and other adjustments	3,012	3,519	$ 4,950
Receivables deemed past due or uncollectible	25,604	22,785
Collateralized customer loan receivables	0	5,952
Interest-bearing financing receivables	76,481	103,354
Financing receivable, allowance for credit losses
Past due or uncollectible amounts
Carrying amount of non-interest bearing trade receivables	$ 401,562	$ 401,101

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Debt	$ 5,948	$ 36,966
Equities	44,992	44,436
Funds	356,721	286,066
Equity method	7,012	11,053
Total investments	414,673	378,521
Interest-bearing deposits	578	2,834
Investments, at fair value	407,083	364,634
Securities sold, not yet purchased, at fair value (included in "other liabilities")	2,755	4,282
Alternative investment fund [Member]
Schedule of Investments [Line Items]
Funds	57,890	59,622
Debt funds [Member]
Schedule of Investments [Line Items]
Funds	32,077	14,069
Equity funds [Member]
Schedule of Investments [Line Items]
Funds	154,310	89,657
Private equity [Member]
Schedule of Investments [Line Items]
Funds	$ 112,444	$ 122,718

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Interest-bearing deposits	$ 578	$ 2,834
Lazard fund interests in equities	76,907	19,857
Lazard fund interests in alternative investments	5,054	5,367
Lazard fund interest in debt	$ 18,615	$ 2,101

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	Dec. 31, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Economic interests that are owned by management team and other investors in the Edgewater Funds		$ 11,490	$ 18,502
Reclassification to earnings of realized gains	$ 1,755
Reclassification to earnings of realized losses	$ 16,245

Investments - Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule of Investments [Line Items]
Gross unrealized investment gains	$ 23,024	$ 2,180	$ 4,678
Gross unrealized investment losses	$ 697	$ 12,844	$ 514

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name 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.

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name 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.

+ Details

Fair Value Measurements - Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	$ 44,992	$ 44,436
Derivatives	933	7,131
Securities sold, not yet purchased	2,755	4,282
Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	44,992	44,436
Derivatives	933	7,131
Total Assets	408,016	371,765
Securities sold, not yet purchased	2,755	4,282
Derivatives	102,492	30,713
Total Liabilities	105,247	34,995
Debt securities [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	5,370	34,132
Alternative investment fund [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	57,890	59,622
Debt funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	32,077	14,069
Equity funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	154,310	89,657
Private equity [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	112,444	122,718
Level 1 [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	44,802	44,065
Total Assets	223,549	160,030
Securities sold, not yet purchased	2,696	4,282
Total Liabilities	2,696	4,282
Level 1 [Member] \| Debt securities [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,443	17,111
Level 1 [Member] \| Debt funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	32,073	13,802
Level 1 [Member] \| Equity funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	145,231	85,052
Level 2 [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities		160
Derivatives	933	7,131
Total Assets	68,366	78,635
Securities sold, not yet purchased	59
Derivatives	102,492	30,713
Total Liabilities	102,551	30,713
Level 2 [Member] \| Debt securities [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,927	17,021
Level 2 [Member] \| Alternative investment fund [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	54,433	49,451
Level 2 [Member] \| Debt funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	4	267
Level 2 [Member] \| Equity funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	9,069	4,605
Level 3 [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	190	211
Total Assets	116,101	133,100
Level 3 [Member] \| Alternative investment fund [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,457	10,171
Level 3 [Member] \| Equity funds [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10
Level 3 [Member] \| Private equity [Member] \| Fair value, measurements, recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 112,444	$ 122,718

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Fair Value Measurements [Line Items]
Beginning Balance	$ 133,100	$ 163,798	$ 136,219
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	16,118	(3,416)	8,652
Purchases/Acquisitions	8,599	43,482	34,302
Sales/Dispositions	(42,670)	(69,413)	(11,985)
Foreign Currency Translation Adjustments	954	(1,351)	(3,390)
Ending Balance	116,101	133,100	163,798
Equities [Member]
Fair Value Measurements [Line Items]
Beginning Balance	211	316	305
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	5	72	6
Purchases/Acquisitions		25	14
Sales/Dispositions	(30)	(195)
Foreign Currency Translation Adjustments	4	(7)	(9)
Ending Balance	190	211	316
Alternative investments [Member]
Fair Value Measurements [Line Items]
Beginning Balance	10,171
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	130	(169)
Purchases/Acquisitions		10,340
Sales/Dispositions	(6,844)
Ending Balance	3,457	10,171
Equity funds [Member]
Fair Value Measurements [Line Items]
Purchases/Acquisitions	10
Ending Balance	10
Private equity [Member]
Fair Value Measurements [Line Items]
Beginning Balance	122,718	163,482	135,914
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	15,983	(3,319)	8,646
Purchases/Acquisitions	8,589	33,117	34,288
Sales/Dispositions	(35,796)	(69,218)	(11,985)
Foreign Currency Translation Adjustments	950	(1,344)	(3,381)
Ending Balance	$ 112,444	$ 122,718	$ 163,482

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Fair Value Measurements [Line Items]
Net unrealized gain (losses)	$ 12,910	$ (3,268)	$ 8,299
Sale/disposition of private equity fund investments		$ 49,500

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Financial Assets:
Cash and cash equivalents	$ 850,190	$ 1,003,791	$ 1,209,695	$ 917,329
Deposits with banks	292,494	286,037
Cash deposited with clearing organizations and other segregated cash	65,232	75,506
Interest-bearing deposits (included within investments)	578	2,834
Financial Liabilities:
Deposits and other customer payables	269,763	288,427
Senior debt	1,076,850	$ 1,076,850
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents	850,190
Deposits with banks	292,494
Cash deposited with clearing organizations and other segregated cash	65,232
Interest-bearing financing receivables	76,481
Interest-bearing deposits (included within investments)	578
Financial Liabilities:
Deposits and other customer payables	269,763
Senior debt	1,076,850
Fair Value [Member]
Financial Assets:
Cash and cash equivalents	850,190
Deposits with banks	292,494
Cash deposited with clearing organizations and other segregated cash	65,232
Interest-bearing financing receivables	78,493
Interest-bearing deposits (included within investments)	578
Financial Liabilities:
Deposits and other customer payables	269,763
Senior debt	1,207,227
Fair Value [Member] \| Level 1 [Member]
Financial Assets:
Cash and cash equivalents	850,190
Deposits with banks	292,494
Cash deposited with clearing organizations and other segregated cash	65,232
Interest-bearing deposits (included within investments)	578
Financial Liabilities:
Deposits and other customer payables	269,763
Fair Value [Member] \| Level 2 [Member]
Financial Liabilities:
Senior debt	1,207,227
Fair Value [Member] \| Level 3 [Member]
Financial Assets:
Interest-bearing financing receivables	$ 78,493

Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2012	Mar. 01, 2012	Dec. 31, 2011
Fair Value Measurements [Line Items]
Money market funds are valued through the use of quoted market prices	$ 1.00
Unfunded Commitments	$ 31,482		$ 52,197
Original commitment		$ 50,000
Reduction in original commitment	$ 17,400
CP II [Member]
Fair Value Measurements [Line Items]
End of the investment period	Feb. 25, 2017
CP II [Member] \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	$ 1,940
EGCP III [Member]
Fair Value Measurements [Line Items]
End of the investment period	Oct. 12, 2016
Remaining commitment date	Oct. 12, 2023
EGCP III [Member] \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	$ 21,435
COF2 [Member] \| Maximum [Member]
Fair Value Measurements [Line Items]
Unfunded Commitments	$ 8,107
Remaining commitment date	Nov. 11, 2019
COF2 [Member] \| Minimum [Member]
Fair Value Measurements [Line Items]
End of the investment period	Nov. 11, 2016

Fair Value Measurements - Fair Value of Certain Investments Based on Nav (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value	$ 179,417	$ 187,212
Unfunded Commitments	31,482	52,197
Alternative investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value	$ 57,890	$ 59,622
Alternative investments [Member] \| Daily [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	daily (10%)	daily (17%)
Alternative investments [Member] \| Weekly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	weekly (9%)	weekly (8%)
Alternative investments [Member] \| Monthly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly (38%)	monthly (37%)
Alternative investments [Member] \| Quarterly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	quarterly (43%)	quarterly (38%)
Alternative investments [Member] \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Alternative investments [Member] \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	120 days	120 days
Debt funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Fair value	$ 4	$ 267
Debt funds [Member] \| Daily [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	daily (100%)	daily (100%)
Equity funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period		30 days
Fair value	$ 9,079	$ 4,605
% of Fair Value Not Redeemable	2.00%	5.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years		5.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	2.00%
Equity funds [Member] \| Daily [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	daily (37%)	daily (95%)
Equity funds [Member] \| Monthly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly (61%)
Equity funds [Member] \| Minimum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days
Equity funds [Member] \| Maximum [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	120 days
Private equity [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value	$ 112,444	$ 122,718
Unfunded Commitments	$ 31,482	$ 52,197
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	13.00%	33.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	39.00%	28.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	48.00%	39.00%

Derivatives - Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 933	$ 7,131
Derivative Liabilities	102,492	30,713
Forward foreign currency exchange rate contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	893	4,245
Derivative Liabilities	322	445
Equity and fixed income swaps and other [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	40	2,886
Interest rate swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	235	277
Equity and fixed income swaps [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	4,342	91
Lazard Fund Interests and other similar deferred compensation arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 97,593	$ 29,900

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Derivatives - Net Gains (Losses) With Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (27,728)	$ 9,722	$ (4,418)
Forward foreign currency exchange rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(1,844)	2,422	2,291
Lazard Fund Interests and other similar deferred compensation arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(7,557)	3,024
Equity and fixed income swaps and other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (18,327)	$ 4,276	$ (6,709)

Derivatives - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2010 USD ($)
Derivative [Line Items]
Pre-tax losses on derivatives	$ 2,844

Property-Net - Property-Net (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 450,894	$ 435,102
Less - Accumulated depreciation and amortization	225,861	266,673
Property-net	225,033	168,429
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	166,560	164,168
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	143,408	159,191
Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	122,125	85,396
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 18,801	$ 26,347
Minimum [Member] \| Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Minimum [Member] \| Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Maximum [Member] \| Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	33 years
Maximum [Member] \| Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	20 years
Maximum [Member] \| Furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	10 years

