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Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2014	Jan. 30, 2015	Jun. 30, 2014
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Trading Symbol	LAZ
Entity Registrant Name	LAZARD LTD
Entity Central Index Key	0001311370
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 6,234,307,330
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		7,842,035

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 1,066,580	$ 841,482
Deposits with banks and short-term investments	207,760	244,879
Cash deposited with clearing organizations and other segregated cash	43,290	62,046
Receivables (net of allowance for doubtful accounts of $23,540 and $28,777 at December 31, 2014 and 2013, respectively):
Fees	483,681	452,535
Customers and other	72,648	52,220
Related parties	1,267	7,920
Total receivables, net	557,596	512,675
Investments	620,352	478,105
Property (net of accumulated amortization and depreciation of $256,286 and $253,930 at December 31, 2014 and 2013, respectively)	222,569	248,796
Goodwill and other intangible assets (net of accumulated amortization of $51,754 and $45,379 at December 31, 2014 and 2013, respectively)	347,438	363,877
Other assets	266,651	259,277
Total Assets	3,332,236	3,011,137
Liabilities:
Deposits and other customer payables	314,284	275,434
Accrued compensation and benefits	606,290	523,063
Senior debt	1,048,350	1,048,350
Capital lease obligations	12,015	15,834
Related party payables	21,894	5,031
Other liabilities	559,346	513,427
Total Liabilities	2,562,179	2,381,139
Commitments and contingencies
Common stock:
Additional paid-in-capital	702,800	737,899
Retained earnings	464,655	203,236
Accumulated other comprehensive loss, net of tax	(200,766)	(133,004)
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling interests, total	967,987	809,422
Total Lazard Ltd Stockholders' Equity	706,744	560,209
Noncontrolling interests	63,313	69,789
Total Stockholders' Equity	770,057	629,998
Total Liabilities and Stockholders' Equity	3,332,236	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 (7,450,745 and 8,317,065 shares at December 31, 2014 and 2013, respectively)	(261,243)	(249,213)
Class B Common Stock [Member]
Common stock:
Common stock

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2014	May 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Allowance for doubtful accounts receivables	$ 23,540		$ 28,777	$ 23,017	$ 19,450
Property, accumulated amortization and depreciation	256,286		253,930
Goodwill and other intangible assets, accumulated amortization	$ 51,754		$ 45,379
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	15,000,000		15,000,000
Common stock held by subsidiaries, shares	7,450,745		8,317,065
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	$ 0.01
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	129,766,091		129,056,081	128,216,423
Common stock, shares outstanding	129,766,091		129,056,081
Common stock held by subsidiaries, shares	7,450,745		8,317,065
Class B Common Stock [Member]
Common stock, par value			$ 0.01
Common stock, shares authorized			1
Common stock, shares issued			1	1
Common stock, shares outstanding			1

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUE
Investment banking and other advisory fees	$ 1,201,424	$ 972,533	$ 1,039,188
Asset management fees	1,080,842	994,707	858,834
Interest income	5,360	4,705	6,008
Other	75,391	92,788	89,983
Total revenue	2,363,017	2,064,733	1,994,013
Interest expense	62,570	79,381	81,565
Net revenue	2,300,447	1,985,352	1,912,448
OPERATING EXPENSES
Compensation and benefits	1,313,606	1,278,534	1,351,129
Occupancy and equipment	111,550	122,926	113,163
Marketing and business development	88,029	84,214	95,573
Technology and information services	91,120	89,289	86,892
Professional services	46,543	42,663	43,958
Fund administration and outsourced services	65,457	59,298	51,390
Amortization of intangible assets related to acquisitions	6,387	10,114	8,359
Provision pursuant to tax receivable agreement	18,307	1,249	0
Other	39,983	80,258	38,099
Total operating expenses	1,780,982	1,768,545	1,788,563
OPERATING INCOME	519,465	216,807	123,885
Provision for income taxes	85,402	51,693	31,100
NET INCOME	434,063	165,114	92,785
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	6,786	4,902	8,476
NET INCOME ATTRIBUTABLE TO LAZARD LTD	$ 427,277	$ 160,212	$ 84,309
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic	122,351,836	120,854,267	116,953,989
Diluted	133,813,123	133,737,079	129,325,622
NET INCOME PER SHARE OF COMMON STOCK:
Basic	$ 3.49	$ 1.33	$ 0.72
Diluted	3.20	1.21	0.65
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 1.20	$ 1.00	$ 1.16

