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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2014	Oct. 20, 2014
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Trading Symbol	LAZ
Entity Registrant Name	LAZARD LTD
Entity Central Index Key	0001311370
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		129,766,091
Class A Common Stock [Member] \| Subsidiaries of Lazard Ltd [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,602,792

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 820,584	$ 841,482
Deposits with banks and short-term investments	240,728	244,879
Cash deposited with clearing organizations and other segregated cash	44,710	62,046
Receivables (net of allowance for doubtful accounts of $29,859 and $28,777 at September 30, 2014 and December 31, 2013, respectively):
Fees	429,477	452,535
Customers and other	77,908	52,220
Related parties	530	7,920
Total receivables, net	507,915	512,675
Investments	549,922	478,105
Property (net of accumulated amortization and depreciation of $257,512 and $253,930 at September 30, 2014 and December 31, 2013, respectively)	227,359	248,796
Goodwill and other intangible assets (net of accumulated amortization of $51,325 and $45,379 at September 30, 2014 and December 31, 2013, respectively)	356,254	363,877
Other assets	295,418	259,277
Total Assets	3,042,890	3,011,137
Liabilities:
Deposits and other customer payables	278,334	275,434
Accrued compensation and benefits	517,640	523,063
Senior debt	1,048,350	1,048,350
Capital lease obligations	12,889	15,834
Related party payables	11,952	5,031
Other liabilities	536,065	513,427
Total Liabilities	2,405,230	2,381,139
Commitments and contingencies
Common stock:
Additional paid-in-capital	657,279	737,899
Retained earnings	333,294	203,236
Accumulated other comprehensive loss, net of tax	(152,184)	(133,004)
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total	839,687	809,422
Total Lazard Ltd Stockholders' Equity	572,570	560,209
Noncontrolling interests	65,090	69,789
Total Stockholders' Equity	637,660	629,998
Total Liabilities and Stockholders' Equity	3,042,890	3,011,137
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	1,298	1,291
Class A common stock held by subsidiaries, at cost (7,602,792 and 8,317,065 shares at September 30, 2014 and December 31, 2013, respectively)	(267,117)	(249,213)
Class B Common Stock [Member]
Common stock:
Common stock

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts receivables	$ 29,859	$ 28,777
Property, accumulated amortization and depreciation	257,512	253,930
Goodwill and other intangible assets, accumulated amortization	$ 51,325	$ 45,379
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	129,766,091	129,056,081
Common stock, shares outstanding	129,766,091	129,056,081
Common stock held by subsidiaries, shares	7,602,792	8,317,065
Class B Common Stock [Member]
Common stock, par value		$ 0.01
Common stock, shares authorized		1
Common stock, shares issued		1
Common stock, shares outstanding		1

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUE
Investment banking and other advisory fees	$ 290,604	$ 232,006	$ 843,186	$ 660,351
Asset management fees	276,940	241,478	805,848	707,536
Interest income	1,243	1,347	3,815	3,823
Other	12,936	25,692	60,832	61,587
Total revenue	581,723	500,523	1,713,681	1,433,297
Interest expense	15,512	20,169	47,174	60,635
Net revenue	566,211	480,354	1,666,507	1,372,662
OPERATING EXPENSES
Compensation and benefits	338,612	301,809	1,006,101	910,679
Occupancy and equipment	29,400	27,393	86,079	96,435
Marketing and business development	19,127	17,077	59,254	60,646
Technology and information services	23,025	22,217	68,466	65,331
Professional services	11,184	12,904	32,895	32,223
Fund administration and outsourced services	17,034	14,475	48,490	43,328
Amortization of intangible assets related to acquisitions	4,020	877	5,946	2,758
Provision (benefit) pursuant to tax receivable agreement	(176)		9,064
Other	10,273	2,484	30,340	17,609
Total operating expenses	452,499	399,236	1,346,635	1,229,009
OPERATING INCOME	113,712	81,118	319,872	143,653
Provision for income taxes	23,792	18,370	58,614	31,335
NET INCOME	89,920	62,748	261,258	112,318
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,061	2,466	6,365	5,323
NET INCOME ATTRIBUTABLE TO LAZARD LTD	$ 88,859	$ 60,282	$ 254,893	$ 106,995
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	122,206,914	122,199,954	122,366,632	120,556,047
Diluted	133,566,684	134,242,144	133,722,776	133,174,000
NET INCOME PER SHARE OF COMMON STOCK:
Basic	$ 0.73	$ 0.49	$ 2.08	$ 0.89
Diluted	0.67	0.45	1.91	0.81
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.30	$ 0.25	$ 0.90	$ 0.50

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 89,920	$ 62,748	$ 261,258	$ 112,318
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	(29,100)	12,157	(18,640)	(18,610)
Amortization of interest rate hedge		264		791
Employee benefit plans:
Actuarial gain (loss) (net of tax (expense) benefit of $(1,731) and $(25) for the three months ended September 30, 2014 and 2013, respectively, and $1,919 and $1,686 for the nine months ended September 30, 2014 and 2013, respectively)	3,251	50	(3,695)	(2,669)
Adjustment for items reclassified to earnings (net of tax expense of $528 and $404 for the three months ended September 30, 2014 and 2013, respectively, and $1,391 and $1,206 for the nine months ended September 30, 2014 and 2013, respectively)	1,145	1,223	3,714	3,653
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(24,704)	13,694	(18,621)	(16,835)
COMPREHENSIVE INCOME	65,216	76,442	242,637	95,483
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,061	2,523	6,365	5,201
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD	$ 64,155	$ 73,919	$ 236,272	$ 90,282

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
Tax benefit (expense) on actuarial loss, employee benefit plans	$ (1,731)	$ (25)	$ 1,919	$ 1,686
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 528	$ 404	$ 1,391	$ 1,206

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 261,258	$ 112,318
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	26,332	25,465
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge	227,896	239,357
Amortization of intangible assets related to acquisitions	5,946	2,758
(Increase) decrease in operating assets:
Deposits with banks and short-term investments	(18,626)	25,558
Cash deposited with clearing organizations and other segregated cash	15,630	6,291
Receivables-net	(12,982)	(55,516)
Investments	(78,820)	(54,520)
Other assets	(103,778)	(81,898)
Increase (decrease) in operating liabilities:
Deposits and other payables	34,730	14,158
Accrued compensation and benefits and other liabilities	57,836	(66,104)
Net cash provided by operating activities	415,422	167,867
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(14,161)	(54,344)
Disposals of property	1,023	5,843
Net cash used in investing activities	(13,138)	(48,501)
Proceeds from:
Contributions from noncontrolling interests	1,102	805
Excess tax benefits from share-based incentive compensation	1,508	2,211
Payments for:
Capital lease obligations	(1,738)	(2,092)
Distributions to noncontrolling interests	(9,182)	(10,228)
Purchase of Class A common stock	(192,657)	(77,934)
Class A common stock dividends	(109,592)	(60,931)
Settlement of vested share-based incentive compensation	(83,783)	(125,546)
Other financing activities	(1,754)	(165)
Net cash used in financing activities	(396,096)	(273,880)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(27,086)	(7,309)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(20,898)	(161,823)
CASH AND CASH EQUIVALENTS-January 1	841,482	850,190
CASH AND CASH EQUIVALENTS-September 30	$ 820,584	$ 688,367

Condensed 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 Stockholder's Equity [Member]

Noncontrolling Interests [Member]

Beginning Balance at Dec. 31, 2012

$ 651,540

$ 1,282

$ 846,050

$ 182,647

$ (110,541)

$ (349,782)

$ 569,656

$ 81,884

Beginning Balance (in shares) at Dec. 31, 2012

7,921

128,216,424

^[1]

12,802,938

Comprehensive income (loss):

NET INCOME

112,318

106,995

5,323

Other comprehensive income (loss) - net of tax

(16,835)

(16,713)

(122)

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

834

829

Delivery of Class A common stock (including dividend-equivalents)

(4,994)

(179)

$ 5,173

Delivery of Class A common stock (including dividend-equivalents) (in shares)

(170,988)

Amortization of share-based incentive compensation

183,341

182,338

1,003

Dividend-equivalents

(165)

8,440

(8,604)

(164)

(1)

Class A common stock dividends

(60,931)

Purchase of Class A common stock

(77,934)

$ (77,934)

(77,934)

Purchase of Class A common stock (in shares)

2,201,657

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

(124,684)

(342,898)

(609)

$ 218,819

(124,688)

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

(7,519,848)

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

$ 8

(8)

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

^[1]

839,658

Distributions to noncontrolling interests, net

(9,423)

(1,000)

3,984

(598)

3,386

(4,386)

Ending Balance at Sep. 30, 2013

657,061

$ 1,290

693,741

219,319

(127,852)

$ (203,724)

582,774

74,287

Ending Balance (in shares) at Sep. 30, 2013

7,921

129,056,082

^[1]

7,313,759

Beginning Balance at Dec. 31, 2013

629,998

$ 1,291

737,899

203,236

(133,004)

$ (249,213)

560,209

69,789

Beginning Balance (in shares) at Dec. 31, 2013

7,921

129,056,082

^[2]

8,317,065

Comprehensive income (loss):

NET INCOME

261,258

254,893

6,365

Other comprehensive income (loss) - net of tax

(18,621)

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

387

Amortization of share-based incentive compensation

159,095

Dividend-equivalents

(1,754)

13,489

(15,243)

(1,754)

Class A common stock dividends

(109,592)

Purchase of Class A common stock

(192,657)

$ (192,657)

(192,657)

Purchase of Class A common stock (in shares)

4,114,206

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

(82,374)

(257,127)

$ 174,753

(82,374)

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

(4,828,479)

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

$ 7

(7)

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

^[2]

710,009

Distributions to noncontrolling interests, net

(8,080)

3,543

(559)

2,984

(2,984)

Ending Balance at Sep. 30, 2014

$ 637,660

$ 1,298

$ 657,279

$ 333,294

$ (152,184)

$ (267,117)

$ 572,570

$ 65,090

Ending Balance (in shares) at Sep. 30, 2014

7,921

129,766,091

^[2]

7,602,792

[1]	Includes 128,216,423 and 129,056,081 shares of the Company's Class A common stock issued at January 1, 2013 and September 30, 2013, respectively, and 1 share of the Company's Class B common stock issued at each such date.
[2]	Includes 129,056,081 and 129,766,091 shares of the Company's Class A common stock issued at January 1, 2014 and September 30, 2014, respectively, and 1 share of the Company's Class B common stock issued at January 1, 2014.

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Tax benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation	$ 1,409	$ 862
Class A Common Stock [Member]
Common stock, issued	129,766,091	129,056,081
Class B Common Stock [Member]
Common stock, issued		1

Organization and Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

1.	*ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES*

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 100% and approximately 99.5% of all outstanding Lazard Group common membership interests as of September 30, 2014 and December 31, 2013, 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 formerly owned by Lazard Group’s current and former managing directors, held approximately 0.5% of the outstanding Lazard Group common membership interests as of December 31, 2013. 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 0.6% of the voting power, but no economic rights, in the Company as of December 31, 2013. In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock, par value $0.01 per share (“Class A common stock”), and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.

Our sole operating asset is our indirect ownership of the 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, investments and outstanding indebtedness, as well as certain commercial banking activities of Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”).

LFB is a registered bank regulated by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”). 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, and asset-liability management.

Significant Accounting Policies

Basis of Presentation—The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2013 (the “Form 10-K”). The accompanying December 31, 2013 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates.

The consolidated results of operations for the three month and nine month periods ended September 30, 2014 are not necessarily indicative of the results to be expected for any future interim or annual period.

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

The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates (i) a voting interest entity (“VOE”) where the Company either holds a majority of the voting interest in such entity or is the general partner in such entity and the third-party investors do not have the right to replace the general partner and (ii) a variable interest entity (“VIE”) where the Company absorbs a majority of the expected losses, expected residual returns, or both, of such entity. When the Company does not have a controlling interest in an entity, but exerts significant influence over such 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.

Deposits with Banks and Short-Term Investments—Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities, such as French government securities, with original maturities of 90 days or less when purchased. The level of these deposits and investments 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. The carrying value of deposits with banks and short-term investments approximates fair value due to their short-term maturities. Under the fair value hierarchy, such amounts would be categorized within Level 1 if carried at fair value.

For a detailed discussion about the Company’s significant accounting policies, see Note 2 of Notes to Consolidated Financial Statements in our Form 10-K.

Recent Accounting Developments

9 Months Ended

Sep. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Developments

2.	*RECENT ACCOUNTING DEVELOPMENTS*

Presentation of Unrecognized Tax Benefits—In July 2013, the Financial Accounting Standards Board (the “FASB”) issued guidance on the presentation of unrecognized tax benefits when net operating losses or tax credit carryforwards exist. The guidance requires that the unrecognized tax benefit, or a portion of such unrecognized tax benefit, be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain situations, as defined in the guidance. The new presentation requirements are effective prospectively for interim and annual reporting periods beginning after December 15, 2013, with early adoption permitted. The Company elected to adopt this guidance in the fourth quarter of 2013, the impact of which did not have a material impact on the Company’s consolidated financial statements.

Revenue from Contracts with Customers—In May 2014, the FASB issued comprehensive new revenue recognition guidance. The guidance requires a company to recognize revenue when it transfers promised services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those services and requires enhanced disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. The new guidance is effective for annual and interim periods beginning after December 15, 2016 and early adoption is not permitted. The new guidance can be applied either retrospectively to each prior reporting period presented, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new guidance.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

Receivables

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

Receivables

3.	*RECEIVABLES*

The Company’s receivables represent receivables from fees, customers and other and related parties.

Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute. Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2014 and 2013 was as follows:


	Three Month Period Ended September 30,						Nine Month Period Ended September 30,
	2014			2013			2014			2013
Beginning Balance	$	29,943		$	24,593		$	28,777		$	23,017
Bad debt expense, net of recoveries		2,064			(198	)		9,567			1,644
Charge-offs, foreign currency translation and other adjustments		(2,148	)		1,765			(8,485	)		1,499

Ending Balance	$	29,859		$	26,160		$	29,859		$	26,160

At September 30, 2014 and December 31, 2013, the Company had receivables past due or deemed uncollectible of $35,086 and $39,341, respectively.

Of the Company’s fee receivables at September 30, 2014 and December 31, 2013, $81,531 and $69,464, respectively, represented interest-bearing financing receivables. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of past due or uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables.