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill And Other Intangible Assets [Line Items]
Goodwill	$ 364,328	$ 356,657	$ 313,229	$ 261,703
Other intangible assets (net of accumulated amortization)	28,494	36,442
Goodwill and other intangible assets, Total	$ 392,822	$ 393,099

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Goodwill [Line Items]
Goodwill	$ 364,328	$ 356,657	$ 313,229	$ 261,703
Amortization expense of intangible assets	8,359	11,915	$ 7,867
Financial Advisory segment [Member]
Goodwill [Line Items]
Goodwill	299,787	292,116
Asset Management segment [Member]
Goodwill [Line Items]
Goodwill	$ 64,541	$ 64,541

- Definition

+ References

+ Details

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Goodwill [Line Items]
Beginning Balance	$ 356,657	$ 313,229	$ 261,703
Business acquisitions, including, in the 2011 and 2010 periods, additional contingent consideration earned relating to prior year business acquisitions	4,272	42,566	41,174
Foreign currency translation adjustments	3,399	862	10,352
Ending Balance	$ 364,328	$ 356,657	$ 313,229

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 63,775	$ 63,364
Other intangible assets, Accumulated Amortization	35,281	26,922
Other intangible assets, Net Carrying Amount	28,494	36,442
Success/performance fees [Member]
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	30,740	30,740
Other intangible assets, Accumulated Amortization	10,678	7,122
Other intangible assets, Net Carrying Amount	20,062	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	24,603	19,800
Other intangible assets, Net Carrying Amount	$ 8,432	$ 12,824

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Intangible Assets [Line Items]
2013	$ 8,598
2014	8,277
2015	6,438
2016	5,181
Total amortization expense	$ 28,494

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2012
Intangible Assets [Line Items]
Intangible asset amortization attributable to noncontrolling interest, percentage	45.00%

Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Line Items]
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$ 137,394	$ 129,254
Prepaid compensation (see Note 14)	47,445	17,783
Other advances and prepayments	33,401	68,481
Deferred debt issuance costs	4,902	5,879
Other	45,264	50,701
Total	$ 268,406	$ 272,098

Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Other Liabilities [Line Items]
Accrued expenses	$ 147,194	$ 150,282
Current and deferred income taxes and other taxes	121,854	112,691
Employee benefit-related liabilities	83,629	70,036
Deferred lease incentives	74,880	31,750
Unclaimed funds at LFB	28,716	27,281
Abandoned leased space (principally in the U.K.)	8,475	11,688
Securities sold, not yet purchased	2,755	4,282
Other	32,148	32,121
Total	$ 499,651	$ 440,131

Senior and Subordinated Debt - Senior Debt (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	0.92%

Senior and Subordinated Debt - Senior Debt (Parenthetical) (Detail) - 7.125% Senior Notes [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2010	May 09, 2005	Apr. 01, 2005
Debt Instrument [Line Items]
Senior Notes repurchased	$ 10,000
Senior Notes repurchased interest rate	7.125%
Repurchased Senior Notes at cost, excluding accrued interest	$ 10,375
Unamortized debt issuance costs	49
Pre-tax gain or loss from issuance of senior notes	$ 424
Interest rate forward agreement deemed to be effective portion of the hedge		$ 11,003
Duration of time amortized as charge to interest expense, in years			10 years

Senior and Subordinated Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2011	Dec. 31, 2012	Sep. 25, 2012	Dec. 31, 2011	Jul. 22, 2011
Debt Instrument [Line Items]
Senior revolving credit facility over next 3 years			$ 150,000
Duration of senior revolving credit facility, in years			3 years
Outstanding credit facility		$ 0		$ 0
Unused lines of credit available		301,000
Promissory note representing subordinated debt, outstanding					$ 150,000
Subordinated promissory note, at cost					$ 131,829
LFB [Member]
Debt Instrument [Line Items]
Unused lines of credit available		92,000
Edgewater [Member]
Debt Instrument [Line Items]
Unused lines of credit available		$ 55,000
Subordinated Debt [Member]
Debt Instrument [Line Items]
Pre-tax gain resulted from repurchasing of subordinated note	$ 18,171
Revolving credit facility [Member]
Debt Instrument [Line Items]
Senior Debt, Maturity Date		Sep. 25, 2015
Revolving credit facility annual interest rate		0.92%

Senior and Subordinated Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) - Senior Borrowings Outstanding [Member] $ in Thousands	Dec. 31, 2012 USD ($)
Schedule Of Maturities Of Long Term Debt [Line Items]
2013-2014
2015	528,500
2016
2017	548,350
Total	$ 1,076,850

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2011	Jul. 15, 2009	Jan. 02, 2009	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Contingencies And Commitments [Line Items]
Office space under agreement, expires through					2033
Rental expense relating to operating leases					$ 80,888	$ 76,718	$ 66,350
Sublease income					$ 9,613	10,967	$ 10,478
Capital lease obligation payable through					2017
Weighted average interest rate of capital					6.30%
Book value of assets under capital lease					$ 23,486	24,589
Liabilities of abandoned leased facilities in the U.K.					7,516	10,632
Charge on abandoned lease facilities						$ 5,539
Guarantees indemnifications					5,028
Collateral/counter-guarantees					3,890
Payment for equity interests in LAM	$ 90,000		$ 60,000
Issue of class A common stock	2,210,520
Withheld shares for tax obligations in lieu of delivery of shares	68,384
Additional cash payment subject to delayed payment/issuance until eighth anniversary					$ 961
Additional issuance of class A common shares subject to delayed issuance until eighth anniversary					24,537
Aggregate fair value of consideration recognized by the company at acquisition date and					$ 61,624
Earnout shares earned					1,209,154	514,850
Earnout shares became settled					686,004	343,002
Maximum earn-out consideration payable over all years					$ 7,000	$ 7,000
Other commitments					$ 23,000
Initial Shares [Member]
Contingencies And Commitments [Line Items]
Initial shares issued at acquisition		1,142,857
Earnout Shares [Member]
Contingencies And Commitments [Line Items]
Additional shares issued and subject to earnout criteria and payable over time		1,142,857
Class A Common stock [Member]
Contingencies And Commitments [Line Items]
Common stock issuable on contingent basis					121,076
Subsequent event [Member]
Contingencies And Commitments [Line Items]
Maximum earn-out consideration payable over all years				$ 7,000
Buildings [Member]
Contingencies And Commitments [Line Items]
Obligations collateralized by certain assets with a net book value					$ 21,932	$ 22,491

Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Schedule Of Operating And Capital Leases Future Minimum Payments Due [Line Items]
Minimum Rental Commitments Capital - 2013	$ 3,637
Minimum Rental Commitments Capital - 2014	3,119
Minimum Rental Commitments Capital - 2015	2,792
Minimum Rental Commitments Capital - 2016	2,475
Minimum Rental Commitments Capital - 2017	9,068
Minimum Rental Commitments Capital - Thereafter
Total minimum lease payments - Capital	21,091
Less amount representing interest	3,228
Present value of capital lease commitments	17,863
Minimum Rental Commitments Operating - 2013	74,036
Minimum Rental Commitments Operating - 2014	76,246
Minimum Rental Commitments Operating - 2015	72,087
Minimum Rental Commitments Operating - 2016	70,206
Minimum Rental Commitments Operating - 2017	66,212
Minimum Rental Commitments Operating - Thereafter	699,522
Total minimum lease payments - Operating	1,058,309
Less sublease proceeds	163,302
Net lease payments	$ 895,007

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended								3 Months Ended								12 Months Ended
	Dec. 11, 2012	Oct. 31, 2012	Apr. 30, 2012	Oct. 31, 2011	Feb. 28, 2011	Nov. 30, 2010	Aug. 31, 2010	Mar. 31, 2010	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Stockholders Equity [Line Items]
Business acquisition number of common stock issued													2,434,561					2,434,561	888,605
Secondary offering - shares sold pertaining to shares held by Estate								1,681,410
Authorized shares of preferred stock									15,000,000				15,000,000				15,000,000	15,000,000
Par value of preferred stock									$ 0.01				$ 0.01				$ 0.01	$ 0.01
Percentage of common membership interests and corresponding voting interests in subsidiary by noncontrolling interests									1.20%				5.20%				1.20%	5.20%
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.40								$ 0.60	$ 0.20	$ 0.20	$ 0.16	$ 0.160	$ 0.160	$ 0.160	$ 0.125	$ 1.160	$ 0.605	$ 0.500
Dividend declare date	Dec. 11, 2012
Dividend payable date	Dec. 27, 2012
Dividend date of record	Dec. 21, 2012
Lazard LTD [Member]
Schedule Of Stockholders Equity [Line Items]
Business acquisition number of common stock issued													2,434,561					2,434,561	888,605
Shares in exchange of a like number of common membership interests																	5,207,112	876,614	12,081,618
Share Repurchase Program [Member]
Schedule Of Stockholders Equity [Line Items]
Stock/membership interest repurchase program authorized amount		$ 200,000	$ 125,000	$ 125,000	$ 250,000
Common stock of parent held by subsidiary									12,802,938				3,492,017				12,802,938	3,492,017
Share repurchase amount unused																	$ 154,066
Class A Common stock [Member]
Schedule Of Stockholders Equity [Line Items]
Newly issued common stock																			3,000,000
Shares authorized pertaining to share based compensation arrangements, 2005 Plan									25,000,000				25,000,000				25,000,000	25,000,000	25,000,000
Business acquisition number of common stock issued													2,434,561					2,434,561	888,605
Conversion of stock, shares delivered from Class A common stock held by subsidiaries																		3,515,362
Secondary offering - shares sold						3,000,000	7,397,837	7,869,311
Secondary offering - shares sold pertaining to shares previously received						1,543,245	7,194,144
Secondary offering - price of shares sold						$ 35.77	$ 30.32
Shares purchased in connection with secondary offering						1,220,714	2,500,000
Aggregate cost of shares in connection with shares repurchase program						$ 43,665	$ 75,800
Aggregate shares sold from selling shareholders - secondary offering						4,220,714	9,897,837
Number of shares/common membership interests purchased during current year																	12,817,196
Aggregate cost of shares/common membership interests purchased																	$ 354,464
Conversion of Series A preferred stock into Class A common stock (in shares)																		2,434,561	572,988
Class A Common stock [Member] \| LAZ-MD Holdings [Member]
Schedule Of Stockholders Equity [Line Items]
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange						2,677,469	2,703,693
Class A Common stock [Member] \| Shares Received Upon Exchange [Member]
Schedule Of Stockholders Equity [Line Items]
Secondary offering - shares sold pertaining to shares previously received								7,262
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange								6,180,639
Estate of Former Chairman and Chief Executive Officer [Member]
Schedule Of Stockholders Equity [Line Items]
Secondary offering - shares sold pertaining to shares received upon simultaneous exchange pertaining to shares held by Estate of Chairman and CEO								5,958,000
Secondary offering - price of shares sold								$ 35.90
Series A Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Convertible preferred stock													14,100					14,100	4,862
Outstanding shares of preferred stock									7,921				7,921				7,921	7,921