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 434,063	$ 165,114	$ 92,785
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	(49,971)	(15,536)	15,686
Amortization of interest rate hedge		2,502	1,055
Employee benefit plans:
Actuarial loss (net of tax benefit of $9,045, $6,388 and $12,950 for the years ended December 31, 2014, 2013 and 2012, respectively)	(21,983)	(13,500)	(40,298)
Adjustment for items reclassified to earnings (net of tax expense of $1,923, $1,929 and $1,145 for the years ended December 31, 2014, 2013 and 2012, respectively)	4,749	4,605	4,399
OTHER COMPREHENSIVE LOSS, NET OF TAX	(67,205)	(21,929)	(19,158)
COMPREHENSIVE INCOME	366,858	143,185	73,627
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	6,785	4,769	8,315
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD	$ 360,073	$ 138,416	$ 65,312

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Tax benefit on actuarial loss, employee benefit plans	$ 9,045	$ 6,388	$ 12,950
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 1,923	$ 1,929	$ 1,145

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 434,063	$ 165,114	$ 92,785
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	34,464	34,750	30,855
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge	295,830	310,036	360,751
Amortization of intangible assets related to acquisitions	6,387	10,114	8,359
Deferred tax provision (benefit)	15,628	14,454	(4,457)
Loss on extinguishment of debt		50,757
(Increase) decrease in operating assets:
Deposits with banks and short-term investments	8,544	58,570	(806)
Cash deposited with clearing organizations and other segregated cash	15,656	4,811	11,613
Receivables-net	(76,200)	(30,126)	31,157
Investments	(159,107)	(61,502)	(30,096)
Other assets	(111,588)	(60,731)	(62,683)
Increase (decrease) in operating liabilities:
Deposits and other payables	93,108	(4,779)	(26,576)
Accrued compensation and benefits and other liabilities	179,232	35,229	71,006
Net cash provided by operating activities	736,017	526,697	481,908
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(22,184)	(60,964)	(89,301)
Disposals of property	2,085	6,411	4,368
Net cash used in investing activities	(20,099)	(54,553)	(84,933)
Proceeds from:
Contributions from noncontrolling interests	1,532	832	1,741
Issuance of senior debt, net of expenses		493,398
Excess tax benefits from share-based incentive compensation	5,149	1,108
Payments for:
Senior debt		(578,464)
Capital lease obligations	(2,171)	(2,659)	(2,519)
Distributions to noncontrolling interests	(13,458)	(14,367)	(27,767)
Purchase of Class A common stock	(192,657)	(132,477)	(354,464)
Class A common stock dividends	(146,241)	(121,620)	(135,108)
Settlement of vested share-based incentive compensation	(85,442)	(132,533)	(44,883)
Other financing activities	(2,081)	(290)	(220)
Net cash used in financing activities	(435,369)	(487,072)	(563,220)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	(55,451)	6,220	12,644
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	225,098	(8,708)	(153,601)
CASH AND CASH EQUIVALENTS-January 1	841,482	850,190	1,003,791
CASH AND CASH EQUIVALENTS-December 31	1,066,580	841,482	850,190
Cash paid during the year for:
Interest	60,414	78,671	78,441
Income taxes, net of refunds	$ 49,235	$ 22,623	$ 23,267

Consolidated Statements of Changes in Stockholders' Equity - USD ($)
$ in Thousands

Total

Series A Preferred Stock [Member]

Common Stock [Member]

Additional Paid-In-Capital [Member]

Retained Earnings [Member]