The aggregate carrying amount of our non-interest bearing receivables of $426,384 and $443,211 at September 30, 2014 and December 31, 2013, respectively, approximates fair value.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Investments

9 Months Ended

Sep. 30, 2014

Investments Schedule [Abstract]

Investments

4.	*INVESTMENTS*

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2014 and December 31, 2013:


	September 30,		December 31,
	2014		2013
Interest-bearing deposits	$	24,785	$	516

Debt		7,185		8,013

Equities		63,275		59,394

Funds:
Alternative investments (a)		36,184		37,030
Debt (a)		81,099		58,769
Equity (a)		211,772		190,702
Private equity		117,104		114,193

		446,159		400,694

Equity method		8,518		9,488

Total investments		549,922		478,105
Less:
Interest-bearing deposits		24,785		516
Equity method		8,518		9,488

Investments, at fair value	$	516,619	$	468,101

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	8,630	$	4,045

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,566, $43,779 and $166,541, respectively, at September 30, 2014 and $7,099, $31,515 and $130,481, respectively, at December 31, 2013, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds (see Notes 6 and 12 of Notes to Condensed Consolidated Financial Statements).

Interest-bearing deposits mature within one year and are carried at cost that approximates fair value due to their short-term maturities.

Debt securities primarily consist of seed investments invested in debt securities held within separately managed accounts related to our Asset Management business.

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.

Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds and funds of funds.

Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, and amounts related to LFI discussed above.

Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI discussed above.

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies, (ii) Corporate Partners II Limited (“CP II”), a fund targeting significant noncontrolling-stake investments in established private companies, (iii) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (iv) Lazard Australia Corporate Opportunities Fund (“COF2”), a Lazard-managed Australian fund targeting Australian mid-market investments.

Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”) which totaled $6,732 and $9,787 at September 30, 2014 and December 31, 2013, respectively (see Note 10 of Notes to Condensed Consolidated Financial Statements).

During the three month and nine month periods ended September 30, 2014 and 2013, the Company reported in “revenue-other” on its condensed consolidated statements of operations gross unrealized investment gains and losses pertaining to “trading” securities as follows:


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2014		2013		2014		2013
Gross unrealized investment gains	$	–	$	10,925	$	5,526	$	12,044
Gross unrealized investment losses	$	13,897	$	–	$	5,601	$	3,907

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

5.	*FAIR VALUE MEASUREMENTS*

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

Level 1.

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

Level 2.

Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on net asset value (“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 trading 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 debt securities are classified as Level 1 when their respective fair values are based on unadjusted quoted prices in active markets and are classified as Level 2 when their fair values are primarily based on prices as provided by external pricing services.

The fair value of equities is 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 Level 2 and is valued at NAV or its equivalent, which is primarily determined based on information provided by external fund administrators. Such investments are redeemable within the near term.

The fair value of investments in debt funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund, and classified as Level 2 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 or 2 as follows: publicly traded asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; and 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.

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 two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair values of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 6 of Notes to Condensed Consolidated Financial Statements.

Where reported information regarding an investment is based on data received from external fund administrators or pricing services, the Company reviews such information and classifies the investment at the relevant level within the fair value hierarchy.

The following tables present the classification of investments and certain other assets and liabilities measured at fair value on a recurring basis as of September 30, 2014 and December 31, 2013 within the fair value hierarchy:



	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	1,141	$	6,044	$	–	$	7,185
Equities		61,941		–		1,334		63,275
Funds:
Alternative investments		–		36,184		–		36,184
Debt		81,095		4		–		81,099
Equity		211,729		43		–		211,772
Private equity		–		–		117,104		117,104
Derivatives		–		8,625		–		8,625

Total	$	355,906	$	50,900	$	118,438	$	525,244

Liabilities:
Securities sold, not yet purchased	$	8,630	$	–	$	–	$	8,630
Derivatives		–		209,941		–		209,941

Total	$	8,630	$	209,941	$	–	$	218,571



	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	1,681	$	6,332	$	–	$	8,013
Equities		58,054		–		1,340		59,394
Funds:
Alternative investments		–		37,030		–		37,030
Debt		58,765		4		–		58,769
Equity		190,660		42		–		190,702
Private equity		–		–		114,193		114,193
Derivatives		–		682		–		682

Total	$	309,160	$	44,090	$	115,533	$	468,783

Liabilities:
Securities sold, not yet purchased	$	4,045	$	–	$	–	$	4,045
Derivatives		–		164,001		–		164,001

Total	$	4,045	$	164,001	$	–	$	168,046

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30, 2014
	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	$	1,370	$	–	$	–	$	–		$	(36	)	$	1,334
Private equity funds		116,895		2,500		7,498		(5,769	)		(4,020	)		117,104

Total Level 3 Assets	$	118,265	$	2,500	$	7,498	$	(5,769	)	$	(4,056	)	$	118,438


	Nine Months Ended September 30, 2014
	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	$	1,340	$	14	$	–	$	–		$	(20	)	$	1,334
Private equity funds		114,193		9,336		8,709		(10,854	)		(4,280	)		117,104

Total Level 3 Assets	$	115,533	$	9,350	$	8,709	$	(10,854	)	$	(4,300	)	$	118,438


	Three Months Ended September 30, 2013
	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	$	637	$	2		$	650	$	–		$	34	$	1,323
Alternative investment funds		11		(11	)		–		–			–		–
Private equity funds		112,833		5,174			2,907		(6,848	)		1,502		115,568

Total Level 3 Assets	$	113,481	$	5,165		$	3,557	$	(6,848	)	$	1,536	$	116,891


	Nine Months Ended September 30, 2013
	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	$	190	$	8	$	1,095	$	–		$	30	$	1,323
Alternative investment funds		3,457		117		–		(3,574	)		–		–
Equity funds		10		–		–		(10	)		–		–
Private equity funds		112,444		8,912		6,166		(12,716	)		762		115,568

Total Level 3 Assets	$	116,101	$	9,037	$	7,261	$	(16,300	)	$	792	$	116,891

(a)	Earnings for the three month and nine month periods ended September 30, 2014 and the three month and nine month periods ended September 30, 2013 include net unrealized gains of $810, $6,346, $2,680 and $6,007, respectively.

There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the three month and nine month periods ended September 30, 2014 and 2013.

Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at September 30, 2014 and December 31, 2013 include certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value. Information with respect thereto was as follows:

September 30, 2014

% 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:

Hedge funds

32,344

–

(a)

<30-60 days

Funds of funds

480

–

(b)

<30-90 days

Other

3,360

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

76,164

19,137

(f)

100%

11%

61%

28%

Mezzanine debt

40,940

–

100%

–%

100%

Total

153,335

19,137

(a)	weekly (17%), monthly (64%) and quarterly (19%)

(b)	monthly (98%) and quarterly (2%)

(c)	daily (11%), weekly (5%) and monthly (84%)

(d)	daily (100%)

(e)	daily (14%), monthly (58%) and quarterly (28%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $7,518 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2013

% 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:

Hedge funds

31,837

–

(a)

<30-90 days

Funds of funds

475

–

(b)

<30-90 days

Other

4,718

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

70,054

27,135

(f)

100%

17%

60%

23%

Mezzanine debt

44,139

–

100%

–%

100%

Total

151,269

27,135

(a)	weekly (17%), monthly (65%) and quarterly (18%)

(b)	monthly (95%) and quarterly (5%)

(c)	daily (7%), weekly (1%) and monthly (92%)

(d)	daily (100%)

(e)	daily (13%), monthly (58%) and quarterly (29%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,613 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

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

Investment Capital Funding Commitments—At September 30, 2014, the Company’s maximum unfunded commitments for capital contributions to investment funds arose from (i) commitments to CP II, which amounted to $1,644 for potential “follow-on investments” and/or for fund expenses through the earlier of February 25, 2017 or the liquidation of the fund, (ii) commitments to EGCP III, which amounted to $12,688, 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 commitments 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) commitments to COF2, which amounted to $4,805, 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 commitments 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.

Derivatives

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

6.	*DERIVATIVES*

The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments not designated as hedging instruments are included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, on the consolidated statements of operations.

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

The tables below present the fair values of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair values of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (see Note 12 of Notes to Condensed Consolidated Financial Statements) on the accompanying condensed consolidated statements of financial condition as of September 30, 2014 and December 31, 2013:


	September 30, 2014		December 31, 2013
Derivative Assets:
Forward foreign currency exchange rate contracts	$	4,464	$	250
Total return swaps and other (a)		4,161		432

	$	8,625	$	682

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	20	$	1,579
LFI and other similar deferred compensation arrangements		209,921		162,422

	$	209,941	$	164,001

(a)

For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $4,220 and $59 as of September 30, 2014, respectively, and $2,019 and $1,587 as of December 31, 2013, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets”, with receivables for net cash collateral under such contracts of $10,434 and $11,384 as of September 30, 2014 and December 31, 2013, respectively.

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 LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013, were as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Forward foreign currency exchange rate contracts	$	15,355	$	(5,310	)	$	14,380		$	(1,705	)
LFI and other similar deferred compensation arrangements		5,528		(7,519	)		(6,004	)		(7,767	)
Total return swaps and other		2,835		(6,520	)		(5,436	)		(6,872	)

Total	$	23,718	$	(19,349	)	$	2,940		$	(16,344	)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ 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=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

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-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: 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=35706170&loc=d3e41638-113959

Reference 19: 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=26873400&loc=d3e23780-122690

+ Details

Property

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property

7.	*PROPERTY*

At September 30, 2014 and December 31, 2013, property consists of the following:


	Estimated Depreciable Life in Years		September 30, 2014		December 31, 2013
Buildings		33	$	158,551	$	173,772
Leasehold improvements		3-20		169,814		175,600
Furniture and equipment		3-10		151,270		149,598
Construction in progress				5,236		3,756

Total				484,871		502,726
Less - Accumulated depreciation and amortization				257,512		253,930

Property			$	227,359	$	248,796

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8.	*GOODWILL AND OTHER INTANGIBLE ASSETS*

The components of goodwill and other intangible assets at September 30, 2014 and December 31, 2013 are presented below:


	September 30,		December 31,
	2014		2013
Goodwill	$	343,776	$	345,453
Other intangible assets (net of accumulated amortization)		12,478		18,424

	$	356,254	$	363,877

At September 30, 2014 and December 31, 2013, goodwill of $279,235 and $280,912, 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 nine month periods ended September 30, 2014 and 2013 are as follows:


	Nine Months Ended September 30,
	2014			2013
Balance, January 1	$	345,453		$	364,328
Business acquisitions		3,232			1,601
Foreign currency translation adjustments		(4,909	)		(15,310	)

Balance, September 30	$	343,776		$	350,619

The gross cost and accumulated amortization of other intangible assets as of September 30, 2014 and December 31, 2013, by major intangible asset category, are as follows:


	September 30, 2014						December 31, 2013
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Performance fees	$	30,740	$	21,116	$	9,624	$	30,740	$	17,173	$	13,567
Management fees, customer relationships and non-compete agreements		33,063		30,209		2,854		33,063		28,206		4,857

	$	63,803	$	51,325	$	12,478	$	63,803	$	45,379	$	18,424

Amortization expense of intangible assets for the three month and nine month periods ended September 30, 2014 was $4,020 and $5,946, respectively, and for the three month and nine month periods ended September 30, 2013 was $877 and $2,758, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2014 (October 1 through December 31)	$	864
2015		6,433
2016		5,181

Total amortization expense	$	12,478

(a)

Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest.

- Definition

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

+ References + Details

Senior Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Senior Debt

9.	*SENIOR DEBT*

Senior debt is comprised of the following as of September 30, 2014 and December 31, 2013:


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As of
								September 30, 2014		December 31, 2013
								September 30, 2014		December 31, 2013
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%	$	548,350	$	548,350
Lazard Group 4.25% Senior Notes		500,000		11/14/20		4.25	%		500,000		500,000
Lazard Group Credit Facility		150,000		9/25/15		0.78	%		–		–

Total								$	1,048,350	$	1,048,350

In November 2013, and in connection with Lazard Group’s redemption of $528,500 aggregate principal amount of its then outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”), Lazard Group issued $500,000 aggregate principal amount of 4.25% senior notes maturing on November 14, 2020 (the “2020 Notes”). Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year.

On September 25, 2012, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in September 2015. The Credit Facility replaced a similar revolving credit facility which was terminated as a condition to effectiveness of the Credit Facility. Interest rates under the Credit Facility vary and are based on either a Federal Funds rate or a Eurodollar rate, in each case plus an

applicable margin. As of September 30, 2014, the annual interest rate for a loan accruing interest (based on the Federal Funds overnight rate), including the applicable margin, was 0.78%. At September 30, 2014 and December 31, 2013, no amounts were outstanding under the Credit Facility.

The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, the indenture and 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 September 30, 2014, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

As of September 30, 2014, the Company had approximately $262,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $44,000 (at September 30, 2014 exchange rates) and Edgewater of $64,000. In the second quarter of 2014, $20,000 of Edgewater’s available lines of credit was drawn down by the general partner of EGCP III to provide a loan to EGCP III to finance a certain fund investment. The loan to EGCP III was repaid in the third quarter of 2014 from a capital call made by EGCP III to its investors. In addition, LFB has access to the Eurosystem Covered Bond Purchase Program of the Banque de France.

The Company’s senior debt at September 30, 2014 and December 31, 2013 is carried at historical amounts. At those dates, the fair value of such senior debt was approximately $1,141,000 and $1,117,000, respectively, and exceeded the aggregate carrying value by approximately $93,000 and $69,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10.

COMMITMENTS AND CONTINGENCIES

Leases—The Company has various leases and other contractual commitments arising in the ordinary course of business. At September 30, 2014, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows:


Year Ending December 31,
2014 (October 1 through December 31)	$	21,159
2015		77,287
2016		75,672
2017		70,321
2018		64,894
Thereafter		646,775

Total minimum lease payments		956,108

Sublease proceeds (a)		82,162

Net lease payments	$	873,946

(a)

Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LFCM Holdings LLC (“LFCM Holdings”). See Note 17 of Notes to Condensed Consolidated Financial Statements.

Guarantees—In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At September 30, 2014, LFB had $4,851 of such indemnifications and held $4,357 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 condensed consolidated statement of financial condition.

Certain Business Transactions—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 September 30, 2014 and December 31, 2013, 913,722 shares are issuable on a contingent basis, and 1,371,992 shares have been earned because applicable performance thresholds have been satisfied. As of September 30, 2014 and December 31, 2013, 1,041,436 and 1,029,006, respectively, of the earned shares have been settled.

Contingent Consideration Relating To Other Business Acquisitions—For a business acquired in 2012, at December 31, 2012, 170,988 shares of Class A common stock (including dividend equivalent shares) were issuable on a non-contingent basis. Such shares were delivered in the first quarter of 2013. The Company is obligated to issue a maximum of 202,650 additional shares of Class A common stock if certain performance thresholds are achieved by December 31, 2014.

Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. These commitments have varying expiration dates, 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. At September 30, 2014, these commitments were not material.

See Notes 5 and 13 of Notes to Condensed 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, each of LFB and LFNY (See Note 17 of Notes to Condensed Consolidated Financial Statements) may enter into underwriting commitments in which it will participate as an underwriter. At September 30, 2014, LFB and LFNY 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 experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

Stockholders' Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Stockholders' Equity

11.

STOCKHOLDERS’ EQUITY

Lazard Group Distributions—As previously described, Lazard Group’s common membership interests are held by subsidiaries of Lazard Ltd and, until May 2014, also were held 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 incur and, until May 2014, that the members of LAZ-MD Holdings incurred, as a result of holding Lazard Group common membership interests.

During the nine month periods ended September 30, 2014 and 2013, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd (none of which related to tax distributions):


	Nine Months Ended September 30,
	2014		2013
LAZ-MD Holdings	$	213	$	565
Subsidiaries of Lazard Ltd		109,592		60,931

	$	109,805	$	61,496

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.

Exchanges of Lazard Group Common Membership Interests—During the nine month periods ended September 30, 2014 and 2013, Lazard Ltd issued 710,009 and 839,658 shares of Class A common stock, respectively, in connection with the exchanges 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 Note 1 of Notes to Condensed Consolidated Financial Statements for a discussion of the Final Exchange of LAZ-MD Interests).

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

Share Repurchase Program—During the nine month period ended September 30, 2014 and for the years ended December 31, 2013, 2012 and 2011, the Board of Directors of Lazard Ltd authorized the repurchase of Class A common stock and Lazard Group common membership interests as set forth in the table below.


Date	Share Repurchase Authorization		Expiration
February, 2011	$	250,000		December 31, 2012
October, 2011	$	125,000		December 31, 2013
April, 2012	$	125,000		December 31, 2013
October, 2012	$	200,000		December 31, 2014
October, 2013	$	100,000		December 31, 2015
April, 2014	$	200,000		December 31, 2015

The Company expects that the share repurchase program will primarily be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”) and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. Purchases with respect to such program are set forth in the table below:


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Nine Months Ended September 30:

2013		2,201,657	$	35.40
2014		4,114,206	$	46.83

The shares purchased in the nine months ended September 30, 2014 included 1,000,000 shares purchased from Natixis S.A. on June 26, 2014 for $50,340 in connection with the sale by Natixis S.A. of its entire investment in the Company’s Class A common stock. The purchase transaction closed on July 1, 2014. As of September 30, 2014, a total of $128,932 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2015.

During the nine month period ended September 30, 2014, 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 in 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. As of both September 30, 2014 and December 31, 2013, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At September 30, 2014 and December 31, 2013, no shares of Series A preferred stock were convertible into shares of Class A common stock on a contingent or a non-contingent basis.

Accumulated Other Comprehensive Income (Loss), Net of Tax (“AOCI”)—The tables below reflect changes in the balances of each component of AOCI during the nine month periods ended September 30, 2014 and 2013:


	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2014	$	3,869		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Activity January 1 to September 30, 2014:
Other comprehensive gain (loss) before reclassifications		(18,640	)		(3,695	)		(22,335	)		559			(22,894	)
Adjustments for items reclassified to earnings, net of tax		–			3,714			3,714			–			3,714

Net other comprehensive income (loss)		(18,640	)		19			(18,621	)		559			(19,180	)

Balance, September 30, 2014	$	(14,771	)	$	(137,412	)	$	(152,183	)	$	1		$	(152,184	)


	Currency Translation Adjustments			Interest Rate Hedge			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2013	$	19,405		$	(2,502	)	$	(128,536	)	$	(111,633	)	$	(1,092	)	$	(110,541	)

Activity January 1 to September 30, 2013:
Other comprehensive gain (loss) before reclassifications		(18,610	)		–			(2,669	)		(21,279	)		451			(21,730)
Adjustments for items reclassified to earnings, net of tax		–			791			3,653			4,444			25			4,419

Net other comprehensive income (loss)		(18,610	)		791			984			(16,835	)		476			(17,311	)

Balance, September 30, 2013	$	795		$	(1,711	)	$	(127,552	)	$	(128,468	)	$	(616	)	$	(127,852	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Amortization of interest rate hedge (a)	$	–	$	264	$	–	$	791

Amortization relating to employee benefit plans (b)		1,673		1,627		5,105		4,859
Less – related income taxes		528		404		1,391		1,206

Net of tax		1,145		1,223		3,714		3,653

Total reclassifications, net of tax	$	1,145	$	1,487	$	3,714	$	4,444

(a)	Included in “interest expense” on the condensed consolidated statements of operations.

(b)	Included in the computation of net periodic benefit cost (see Note 13 of Notes to Condensed Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the condensed consolidated statement of operations.

Noncontrolling Interests—Noncontrolling interests principally represent interests held in (i) Lazard Group by LAZ-MD Holdings until May 2014 and (ii) Edgewater’s management vehicles that the Company is deemed to control, but does not own. Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.

The following table summarizes the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings:


	Lazard Ltd					LAZ-MD Holdings					Total Lazard Group Common Membership Interests
As of September 30:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2013		129,056,081		99.5	%		710,009		0.5	%		129,766,090
2014		129,766,090		100	%		–		–			129,766,090

The change in Lazard Ltd’s ownership in Lazard Group in the nine month periods ended September 30, 2014 and 2013 did not materially impact Lazard Ltd’s stockholders’ equity.

The tables below summarize net income attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2014 and 2013 and noncontrolling interests as of September 30, 2014 and December 31, 2013 in the Company’s condensed consolidated financial statements:


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Edgewater	$	1,060	$	2,018	$	5,732	$	4,671
LAZ-MD Holdings		–		365		631		862
Other		1		83		2		(210	)

Total	$	1,061	$	2,466	$	6,365	$	5,323


	Noncontrolling Interests As Of
	September 30, 2014		December 31, 2013
Edgewater	$	64,360	$	66,641
LAZ-MD Holdings		–		2,566
Other		730		582

Total	$	65,090	$	69,789

Dividend Declared, October 2014—On October 22, 2014, Lazard Ltd announced a quarterly dividend of $0.30 per share on its Class A common stock, payable on November 14, 2014, to stockholders of record on November 3, 2014.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ 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=26873400&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=27010918&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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-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
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&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 SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Incentive Plans

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Incentive Plans

12.

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 three month and nine month periods ended September 30, 2014 and 2013, 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 (“RSUs”) 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, performance-based restricted stock units (“PRSUs”) and restricted stock awards) and “professional services” expense (with respect to deferred stock units (“DSUs”)) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Share-based incentive awards:
RSUs (a)	$	39,091	$	46,095	$	132,307	$	163,184
PRSUs		4,957		6,467		11,657		8,900
Restricted Stock (b)		2,637		2,627		13,493		9,712
DSUs		102		71		1,638		1,545

Total	$	46,787	$	55,260	$	159,095	$	183,341

(a)	Includes charges relating to the cost saving initiatives of $9,099 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements).

(b)	Includes charges relating to the cost saving initiatives of $247 for the nine month period ended September 30, 2013.

The ultimate amount of compensation and benefits expense relating to share-based awards is dependent upon the actual number of shares of Class A common stock that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates results in a cumulative adjustment to previously recorded compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below.

For purposes of calculating diluted net income per share, RSUs and restricted stock awards are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method. PRSUs are included in the diluted weighted average shares of Class A common stock outstanding to the extent the performance conditions are met at the end of the reporting period, also using the “treasury stock” method.

The Company’s incentive plans are described below.

RSUs and DSUs

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 shares of Class A common stock on a one-for-one basis after the stipulated vesting periods. PRSUs, which are RSUs that are also subject to service-based vesting conditions, have additional performance conditions, and are described below. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods (generally one-third after two years, and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period.

RSUs generally include a dividend participation right that provides that during vesting periods each RSU is attributed additional RSUs (or fractions thereof) equivalent to any dividends paid on Class A common stock during such period. During the nine month periods ended September 30, 2014 and 2013, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:


	Nine Months Ended September 30,
	2014		2013
Number of RSUs issued		288,272		257,418
Charges to retained earnings, net of estimated forfeitures	$	13,489	$	8,440

Non-executive members of the Board of Directors (“Non-Executive Directors”) receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 26,360 and 39,315 DSUs granted during the nine month periods ended September 30, 2014 and 2013, 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 shares of Class A common stock at the time of cessation of service to the Board of Directors and, for purposes of calculating diluted net income per share, are included in the diluted weighted average shares of Class A common stock outstanding using the “treasury stock” method. DSUs include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock, and resulted in nominal cash payments for the nine month periods ended September 30, 2014 and 2013.

The Company’s Directors’ Fee Deferral Unit Plan permits the 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 immediately preceding the date of the grant. During the nine month periods ended September 30, 2014 and 2013, 6,381 and 5,880 DSUs, respectively, had been granted pursuant to such Plan.

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

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2014 and 2013:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2014		16,630,009		$	34.51		251,434	$	32.02
Granted (including 288,272 RSUs relating to dividend participation)		3,733,113		$	42.75		32,741	$	50.04
Forfeited		(210,458	)	$	33.45		–		–
Vested		(6,529,801	)	$	37.86		–		–

Balance, September 30, 2014		13,622,863		$	35.18		284,175	$	34.10


Balance, January 1, 2013		21,481,131		$	33.92		204,496	$	31.47
Granted (including 257,418 RSUs relating to dividend participation)		4,868,963		$	36.92		45,195	$	34.18
Forfeited		(239,117	)	$	34.63		–		–
Vested		(9,363,792	)	$	34.78		–		–

Balance, September 30, 2013		16,747,185		$	34.30		249,691	$	31.96

In connection with RSUs that vested during the nine month periods ended September 30, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 1,876,398 and 3,471,813 shares of Class A common stock in the respective nine month periods. Accordingly, 4,653,403 and 5,891,979 shares of Class A common stock held by the Company were delivered during the nine month periods ended September 30, 2014 and 2013, respectively.

During the fourth quarter of 2012, 958,213 RSUs were modified through forward purchase agreements into liability awards. Such liability awards were settled on March 1, 2013 for $28,612. During the nine month period ended September 30, 2013, compensation expense of $1,690 was recorded for such liability awards.

As of September 30, 2014, estimated unrecognized RSU compensation expense was approximately $168,382, with such expense expected to be recognized over a weighted average period of approximately 1.1 years subsequent to September 30, 2014.

Restricted Stock

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2014 and 2013:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2014		575,054		$	32.72
Granted		449,911		$	45.52
Forfeited		(12,097	)	$	41.19
Vested		(205,075	)	$	35.23

Balance, September 30, 2014		807,793		$	39.08


Balance, January 1, 2013		1,972,609		$	34.85
Granted		368,736		$	36.74
Forfeited		(35,794	)	$	33.35
Vested		(1,728,509	)	$	36.00

Balance, September 30, 2013		577,042		$	32.72

In connection with shares of restricted Class A common stock that vested during the nine month periods ended September 30, 2014 and 2013, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 29,999 and 18,631 shares of Class A common stock during the respective nine month periods. Accordingly, 175,076 and 1,709,878 shares of Class A common stock held by the Company were delivered during the nine month periods ended September 30, 2014 and 2013, respectively.

The restricted stock awards include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At September 30, 2014, estimated unrecognized restricted stock expense was approximately $13,460, with such expense to be recognized over a weighted average period of approximately 1.4 years subsequent to September 30, 2014.

PRSUs

PRSUs are subject to both performance-based and service-based vesting conditions. The number of shares of Class A common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics that relate to the Company’s performance over a three-year period. The target number of shares of Class A common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of Class A common stock that may be received in connection with each PRSU can range from zero to two times the target number (or, for PRSUs granted in 2013, three times the target number in the event of a substantial increase in fiscal year 2014 revenue (adjusted for certain items)). The PRSUs granted in 2014 will vest on a single date three years following the date of the grant and the PRSUs granted in 2013 will vest 33% in March 2015 and 67% in March 2016, in each case provided the applicable service and performance conditions are satisfied. In addition, the performance metrics applicable to each PRSU will be evaluated on an annual basis at the end of each fiscal year during the performance period and, if the Company has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of shares of Class A common stock subject to each PRSU will no longer be at risk of forfeiture based on the achievement of performance criteria. PRSUs include dividend participation rights that provide that during vesting periods the target number of PRSUs receive dividend equivalents at the same rate that dividends are paid on Class A common stock during such period. These dividend equivalents are credited as RSUs that are not subject to the performance-based vesting criteria but are otherwise subject to the same restrictions as the underlying PRSUs to which they relate.

The following is a summary of activity relating to PRSUs during the nine month periods ended September 30, 2014 and 2013 at the target level:


	PRSUs		Weighted Average Grant Date Fair Value
Balance, January 1, 2014		448,128	$	36.11
Granted		360,783	$	44.46

Balance, September 30, 2014		808,911	$	39.83


Balance, January 1, 2013		–		–
Granted		448,128	$	36.11

Balance, September 30, 2013		448,128	$	36.11

Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of Class A common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2014, the total estimated unrecognized compensation expense was approximately $23,850, and the Company expects to amortize such expense over a weighted-average period of approximately 1.6 years subsequent to September 30, 2014.

LFI and Other Similar Deferred Compensation Arrangements

Commencing in February 2011, the Company granted LFI to eligible employees. In connection with the LFI 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 (which are generally similar to the comparable periods for RSUs), and is charged to “compensation and benefits” expense within the Company’s consolidated statement of operations. LFI 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 LFI and other similar deferred compensation arrangements during the nine month periods ended September 30, 2014 and 2013:


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2014	$	60,433		$	162,422
Granted		92,728			92,728
Settled		–			(54,293	)
Forfeited		(1,320	)		(1,908	)
Amortization		(57,287	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			6,004
Adjustment for estimated forfeitures		–			6,527
Other		(551)			(1,559	)

Balance, September 30, 2014	$	94,003		$	209,921


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2013	$	47,445		$	97,593
Granted		72,217			72,217
Settled		–			(22,903	)
Forfeited		(765	)		(985	)
Amortization		(44,195	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			7,767
Adjustment for estimated forfeitures		–			3,175
Other		(217	)		(558	)

Balance, September 30, 2013	$	74,485		$	156,306

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.7 years subsequent to September 30, 2014.