Stockholders' Equity - Lazard Group Distributed Amounts to Subsidiaries of Lazard Ltd and Laz-MD Holdings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Group Distributions [Line Items]
Company tax distributions		$ 17,499	$ 61,615
Company other distributions	140,278	74,955	60,385
LAZ-MD Holdings [Member]
Schedule Of Group Distributions [Line Items]
Company tax distributions		699	9,480
Company other distributions	5,170	4,383	9,804
Lazard Ltd Subsidiaries [Member]
Schedule Of Group Distributions [Line Items]
Company tax distributions		16,800	52,135
Company other distributions	$ 135,108	$ 70,572	$ 50,581

Stockholders' Equity - Schedule of Share Repurchase Program (Detail)	12 Months Ended
	Dec. 31, 2012 $ / shares shares
Class A Common stock [Member]
Schedule Of Stockholders Equity [Line Items]
Number of Shares/Common Membership Interests Purchased \| shares	35,726,044
Average Price Per Share/Common Membership Interest \| $ / shares	$ 31.04
Lazard Group common membership interests [Member]
Schedule Of Stockholders Equity [Line Items]
Number of Shares/Common Membership Interests Purchased \| shares	1,400,089
Average Price Per Share/Common Membership Interest \| $ / shares	$ 32.66

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Currency translation adjustments	$ 19,405	$ 3,719
Interest rate hedge	(2,502)	(3,557)
Employee benefit plans	(128,536)	(92,637)
Total AOCI	(111,633)	(92,475)
Amount attributable to noncontrolling interests	(1,092)	(4,111)
Total Lazard Ltd AOCI	$ (110,541)	$ (88,364)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j-k)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569643-111683

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=7656940&loc=SL4569616-111683

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
-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 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.

+ Details

Stockholders' Equity - Changes in Ownership Interests (Detail) - shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Change In Ownership Interest [Line Items]
Beginning balance (in shares)	129,766,090	127,350,561	123,686,338
Common membership interest activity in connection with Equity compensation			3,000,000
Common membership interest activity in connection with Business acquisitions		2,434,561	888,605
Repurchase of common membership interests from LAZ-MD Holdings		(19,032)	(224,382)
Ending balance (in shares)	129,766,090	129,766,090	127,350,561
Lazard LTD [Member]
Change In Ownership Interest [Line Items]
Percentage of Ownership, Beginning Balance	94.80%	94.00%	74.50%
Percentage of Ownership, Ending Balance	98.80%	94.80%	94.00%
Beginning balance (in shares)	123,009,311	119,697,936	92,165,912
Common membership interest activity in connection with Equity compensation			3,000,000
Common membership interest activity in connection with Secondary Offering			11,561,801
Common membership interest activity in connection with Exchanges for Class A common stock	5,207,112	876,814	12,081,618
Common membership interest activity in connection with Business acquisitions		2,434,561	888,605
Ending balance (in shares)	128,216,423	123,009,311	119,697,936
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Percentage of Ownership, Beginning Balance	5.20%	6.00%	25.50%
Percentage of Ownership, Ending Balance	1.20%	5.20%	6.00%
Beginning balance (in shares)	6,756,779	7,652,625	31,520,426
Common membership interest activity in connection with Secondary Offering			(11,561,801)
Common membership interest activity in connection with Exchanges for Class A common stock	(5,207,112)	(876,814)	(12,081,618)
Repurchase of common membership interests from LAZ-MD Holdings		(19,032)	(224,382)
Ending balance (in shares)	1,549,667	6,756,779	7,652,625

Stockholders' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	$ 1,259	$ 372	$ 3,341	$ 3,504	$ (3,330)	$ 4,434	$ 9,562	$ 4,976	$ 8,476	$ 15,642	$ 19,444
Noncontrolling interests	81,884				140,713				81,884	140,713
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									5,114	11,964	12,564
Noncontrolling interests	5,405				31,954				5,405	31,954
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									3,491	4,130	6,690
Noncontrolling interests	75,262				91,713				75,262	91,713
Other [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									(129)	(452)	$ 190
Noncontrolling interests	$ 1,217				$ 17,046				$ 1,217	$ 17,046

- Definition

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

+ References + Details

- Definition

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

+ References + Details

Incentive Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2013 USD ($) yr $ / shares shares	Mar. 31, 2010 USD ($)	Dec. 31, 2012 USD ($) yr shares	Dec. 31, 2011 shares	Dec. 31, 2010 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $			$ 1,690
Amount recorded in accrued compensation expense related to liability award after amortization \| $			$ 26,922
Subsequent event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred incentive awards \| $	$ 272,000
Aggregate fair value of deferred incentive awards \| $	$ 12,000
RSUs [Member] \| Subsequent event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years \| yr	2.7
Grants in period, shares	4,300,000
Grant date fair value per RSU \| $ / shares	$ 37.45
Grant date fair value amount \| $	$ 161,000
Incentive Awards Granted [Member] \| Subsequent event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lazard Fund Interests Awards \| $	$ 99,000
Lazard Fund Interest [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of prepaid compensation asset, weighted average recognition period, years \| yr			1.6
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	25,000,000	25,000,000
RSUs exchanged for shares of restricted Class A common stock			1,523,642		40,895
RSU's that were modified through forward purchase agreements into a liability award			958,213
RSU's liability award associated with modification \| $			$ 28,612
Class A Common stock [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery			1,471,814	2,353,561	1,674,261
Delivery of common stock associated with stock awards			3,330,362	5,700,826	6,574,393
Class A Common stock [Member] \| Awarded under 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding Class A common stock			30.00%
Non-executive [Member]
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%
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Acceleration of the recognition of compensation expense \| $		$ 24,860
Units, vested			7,284,031	8,054,387	8,248,654
RSUs exchanged for shares of restricted Class A common stock			1,523,642		40,895
Unrecognized compensation expense \| $			$ 194,000
Unrecognized compensation expense, years \| yr			1.1
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			53,239	26,859	31,588
Units granted under the directors deferred unit plan			10,597	8,184	7,438
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $			$ 10,000
Unrecognized compensation expense, years \| yr			0.4
Withholding taxes in Lieu of share delivery			28,129	68,866
Restricted Stock [Member] \| Class A Common stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock delivered by company, shares			174,381	258,372

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based incentive awards :
Share-based incentive awards	$ 310,348	$ 275,142	$ 305,303
RSUs [Member]
Share-based incentive awards :
Share-based incentive awards	298,809	264,110	303,094
Restricted Stock [Member]
Share-based incentive awards :
Share-based incentive awards	10,003	9,767	979
DSUs [Member]
Share-based incentive awards :
Share-based incentive awards	$ 1,536	$ 1,265	$ 1,230

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2010	Dec. 31, 2012	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost relating to Company's retirement policy			$ 24,860
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Staff reductions and Cost Saving Initiatives		$ 713
Lazard Fund Interests And Other Similar Deferred Compensation Arrangements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Staff reductions and Cost Saving Initiatives		3,495
2010 Restructuring Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restructuring charges related to acceleration of RSUs	$ 46,880		$ 46,880
Rsu [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Staff reductions and Cost Saving Initiatives		$ 26,158

Incentive Plans - Schedule of Issuance of Rsus and Charges to Retained Earnings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs issued	920,791	389,846	318,025
Charges to retained earnings, net of estimated forfeitures	$ 24,990	$ 11,120	$ 9,522

Incentive Plans - Schedule of Activity Relating to Rsus and Dsus (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	20,751,829	22,108,635	23,367,813
Units, Granted/Exchanged	8,594,744	7,002,736	7,890,127
Units, Forfeited	(581,411)	(305,155)	(859,756)
Units, Vested/Exchanged	(7,284,031)	(8,054,387)	(8,289,549)
Units, Ending Balance	21,481,131	20,751,829	22,108,635
Weighted Average Grant Date Fair Value, Beginning balance	$ 36.84	$ 35.67	$ 37.01
Weighted Average Grant Date Fair Value, Granted	27.68	43.21	35.69
Weighted Average Grant Date Fair Value, Forfeited	35.59	37.83	36.13
Weighted Average Grant Date Fair Value, Vested/Exchanged	34.71	39.13	39.42
Weighted Average Grant Date Fair Value, Ending Balance	$ 33.92	$ 36.84	$ 35.67
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	140,660	121,737	103,146
Units, Granted/Exchanged	63,836	35,043	39,026
Units, Vested/Exchanged		(16,120)	(20,435)
Units, Ending Balance	204,496	140,660	121,737
Weighted Average Grant Date Fair Value, Beginning balance	$ 34.83	$ 34.46	$ 35.75
Weighted Average Grant Date Fair Value, Granted	24.06	36.09	31.51
Weighted Average Grant Date Fair Value, Vested/Exchanged		34.76	35.38
Weighted Average Grant Date Fair Value, Ending Balance	$ 31.47	$ 34.83	$ 34.46

Incentive Plans - Schedule of Activity Relating to Rsus and Dsus (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend participation rights	920,791	389,846	318,025