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

Class A Common Stock Held By Subsidiaries [Member]

Total Lazard Ltd Stockholders' Equity [Member]

Noncontrolling Interests [Member]

Beginning Balance at Dec. 31, 2011

$ 866,856

$ 1,230

$ 659,013

$ 258,646

$ (88,364)

$ (104,382)

$ 726,143

$ 140,713

Beginning Balance (in shares) at Dec. 31, 2011

7,921

123,009,312

^[1]

3,492,017

Comprehensive income (loss):

NET INCOME

92,785

84,309

8,476

Other comprehensive loss - net of tax

(19,158)

(18,997)

(161)

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

4,079

$ 4,030

4,030

Delivery of Class A common stock

$ 1,633

Delivery of Class A common stock (in shares)

(1,633)

(57,287)

Amortization of share-based incentive compensation

310,348

$ 306,642

306,642

3,706

Dividend-equivalents

(212)

24,990

(25,200)

(210)

(2)

Class A common stock dividends

(135,108)

Purchase of Class A common stock

(354,464)

$ (354,464)

(354,464)

Purchase of Class A common stock (in shares)

12,817,196

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

(45,855)

(153,274)

$ 107,431

(45,843)

(12)

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

(3,448,988)

Modification of equity incentive compensation award

(26,922)

(26,601)

(321)

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

$ 52

(52)

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

^[1]

5,207,112

Distributions to noncontrolling interests, net

(26,026)

Deconsolidation of investment companies

(14,783)

32,935

(3,180)

29,755

(29,755)

Ending Balance at Dec. 31, 2012

651,540

$ 1,282

846,050

182,647

(110,541)

$ (349,782)

569,656

81,884

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

7,921

128,216,424

^[1]

12,802,938

Comprehensive income (loss):

NET INCOME

165,114

160,212

4,902

Other comprehensive loss - net of tax

(21,929)

(21,796)

(133)

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

790

786

Delivery of Class A common stock

(6,893)

(179)

$ 7,072

Delivery of Class A common stock (in shares)

(228,275)

Amortization of share-based incentive compensation

235,898

234,608

1,290

Dividend-equivalents

(290)

16,927

(17,215)

(288)

(2)

Class A common stock dividends

(121,620)

Purchase of Class A common stock

(132,477)

$ (132,477)

(132,477)

Purchase of Class A common stock (in shares)

3,488,101

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

(132,493)

(357,858)

(609)

$ 225,974

(132,493)

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

(7,745,699)

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

$ 9

(9)

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

^[1]

839,658

Distributions to noncontrolling interests, net

(13,535)

(1,000)

4,288

(667)

3,621

(4,621)

Ending Balance at Dec. 31, 2013

629,998

$ 1,291

737,899

203,236

(133,004)

$ (249,213)

560,209

69,789

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

7,921

129,056,082

^[1]

8,317,065

Comprehensive income (loss):

NET INCOME

434,063

427,277

6,786

Other comprehensive loss - net of tax

(67,205)

(67,204)

(1)

Business acquisitions and related equity transactions:

Class A common stock issuable (including related amortization)

570

Delivery of Class A common stock

(2,488)

$ 2,488

Delivery of Class A common stock (in shares)

(57,274)

Amortization of share-based incentive compensation

206,195

Dividend-equivalents

(2,081)

17,536

(19,617)

(2,081)

Class A common stock dividends

(146,241)

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

(80,659)

(258,798)

$ 178,139

(80,659)

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

(4,923,252)

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

$ 7

(7)

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

^[1]

710,009

Distributions to noncontrolling interests, net

(11,926)

1,893

(558)

1,335

(1,335)

Ending Balance at Dec. 31, 2014

$ 770,057

$ 1,298

$ 702,800

$ 464,655

$ (200,766)

$ (261,243)

$ 706,744

$ 63,313

Ending Balance (in shares) at Dec. 31, 2014

7,921

129,766,091

^[1]

7,450,745

[1]	Includes 128,216,423, 129,056,081 and 129,766,091 shares of the Company's Class A common stock issued at December 31, 2012, 2013 and 2014, respectively, and 1 share of the Company's Class B common stock issued at December 31, 2012 and 2013.