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Amortization, net of forfeitures (a)	$	21,310		$	15,049	$	63,226	$	47,150
Change in the fair value of underlying investments		(5,528	)		7,519		6,004		7,767

Total	$	15,782		$	22,568	$	69,230	$	54,917

(a)	Includes charges relating to the cost saving initiatives of $2,665 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements).

Employee Benefit Plans

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

13.

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 to its employees. 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 condensed 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 (the “Trustees”). Management also evaluates from time to time whether to make voluntary contributions to the plans.

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”) pursuant to which the Company agreed to make plan contributions of 1 million British pounds during each year from 2012 through 2020 inclusive and to make annual contributions of 1 million British pounds into an account security arrangement during each year from 2014 through 2020 inclusive. 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 first of which is currently underway. The aggregate amount in the account security arrangement was approximately $18,200 and $16,900 at September 30, 2014 and December 31, 2013, respectively, and has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying condensed consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income.

The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s post-retirement plans for the three month and nine month periods ended September 30, 2014 and 2013:


	Pension Plans						Medical Plan
	Three Months Ended September 30,
	2014			2013			2014			2013
Components of Net Benefit Cost (Credit):
Service cost	$	267		$	315		$	7		$	12
Interest cost		7,636			6,744			49			46
Expected return on plan assets		(8,253	)		(6,701	)		–			–
Amortization of:
Prior service cost		708			708			–			–
Net actuarial loss (gain)		1,096			919			(131	)		–

Net benefit cost (credit)	$	1,454		$	1,985		$	(75	)	$	58


	Pension Plans						Medical Plan
	Nine Months Ended September 30,
	2014			2013			2014			2013
Components of Net Benefit Cost (Credit):
Service cost	$	718		$	938		$	24		$	39
Interest cost		22,807			20,193			146			137
Expected return on plan assets		(24,560	)		(20,090	)		–			–
Amortization of:
Prior service cost		2,176			2,114			–			–
Net actuarial loss (gain)		3,325			2,745			(396	)		–

Net benefit cost (credit)	$	4,466		$	5,900		$	(226	)	$	176

Cost Saving Initiatives

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Cost Saving Initiatives

14.

COST SAVING INITIATIVES

In October 2012, the Company announced 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; the settlement of certain contractual obligations; reducing occupancy costs; and creating greater flexibility to retain and attract the best people and invest in new growth areas.

Expenses associated with the implementation of the Cost Saving Initiatives were completed during the second quarter of 2013. The Company incurred these expenses, by segment, as reflected in the tables below:



	Financial Advisory		Asset Management			Corporate		Total
Nine Month Period Ended September 30, 2013:
Compensation and benefits	$	45,746	$	236		$	5,417	$	51,399
Other		2,033		(1	)		11,272		13,304

Total	$	47,779	$	235		$	16,689	$	64,703

	Financial Advisory		Asset Management			Corporate		Total
Cumulative October 2012 Through September 30, 2013:
Compensation and benefits	$	121,879	$	12,292		$	17,215	$	151,386
Other		3,432		732			11,729		15,893

Total	$	125,311	$	13,024		$	28,944	$	167,279

Activity related to the obligations pursuant to the Cost Saving Initiatives during the nine month period ended September 30, 2014 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, January 1, 2014	$	11,860		$	5,356		$	17,216
Less:
Settlements		(9,815	)		(150	)		(9,965	)

Balance, September 30, 2014	$	2,045		$	5,206		$	7,251

Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

Income Taxes

15.

INCOME TAXES

As a result of its indirect investment in Lazard Group, Lazard Ltd, through certain of its subsidiaries, is subject to U.S. federal income taxes on a portion of Lazard Group’s operating income. Although a portion of Lazard Group’s income is subject to U.S. federal income taxes, Lazard Group primarily operates in the U.S. as a limited liability company that is treated as a partnership for U.S. federal income tax purposes. As a result, Lazard Group’s income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to its partners. In addition, Lazard Group is subject to New York City Unincorporated Business Tax (“UBT”), which is attributable to Lazard Group’s operations apportioned to New York City. UBT is incremental to the U.S. federal statutory tax rate. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes.

The Company recorded income tax provisions of $23,792 and $58,614 for the three month and nine month periods ended September 30, 2014, respectively, and $18,370 and $31,335 for the three month and nine month periods ended September 30, 2013, respectively, representing effective tax rates of 20.9%, 18.3%, 22.6% and 21.8%, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates reflected above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S., (ii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iii) foreign source income (loss) not subject to U.S. income taxes (including interest on intercompany financings), (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes, (v) Lazard Group’s income from U.S. operations attributable to noncontrolling interests, and (vi) U.S. state and local taxes (primarily UBT), which are incremental to the U.S. federal statutory tax rate.

Substantially all of Lazard’s foreign operations are conducted in “pass-through” entities for U.S. income tax purposes and the Company provides for U.S. income taxes on a current basis for substantially all of those earnings. The repatriation of prior earnings attributable to “non-pass-through” entities would not result in the recognition of a material amount of additional U.S. income taxes.

Tax Receivable Agreement

The redemption of partnership interests that were held by former and current managing directors of the Company (including the Company’s executive officers) in connection with the Company’s separation and recapitalization that occurred in May 2005, and the subsequent exchanges of LAZ-MD Holdings exchangeable interests for shares of Class A common stock, have resulted in increases in the tax basis of the tangible and/or intangible assets of Lazard Group. The tax receivable agreement dated as of May 10, 2005 with LFCM Holdings requires the Company to pay LFCM Holdings 85% of the cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of these increases in tax basis. The Company records provisions for payments under the tax receivable agreement to the extent they are probable and estimable. For the three month and nine month periods ended September 30, 2014, the Company recorded a “provision (benefit) pursuant to tax receivable agreement” on the condensed consolidated statements of operations of $(176) and $9,064, respectively (no provision was required for the three month and nine month periods ended September 30, 2013), with the liability related thereto included within “related party payables” on the condensed consolidated statement of financial condition (see Note 17 of Notes to Condensed Consolidated Financial Statements).

Net Income Per Share of Class A Common Stock

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Income Per Share of Class A Common Stock

16.

NET INCOME PER SHARE OF CLASS A COMMON STOCK

The Company’s basic and diluted net income per share calculations for the three month and nine month periods ended September 30, 2014 and 2013 are computed as described below.

Basic Net Income Per Share

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

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

Diluted Net Income Per Share

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

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

The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the three month and nine month periods ended September 30, 2014 and 2013 are presented below:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Net income attributable to Lazard Ltd		$88,859			$60,282		$254,893		$106,995
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		–			–		–		–

Net income attributable to Lazard Ltd - basic		88,859			60,282		254,893		106,995
Add - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation and exchangeable interests, net of tax		(3	)		316		604		787

Net income attributable to Lazard Ltd - diluted		$88,856			$60,598		$255,497		$107,782


Weighted average number of shares of Class A common stock outstanding		121,800,294			121,441,956		121,954,428		119,797,545
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		406,620			757,998		412,204		758,502

Weighted average number of shares of Class A common stock outstanding - basic		122,206,914			122,199,954		122,366,632		120,556,047
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests		11,359,770			12,042,190		11,356,144		12,617,953

Weighted average number of shares of Class A common stock outstanding - diluted		133,566,684			134,242,144		133,722,776		133,174,000

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.73			$0.49		$2.08		$0.89

Diluted		$0.67			$0.45		$1.91		$0.81

Related Parties

9 Months Ended

Sep. 30, 2014

Related Parties

17.

RELATED PARTIES

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


	September 30, 2014		December 31, 2013
Receivables
LFCM Holdings	$	139	$	7,794
Other		391		126

Total	$	530	$	7,920

Payables
LFCM Holdings	$	11,754	$	4,300
Other		198		731

Total	$	11,952	$	5,031

LFCM Holdings

LFCM Holdings owned and operated 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 former and current managing directors of the Company (including the Company’s executive officers). 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”). In addition, LFCM Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”) and a license agreement (the “license agreement”). Certain of these agreements are described in more detail in the Company’s Form 10-K.

In the third quarter of 2014, the Company entered into arrangements with LFCM Holdings and certain of its subsidiaries (“LFCM”) pursuant to which, among other things, the Company has acquired certain assets from LFCM relating to its convertible securities business, the business alliance provided for in the business alliance agreement has been terminated, and LFCM has relinquished certain license rights previously granted under the license agreement. In addition, LFCM surrendered certain leasehold interests, including leasehold improvements, to the Company, and was relieved of obligations to pay related sublease rent. See Note 10 of Notes to Condensed Consolidated Financial Statements. The Company does not believe that any of these arrangements will have a material effect on its consolidated financial position or results of operations.

The acquired assets will facilitate the execution of exchange offers and other transactions related to financial advice provided by the Company’s convertible securities practice group. In addition, the Company may act as an underwriter in public offerings and other distributions of securities from time to time, primarily relating to its Financial Advisory business.

For the three month and nine month periods ended September 30, 2014, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $220 and $812, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $54 and $795, respectively. For the three month and nine month periods ended September 30, 2013, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $534 and $1,466, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $1,633 and $1,163, respectively. Amounts relating to the administrative services agreement are reported as reductions to operating expenses. Net referral fees for underwriting transactions under the business alliance agreement are reported in “revenue-other.” Net referral fees for private placement, M&A and restructuring transactions under the business alliance agreement are reported in advisory fee revenue.

Receivables from LFCM Holdings and its subsidiaries as of September 30, 2014 and December 31, 2013 include $139 and $3,112, 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, at December 31, 2013, $4,682 related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at September 30, 2014 and December 31, 2013 include $1,427 and $3,051, respectively, relating to referral fees for Financial Advisory and other transactions, and, at September 30, 2014 and December 31, 2013, $10,327 and $1,249, respectively, related to obligations pursuant to the tax receivable agreement (see Note 15 of Notes to Condensed Consolidated Financial Statements).

Other

Other payables at December 31, 2013 primarily relate to referral fees for M&A and restructuring transactions with MBA Lazard Holdings S.A. and its affiliates, an Argentina-based group in which the Company has a 50% ownership interest.

LAZ-MD Holdings

Lazard Group provides certain administrative and support services to LAZ-MD Holdings through the administrative services agreement. Lazard Group charges LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the three month and nine month periods ended September 30, 2014, such charges amounted to $250 and $750, respectively. For the three month and nine month periods ending September 30, 2013, such charges amounted to $250 and $750, respectively.

- 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 + Details

Regulatory Authorities

9 Months Ended

Sep. 30, 2014

Banking and Thrift [Abstract]

Regulatory Authorities

18.

REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (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 September 30, 2014, LFNY’s regulatory net capital was $180,909, which exceeded the minimum requirement by $178,043.

Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At September 30, 2014, the aggregate regulatory net capital of the U.K. Subsidiaries was $91,003, which exceeded the minimum requirement by $72,842.

CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the ACPR for its banking activities conducted through its subsidiary, LFB. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG (asset management), also are subject to regulation and supervision by the Autorité des Marchés Financiers. At September 30, 2014, the consolidated regulatory net capital of CFLF was $139,613, which exceeded the minimum requirement set for regulatory capital levels by $102,948. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-financial advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules. Under this new supervision, the combined European regulated group is required to comply with periodic financial, regulatory net capital and other reporting obligations. Additionally, the combined European regulated group, together with our European financial advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure (which is similar to the information that the Company had already been providing informally). This new supervision under, and provision of information to, the ACPR became effective December 31, 2013.

Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At September 30, 2014, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $100,054, which exceeded the minimum required capital by $72,757.

At September 30, 2014, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

Any new or expanded rules and regulations that may be adopted in countries in which we operate (including regulations that have not yet been proposed) could affect us in other ways.

- 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
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+ Details

Segment Information

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment Information

19.

SEGMENT INFORMATION

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

The Company’s segment information for the three month and nine month periods ended September 30, 2014 and 2013 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, human resources, legal, facilities management and senior management activities.

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


		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013(a)			2014			2013(a)
Financial Advisory	Net Revenue	$	291,089		$	233,842		$	847,354		$	665,611
	Operating Expenses		255,230			218,015			754,449			674,689

	Operating Income (Loss)	$	35,859		$	15,827		$	92,905		$	(9,078	)


Asset Management	Net Revenue	$	291,967		$	252,094		$	848,695		$	741,618
	Operating Expenses		191,501			168,895			552,499			511,526

	Operating Income	$	100,466		$	83,199		$	296,196		$	230,092


Corporate	Net Revenue (Expense)	$	(16,845	)	$	(5,582	)	$	(29,542	)	$	(34,567	)
	Operating Expenses		5,768			12,326			39,687			42,794

	Operating Loss	$	(22,613	)	$	(17,908	)	$	(69,229	)	$	(77,361	)


Total	Net Revenue	$	566,211		$	480,354		$	1,666,507		$	1,372,662
	Operating Expenses		452,499			399,236			1,346,635			1,229,009

	Operating Income	$	113,712		$	81,118		$	319,872		$	143,653

(a)	See Note 14 of Notes to Condensed Consolidated Financial Statements for information regarding the Cost Saving Initiatives, and the impact on each of the Company’s business segments during the nine month period ended September 30, 2013.


	As Of
	September 30, 2014		December 31, 2013
Total Assets
Financial Advisory	$	706,251	$	714,708
Asset Management		585,693		612,018
Corporate		1,750,946		1,684,411

Total	$	3,042,890	$	3,011,137

- 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
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+ Details

Organization and Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Organization

Organization

•

Basis of Presentation

Deposits with Banks and Short-Term Investments

Recent Accounting Developments

Derivative Instruments

- Definition

Disclosure of accounting policy for its derivative instruments and hedging activities.