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	95,332	95,332
Units, Granted/Exchanged	2,100,965	327,238	95,332
Units, Ending Balance	1,972,609	95,332	95,332
Units, Vested/Converted	(202,510)	(327,238)
Units, Forfeited	(21,178)
Weighted Average Grant Date Fair Value, Beginning balance	$ 37.63	$ 37.63
Weighted Average Grant Date Fair Value, Granted/Exchanged	34.34	43.70	$ 37.63
Weighted Average Grant Date Fair Value, Ending Balance	34.85	37.63	$ 37.63
Weighted Average Grant Date Fair Value, Vested/Converted	31.43	$ 43.70
Weighted Average Grant Date Fair Value, Forfeited	$ 29.51

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2010
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs exchanged for shares of restricted Class A common stock	1,523,642	40,895
Class A Common stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs exchanged for shares of restricted Class A common stock	1,523,642	40,895
RSU's that were modified through forward purchase agreements into a liability award	958,213
Restricted stock units exchanged for shares of restricted Class A common stock, grant date fair value	$ 35.95	$ 36.10

Incentive Plans - Summary of Funds Interests and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Prepaid Compensation Assets, Beginning Balance	$ 17,783
Prepaid Compensation Assets, Granted	64,679
Prepaid Compensation Assets, Settled
Prepaid Compensation Assets, Forfeited	(1,603)
Prepaid Compensation Assets, Amortization	(33,476)
Prepaid Compensation Assets, Change in fair value of underlying investments
Prepaid Compensation Assets, Adjustment for estimated forfeitures
Prepaid Compensation Assets, Other	62
Prepaid Compensation Assets, Ending Balance	47,445
Compensation Liability, Beginning Balance	29,900
Compensation Liability, Granted	64,679
Compensation Liability, Settled	(10,646)
Compensation Liability, Forfeited	(1,711)
Compensation Liability, Amortization
Compensation Liability, Change in fair value of underlying investments	7,557
Compensation Liability, Adjustment for estimated forfeitures	7,841
Compensation Liability, Other	(27)
Compensation Liability, Ending Balance	$ 97,593

Incentive Plans - Summary of Impact of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization, net of forfeitures	$ 41,209	$ 14,551
Change in the fair value of underlying investments	7,557	(3,024)
Total	$ 48,766	$ 11,527

Employee Benefit Plans - Additional Information (Detail) £ in Millions	12 Months Ended
	Dec. 31, 2012 USD ($)	Dec. 31, 2012 GBP (£)	Dec. 31, 2011 USD ($)	Dec. 31, 2011 GBP (£)	Dec. 31, 2010 USD ($)	Dec. 31, 2012 GBP (£)
Defined Benefit Plan Disclosure [Line Items]
Amended amount from previous escrow arrangement \| £						£ 10.2
Aggregate amount in account security arrangement	$ 16,500,000		$ 15,800,000
Company contribution to U.K. pension plans \| £		£ 1.7
Other non-U.S pension plans	$ 4,500,000
Change in the assumed healthcare cost trend rate	1.00%	1.00%
Employer sponsored defined contribution plans	$ 13,070,000		10,944,000		$ 9,684,000
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in plan assets due to purchases	131,000		1,837,000
Change in fair value of plan assets due to net unrealized/realized gains and losses	443,000		3,000
Net unrealized gains partially offset by favorable (unfavorable) foreign currency translation adjustments	$ 77,000		$ (63,000)
Level 1 [Member] \| Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plans' assets in equity securities	51.00%	51.00%	46.00%	46.00%
Percentage of plans' assets in debt securities	49.00%	49.00%	54.00%	54.00%
Asset Management [Member] \| Level 1 [Member] \| Equity funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Equity funds managed by LAM	$ 106,873,000		$ 95,658,000
U K Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution related to the pension plan			$ 3,687,000	£ 2.3
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
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Contribution related to the pension plan	$ 1,095,000
Non-U.S. Pension Plans [Member] \| Level 1 [Member] \| Equity funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	30.00%	30.00%	27.00%	27.00%
Non-U.S. Pension Plans [Member] \| Level 2 [Member] \| Debt funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	61.00%	61.00%	65.00%	65.00%
Non-U.S. Pension Plans [Member] \| Level 2 [Member] \| Alternative investments [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	9.00%	9.00%	8.00%	8.00%

Employee Benefit Plans - Summary of Changes in Benefit Obligations, the Fair Value of Assets, Funded Status and Amounts Recognized in the Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	$ 575,031
Fair value of plan assets at beginning of year	568,911
Benefit obligation at end of year	656,025	$ 575,031
Fair value of plan assets at end of year	607,705	568,911
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded (deficit) at end of year	(48,320)	(6,120)
Prepaid pension asset (included in "other assets")	2,659	31,457
Accrued benefit liability (included in "other liabilities")	(50,979)	(37,577)
Net amount recognized	(48,320)	(6,120)
Actuarial net loss (gain)	143,133	93,186
Prior service cost	11,342	13,896
Net amount recognized	154,475	107,082
Pension Plans [Member] \| Change in benefit obligation [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	575,031	519,779
Service cost	670	651
Interest cost	27,636	28,266
Actuarial (gain) loss	57,057	51,401
Benefits paid	(26,420)	(21,718)
Foreign currency translation and other adjustments	22,051	(3,348)
Benefit obligation at end of year	656,025	575,031
Pension Plans [Member] \| Change in plan assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at beginning of year	568,911	554,988
Actual return on plan assets	33,882	29,870
Employer contributions	8,221	8,689
Benefits paid	(26,420)	(21,718)
Foreign currency translation and other adjustments	23,111	(2,918)
Fair value of plan assets at end of year	607,705	568,911
Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Funded (deficit) at end of year	(5,668)	(5,362)
Accrued benefit liability (included in "other liabilities")	(5,668)	(5,362)
Net amount recognized	(5,668)	(5,362)
Actuarial net loss (gain)	50	(261)
Net amount recognized	50	(261)
Medical Plan [Member] \| Change in benefit obligation [Member]
Defined Benefit Plan Disclosure [Line Items]
Benefit obligation at beginning of year	5,362	5,799
Service cost	60	69
Interest cost	211	278
Actuarial (gain) loss	310	(437)
Benefits paid	(275)	(347)
Benefit obligation at end of year	5,668	5,362
Medical Plan [Member] \| Change in plan assets [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contributions	275	347
Benefits paid	$ (275)	$ (347)

Employee Benefit Plans - Summary of Changes in Benefit Obligations, the Fair Value of Assets, Funded Status and Amounts Recognized in the Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Excluding tax benefits on amounts recognized	$ 25,989	$ 14,183

Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 607,705	$ 568,911
Accumulated benefit obligation	656,025	575,031
Projected benefit obligation	656,025	575,031
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	25,231	24,295
Accumulated benefit obligation	35,276	33,493
Projected benefit obligation	35,276	33,493
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	582,474	544,616
Accumulated benefit obligation	620,749	541,538
Projected benefit obligation	$ 620,749	$ 541,538

- Definition

1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Projected Benefit Obligation
-URI http://asc.fasb.org/extlink&oid=6522206

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accumulated Postretirement Benefit Obligation
-URI http://asc.fasb.org/extlink&oid=6503904

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
-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 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph E1
-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 132R
-Paragraph 5
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Assets, usually stocks, bonds, and other investments, that have been segregated and restricted (usually in a trust) to provide benefits, at their fair value as of the measurement date. Plan assets include amounts contributed by the employer (and by employees for a contributory plan) and amounts earned from investing the contributions, less benefits paid. If a plan has liabilities other than for benefits, those non-benefit obligations may be considered as reductions of plan assets.

+ References + Details

Employee Benefit Plans - Components of Net Benefit Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Pension Plans [Member]
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 670	$ 651	$ 598
Interest cost	27,636	28,266	27,734
Expected return on plan assets	(26,657)	(30,490)	(29,347)
Amortization of:
Prior service cost (credit)	2,751	2,979	2,835
Net actuarial loss	1,658	258	806
Settlement loss	1,135
Net periodic benefit cost (credit)	7,193	1,664	2,626
Actual return on plan assets	33,882	29,870	61,452
Employer contributions	8,221	8,689	13,284
Benefits paid	26,420	21,718	21,826
Net actuarial (gain) loss	50,209	51,703	(21,026)
Reclassification of prior service (cost) credit to earnings	(2,751)	(2,979)	(2,835)
Reclassification of actuarial loss to earnings	(2,793)	(258)	(806)
Currency translation and other adjustments	2,729	(491)	(3,980)
Total recognized in AOCI	47,394	47,975	(28,647)
Net amount recognized in total periodic benefit cost and AOCI	54,587	49,639	(26,021)
Medical Plan [Member]
Components of Net Periodic Benefit Cost (Credit):
Service cost	60	69	81
Interest cost	211	278	292
Amortization of:
Prior service cost (credit)			(1,023)
Net periodic benefit cost (credit)	271	347	(650)
Employer contributions	275	347	542
Benefits paid	275	347	542
Net actuarial (gain) loss	310	(438)	610
Reclassification of prior service (cost) credit to earnings			1,023
Total recognized in AOCI	310	(438)	1,633
Net amount recognized in total periodic benefit cost and AOCI	$ 581	$ (91)	$ 983

Employee Benefit Plans - Components of Net Benefit Cost (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Defined Benefit Plan Disclosure [Line Items]
Tax charge (benefit) in plan assets and benefits obligations recognition	$ (11,805)	$ (11,495)	$ 7,530
Recognition of actuarial losses	2,167
Settlement loss	1,135
Settlement charges	$ 1,032

Employee Benefit Plans - Schedule of Amounts in Aoci on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	$ 2,826
Net actuarial gain loss	2,455
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	2,826
Net actuarial gain loss	2,455
Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Prior service cost
Net actuarial gain loss

Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Pension Plans [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Weighted average assumptions used to determine benefit obligations, Discount rate	4.60%	4.80%	5.40%
Weighted average assumptions used to determine net periodic benefit cost, Discount rate	3.20%	4.70%	5.00%
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets	4.70%	5.40%	5.90%
Medical Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Weighted average assumptions used to determine benefit obligations, Discount rate	3.40%	4.10%	5.00%
Weighted average assumptions used to determine net periodic benefit cost, Discount rate	4.10%	5.00%	5.60%
Healthcare cost trend rates used to determine net periodic benefit cost, Initial	8.00%	8.00%	8.50%
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate	6.00%	6.00%	6.00%
Healthcare cost trend rates used to determine net periodic benefit cost, Year ultimate trend rate achieved	2016	2015	2015

Employee Benefit Plans - Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
1% Increase, Cost	$ 44	$ 66
1% Decrease, Cost	(31)	(49)
1% Increase, Obligation	880	929
1% Decrease, Obligation	$ (610)	$ (649)

Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands	Dec. 31, 2012 USD ($)
Pension Plans [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
2013	$ 22,312
2014	23,287
2015	24,447
2016	25,729
2017	25,925
2018-2022	150,681
Medical Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
2013	383
2014	401
2015	392
2016	382
2017	382
2018-2022	$ 1,900

Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	$ 607,705	$ 568,911
Alternative investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	40,334	34,753
Debt funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	322,149	317,302
Equity funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	157,873	136,465
Cash [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	10,714	6,836
Equities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	29,337	25,186
Debt securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	47,298	48,369
Level 1 [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	257,652	227,925
Level 1 [Member] \| Debt funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	12,430	13,141
Level 1 [Member] \| Equity funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	157,873	134,393
Level 1 [Member] \| Cash [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	10,714	6,836
Level 1 [Member] \| Equities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	29,337	25,186
Level 1 [Member] \| Debt securities [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	47,298	48,369
Level 2 [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	347,625	339,209
Level 2 [Member] \| Alternative investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	39,930	34,753
Level 2 [Member] \| Debt funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	307,695	302,384
Level 2 [Member] \| Equity funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value		2,072
Level 3 [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	2,428	1,777
Level 3 [Member] \| Alternative investments [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	404
Level 3 [Member] \| Debt funds [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
Plan assets measured at fair value	$ 2,024	$ 1,777

Cost Saving Initiatives and 2010 Restructuring Plan - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2010	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Restructuring Cost and Reserve [Line Items]
Aggregate pre-tax implementation expenses		$ 102,576
Implementation expenses are expected to be paid in cash		75.00%
Minimum [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate pre-tax implementation expenses		$ 110,000
Maximum [Member]
Restructuring Cost and Reserve [Line Items]
Aggregate pre-tax implementation expenses		130,000
2010 Restructuring Plan [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 87,108
Restructuring charges related to acceleration of RSUs	$ 46,880			$ 46,880
Liability associated with restructuring plan			$ 9,456
Cash payments made for the restructuring plan		8,546	10,625	$ 18,847
Reduction in provision for restructuring plans		$ 910	$ 1,300

Cost Saving Initiatives and 2010 Restructuring Plan - Schedule of Pre-tax Implementation Expense (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2012 USD ($)
Financial Advisory [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	$ 77,532
Financial Advisory [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	76,133
Financial Advisory [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	1,399
Asset Management [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	12,789
Asset Management [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	12,056
Asset Management [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	733
Corporate [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	12,255
Corporate [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	11,798
Corporate [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	457
Total [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	102,576
Total [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	99,987
Total [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Restructuring and Related Cost, Cost Incurred to Date	$ 2,589

Cost Saving Initiatives and 2010 Restructuring Plan - Schedule of Obligation Pursuant To Cost Savings Initiatives (Detail) $ in Thousands	3 Months Ended
	Dec. 31, 2012 USD ($)
Accrued Compensation and Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance
New charges	99,987
Non-cash charges	(22,360)
Settlements	(31,499)
Ending, Balance	46,128
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance
New charges	2,589
Non-cash charges
Settlements	(875)
Ending, Balance	1,714
Total [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance
New charges	102,576
Non-cash charges	(22,360)
Settlements	(32,374)
Ending, Balance	$ 47,842

Income Taxes - Schedule of Provision for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Components Of Income Tax Expense Benefit [Line Items]
Federal, current	$ 2,094	$ (501)	$ 833
Foreign, current	27,650	35,885	27,626
State and local (primarily UBT), current	5,813	2,342	12,652
Total current	35,557	37,726	41,111
Federal, deferred	(3,330)	16,167	2,785
Foreign, deferred	(1,127)	(2,832)	5,331
State and local (primarily UBT), deferred		(6,121)
Total deferred	(4,457)	7,214	8,116
Total	$ 31,100	$ 44,940	$ 49,227

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Reconciliation Of Effective Income Tax Rate [Line Items]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
Income of noncontrolling interests	(2.40%)	(2.00%)	(5.00%)
Share-based incentive compensation	7.40%
Foreign source (income) loss not subject to U.S. income tax	(34.60%)	(13.80%)	(15.10%)
Foreign taxes	13.50%	8.30%	12.00%
State and local taxes (primarily UBT)	3.40%	0.90%	4.30%
Change in valuation allowance	1.40%	(8.30%)	(10.90%)
Other, net	1.40%	(1.00%)	(0.10%)
Effective income tax rate	25.10%	19.10%	20.20%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Deferred Tax Assets:
Basis adjustments (primarily as a result of the separation and recapitalization transactions that occurred during 2005 and from secondary offerings)	$ 820,229	$ 846,252
Compensation and benefits	243,564	196,133
Net operating loss and tax credit carryforwards	308,233	209,781
Depreciation and amortization	3,404	1,519
Other	30,626	25,410
Gross deferred tax assets	1,406,056	1,279,095
Valuation allowance	(1,238,765)	(1,145,257)
Deferred tax assets (net of valuation allowance)	167,291	133,838
Deferred Tax Liabilities:
Depreciation and amortization	33,715	16,240
Compensation and benefits	4,292	10,729
Goodwill	15,843	15,031
Other	50,648	41,581
Deferred tax liabilities	$ 104,498	$ 83,581

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Income Tax [Line Items]
Deferred tax asset pertaining to basis step-up for payments made under the tax receivable agreement	$ 6,694	$ 6,974
Valuation allowance amount	1,238,765	1,145,257
Net increase in valuation allowance	93,508
Indefinite-lived net operating loss and tax credit carryforwards	54,442
Net operating loss and tax credit carryforwards	$ 228,790
Operating loss and tax credit carryforwards begin to expire	2029
Deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting	$ 19,900	19,900
Decrease in deferred tax assets for unrecognized tax benefits	8,500
Basic step-up assets	705,000
Net operating losses due to amortization of step-up assets	$ 196,000
Provision (benefit) pursuant to tax receivable agreement		429	$ 2,361
LFCM Holdings [Member]
Income Tax [Line Items]
Percentage of cash savings required to pay under the tax receivable agreement	85.00%
Separation And Recapitalization [Member]
Income Tax [Line Items]
Basis adjustments relating to deferred tax assets for purchases and redemptions of historical and working members interests	$ 158,459	176,871
Exchangeable Interests And Secondary Offerings [Member]
Income Tax [Line Items]
Deferred tax asset basis adjustments as a resulting from exchange of exchangeable interests and secondary offerings	638,993	638,069
Tax Basis Step Up On Certain U.K. Assets [Member]
Income Tax [Line Items]
Deferred tax asset basis adjustments on certain U.K. assets	$ 16,083	24,338
Related Party Payables [Member]
Income Tax [Line Items]
Provision (benefit) pursuant to tax receivable agreement		$ 2,790

Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Balance, January 1 (excluding interest and penalties of $8,454, $7,099 and $7,247, respectively)	$ 62,200	$ 58,605	$ 60,558
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years	1,393	1,081	2,184
Increases in gross unrecognized tax benefits relating to tax positions taken during current years	19,690	16,928	15,756
Tax positions taken during prior years	(5,397)	(5,133)	(644)
Settlements with tax authorities	(12,077)		(3,805)
Lapse of the applicable statute of limitations	(9,862)	(9,281)	(15,444)
Balance, December 31 (excluding interest and penalties of $14,799, $8,454 and $7,099, respectively)	$ 55,947	$ 62,200	$ 58,605

Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Beginning balance, interest and penalties	$ 8,454	$ 7,099	$ 7,247
Ending balance, unrecognized tax benefits	$ 14,799	$ 8,454	$ 7,099

Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Unrecognized Tax Benefits [Line Items]
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $14,799, $8,454 and $7,099, respectively)	$ 44,452	$ 44,545	$ 39,112
Offset to deferred tax assets for unrecognized tax benefits	26,294	26,109	26,592
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,130, $1,785 and $2,430, respectively)	$ 6,345	$ 1,355	$ (148)

Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Unrecognized Tax Benefits [Line Items]
Interest and penalties	$ 14,799	$ 8,454	$ 7,099
Reversal of interest and penalties	$ 3,130	$ 1,785	$ 2,430

Net Income Per Share of Class a Common Stock - Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Earnings Per Share Basic And Diluted [Line Items]
Net income attributable to Lazard Ltd	$ (5,365)	$ 33,301	$ 30,821	$ 25,552	$ (4,793)	$ 62,699	$ 62,004	$ 55,007	$ 84,309	$ 174,917	$ 174,979
Net income attributable to Lazard Ltd - basic									$ 84,316	$ 175,201	$ 175,230
Weighted average number of shares of Class A common stock outstanding - basic									116,953,989	118,032,020	104,411,253
Weighted average number of shares of Class A common stock outstanding - diluted									129,325,622	137,629,525	138,469,654
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$ (0.05)	$ 0.29	$ 0.26	$ 0.21	$ (0.04)	$ 0.53	$ 0.52	$ 0.48	$ 0.72	$ 1.48	$ 1.68
Diluted	$ (0.05)	$ 0.26	$ 0.24	$ 0.20	$ (0.04)	$ 0.49	$ 0.48	$ 0.43	$ 0.65	$ 1.36	$ 1.36
Class A Common stock [Member]
Earnings Per Share Basic And Diluted [Line Items]
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis									$ 7	$ 284	$ 251
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests, net of tax									371	12,512	13,689
Net income attributable to Lazard Ltd - diluted									$ 84,687	$ 187,713	$ 188,919
Weighted average number of shares of Class A common stock outstanding									116,163,821	115,005,676	101,607,301
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis									790,168	3,026,344	2,803,952
Weighted average number of shares of Class A common stock outstanding - basic									116,953,989	118,032,020	104,411,253
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation, convertible debt, convertible preferred stock and exchangeable interests									12,371,633	19,597,505	34,058,401
Weighted average number of shares of Class A common stock outstanding - diluted									129,325,622	137,629,525	138,469,654
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic									$ 0.72	$ 1.48	$ 1.68
Diluted									$ 0.65	$ 1.36	$ 1.36