+ References + Details

Receivables (Tables)

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2014 and 2013 was as follows:


	Three Month Period Ended September 30,						Nine Month Period Ended September 30,
	2014			2013			2014			2013
Beginning Balance	$	29,943		$	24,593		$	28,777		$	23,017
Bad debt expense, net of recoveries		2,064			(198	)		9,567			1,644
Charge-offs, foreign currency translation and other adjustments		(2,148	)		1,765			(8,485	)		1,499

Ending Balance	$	29,859		$	26,160		$	29,859		$	26,160

Investments (Tables)

9 Months Ended

Sep. 30, 2014

Investments Schedule [Abstract]

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2014 and December 31, 2013:


	September 30,		December 31,
	2014		2013
Interest-bearing deposits	$	24,785	$	516

Debt		7,185		8,013

Equities		63,275		59,394

Funds:
Alternative investments (a)		36,184		37,030
Debt (a)		81,099		58,769
Equity (a)		211,772		190,702
Private equity		117,104		114,193

		446,159		400,694

Equity method		8,518		9,488

Total investments		549,922		478,105
Less:
Interest-bearing deposits		24,785		516
Equity method		8,518		9,488

Investments, at fair value	$	516,619	$	468,101

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	8,630	$	4,045

(a)

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2014		2013		2014		2013
Gross unrealized investment gains	$	–	$	10,925	$	5,526	$	12,044
Gross unrealized investment losses	$	13,897	$	–	$	5,601	$	3,907

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

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



	September 30, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	1,141	$	6,044	$	–	$	7,185
Equities		61,941		–		1,334		63,275
Funds:
Alternative investments		–		36,184		–		36,184
Debt		81,095		4		–		81,099
Equity		211,729		43		–		211,772
Private equity		–		–		117,104		117,104
Derivatives		–		8,625		–		8,625

Total	$	355,906	$	50,900	$	118,438	$	525,244

Liabilities:
Securities sold, not yet purchased	$	8,630	$	–	$	–	$	8,630
Derivatives		–		209,941		–		209,941

Total	$	8,630	$	209,941	$	–	$	218,571



	December 31, 2013
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	1,681	$	6,332	$	–	$	8,013
Equities		58,054		–		1,340		59,394
Funds:
Alternative investments		–		37,030		–		37,030
Debt		58,765		4		–		58,769
Equity		190,660		42		–		190,702
Private equity		–		–		114,193		114,193
Derivatives		–		682		–		682

Total	$	309,160	$	44,090	$	115,533	$	468,783

Liabilities:
Securities sold, not yet purchased	$	4,045	$	–	$	–	$	4,045
Derivatives		–		164,001		–		164,001

Total	$	4,045	$	164,001	$	–	$	168,046

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

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30, 2014
	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	$	1,370	$	–	$	–	$	–		$	(36	)	$	1,334
Private equity funds		116,895		2,500		7,498		(5,769	)		(4,020	)		117,104

Total Level 3 Assets	$	118,265	$	2,500	$	7,498	$	(5,769	)	$	(4,056	)	$	118,438


	Nine Months Ended September 30, 2014
	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	$	1,340	$	14	$	–	$	–		$	(20	)	$	1,334
Private equity funds		114,193		9,336		8,709		(10,854	)		(4,280	)		117,104

Total Level 3 Assets	$	115,533	$	9,350	$	8,709	$	(10,854	)	$	(4,300	)	$	118,438


	Three Months Ended September 30, 2013
	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	$	637	$	2		$	650	$	–		$	34	$	1,323
Alternative investment funds		11		(11	)		–		–			–		–
Private equity funds		112,833		5,174			2,907		(6,848	)		1,502		115,568

Total Level 3 Assets	$	113,481	$	5,165		$	3,557	$	(6,848	)	$	1,536	$	116,891


	Nine Months Ended September 30, 2013
	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	$	190	$	8	$	1,095	$	–		$	30	$	1,323
Alternative investment funds		3,457		117		–		(3,574	)		–		–
Equity funds		10		–		–		(10	)		–		–
Private equity funds		112,444		8,912		6,166		(12,716	)		762		115,568

Total Level 3 Assets	$	116,101	$	9,037	$	7,261	$	(16,300	)	$	792	$	116,891

(a)	Earnings for the three month and nine month periods ended September 30, 2014 and the three month and nine month periods ended September 30, 2013 include net unrealized gains of $810, $6,346, $2,680 and $6,007, respectively.

Fair Value of Certain Investments Based on NAV

September 30, 2014

% 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:

Hedge funds

32,344

–

(a)

<30-60 days

Funds of funds

480

–

(b)

<30-90 days

Other

3,360

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

76,164

19,137

(f)

100%

11%

61%

28%

Mezzanine debt

40,940

–

100%

–%

100%

Total

153,335

19,137

(a)	weekly (17%), monthly (64%) and quarterly (19%)

(b)	monthly (98%) and quarterly (2%)

(c)	daily (11%), weekly (5%) and monthly (84%)

(d)	daily (100%)

(e)	daily (14%), monthly (58%) and quarterly (28%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $7,518 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2013

% 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:

Hedge funds

31,837

–

(a)

<30-90 days

Funds of funds

475

–

(b)

<30-90 days

Other

4,718

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

70,054

27,135

(f)

100%

17%

60%

23%

Mezzanine debt

44,139

–

100%

–%

100%

Total

151,269

27,135

(a)	weekly (17%), monthly (65%) and quarterly (18%)

(b)	monthly (95%) and quarterly (5%)

(c)	daily (7%), weekly (1%) and monthly (92%)

(d)	daily (100%)

(e)	daily (13%), monthly (58%) and quarterly (29%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,613 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

Derivatives (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition


	September 30, 2014		December 31, 2013
Derivative Assets:
Forward foreign currency exchange rate contracts	$	4,464	$	250
Total return swaps and other (a)		4,161		432

	$	8,625	$	682

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	20	$	1,579
LFI and other similar deferred compensation arrangements		209,921		162,422

	$	209,941	$	164,001

(a)

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014			2013
Forward foreign currency exchange rate contracts	$	15,355	$	(5,310	)	$	14,380		$	(1,705	)
LFI and other similar deferred compensation arrangements		5,528		(7,519	)		(6,004	)		(7,767	)
Total return swaps and other		2,835		(6,520	)		(5,436	)		(6,872	)

Total	$	23,718	$	(19,349	)	$	2,940		$	(16,344	)

Property (Tables)

9 Months Ended

Sep. 30, 2014

Property, Plant and Equipment [Abstract]

Property

At September 30, 2014 and December 31, 2013, property consists of the following:


	Estimated Depreciable Life in Years		September 30, 2014		December 31, 2013
Buildings		33	$	158,551	$	173,772
Leasehold improvements		3-20		169,814		175,600
Furniture and equipment		3-10		151,270		149,598
Construction in progress				5,236		3,756

Total				484,871		502,726
Less - Accumulated depreciation and amortization				257,512		253,930

Property			$	227,359	$	248,796

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets at September 30, 2014 and December 31, 2013 are presented below:


	September 30,		December 31,
	2014		2013
Goodwill	$	343,776	$	345,453
Other intangible assets (net of accumulated amortization)		12,478		18,424

	$	356,254	$	363,877

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2014 and 2013 are as follows:


	Nine Months Ended September 30,
	2014			2013
Balance, January 1	$	345,453		$	364,328
Business acquisitions		3,232			1,601
Foreign currency translation adjustments		(4,909	)		(15,310	)

Balance, September 30	$	343,776		$	350,619

Gross Cost and Accumulated Amortization of Other Intangible Assets

The gross cost and accumulated amortization of other intangible assets as of September 30, 2014 and December 31, 2013, by major intangible asset category, are as follows:


	September 30, 2014						December 31, 2013
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Performance fees	$	30,740	$	21,116	$	9,624	$	30,740	$	17,173	$	13,567
Management fees, customer relationships and non-compete agreements		33,063		30,209		2,854		33,063		28,206		4,857

	$	63,803	$	51,325	$	12,478	$	63,803	$	45,379	$	18,424

Estimated Future Amortization Expense


Year Ending December 31,	Amortization Expense (a)
2014 (October 1 through December 31)	$	864
2015		6,433
2016		5,181

Total amortization expense	$	12,478

(a)

Approximately 46% of intangible asset amortization is attributable to a noncontrolling interest.

Senior Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Senior Debt

Senior debt is comprised of the following as of September 30, 2014 and December 31, 2013:


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As of
								September 30, 2014		December 31, 2013
								September 30, 2014		December 31, 2013
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%	$	548,350	$	548,350
Lazard Group 4.25% Senior Notes		500,000		11/14/20		4.25	%		500,000		500,000
Lazard Group Credit Facility		150,000		9/25/15		0.78	%		–		–

Total								$	1,048,350	$	1,048,350

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payment for Operating Leases

At September 30, 2014, minimum rental commitments under non-cancelable operating leases, net of sublease income, are approximately as follows:


Year Ending December 31,
2014 (October 1 through December 31)	$	21,159
2015		77,287
2016		75,672
2017		70,321
2018		64,894
Thereafter		646,775

Total minimum lease payments		956,108

Sublease proceeds (a)		82,162

Net lease payments	$	873,946

(a)

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

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


	Nine Months Ended September 30,
	2014		2013
LAZ-MD Holdings	$	213	$	565
Subsidiaries of Lazard Ltd		109,592		60,931

	$	109,805	$	61,496

Schedule of Share Repurchase Authorized by Board of Directors


Date	Share Repurchase Authorization		Expiration
February, 2011	$	250,000		December 31, 2012
October, 2011	$	125,000		December 31, 2013
April, 2012	$	125,000		December 31, 2013
October, 2012	$	200,000		December 31, 2014
October, 2013	$	100,000		December 31, 2015
April, 2014	$	200,000		December 31, 2015

Schedule of Share Repurchase Program


	Number of Shares/Common Membership Interests Purchased		Average Price Per Share/Common Membership Interest
Nine Months Ended September 30:

2013		2,201,657	$	35.40
2014		4,114,206	$	46.83

Accumulated Other Comprehensive Income (Loss), Net of Tax


	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2014	$	3,869		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Activity January 1 to September 30, 2014:
Other comprehensive gain (loss) before reclassifications		(18,640	)		(3,695	)		(22,335	)		559			(22,894	)
Adjustments for items reclassified to earnings, net of tax		–			3,714			3,714			–			3,714

Net other comprehensive income (loss)		(18,640	)		19			(18,621	)		559			(19,180	)

Balance, September 30, 2014	$	(14,771	)	$	(137,412	)	$	(152,183	)	$	1		$	(152,184	)


	Currency Translation Adjustments			Interest Rate Hedge			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Ltd AOCI
Balance, January 1, 2013	$	19,405		$	(2,502	)	$	(128,536	)	$	(111,633	)	$	(1,092	)	$	(110,541	)

Activity January 1 to September 30, 2013:
Other comprehensive gain (loss) before reclassifications		(18,610	)		–			(2,669	)		(21,279	)		451			(21,730)
Adjustments for items reclassified to earnings, net of tax		–			791			3,653			4,444			25			4,419

Net other comprehensive income (loss)		(18,610	)		791			984			(16,835	)		476			(17,311	)

Balance, September 30, 2013	$	795		$	(1,711	)	$	(127,552	)	$	(128,468	)	$	(616	)	$	(127,852	)

Adjustments for Items Reclassified Out of AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2014 and 2013:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Amortization of interest rate hedge (a)	$	–	$	264	$	–	$	791

Amortization relating to employee benefit plans (b)		1,673		1,627		5,105		4,859
Less – related income taxes		528		404		1,391		1,206

Net of tax		1,145		1,223		3,714		3,653

Total reclassifications, net of tax	$	1,145	$	1,487	$	3,714	$	4,444

(a)	Included in “interest expense” on the condensed consolidated statements of operations.

(b)	Included in the computation of net periodic benefit cost (see Note 13 of Notes to Condensed Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the condensed consolidated statement of operations.

Changes in Ownership Interests

The following table summarizes the ownership interests in Lazard Group held by Lazard Ltd and LAZ-MD Holdings:


	Lazard Ltd					LAZ-MD Holdings					Total Lazard Group Common Membership Interests
As of September 30:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2013		129,056,081		99.5	%		710,009		0.5	%		129,766,090
2014		129,766,090		100	%		–		–			129,766,090

Net Income Attributable to Noncontrolling Interests


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Edgewater	$	1,060	$	2,018	$	5,732	$	4,671
LAZ-MD Holdings		–		365		631		862
Other		1		83		2		(210	)

Total	$	1,061	$	2,466	$	6,365	$	5,323


	Noncontrolling Interests As Of
	September 30, 2014		December 31, 2013
Edgewater	$	64,360	$	66,641
LAZ-MD Holdings		–		2,566
Other		730		582

Total	$	65,090	$	69,789

Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2014

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Share-based incentive awards:
RSUs (a)	$	39,091	$	46,095	$	132,307	$	163,184
PRSUs		4,957		6,467		11,657		8,900
Restricted Stock (b)		2,637		2,627		13,493		9,712
DSUs		102		71		1,638		1,545

Total	$	46,787	$	55,260	$	159,095	$	183,341

(a)	Includes charges relating to the cost saving initiatives of $9,099 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements).

(b)	Includes charges relating to the cost saving initiatives of $247 for the nine month period ended September 30, 2013.

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the nine month periods ended September 30, 2014 and 2013, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:


	Nine Months Ended September 30,
	2014		2013
Number of RSUs issued		288,272		257,418
Charges to retained earnings, net of estimated forfeitures	$	13,489	$	8,440

Summary of FI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month periods ended September 30, 2014 and 2013:


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2014	$	60,433		$	162,422
Granted		92,728			92,728
Settled		–			(54,293	)
Forfeited		(1,320	)		(1,908	)
Amortization		(57,287	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			6,004
Adjustment for estimated forfeitures		–			6,527
Other		(551)			(1,559	)

Balance, September 30, 2014	$	94,003		$	209,921


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2013	$	47,445		$	97,593
Granted		72,217			72,217
Settled		–			(22,903	)
Forfeited		(765	)		(985	)
Amortization		(44,195	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			7,767
Adjustment for estimated forfeitures		–			3,175
Other		(217	)		(558	)

Balance, September 30, 2013	$	74,485		$	156,306

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.7 years subsequent to September 30, 2014.


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Amortization, net of forfeitures (a)	$	21,310		$	15,049	$	63,226	$	47,150
Change in the fair value of underlying investments		(5,528	)		7,519		6,004		7,767

Total	$	15,782		$	22,568	$	69,230	$	54,917

(a)	Includes charges relating to the cost saving initiatives of $2,665 for the nine month period ended September 30, 2013 (see Note 14 of Notes to Condensed Consolidated Financial Statements).