Related Parties - Amounts Receivable From and Payable to Related Parties (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Amounts receivables from related parties	$ 23,801	$ 18,501
Amounts payables to related parties	3,648	6,075
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	20,529	14,790
Amounts payables to related parties	2,943	4,850
Other [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	3,272	3,711
Amounts payables to related parties	$ 705	$ 1,225

- Definition

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

+ References

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

+ Details

- Definition

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

+ References + Details

Related Parties - Additional Information (Detail) $ / shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2009 USD ($) $ / shares	Dec. 31, 2011 USD ($)	Dec. 31, 2012 USD ($) d	Dec. 31, 2011 USD ($)	Dec. 31, 2010 USD ($)	Dec. 15, 2009 USD ($)	May 31, 2005 USD ($)
Related Party Transaction [Line Items]
Days notice of termination \| d			180
LAI Holdings [Member]
Related Party Transaction [Line Items]
Write-off of acquired option capitalized cost		$ 5,500
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement			$ 7,637	$ 10,277	$ 12,110
Amounts recorded relating to net referral fees for underwriting, private placement, and restructuring transactions			5,947	18,862	11,506
Amount receivables related to administrative and support services and reimbursement of expenses			14,299	11,862
Amount receivables related to referral fees for underwriting and private placement transactions			6,230	2,928
Payables relating to certain advances and referral fees			$ 2,943	2,060
Amounts payables related to tax receivable agreement				2,790
MBA Lazard Holdings S.A.
Related Party Transaction [Line Items]
Percentage of ownership			50.00%
Referral fees for restructuring transactions			$ 1,506	1,866
LAZ-MD Holdings [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement			$ 1,000	$ 750	$ 750
North American Fund Management Activities [Member]
Related Party Transaction [Line Items]
Business Acquisition - option cost to acquire entity, purchase price							$ 8,000
Prepaid option excise price \| $ / shares	$ 5,500
North American Fund Management Activities [Member] \| Subsequent event [Member]
Related Party Transaction [Line Items]
Exercisable price for north american activities	$ 2,500
Date the remaining option to purchase North American fund management is exercisable	May 10, 2014
European Fund Management Activities [Member]
Related Party Transaction [Line Items]
Business Acquisition - option cost to acquire entity, purchase price							$ 2,000
Business acquisition, cost of acquired entity, exercised price						$ 2,000

Regulatory Authorities - Additional Information (Detail)	Dec. 31, 2012 USD ($)
Minimum capital requirement is defined as - A fixed percentage of total aggregate indebtedness recorded in the FOCUS report or $100 whichever is greater	$ 100
LFNY [Member]
Specified fixed percentage minimum required capital	6.67%
Regulatory net capital	$ 107,838,000
Regulatory capital in excess of minimum requirement	101,393,000
U.K. Subsidiaries [Member]
Regulatory net capital	119,704,000
Regulatory capital in excess of minimum requirement	100,929,000
CFLF [Member]
Regulatory net capital	177,475,000
Regulatory capital in excess of minimum requirement	80,927,000
Other U.S. and non-U.S. subsidiaries [Member]
Regulatory net capital	130,278,000
Regulatory capital in excess of minimum requirement	$ 103,774,000

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Percentage of net revenue constituting by individual clients from either of the Company's business segments	10.00%	10.00%	10.00%

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Net revenue	$ 560,693	$ 428,806	$ 436,910	$ 486,039	$ 451,778	$ 462,419	$ 477,292	$ 438,023	$ 1,912,448	$ 1,829,512	$ 1,905,368
Operating expenses	565,890	382,080	392,377	448,216	466,665	374,681	388,090	364,577	1,788,563	1,594,013	1,661,718
Operating Income (Loss)	(5,197)	$ 46,726	$ 44,533	$ 37,823	(14,887)	$ 87,738	$ 89,202	$ 73,446	123,885	235,499	243,650
Total Assets	2,986,893				3,081,936				2,986,893	3,081,936	3,422,532
Financial Advisory [Member]
Segment Reporting Information [Line Items]
Net revenue									1,049,090	992,107	1,119,867
Operating expenses									1,057,620	929,688	950,968
Operating Income (Loss)									(8,530)	62,419	168,899
Total Assets	793,007				767,699				793,007	767,699	799,090
Asset Management [Member]
Segment Reporting Information [Line Items]
Net revenue									896,260	897,401	849,662
Operating expenses									659,502	628,945	584,348
Operating Income (Loss)									236,758	268,456	265,314
Total Assets	566,677				583,524				566,677	583,524	687,323
Corporate [Member]
Segment Reporting Information [Line Items]
Net revenue									(32,902)	(59,996)	(64,161)
Operating expenses									71,441	35,380	126,402
Operating Income (Loss)									(104,343)	(95,376)	(190,563)
Total Assets	$ 1,627,209				$ 1,730,713				$ 1,627,209	$ 1,730,713	$ 1,936,119

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Segment Reporting Information [Line Items]
Depreciation and amortization of property	$ 30,855	$ 24,580	$ 22,712
Financial Advisory [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	5,710	6,739	6,718
Asset Management [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	3,250	3,502	3,693
Corporate [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	$ 21,895	$ 14,339	$ 12,301

Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Schedule Of Geographical Information [Line Items]
Net revenue	$ 560,693	$ 428,806	$ 436,910	$ 486,039	$ 451,778	$ 462,419	$ 477,292	$ 438,023	$ 1,912,448	$ 1,829,512	$ 1,905,368
Operating Income (Loss)	(5,197)	$ 46,726	$ 44,533	$ 37,823	(14,887)	$ 87,738	$ 89,202	$ 73,446	123,885	235,499	243,650
Identifiable Assets	2,986,893				3,081,936				2,986,893	3,081,936	3,422,532
United States [Member]
Schedule Of Geographical Information [Line Items]
Net revenue									1,172,566	1,083,457	1,161,071
Operating Income (Loss)									169,111	209,236	223,341
Identifiable Assets	1,507,331				1,630,547				1,507,331	1,630,547	1,821,992
United Kingdom [Member]
Schedule Of Geographical Information [Line Items]
Net revenue									180,784	190,307	215,243
Operating Income (Loss)									(37,329)	(18,074)	4,867
Identifiable Assets	226,578				253,365				226,578	253,365	324,309
France [Member]
Schedule Of Geographical Information [Line Items]
Net revenue									265,523	234,441	261,085
Operating Income (Loss)									8,332	8,262	23,092
Identifiable Assets	808,655				773,196				808,655	773,196	883,932
Other Western Europe [Member]
Schedule Of Geographical Information [Line Items]
Net revenue									132,754	174,284	141,343
Operating Income (Loss)									(20,812)	27,276	(9,838)
Identifiable Assets	114,763				116,682				114,763	116,682	141,216
Rest of World [Member]
Schedule Of Geographical Information [Line Items]
Net revenue									160,821	147,023	126,626
Operating Income (Loss)									4,583	8,799	2,188
Identifiable Assets	$ 329,566				$ 308,146				$ 329,566	$ 308,146	$ 251,083

Supplemental Financial Information - Quarterly Results (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Dec. 11, 2012	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Quarterly Operating Results Unaudited [Line Items]
Net revenue		$ 560,693	$ 428,806	$ 436,910	$ 486,039	$ 451,778	$ 462,419	$ 477,292	$ 438,023	$ 1,912,448	$ 1,829,512	$ 1,905,368
Operating expenses		565,890	382,080	392,377	448,216	466,665	374,681	388,090	364,577	1,788,563	1,594,013	1,661,718
Operating Income (Loss)		(5,197)	46,726	44,533	37,823	(14,887)	87,738	89,202	73,446	123,885	235,499	243,650
Net income (loss)		(4,106)	33,673	34,162	29,056	(8,123)	67,133	71,566	59,983	92,785	190,559	194,423
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,259	372	3,341	3,504	(3,330)	4,434	9,562	4,976	8,476	15,642	19,444
Net income (loss) attributable to Lazard Ltd		$ (5,365)	$ 33,301	$ 30,821	$ 25,552	$ (4,793)	$ 62,699	$ 62,004	$ 55,007	$ 84,309	$ 174,917	$ 174,979
Net income (loss) per share of common stock:
Basic		$ (0.05)	$ 0.29	$ 0.26	$ 0.21	$ (0.04)	$ 0.53	$ 0.52	$ 0.48	$ 0.72	$ 1.48	$ 1.68
Diluted		(0.05)	0.26	0.24	0.20	(0.04)	0.49	0.48	0.43	0.65	1.36	1.36
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.40	$ 0.60	$ 0.20	$ 0.20	$ 0.16	$ 0.160	$ 0.160	$ 0.160	$ 0.125	$ 1.160	$ 0.605	$ 0.500

Schedule I - Condensed Statements of Financial Condition (Parent Company) (Detail) - USD ($) $ in Thousands	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
ASSETS
Cash and cash equivalents	$ 850,190	$ 1,003,791	$ 1,209,695	$ 917,329
Investments in subsidiaries, equity method	7,012	11,053
Total Assets	2,986,893	3,081,936	3,422,532
Liabilities:
Other liabilities	499,651	440,131
Total Liabilities	2,335,353	2,215,080
Commitments and contingencies
Common stock:
Additional paid-in-capital	846,050	659,013
Retained earnings	182,647	258,646
Accumulated other comprehensive loss, net of tax	(110,541)	(88,364)
Total Stockholders' Equity	651,540	866,856	796,117	523,097
Total liabilities and stockholders' equity	2,986,893	3,081,936
Class A Common stock [Member]
Common stock:
Common stock	1,282	1,230
Common stock held by subsidiary	(349,782)	(104,382)
LAZARD LTD (parent company only) [Member]
ASSETS
Cash and cash equivalents	298	218	$ 210	$ 1,686
Investments in subsidiaries, equity method	(1,852,072)	(1,633,687)
Due from subsidiaries	2,421,780	2,359,798
Total Assets	570,006	726,329
Liabilities:
Due to subsidiaries	254
Other liabilities	96	186
Total Liabilities	350	186
Commitments and contingencies
Common stock:
Additional paid-in-capital	846,050	659,013
Retained earnings	182,647	258,646
Accumulated other comprehensive loss, net of tax	(110,541)	(88,364)
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total	919,438	830,525
Common stock held by subsidiary	(349,782)	(104,382)
Total Stockholders' Equity	569,656	726,143
Total liabilities and stockholders' equity	570,006	726,329
LAZARD LTD (parent company only) [Member] \| Class A Common stock [Member]
Common stock:
Common stock	$ 1,282	$ 1,230

Schedule I - Condensed Statements of Financial Condition (Parent Company) (Parenthetical) (Detail) - $ / shares	Dec. 31, 2012	Dec. 31, 2011
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Series A Preferred Stock [Member]
Preferred stock, shares issued	7,921	7,921
Preferred stock, shares outstanding	7,921	7,921
Class A Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	128,216,423	123,009,311
Class B Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1	1
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1
LAZARD LTD (parent company only) [Member] \| Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Preferred stock, shares issued	7,921	7,921
Preferred stock, shares outstanding	7,921	7,921
LAZARD LTD (parent company only) [Member] \| Class A Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	128,216,423	123,009,311
Common stock held by subsidiaries, shares	12,802,938	3,492,017
LAZARD LTD (parent company only) [Member] \| Class B Common stock [Member]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	1	1
Common stock, shares issued	1	1
Common stock, shares outstanding	1	1

Schedule I - Condensed Statements of Operations (Parent Company) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
REVENUE
Total revenue									$ 1,994,013	$ 1,919,638	$ 2,003,077
OPERATING EXPENSES
Professional services									(43,958)	(48,324)	(43,502)
Other									(38,099)	(39,286)	(40,009)
Total operating expenses	$ (565,890)	$ (382,080)	$ (392,377)	$ (448,216)	$ (466,665)	$ (374,681)	$ (388,090)	$ (364,577)	(1,788,563)	(1,594,013)	(1,661,718)
NET INCOME	$ (4,106)	$ 33,673	$ 34,162	$ 29,056	$ (8,123)	$ 67,133	$ 71,566	$ 59,983	92,785	190,559	194,423
LAZARD LTD (parent company only) [Member]
REVENUE
Equity in earnings of subsidiaries									20,598	109,294	109,576
Interest and other income									65,319	67,042	66,722
Total revenue									85,917	176,336	176,298
OPERATING EXPENSES
Professional services									1,477	1,276	1,217
Other									131	143	102
Total operating expenses									1,608	1,419	1,319
NET INCOME									$ 84,309	$ 174,917	$ 174,979

Schedule I - Condensed Statements of Comprehensive Income (Parent Company) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
NET INCOME	$ (4,106)	$ 33,673	$ 34,162	$ 29,056	$ (8,123)	$ 67,133	$ 71,566	$ 59,983	$ 92,785	$ 190,559	$ 194,423
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments									15,686	(9,474)	(9,457)
Amortization of interest rate hedge									1,055	1,054	1,163
Available-for-sale securities:
Unrealized gain (net of tax expense of $1,546)											3,129
Adjustments for items reclassified to earnings (net of tax expense of $4,689)											9,501
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(12,796), $(11,874) and $6,161 for the years ended December 31, 2012, 2011 and 2010, respectively)									(40,298)	(38,248)	17,841
Adjustments for items reclassified to earnings (net of tax expense of $1,131, $977 and $916 for the years ended December 31, 2012, 2011 and 2010, respectively)									4,399	2,206	1,643
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX									(19,158)	(44,462)	23,820
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD									65,312	132,992	197,319
LAZARD LTD (parent company only) [Member]
NET INCOME									84,309	174,917	174,979
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments									15,431	(8,760)	(8,937)
Amortization of interest rate hedge									1,042	1,000	1,093
Available-for-sale securities:
Unrealized gain (net of tax expense of $1,546)											2,941
Adjustments for items reclassified to earnings (net of tax expense of $4,689)											8,930
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(12,796), $(11,874) and $6,161 for the years ended December 31, 2012, 2011 and 2010, respectively)									(39,817)	(36,256)	16,769
Adjustments for items reclassified to earnings (net of tax expense of $1,131, $977 and $916 for the years ended December 31, 2012, 2011 and 2010, respectively)									4,347	2,091	1,544
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX									(18,997)	(41,925)	22,340
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD									$ 65,312	$ 132,992	$ 197,319

Schedule I - Condensed Statements of Comprehensive Income (Parent Company) (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Tax expense on unrealized gain, available-for-sale securities			$ 1,645
Tax expense on adjustments for items reclassified, available-for-sale securities			4,989
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	$ (12,950)	$ (12,526)	6,555
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans	1,145	1,031	975
LAZARD LTD (parent company only) [Member]
Tax expense on unrealized gain, available-for-sale securities			1,546
Tax expense on adjustments for items reclassified, available-for-sale securities			4,689
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	(12,796)	(11,874)	6,161
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans	$ 1,131	$ 977	$ 916

- Definition

+ References + Details

Schedule I - Condensed Statements of Cash Flows (Parent Company) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ (4,106)	$ 33,673	$ 34,162	$ 29,056	$ (8,123)	$ 67,133	$ 71,566	$ 59,983	$ 92,785	$ 190,559	$ 194,423
Noncash items included in net income:
Net cash provided by operating activities									481,908	397,802	168,798
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends									(135,108)	(70,572)	(50,581)
Net cash used in financing activities									(563,220)	(552,359)	(277,886)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS									(153,601)	(205,904)	292,366
Cash and cash equivalents, January 1				1,003,791				1,209,695	1,003,791	1,209,695	917,329
Cash and cash equivalents, December 31	850,190				1,003,791				850,190	1,003,791	1,209,695
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Class A common stock issued/issuable in connection with business acquisitions										39,654	41,174
LAZARD LTD (parent company only) [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME									84,309	174,917	174,979
Noncash items included in net income:
Equity in earnings of subsidiaries									(20,598)	(109,294)	(109,576)
Changes in due to/from subsidiaries									71,566	4,945	(16,215)
Changes in other operating assets and liabilities									(89)	12	(83)
Net cash provided by operating activities									135,188	70,580	49,105
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends									(135,108)	(70,572)	(50,581)
Net cash used in financing activities									(135,108)	(70,572)	(50,581)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS									80	8	(1,476)
Cash and cash equivalents, January 1				$ 218				$ 210	218	210	1,686
Cash and cash equivalents, December 31	$ 298				$ 218				$ 298	218	210
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Class A common stock issued/issuable in connection with business acquisitions										$ 39,654	$ 41,174

Schedule I - Condensed Statements of Changes in Stockholders' Equity (Parent Company) (Detail) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Jun. 30, 2011

Mar. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Balance

$ 866,856

$ 796,117

$ 866,856

$ 796,117

$ 523,097

Comprehensive income

NET INCOME

$ (4,106)

$ 33,673

$ 34,162

$ 29,056

$ (8,123)

$ 67,133

$ 71,566

$ 59,983

92,785

190,559

194,423

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,686

(9,474)

(9,457)

Amortization of interest rate hedge

1,055

1,054

1,163

Available-for-sale securities:

Net unrealized gain

3,129

Adjustment for items reclassified to earnings

9,501

Employee benefit plans:

Net actuarial gain (loss)

(40,298)

(38,248)

17,841

Adjustment for items reclassified to earnings

4,399

2,206

1,643

Comprehensive income

73,627

146,097

218,243

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,079

44,856

47,876

Delivery of Class A common stock

(3,401)

(57,576)

Amortization of share-based incentive compensation

310,348

275,142

305,303

Dividend-equivalents

(212)

(79)

(53)

Class A common stock dividends

(135,108)

(70,572)

(50,581)

Purchase of Class A common stock

(354,464)

(204,835)

(149,981)

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

(3,401)

(57,576)

Repurchase of common membership interests from LAZ-MD Holdings

(794)

(7,248)

Balance

$ 651,540

$ 866,856

651,540

866,856

$ 796,117

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(45,855)

(92,778)

$ (1,580)

Modification of equity incentive compensation award

$ (26,922)

Series A Preferred Stock [Member]

Balance (in shares)

7,921

22,021

7,921

22,021

26,883

Business acquisitions and related equity transactions:

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

(14,100)

(4,862)

Balance (in shares)

7,921

22,021

Common Stock [Member]

Balance

$ 1,230

$ 1,197

$ 1,230

$ 1,197

$ 922

Balance (in shares)

^[1]

123,009,312

119,697,937

123,009,312

119,697,937

92,165,913

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

$ 3

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

^[1]

315,617

Conversion of Series A preferred stock into Class A common stock

$ 24

$ 6

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

^[1]

2,434,561

572,988

Issuance of Class A common stock

$ 30

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

$ 52

$ 9

$ 236

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

^[1]

5,207,112

23,643,419

Balance

$ 1,282

$ 1,230

$ 1,282

$ 1,230

$ 1,197

Balance (in shares)

^[1]

128,216,424

123,009,312

128,216,424

123,009,312

119,697,937

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

^[1]

876,814

Additional Paid-In-Capital [Member]

Balance

$ 659,013

$ 758,841

$ 659,013

$ 758,841

$ 549,931

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,030

41,800

46,220

Conversion of Series A preferred stock into Class A common stock

(24)

(6)

Delivery of Class A common stock

(1,633)

(126,812)

(286,847)

Amortization of share-based incentive compensation

306,642

260,816

286,957

Dividend-equivalents

24,990

12,092

10,606

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

(1,633)

(126,812)

(286,847)

Repurchase of common membership interests from LAZ-MD Holdings

(753)

(6,812)

Issuance of Class A common stock

116,070

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

(52)

(9)

(236)

32,935

12,421

42,958

Balance

$ 846,050

$ 659,013

846,050

659,013

758,841

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(153,274)

(297,779)

(1,580)

Modification of equity incentive compensation award

(26,601)

Retained Earnings [Member]

Balance

258,646

166,468

258,646

166,468

52,726

Comprehensive income

NET INCOME

84,309

174,917

174,979

Business acquisitions and related equity transactions:

Dividend-equivalents

(25,200)

(12,167)

(10,656)

Class A common stock dividends

(135,108)

(70,572)

(50,581)

Balance

182,647

258,646

182,647

258,646

166,468

Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]

Balance

(88,364)

(46,158)

(88,364)

(46,158)

(57,048)

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,431

(8,760)

(8,937)

Amortization of interest rate hedge

1,042

1,000

1,093

Available-for-sale securities:

Net unrealized gain

2,941

Adjustment for items reclassified to earnings

8,930

Employee benefit plans:

Net actuarial gain (loss)

(39,817)

(36,256)

16,769

Adjustment for items reclassified to earnings

4,347

2,091

1,544

Business acquisitions and related equity transactions:

(3,180)

(281)

(11,450)

Balance

(110,541)

(88,364)

(110,541)

(88,364)

(46,158)

Class A Common Stock Held By Subsidiaries [Member]

Balance

$ (104,382)

$ (227,950)

$ (104,382)

$ (227,950)

$ (191,140)

Balance (in shares)

3,492,017

6,847,508

3,492,017

6,847,508

5,850,775

Business acquisitions and related equity transactions:

Delivery of Class A common stock

$ 1,633

$ 123,411

$ 229,271

Delivery of Class A common stock (in shares)

(57,287)

(3,515,362)

Purchase of Class A common stock

$ (354,464)

$ (204,835)

$ (149,981)

Purchase of Class A common stock (in shares)

12,817,196

6,135,189

4,686,892

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

$ 1,633

$ 123,411

$ 229,271

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

(6,690,159)

Issuance of Class A common stock

$ (116,100)

Balance

$ (349,782)

$ (104,382)

$ (349,782)

$ (104,382)

$ (227,950)

Balance (in shares)

12,802,938

3,492,017

12,802,938

3,492,017

6,847,508

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

$ 107,431

$ 204,992

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

(3,448,988)

(5,975,318)

Total Lazard Ltd Stockholders' Equity [Member]

Balance

$ 726,143

$ 652,398

$ 726,143

$ 652,398

$ 355,391

Comprehensive income

NET INCOME

84,309

174,917

174,979

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,431

(8,760)

(8,937)

Amortization of interest rate hedge

1,042

1,000

1,093

Available-for-sale securities:

Net unrealized gain

2,941

Adjustment for items reclassified to earnings

8,930

Employee benefit plans:

Net actuarial gain (loss)

(39,817)

(36,256)

16,769

Adjustment for items reclassified to earnings

4,347

2,091

1,544

Comprehensive income

65,312

132,992

197,319

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,030

41,800

46,223

Delivery of Class A common stock

(3,401)

(57,576)

Amortization of share-based incentive compensation

306,642

260,816

286,957

Dividend-equivalents

(210)

(75)

(50)

Class A common stock dividends

(135,108)

(70,572)

(50,581)

Purchase of Class A common stock

(354,464)

(204,835)

(149,981)

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

(3,401)

(57,576)

Repurchase of common membership interests from LAZ-MD Holdings

(753)

(6,812)

29,755

12,140

31,508

Balance

$ 569,656

$ 726,143

569,656

726,143

652,398

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(45,843)

(92,787)

(1,580)

Modification of equity incentive compensation award

(26,601)

LAZARD LTD (parent company only) [Member]

Balance

$ 726,143

726,143

Comprehensive income

NET INCOME

84,309

174,917

174,979

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,431

(8,760)

(8,937)

Amortization of interest rate hedge

1,042

1,000

1,093

Available-for-sale securities:

Net unrealized gain

2,941

Adjustment for items reclassified to earnings

8,930

Employee benefit plans:

Net actuarial gain (loss)

(39,817)

(36,256)

$ 16,769

Business acquisitions and related equity transactions:

Balance

$ 569,656

$ 726,143

$ 569,656

$ 726,143

LAZARD LTD (parent company only) [Member] | Series A Preferred Stock [Member]

Balance (in shares)

7,921

22,021

7,921

22,021

26,883

Business acquisitions and related equity transactions:

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

(14,100)

(4,862)

Balance (in shares)

7,921

22,021

LAZARD LTD (parent company only) [Member] | Common Stock [Member]

Balance

$ 1,230

$ 1,197

$ 1,230

$ 1,197

$ 922

Balance (in shares)

^[1]

123,009,312

119,697,937

123,009,312

119,697,937

92,165,913

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

$ 3

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

^[1]

315,617

Conversion of Series A preferred stock into Class A common stock

$ 24

$ 6

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

^[1]

2,434,561

572,988

Issuance of Class A common stock

$ 30

Issuance of Class A common stock (in shares)

^[1]

3,000,000

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

$ 52

$ 9

$ 236

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

^[1]

5,207,112

23,643,419

Balance

$ 1,282

$ 1,230

$ 1,282

$ 1,230

$ 1,197

Balance (in shares)

^[1]

128,216,424

123,009,312

128,216,424

123,009,312

119,697,937

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

^[1]

876,814

LAZARD LTD (parent company only) [Member] | Additional Paid-In-Capital [Member]

Balance

$ 659,013

$ 758,841

$ 659,013

$ 758,841

$ 549,931

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,030

41,800

46,220

Conversion of Series A preferred stock into Class A common stock

(24)

(6)

Delivery of Class A common stock

(1,633)

(126,812)

(286,847)

Amortization of share-based incentive compensation

306,642

260,816

286,957

Dividend-equivalents

24,990

12,092

10,606

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

(1,633)

(126,812)

(286,847)

Repurchase of common membership interests from LAZ-MD Holdings

(753)

(6,812)

Issuance of Class A common stock

116,070

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

(52)

(9)

(236)

32,935

12,421

42,958

Balance

$ 846,050

$ 659,013

846,050

659,013

758,841

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(153,274)

(297,779)

(1,580)

Modification of equity incentive compensation award

(26,601)

LAZARD LTD (parent company only) [Member] | Retained Earnings [Member]

Balance

258,646

166,468

258,646

166,468

52,726

Comprehensive income

NET INCOME

84,309

174,917

174,979

Business acquisitions and related equity transactions:

Dividend-equivalents

(25,200)

(12,167)

(10,656)

Class A common stock dividends

(135,108)

(70,572)

(50,581)

Balance

182,647

258,646

182,647

258,646

166,468

LAZARD LTD (parent company only) [Member] | Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]

Balance

(88,364)

(46,158)

(88,364)

(46,158)

(57,048)

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,431

(8,760)

(8,937)

Amortization of interest rate hedge

1,042

1,000

1,093

Available-for-sale securities:

Net unrealized gain

2,941

Adjustment for items reclassified to earnings

8,930

Employee benefit plans:

Net actuarial gain (loss)

(39,817)

(36,256)

16,769

Adjustment for items reclassified to earnings

4,347

2,091

1,544

Business acquisitions and related equity transactions:

(3,180)

(281)

(11,450)

Balance

(110,541)

(88,364)

(110,541)

(88,364)

(46,158)

LAZARD LTD (parent company only) [Member] | Class A Common Stock Held By Subsidiaries [Member]

Balance

$ (104,382)

$ (227,950)

$ (104,382)

$ (227,950)

$ (191,140)

Balance (in shares)

3,492,017

6,847,508

3,492,017

6,847,508

5,850,775

Business acquisitions and related equity transactions:

Delivery of Class A common stock

$ 1,633

$ 123,411

$ 229,271

Delivery of Class A common stock (in shares)

(57,287)

(3,515,362)

Purchase of Class A common stock

$ (354,464)

$ (204,835)

$ (149,981)

Purchase of Class A common stock (in shares)

12,817,196

6,135,189

4,686,892

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

$ 1,633

$ 123,411

$ 229,271

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

(6,690,159)

Issuance of Class A common stock

$ (116,100)

Issuance of Class A common stock (in shares)

3,000,000

Balance

$ (349,782)

$ (104,382)

$ (349,782)

$ (104,382)

$ (227,950)

Balance (in shares)

12,802,938

3,492,017

12,802,938

3,492,017

6,847,508

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

$ 107,431

$ 204,992

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

(3,448,988)

(5,975,318)

LAZARD LTD (parent company only) [Member] | Total Lazard Ltd Stockholders' Equity [Member]

Balance

$ 726,143

$ 652,398

$ 726,143

$ 652,398

$ 355,391

Comprehensive income

NET INCOME

84,309

174,917

174,979

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

15,431

(8,760)

(8,937)

Amortization of interest rate hedge

1,042

1,000

1,093

Available-for-sale securities:

Net unrealized gain

2,941

Adjustment for items reclassified to earnings

8,930

Employee benefit plans:

Net actuarial gain (loss)

(39,817)

(36,256)

16,769

Adjustment for items reclassified to earnings

4,347

2,091

1,544

Comprehensive income

65,312

132,992

197,319

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,030

41,800

46,223

Delivery of Class A common stock

(3,401)

(57,576)

Amortization of share-based incentive compensation

306,642

260,816

286,957

Dividend-equivalents

(210)

(75)

(50)

Class A common stock dividends

(135,108)

(70,572)

(50,581)

Purchase of Class A common stock

(354,464)

(204,835)

(149,981)

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

(3,401)

(57,576)

Repurchase of common membership interests from LAZ-MD Holdings

(753)

(6,812)

29,755

12,140

31,508

Balance

$ 569,656

$ 726,143

569,656

726,143

$ 652,398

Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefits of $972

(45,843)

(92,787)

$ (1,580)

Modification of equity incentive compensation award

$ (26,601)

[1]	Includes 119,697,936, 123,009,311 and 128,216,423 shares of the Company's Class A common stock issued at December 31, 2010, 2011 and, 2012, respectively, and 1 share of the Company's Class B common stock issued at each such date.

Schedule I - Condensed Statements of Changes in Stockholders' Equity (Parent Company) (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Share-based incentive compensation and related tax benefits or expense	$ 972	$ 972
Class A Common stock [Member]
Common stock, issued	128,216,423	123,009,311	119,697,936
Class B Common stock [Member]
Common stock, issued	1	1	1
LAZARD LTD (parent company only) [Member]
Share-based incentive compensation and related tax benefits or expense	$ 972	$ 972