Restricted Stock Units And Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the nine month periods ended September 30, 2014 and 2013:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2014		16,630,009		$	34.51		251,434	$	32.02
Granted (including 288,272 RSUs relating to dividend participation)		3,733,113		$	42.75		32,741	$	50.04
Forfeited		(210,458	)	$	33.45		–		–
Vested		(6,529,801	)	$	37.86		–		–

Balance, September 30, 2014		13,622,863		$	35.18		284,175	$	34.10


Balance, January 1, 2013		21,481,131		$	33.92		204,496	$	31.47
Granted (including 257,418 RSUs relating to dividend participation)		4,868,963		$	36.92		45,195	$	34.18
Forfeited		(239,117	)	$	34.63		–		–
Vested		(9,363,792	)	$	34.78		–		–

Balance, September 30, 2013		16,747,185		$	34.30		249,691	$	31.96

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month periods ended September 30, 2014 and 2013:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2014		575,054		$	32.72
Granted		449,911		$	45.52
Forfeited		(12,097	)	$	41.19
Vested		(205,075	)	$	35.23

Balance, September 30, 2014		807,793		$	39.08


Balance, January 1, 2013		1,972,609		$	34.85
Granted		368,736		$	36.74
Forfeited		(35,794	)	$	33.35
Vested		(1,728,509	)	$	36.00

Balance, September 30, 2013		577,042		$	32.72

Performance-Based Restricted Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the nine month periods ended September 30, 2014 and 2013 at the target level:


	PRSUs		Weighted Average Grant Date Fair Value
Balance, January 1, 2014		448,128	$	36.11
Granted		360,783	$	44.46

Balance, September 30, 2014		808,911	$	39.83


Balance, January 1, 2013		–		–
Granted		448,128	$	36.11

Balance, September 30, 2013		448,128	$	36.11

- Definition

Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

+ References + Details

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2014

Compensation and Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost (Credit)


	Pension Plans						Medical Plan
	Three Months Ended September 30,
	2014			2013			2014			2013
Components of Net Benefit Cost (Credit):
Service cost	$	267		$	315		$	7		$	12
Interest cost		7,636			6,744			49			46
Expected return on plan assets		(8,253	)		(6,701	)		–			–
Amortization of:
Prior service cost		708			708			–			–
Net actuarial loss (gain)		1,096			919			(131	)		–

Net benefit cost (credit)	$	1,454		$	1,985		$	(75	)	$	58


	Pension Plans						Medical Plan
	Nine Months Ended September 30,
	2014			2013			2014			2013
Components of Net Benefit Cost (Credit):
Service cost	$	718		$	938		$	24		$	39
Interest cost		22,807			20,193			146			137
Expected return on plan assets		(24,560	)		(20,090	)		–			–
Amortization of:
Prior service cost		2,176			2,114			–			–
Net actuarial loss (gain)		3,325			2,745			(396	)		–

Net benefit cost (credit)	$	4,466		$	5,900		$	(226	)	$	176

Cost Saving Initiatives (Tables)

9 Months Ended

Sep. 30, 2014

Restructuring and Related Activities [Abstract]

Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives



	Financial Advisory		Asset Management			Corporate		Total
Nine Month Period Ended September 30, 2013:
Compensation and benefits	$	45,746	$	236		$	5,417	$	51,399
Other		2,033		(1	)		11,272		13,304

Total	$	47,779	$	235		$	16,689	$	64,703

	Financial Advisory		Asset Management			Corporate		Total
Cumulative October 2012 Through September 30, 2013:
Compensation and benefits	$	121,879	$	12,292		$	17,215	$	151,386
Other		3,432		732			11,729		15,893

Total	$	125,311	$	13,024		$	28,944	$	167,279

Activity related to the obligations pursuant to the Cost Saving Initiatives during the nine month period ended September 30, 2014 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, January 1, 2014	$	11,860		$	5,356		$	17,216
Less:
Settlements		(9,815	)		(150	)		(9,965	)

Balance, September 30, 2014	$	2,045		$	5,206		$	7,251

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

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

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


	Three Months Ended September 30,					Nine Months Ended September 30,
	2014			2013		2014		2013
Net income attributable to Lazard Ltd		$88,859			$60,282		$254,893		$106,995
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		–			–		–		–

Net income attributable to Lazard Ltd - basic		88,859			60,282		254,893		106,995
Add - dilutive effect, as applicable, of:
Adjustments to income relating to interest expense and changes in net income attributable to noncontrolling interests resulting from assumed Class A common stock issuances in connection with share-based incentive compensation and exchangeable interests, net of tax		(3	)		316		604		787

Net income attributable to Lazard Ltd - diluted		$88,856			$60,598		$255,497		$107,782


Weighted average number of shares of Class A common stock outstanding		121,800,294			121,441,956		121,954,428		119,797,545
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		406,620			757,998		412,204		758,502

Weighted average number of shares of Class A common stock outstanding - basic		122,206,914			122,199,954		122,366,632		120,556,047
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests		11,359,770			12,042,190		11,356,144		12,617,953

Weighted average number of shares of Class A common stock outstanding - diluted		133,566,684			134,242,144		133,722,776		133,174,000

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$0.73			$0.49		$2.08		$0.89

Diluted		$0.67			$0.45		$1.91		$0.81

Related Parties (Tables)

9 Months Ended

Sep. 30, 2014

Amounts Receivable from and Payable to Related Parties

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


	September 30, 2014		December 31, 2013
Receivables
LFCM Holdings	$	139	$	7,794
Other		391		126

Total	$	530	$	7,920

Payables
LFCM Holdings	$	11,754	$	4,300
Other		198		731

Total	$	11,952	$	5,031

Segment Information (Tables)

9 Months Ended

Sep. 30, 2014

Segment Reporting [Abstract]

Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss)

the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:


		Three Months Ended September 30,						Nine Months Ended September 30,
		2014			2013(a)			2014			2013(a)
Financial Advisory	Net Revenue	$	291,089		$	233,842		$	847,354		$	665,611
	Operating Expenses		255,230			218,015			754,449			674,689

	Operating Income (Loss)	$	35,859		$	15,827		$	92,905		$	(9,078	)


Asset Management	Net Revenue	$	291,967		$	252,094		$	848,695		$	741,618
	Operating Expenses		191,501			168,895			552,499			511,526

	Operating Income	$	100,466		$	83,199		$	296,196		$	230,092


Corporate	Net Revenue (Expense)	$	(16,845	)	$	(5,582	)	$	(29,542	)	$	(34,567	)
	Operating Expenses		5,768			12,326			39,687			42,794

	Operating Loss	$	(22,613	)	$	(17,908	)	$	(69,229	)	$	(77,361	)


Total	Net Revenue	$	566,211		$	480,354		$	1,666,507		$	1,372,662
	Operating Expenses		452,499			399,236			1,346,635			1,229,009

	Operating Income	$	113,712		$	81,118		$	319,872		$	143,653

(a)	See Note 14 of Notes to Condensed Consolidated Financial Statements for information regarding the Cost Saving Initiatives, and the impact on each of the Company’s business segments during the nine month period ended September 30, 2013.

Schedule of Segment Total Assets


	As Of
	September 30, 2014		December 31, 2013
Total Assets
Financial Advisory	$	706,251	$	714,708
Asset Management		585,693		612,018
Corporate		1,750,946		1,684,411

Total	$	3,042,890	$	3,011,137

Organization and Basis of Presentation - Additional Information (Detail)	1 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2014 $ / shares shares	Sep. 30, 2014 Segment $ / shares shares	Dec. 31, 2013 $ / shares shares	Sep. 30, 2013 shares	Dec. 31, 2012 shares
Organization And Basis Of Presentation [Line Items]
Governing operating agreement, date		May 10, 2005
Common stock, Class B shares conversion to Class A shares	1
Common stock conversion	In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock, and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.
Number of business segments \| Segment		2
Short-term investments maturity days		Original maturities of 90 days or less
Class B Common Stock [Member]
Organization And Basis Of Presentation [Line Items]
Common stock, par value \| $ / shares			$ 0.01
Common stock, shares outstanding			1
Common stock, shares issued			1	1	1
Class A Common Stock [Member]
Organization And Basis Of Presentation [Line Items]
Common stock, par value \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Common stock, shares outstanding		129,766,091	129,056,081
Common stock, shares issued		129,766,091	129,056,081	129,056,081	128,216,423
Lazard Ltd [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held		100.00%	99.50%
LAZ-MD Holdings LLC [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held			0.50%
LAZ-MD Holdings LLC [Member] \| Class B Common Stock [Member]
Organization And Basis Of Presentation [Line Items]
Common membership voting power held			0.60%
Common stock, shares outstanding			1
Common stock, shares issued			1

Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Receivables [Abstract]
Allowance for doubtful accounts receivables, Beginning balance	$ 29,943	$ 24,593	$ 28,777	$ 23,017
Bad debt expense, net of recoveries	2,064	(198)	9,567	1,644
Charge-offs, foreign currency translation and other adjustments	(2,148)	1,765	(8,485)	1,499
Allowance for doubtful accounts receivables, Ending balance	$ 29,859	$ 26,160	$ 29,859	$ 26,160

Receivables - Additional Information (Detail) - USD ($)	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest-bearing financing fee receivables	$ 81,531,000		$ 69,464,000
Allowance for doubtful accounts receivables	29,859,000	$ 29,943,000	28,777,000	$ 26,160,000	$ 24,593,000	$ 23,017,000
Aggregate carrying amount of non-interest bearing receivables	426,384,000		443,211,000
Financing Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivables	0		0
Trade Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables past due or deemed uncollectible	$ 35,086,000		$ 39,341,000

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Interest-bearing deposits	$ 24,785	$ 516
Debt	7,185	8,013
Equities	63,275	59,394
Funds	446,159	400,694
Equity method	8,518	9,488
Total investments	549,922	478,105
Investments, at fair value	516,619	468,101
Securities sold, not yet purchased, at fair value (included in "other liabilities")	8,630	4,045
Alternative Investments Funds [Member]
Schedule of Investments [Line Items]
Funds	36,184	37,030
Debt Funds [Member]
Schedule of Investments [Line Items]
Funds	81,099	58,769
Equity Funds [Member]
Schedule of Investments [Line Items]
Funds	211,772	190,702
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Funds	$ 117,104	$ 114,193

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Schedule of Investments [Abstract]
Lazard fund interests in equities funds	$ 166,541	$ 130,481
Lazard fund interests in alternative investments funds	8,566	7,099
Lazard fund interests in debt funds	$ 43,779	$ 31,515

Investments - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Schedule of Investments [Abstract]
Interest-bearing deposits maturity period	1 year
Economic interests that are owned by management team and other investors in the Edgewater Funds	$ 6,732	$ 9,787

Investments - Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract]
Gross unrealized investment gains		$ 10,925	$ 5,526	$ 12,044
Gross unrealized investment losses	$ 13,897		$ 5,601	$ 3,907

Fair Value Measurements - Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 516,619	$ 468,101
Equities	63,275	59,394
Derivatives	8,625	682
Securities sold, not yet purchased	8,630	4,045
Derivatives	209,941	164,001
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	63,275	59,394
Derivatives	8,625	682
Total Assets	525,244	468,783
Securities sold, not yet purchased	8,630	4,045
Derivatives	209,941	164,001
Total Liabilities	218,571	168,046
Debt [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	7,185	8,013
Alternative Investments Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36,184	37,030
Debt Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	81,099	58,769
Equity Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	211,772	190,702
Private Equity Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	117,104	114,193
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	61,941	58,054
Total Assets	355,906	309,160
Securities sold, not yet purchased	8,630	4,045
Total Liabilities	8,630	4,045
Level 1 [Member] \| Debt [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	1,141	1,681
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	81,095	58,765
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	211,729	190,660
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	8,625	682
Total Assets	50,900	44,090
Derivatives	209,941	164,001
Total Liabilities	209,941	164,001
Level 2 [Member] \| Debt [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	6,044	6,332
Level 2 [Member] \| Alternative Investments Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	36,184	37,030
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	4
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	43	42
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	1,334	1,340
Total Assets	118,438	115,533
Level 3 [Member] \| Private Equity Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 117,104	$ 114,193

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 118,265	$ 113,481	$ 115,533	$ 116,101
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	2,500	5,165	9,350	9,037
Purchases/Acquisitions	7,498	3,557	8,709	7,261
Sales/Dispositions	(5,769)	(6,848)	(10,854)	(16,300)
Foreign Currency Translation Adjustments	(4,056)	1,536	(4,300)	792
Ending Balance	118,438	116,891	118,438	116,891
Equities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,370	637	1,340	190
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other		2	14	8
Purchases/Acquisitions		650		1,095
Foreign Currency Translation Adjustments	(36)	34	(20)	30
Ending Balance	1,334	1,323	1,334	1,323
Alternative Investment Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		11		3,457
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other		(11)		117
Sales/Dispositions				(3,574)
Equity Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance				10
Sales/Dispositions				(10)
Private Equity Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	116,895	112,833	114,193	112,444
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	2,500	5,174	9,336	8,912
Purchases/Acquisitions	7,498	2,907	8,709	6,166
Sales/Dispositions	(5,769)	(6,848)	(10,854)	(12,716)
Foreign Currency Translation Adjustments	(4,020)	1,502	(4,280)	762
Ending Balance	$ 117,104	$ 115,568	$ 117,104	$ 115,568

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value Disclosures [Abstract]
Net unrealized gains	$ 810	$ 2,680	$ 6,346	$ 6,007

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Transfers between Level 1 , 2 and 3 in fair value measurement hierarchy	$ 0	$ 0	$ 0	$ 0
Unfunded Commitments	19,137		19,137		$ 27,135
EGCP III [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	12,688		$ 12,688
End of the investment period			Oct. 12, 2016
Remaining commitments date			Oct. 12, 2023
COF2 [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	4,805		$ 4,805
End of the investment period			Nov. 11, 2016
Remaining commitments date			Nov. 11, 2019
CP II [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 1,644		$ 1,644
End of the investment period			Feb. 25, 2017

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 153,335	$ 151,269
Unfunded Commitments	19,137	27,135
Alternative Investment Funds [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	32,344	31,837
Alternative Investment Funds [Member] \| Funds of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	480	475
Alternative Investment Funds [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 3,360	$ 4,718
Alternative Investment Funds [Member] \| Weekly [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	weekly(5%)	weekly (1%)
Alternative Investment Funds [Member] \| Weekly [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	weekly (17%)	weekly (17%)
Alternative Investment Funds [Member] \| Monthly [Member] \| Funds of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly(98%)	monthly (95%)
Alternative Investment Funds [Member] \| Monthly [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly(84%)	monthly (92%)
Alternative Investment Funds [Member] \| Monthly [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly(64%)	monthly (65%)
Alternative Investment Funds [Member] \| Quarterly [Member] \| Funds of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	quarterly(2%)	quarterly (5%)
Alternative Investment Funds [Member] \| Quarterly [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	quarterly(19%)	quarterly (18%)
Alternative Investment Funds [Member] \| Daily [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	daily(11%)	daily (7%)
Alternative Investment Funds [Member] \| Minimum [Member] \| Funds of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Alternative Investment Funds [Member] \| Minimum [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Alternative Investment Funds [Member] \| Minimum [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Alternative Investment Funds [Member] \| Maximum [Member] \| Funds of Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	90 days	90 days
Alternative Investment Funds [Member] \| Maximum [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Alternative Investment Funds [Member] \| Maximum [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	90 days
Debt Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 4	$ 4
Investments Redeemable, Redemption Notice Period	30 days	30 days
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]
Fair Value	$ 43	$ 42
Equity Funds [Member] \| Monthly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	monthly(58%)	monthly (58%)
Equity Funds [Member] \| Quarterly [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	quarterly(28%)	quarterly (29%)
Equity Funds [Member] \| Daily [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Frequency	daily(14%)	daily (13%)
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	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	90 days	90 days
Private Equity Funds [Member] \| Equity Growth [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 76,164	$ 70,054
Unfunded Commitments	$ 19,137	$ 27,135
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	11.00%	17.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	61.00%	60.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	28.00%	23.00%
Private Equity Funds [Member] \| Mezzanine Debt [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 40,940	$ 44,139
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	100.00%	100.00%

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Unfunded commitments to private equity investments	$ 7,518	$ 10,613

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 8,625	$ 682
Derivative Liabilities	209,941	164,001
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	4,464	250
Derivative Liabilities	20	1,579
Total Return Swaps and Other [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	4,161	432
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 209,921	$ 162,422

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Gross derivative liability	$ 209,921	$ 162,422	$ 156,306	$ 97,593
Cash collateral pledged for total return swaps	10,434	11,384
Total Return Swaps [Member]
Derivatives, Fair Value [Line Items]
Gross derivative assets	4,220	2,019
Gross derivative liability	$ 59	$ 1,587

Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ 23,718	$ (19,349)	$ 2,940	$ (16,344)
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	15,355	(5,310)	14,380	(1,705)
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	5,528	(7,519)	(6,004)	(7,767)
Total Return Swaps and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ 2,835	$ (6,520)	$ (5,436)	$ (6,872)

Property - Property (Detail) - USD ($) $ in Thousands	9 Months Ended
Property - Property (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 484,871	$ 502,726
Less - Accumulated depreciation and amortization	257,512	253,930
Property	227,359	248,796
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	158,551	173,772
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	169,814	175,600
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	151,270	149,598
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,236	$ 3,756
Minimum [Member] \| Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 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	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 343,776	$ 345,453	$ 350,619	$ 364,328
Other intangible assets (net of accumulated amortization)	12,478	18,424
Goodwill and other intangible assets, Total	$ 356,254	$ 363,877

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 343,776	$ 350,619	$ 343,776	$ 350,619	$ 345,453	$ 364,328
Amortization expense of intangible assets	4,020	$ 877	5,946	$ 2,758
Financial Advisory Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	279,235		279,235		280,912
Asset Management Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 64,541		$ 64,541		$ 64,541

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 345,453	$ 364,328
Business acquisitions	3,232	1,601
Foreign currency translation adjustments	(4,909)	(15,310)
Ending Balance	$ 343,776	$ 350,619

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 63,803	$ 63,803
Other intangible assets, Accumulated Amortization	51,325	45,379
Other intangible assets, Net Carrying Amount	12,478	18,424
Performance Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	30,740	30,740
Other intangible assets, Accumulated Amortization	21,116	17,173
Other intangible assets, Net Carrying Amount	9,624	13,567
Management Fees, Customer Relationships and Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	33,063	33,063
Other intangible assets, Accumulated Amortization	30,209	28,206
Other intangible assets, Net Carrying Amount	$ 2,854	$ 4,857

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2014 (October 1 through December 31)	$ 864
2015	6,433
2016	5,181
Total amortization expense	$ 12,478

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization attributable to noncontrolling interest, percentage	46.00%

Senior Debt - Senior Debt (Detail) - USD ($) $ in Thousands	9 Months Ended
Senior Debt - Senior Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013	Nov. 30, 2013	Sep. 25, 2012
Debt Instrument [Line Items]
Senior Debt, Outstanding	$ 1,048,350	$ 1,048,350
Revolving Credit Facility, Initial Principal Amount				$ 150,000
Lazard Group 6.85% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Outstanding	$ 548,350	548,350
Senior Debt, Maturity Date	Jun. 15, 2017
Senior Debt, Initial Principal Amount	$ 600,000
Senior Debt, Annual Interest Rate	6.85%
Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Outstanding	$ 500,000	$ 500,000
Senior Debt, Maturity Date	Nov. 14, 2020
Senior Debt, Initial Principal Amount	$ 500,000		$ 500,000
Senior Debt, Annual Interest Rate	4.25%		4.25%
Lazard Group Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility, Initial Principal Amount	$ 150,000
Credit Facility, Expiration Date	Sep. 25, 2015
Revolving Credit Facility, Annual Interest Rate	0.78%

Senior Debt - Additional Information (Detail) - USD ($) $ in Thousands				9 Months Ended
	Sep. 30, 2014	Nov. 30, 2013	Sep. 25, 2012	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
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		$ 0
Unused lines of credit	262,000			262,000
LFB [Member]
Debt Instrument [Line Items]
Unused lines of credit	44,000			44,000
Edgewater [Member]
Debt Instrument [Line Items]
Unused lines of credit	64,000			64,000
Available line of credit drawn down					$ 20,000
Senior Debt [Member]
Debt Instrument [Line Items]
Fair value of senior debt	1,141,000			1,141,000		1,117,000
Fair value of senior debt in excess of the aggregate carrying amount	$ 93,000			$ 93,000		$ 69,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Expiration date of credit facility				Sep. 25, 2015
Revolving credit facility annual interest rate	0.78%
7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate		7.125%
Senior Debt, Maturity Date		May 15, 2015
7.125% Senior Notes [Member] \| 2015 Notes [Member]
Debt Instrument [Line Items]
Redemption of senior debt		$ 528,500
Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate	4.25%	4.25%		4.25%
Senior Debt, Maturity Date				Nov. 14, 2020
Senior Debt, Initial Principal Amount	$ 500,000	$ 500,000		$ 500,000
Interest rate, payment terms				Interest on the 2020 Notes is payable semi-annually on May 14 and November 14 of each year.

Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum rental commitments operating - 2014	$ 21,159
Minimum rental commitments operating - 2015	77,287
Minimum rental commitments operating - 2016	75,672
Minimum rental commitments operating - 2017	70,321
Minimum rental commitments operating - 2018	64,894
Minimum rental commitments operating - Thereafter	646,775
Total minimum lease payments - Operating	956,108
Sublease proceeds	82,162
Net lease payments	$ 873,946

Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases (Parenthetical) (Detail) $ in Thousands	3 Months Ended
	Sep. 30, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Decreased sublease income	$ 79,600

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 15, 2009	Mar. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Commitments [Line Items]
Guarantees indemnifications			$ 4,851,000
Collateral/counter-guarantees			$ 4,357,000
Aggregate fair value of consideration recognized by the company at acquisition date	$ 61,624,000
Initial and Earnout shares became settled			1,041,436	1,029,006
LFB [Member]
Other Commitments [Line Items]
Underwriting commitments			$ 0
LFNY [Member]
Other Commitments [Line Items]
Underwriting commitments			$ 0
Initial Shares [Member]
Other Commitments [Line Items]
Additional shares issued and subject to earnout criteria and payable over time	1,142,857
Earnout Shares [Member]
Other Commitments [Line Items]
Additional shares issued and subject to earnout criteria and payable over time	1,142,857
Initial Shares and Earnout Shares [Member]
Other Commitments [Line Items]
Initial and Earnout shares issuable on contingent basis			913,722	913,722
Initial and Earnout shares earned			1,371,992	1,371,992
Class A Common Stock [Member]
Other Commitments [Line Items]
Common stock issuable on non-contingent basis					170,988
Common stock issued on non-contingent basis		170,988
Class A Common Stock [Member] \| Maximum [Member]
Other Commitments [Line Items]
Common stock issuable on contingent basis			202,650

Stockholders' Equity - Additional Information (Detail) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 22, 2014	Jun. 26, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Schedule Of Stockholders Equity [Line Items]
Shares repurchased, value					$ 192,657,000	$ 77,934,000
Share repurchase remaining authorization			$ 128,932,000		$ 128,932,000
Share repurchase program expiration date					Dec. 31, 2015
Authorized shares of preferred stock			15,000,000		15,000,000		15,000,000
Par value of preferred stock			$ 0.01		$ 0.01		$ 0.01
Dividend declared per share of common stock			$ 0.30	$ 0.25	$ 0.90	$ 0.50
Natixis S.A. [Member]
Schedule Of Stockholders Equity [Line Items]
Shares repurchased, shares		1,000,000
Shares repurchased, value		$ 50,340,000
Series A Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Outstanding shares of preferred stock			7,921		7,921		7,921
Series B Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Outstanding shares of preferred stock			0		0		0
Class A Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Conversion of Series A preferred stock into Class A common stock (in shares)					0		0
Class A Common Stock [Member] \| Subsequent Event [Member]
Schedule Of Stockholders Equity [Line Items]
Dividend declared per share of common stock	$ 0.30
Dividend payable date	Nov. 14, 2014
Dividend date of record	Nov. 03, 2014
Dividend declare date	Oct. 22, 2014
LAZ-MD Holdings [Member]
Schedule Of Stockholders Equity [Line Items]
Company tax distributions					$ 0	$ 0
Subsidiaries of Lazard Ltd [Member]
Schedule Of Stockholders Equity [Line Items]
Company tax distributions					$ 0	$ 0
Lazard Ltd [Member]
Schedule Of Stockholders Equity [Line Items]
Shares in exchanges of a like number of common membership interests					710,009	839,658

Stockholders' Equity - Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Schedule Of Group Distributions [Line Items]
Dividends distributed by Lazard Group	$ 109,592	$ 60,931
Lazard Ltd [Member]
Schedule Of Group Distributions [Line Items]
Total distributed by Lazard Group	109,805	61,496
LAZ-MD Holdings [Member]
Schedule Of Group Distributions [Line Items]
Total distributed by Lazard Group	213	565
Subsidiaries of Lazard Ltd [Member]
Schedule Of Group Distributions [Line Items]
Dividends distributed by Lazard Group	$ 109,592	$ 60,931

Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Schedule Of Share Repurchase Programs [Line Items]
Expiration	Dec. 31, 2015
February 2011 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 250,000
Expiration	Dec. 31, 2012
October 2011 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 125,000
Expiration	Dec. 31, 2013
April 2012 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 125,000
Expiration	Dec. 31, 2013
October 2012 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 200,000
Expiration	Dec. 31, 2014
October 2013 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 100,000
Expiration	Dec. 31, 2015
April 2014 [Member]
Schedule Of Share Repurchase Programs [Line Items]
Share Repurchase Authorization	$ 200,000
Expiration	Dec. 31, 2015

Stockholders' Equity - Schedule of Share Repurchase Program (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share Repurchase Program [Abstract]
Number of Shares/Common Membership Interests Purchased	4,114,206	2,201,657
Average Price Per Share/Common Membership Interest	$ 46.83	$ 35.40

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (133,004)	$ (110,541)
Other comprehensive gain (loss) before reclassifications	(22,894)	(21,730)
Adjustments for items reclassified to earnings, net of tax	3,714	4,419
Net other comprehensive income (loss)	(19,180)	(17,311)
Ending balance	(152,184)	(127,852)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	3,869	19,405
Other comprehensive gain (loss) before reclassifications	(18,640)	(18,610)
Adjustments for items reclassified to earnings, net of tax
Net other comprehensive income (loss)	(18,640)	(18,610)
Ending balance	(14,771)	795
Interest Rate Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(2,502)
Other comprehensive gain (loss) before reclassifications
Adjustments for items reclassified to earnings, net of tax		791
Net other comprehensive income (loss)		791
Ending balance		(1,711)
Employee Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(137,431)	(128,536)
Other comprehensive gain (loss) before reclassifications	(3,695)	(2,669)
Adjustments for items reclassified to earnings, net of tax	3,714	3,653
Net other comprehensive income (loss)	19	984
Ending balance	(137,412)	(127,552)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(133,562)	(111,633)
Other comprehensive gain (loss) before reclassifications	(22,335)	(21,279)
Adjustments for items reclassified to earnings, net of tax	3,714	4,444
Net other comprehensive income (loss)	(18,621)	(16,835)
Ending balance	(152,183)	(128,468)
Noncontrolling Interests [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(558)	(1,092)
Other comprehensive gain (loss) before reclassifications	559	451
Adjustments for items reclassified to earnings, net of tax		25
Net other comprehensive income (loss)	559	476
Ending balance	$ 1	$ (616)

Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization of interest rate hedge		$ 264		$ 791
Amortization relating to employee benefit plans	$ 1,673	1,627	$ 5,105	4,859
Less - related income taxes	528	404	1,391	1,206
Net of tax	1,145	1,223	3,714	3,653
Total reclassifications, net of tax	$ 1,145	$ 1,487	$ 3,714	$ 4,444

Stockholders' Equity - Changes in Ownership Interests (Detail)	Sep. 30, 2014 shares
Lazard Ltd [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ending balance (in shares)	129,766,090
Percentage of Ownership, Ending Balance	100.00%
Total Lazard Group Common Membership Interests [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ending balance (in shares)	129,766,090

Stockholders' Equity - Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	$ 1,061	$ 2,466	$ 6,365	$ 5,323
Noncontrolling interests	65,090		65,090		$ 69,789
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	1,060	2,018	5,732	4,671
Noncontrolling interests	64,360		64,360		66,641
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests		365	631	862
Noncontrolling interests					2,566
Other [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable To Noncontrolling Interests	1	$ 83	2	$ (210)
Noncontrolling interests	$ 730		$ 730		$ 582

Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	May 31, 2014	Dec. 31, 2012	Sep. 30, 2014	Sep. 30, 2013	Mar. 01, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis	In May 2014, the remaining outstanding Lazard Group common membership interests held by LAZ-MD Holdings were exchanged for shares of the Company’s Class A common stock, and the sole issued and outstanding share of the Company’s Class B common stock was automatically converted into one share of the Company’s Class A common stock pursuant to the provisions of the Company’s bye-laws, resulting in only one outstanding class of common stock (the “Final Exchange of LAZ-MD Interests”). Following the Final Exchange of LAZ-MD Interests, Lazard Group became a wholly-owned indirect subsidiary of Lazard Ltd.
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%
Lazard Fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years			1 year 8 months 12 days
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis			One-for-one
Grant date fair value, amortized periods			Generally one-third after two years, and the remaining two-thirds after the third year
Unrecognized compensation expense			$ 168,382
Unrecognized compensation expense, years			1 year 1 month 6 days
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation paid in DSUs			26,360	39,315
Units granted under the directors deferred unit plan			6,381	5,880
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 13,460
Unrecognized compensation expense, years			1 year 4 months 24 days
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 23,850
Unrecognized compensation expense, years			1 year 7 months 6 days
Percentage of target number of shares subject to each PRSU no longer subject to forfeiture due to threshold level of performance being achieved			25.00%
Descriptions of vesting period associated with PRSUs			The PRSUs granted in 2014 will vest on a single date three years following the date of the grant
Vesting period of PRSUs granted in 2014			3 years
PSRU's target share distribution for Class A common stock, description			The target number of shares of Class A common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of Class A common stock that may be received in connection with each PRSU can range from zero to two times the target number (or, for PRSUs granted in 2013, three times the target number in the event of a substantial increase in fiscal year 2014 revenue (adjusted for certain items)).
PRSUs [Member] \| March 2015 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period associated with PRSUs				33.00%
PRSUs [Member] \| March 2016 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period associated with PRSUs				67.00%
Liability Awards [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs' modified through a forward purchase agreements		958,213
Liability awards					$ 28,612
Liability awards, compensation expense				$ 1,690
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			1,876,398	3,471,813
Delivery of common stock associated with stock awards			4,653,403	5,891,979
Class A Common Stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery			29,999	18,631
Delivery of common stock associated with stock awards			175,076	1,709,878
Class A Common Stock [Member] \| 2005 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements, 2005 Plan			25,000,000
Class A Common Stock [Member] \| Awarded Under 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding Class A common stock			30.00%

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based incentive awards:
Share-based incentive awards	$ 46,787	$ 55,260	$ 159,095	$ 183,341
RSUs [Member]
Share-based incentive awards:
Share-based incentive awards	39,091	46,095	132,307	163,184
PRSUs [Member]
Share-based incentive awards:
Share-based incentive awards	4,957	6,467	11,657	8,900
Restricted Stock [Member]
Share-based incentive awards:
Share-based incentive awards	2,637	2,627	13,493	9,712
DSUs [Member]
Share-based incentive awards:
Share-based incentive awards	$ 102	$ 71	$ 1,638	$ 1,545

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2013 USD ($)
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives	$ 9,099
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives	$ 247

Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of RSUs issued	288,272	257,418
Charges to retained earnings, net of estimated forfeitures	$ 13,489	$ 8,440

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	16,630,009	21,481,131
Units, Granted	3,733,113	4,868,963
Units, Forfeited	(210,458)	(239,117)
Units, Vested	(6,529,801)	(9,363,792)
Units, Ending Balance	13,622,863	16,747,185
Weighted Average Grant Date Fair Value, Beginning Balance	$ 34.51	$ 33.92
Weighted Average Grant Date Fair Value, Granted	42.75	36.92
Weighted Average Grant Date Fair Value, Forfeited	33.45	34.63
Weighted Average Grant Date Fair Value, Vested	37.86	34.78
Weighted Average Grant Date Fair Value, Ending Balance	$ 35.18	$ 34.30
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	251,434	204,496
Units, Granted	32,741	45,195
Units, Forfeited
Units, Vested
Units, Ending Balance	284,175	249,691
Weighted Average Grant Date Fair Value, Beginning Balance	$ 32.02	$ 31.47
Weighted Average Grant Date Fair Value, Granted	50.04	34.18
Weighted Average Grant Date Fair Value, Forfeited
Weighted Average Grant Date Fair Value, Vested
Weighted Average Grant Date Fair Value, Ending Balance	$ 34.10	$ 31.96

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) - shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend participation rights	288,272	257,418

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	575,054	1,972,609
Units, Granted	449,911	368,736
Units, Forfeited	(12,097)	(35,794)
Units, Vested	(205,075)	(1,728,509)
Units, Ending Balance	807,793	577,042
Weighted Average Grant Date Fair Value, Beginning Balance	$ 32.72	$ 34.85
Weighted Average Grant Date Fair Value, Granted	45.52	36.74
Weighted Average Grant Date Fair Value, Forfeited	41.19	33.35
Weighted Average Grant Date Fair Value, Vested	35.23	36.00
Weighted Average Grant Date Fair Value, Ending Balance	$ 39.08	$ 32.72

Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] - $ / shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	448,128
Units, Granted	360,783	448,128
Units, Ending Balance	808,911	448,128
Weighted Average Grant Date Fair Value, Beginning Balance	$ 36.11
Weighted Average Grant Date Fair Value, Granted	44.46	$ 36.11
Weighted Average Grant Date Fair Value, Ending Balance	$ 39.83	$ 36.11

Incentive Plans - Summary of FI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Deferred Compensation Arrangements [Abstract]
Prepaid Compensation Asset, Beginning Balance			$ 60,433	$ 47,445
Prepaid Compensation Asset, Granted			92,728	72,217
Prepaid Compensation Asset, Settled
Prepaid Compensation Asset, Forfeited			(1,320)	(765)
Prepaid Compensation Asset, Amortization			(57,287)	(44,195)
Prepaid Compensation Asset, Increase in fair value of underlying investments
Prepaid Compensation Asset, Adjustment for estimated forfeitures
Prepaid Compensation Asset, Other			(551)	(217)
Prepaid Compensation Asset, Ending Balance	$ 94,003	$ 74,485	94,003	74,485
Compensation Liability, Beginning Balance			162,422	97,593
Compensation Liability, Granted			92,728	72,217
Compensation Liability, Settled			(54,293)	(22,903)
Compensation Liability, Forfeited			(1,908)	(985)
Compensation Liability, Amortization
Compensation Liability, Increase in fair value of underlying investments	(5,528)	7,519	6,004	7,767
Compensation Liability, Adjustment for estimated forfeitures			6,527	3,175
Compensation Liability, Other			(1,559)	(558)
Compensation Liability, Ending Balance	$ 209,921	$ 156,306	$ 209,921	$ 156,306

Incentive Plans - Summary of Impact of FI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Share-based Compensation [Abstract]
Amortization, net of forfeitures	$ 21,310	$ 15,049	$ 63,226	$ 47,150
Change in the fair value of underlying investments	(5,528)	7,519	6,004	7,767
Total	$ 15,782	$ 22,568	$ 69,230	$ 54,917

Incentive Plans - Summary of Impact of FI and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2013 USD ($)
LFI and Other Similar Deferred Compensation Arrangements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost savings initiatives	$ 2,665

Employee Benefit Plans - Additional Information (Detail) $ in Thousands, £ in Millions	9 Months Ended
	Sep. 30, 2014 GBP (£)	Sep. 30, 2014 USD ($)	Dec. 31, 2013 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Aggregate amount in account security arrangement \| $		$ 18,200	$ 16,900
2014 Through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional contribution to escrow account	£ 1
2012 Through 2020 [Member] \| United Kingdom [Member] \| Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional contribution to plan assets	£ 1

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Pension Plans [Member]
Components of Net Benefit Cost (Credit):
Service cost	$ 267	$ 315	$ 718	$ 938
Interest cost	7,636	6,744	22,807	20,193
Expected return on plan assets	(8,253)	(6,701)	(24,560)	(20,090)
Amortization of:
Prior service cost	708	708	2,176	2,114
Net actuarial loss (gain)	1,096	919	3,325	2,745
Net benefit cost (credit)	1,454	1,985	4,466	5,900
Medical Plan [Member]
Components of Net Benefit Cost (Credit):
Service cost	7	12	24	39
Interest cost	49	46	146	137
Expected return on plan assets
Amortization of:
Prior service cost
Net actuarial loss (gain)	(131)		(396)
Net benefit cost (credit)	$ (75)	$ 58	$ (226)	$ 176

Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2014
Cumulative [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiative date	Oct. 01, 2012

Cost Saving Initiatives - Activity Related to Obligations Pursuant to Cost Saving Initiatives (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 17,216
Settlements	(9,965)
Ending Balance	7,251
Accrued Compensation and Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	11,860
Settlements	(9,815)
Ending Balance	2,045
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	5,356
Settlements	(150)
Ending Balance	$ 5,206

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Tax [Line Items]
Provisions for income tax	$ 23,792	$ 18,370	$ 58,614	$ 31,335
Effective income tax rates	20.90%	22.60%	18.30%	21.80%
U.S. federal statutory income tax rate			35.00%
Provision (benefit) pursuant to tax receivable agreement	$ (176)		$ 9,064
LFCM Holdings [Member]
Income Tax [Line Items]
Percentage of cash savings required to pay under the tax receivable agreement			85.00%
Tax receivable agreement date			May 10, 2005

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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share [Abstract]
Net income attributable to Lazard Ltd	$ 88,859	$ 60,282	$ 254,893	$ 106,995
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis
Net income attributable to Lazard Ltd - basic	88,859	60,282	254,893	106,995
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 and exchangeable interests, net of tax	(3)	316	604	787
Net income attributable to Lazard Ltd - diluted	$ 88,856	$ 60,598	$ 255,497	$ 107,782
Weighted average number of shares of Class A common stock outstanding	121,800,294	121,441,956	121,954,428	119,797,545
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis	406,620	757,998	412,204	758,502
Weighted average number of shares of Class A common stock outstanding - basic	122,206,914	122,199,954	122,366,632	120,556,047
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests	11,359,770	12,042,190	11,356,144	12,617,953
Weighted average number of shares of Class A common stock outstanding - diluted	133,566,684	134,242,144	133,722,776	133,174,000
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$ 0.73	$ 0.49	$ 2.08	$ 0.89
Diluted	$ 0.67	$ 0.45	$ 1.91	$ 0.81

Related Parties - Amounts Receivable from and Payable to Related Parties (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Amounts receivables from related parties	$ 530	$ 7,920
Amounts payables to related parties	11,952	5,031
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	139	7,794
Amounts payables to related parties	11,754	4,300
Other [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	391	126
Amounts payables to related parties	$ 198	$ 731

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Master Separation Agreement [Member]
Related Party Transaction [Line Items]
Agreement date			May 10, 2005
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement	$ 220	$ 534	$ 812	$ 1,466
Net referral fees for underwriting, private placement, M&A and restructuring transactions	54	1,633	795	1,163
Obligations pursuant to the tax receivable agreement	10,327		10,327		$ 1,249
LFCM Holdings [Member] \| Administrative and Support Services and Other Receivables [Member]
Related Party Transaction [Line Items]
Receivables from related party	139		139		3,112
LFCM Holdings [Member] \| Referral Fees for Underwriting and Private Placement Transactions [Member]
Related Party Transaction [Line Items]
Receivables from related party					4,682
LFCM Holdings [Member] \| Referral Fees [Member]
Related Party Transaction [Line Items]
Payables to related party	1,427		1,427		$ 3,051
MBA Lazard Holdings S.A. [Member]
Related Party Transaction [Line Items]
Percentage of ownership					50.00%
LAZ-MD Holdings [Member] \| Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement	$ 250	$ 250	$ 750	$ 750

Regulatory Authorities - Additional Information (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
LFNY [Member]
Regulatory Requirements [Line Items]
Specified fixed percentage, minimum required capital	6.67%
Minimum net capital requirement as defined under securities exchange act	$ 100
Regulatory capital	180,909
Regulatory capital in excess of minimum requirement	178,043
U.K. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	91,003
Regulatory capital in excess of minimum requirement	72,842
CFLF [Member]
Regulatory Requirements [Line Items]
Regulatory capital	139,613
Regulatory capital in excess of minimum requirement	102,948
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	100,054
Regulatory capital in excess of minimum requirement	$ 72,757

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2014 Segment
Segment Reporting [Abstract]
Number of business segments	2

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment Reporting Information [Line Items]
Net Revenue (Expense)	$ 566,211	$ 480,354	$ 1,666,507	$ 1,372,662
Operating Expenses	452,499	399,236	1,346,635	1,229,009
Operating Income (Loss)	113,712	81,118	319,872	143,653
Financial Advisory Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)	291,089	233,842	847,354	665,611
Operating Expenses	255,230	218,015	754,449	674,689
Operating Income (Loss)	35,859	15,827	92,905	(9,078)
Asset Management [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)	291,967	252,094	848,695	741,618
Operating Expenses	191,501	168,895	552,499	511,526
Operating Income (Loss)	100,466	83,199	296,196	230,092
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)	(16,845)	(5,582)	(29,542)	(34,567)
Operating Expenses	5,768	12,326	39,687	42,794
Operating Income (Loss)	$ (22,613)	$ (17,908)	$ (69,229)	$ (77,361)

Segment Information - Schedule of Segment Total Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Total Assets	$ 3,042,890	$ 3,011,137
Financial Advisory Segment [Member]
Segment Reporting Information [Line Items]
Total Assets	706,251	714,708
Asset Management [Member]
Segment Reporting Information [Line Items]
Total Assets	585,693	612,018
Corporate [Member]
Segment Reporting Information [Line Items]
Total Assets	$ 1,750,946	$ 1,684,411

Label	Element	Value
Lazard Limited [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	129,056,081
Common Membership Interest Ownership Percentage	laz_CommonMembershipInterestOwnershipPercentage	99.50%
LAZ MD Holdings [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	710,009
Common Membership Interest Ownership Percentage	laz_CommonMembershipInterestOwnershipPercentage	0.50%
Lazard Group [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	129,766,090

Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Detail) $ in Thousands	Sep. 30, 2013 USD ($)
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	$ 64,703
Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	51,399
Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	13,304
Cumulative [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	167,279
Cumulative [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	151,386
Cumulative [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	15,893
Operating Segments [Member] \| Financial Advisory Segment [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	47,779
Operating Segments [Member] \| Financial Advisory Segment [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	45,746
Operating Segments [Member] \| Financial Advisory Segment [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	2,033
Operating Segments [Member] \| Asset Management [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	235
Operating Segments [Member] \| Asset Management [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	236
Operating Segments [Member] \| Asset Management [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	(1)
Operating Segments [Member] \| Corporate [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	16,689
Operating Segments [Member] \| Corporate [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	5,417
Operating Segments [Member] \| Corporate [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	11,272
Operating Segments [Member] \| Cumulative [Member] \| Financial Advisory Segment [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	125,311
Operating Segments [Member] \| Cumulative [Member] \| Financial Advisory Segment [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	121,879
Operating Segments [Member] \| Cumulative [Member] \| Financial Advisory Segment [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	3,432
Operating Segments [Member] \| Cumulative [Member] \| Asset Management [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	13,024
Operating Segments [Member] \| Cumulative [Member] \| Asset Management [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	12,292
Operating Segments [Member] \| Cumulative [Member] \| Asset Management [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	732
Operating Segments [Member] \| Cumulative [Member] \| Corporate [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	28,944
Operating Segments [Member] \| Cumulative [Member] \| Corporate [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	17,215
Operating Segments [Member] \| Cumulative [Member] \| Corporate [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	$ 11,729