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Tax benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation	$ 4,783	$ 40	$ 972
Class A Common Stock [Member]
Common stock, issued	129,766,091	129,056,081	128,216,423
Class B Common Stock [Member]
Common stock, issued		1	1

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Organization and Basis of Presentation

1.	*ORGANIZATION AND BASIS OF PRESENTATION*

Organization

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

Lazard Ltd indirectly held 100% and approximately 99.5% of all outstanding Lazard Group common membership interests as of December 31, 2014 and 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. As of December 31, 2013, LAZ-MD Holdings was also 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.

Basis of Presentation

The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate 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.

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

Significant Accounting Policies

12 Months Ended

Dec. 31, 2014

Accounting Policies [Abstract]

Significant Accounting Policies

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Foreign Currency Translation—The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of hedge transactions (see Note 7 of Notes to Consolidated Financial Statements) amounted to $131, $(2,887) and $(761), respectively, for the years ended December 31, 2014, 2013 and 2012, and are included in “revenue-other” on the respective consolidated statements of operations.

Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding:

•

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

•

the adequacy of the allowance for doubtful accounts;

•

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

•

the outcome of litigation;

•

the carrying amount of goodwill and other intangible assets;

•

the amortization period of intangible assets;

•

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

•

the vesting of share-based and other deferred compensation plan awards; and

•

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

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

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

Deposits with Banks 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.

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

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

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

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

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

Investments in debt and marketable equity securities held at the Company’s non broker-dealer subsidiaries are considered “trading” securities and are accounted for at fair value, with any increase or decrease in fair value reflected in “revenue-other” in the consolidated statements of operations.

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

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

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

Property-net—Property is stated at cost or, in the case of property under capital leases, the present value of the future minimum lease payments, less accumulated depreciation and amortization. Buildings represent owned property and amounts recorded pursuant to capital leases (see Notes 8 and 12 of Notes to Consolidated Financial Statements), with the related obligations recorded as capital lease obligations. Such buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expense aggregating $34,464, $34,750 and $30,855 for the years ended December 31, 2014, 2013 and 2012, respectively, is included on the respective consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred.

Goodwill and Other Intangible Assets—As goodwill has an indefinite life, it is required to be tested for impairment annually or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative evaluation about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit.

During the fourth quarter of 2013, the Company changed the date of its annual goodwill impairment testing from December 31 to November 1. This change was preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting. The Company will continue to perform interim impairment testing should circumstances or events require. This change did not result in a delay, acceleration, or avoidance of an impairment charge. This change was applied prospectively because it was impracticable to apply it retrospectively due to the difficulty in making estimates and assumptions without using hindsight. The Company completed its annual goodwill review as of November 1, 2014 and determined that no impairment existed.

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

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

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

The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, 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, in the consolidated statements of operations.

In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“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. For information regarding LFI and other similar deferred compensation arrangements, see Notes 5, 7 and 14 of Notes to Consolidated Financial Statements.

Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings.

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

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

Revenue Recognition

Investment Banking and Other Advisory Fees—Fees for M&A and Other Advisory services and Restructuring advisory services are recorded when earned, which is generally the date the related transactions are consummated. Expenses that are directly related to such transactions and billable to clients are deferred to match revenue recognition. “Investment banking and other advisory fees” on the Company’s consolidated statements of operations are presented net of client reimbursements of expenses. The amount of expenses reimbursed by clients for the years ended December 31, 2014, 2013 and 2012 are $20,407, $18,327 and $24,762, respectively.

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

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

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

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

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

Soft Dollar Arrangements—The Company’s Asset Management business obtains research and other services through “soft dollar” arrangements. Consistent with the “soft dollar” safe harbor established by Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Asset Management business does not have any contractual obligation or arrangement requiring it to pay for research and other services obtained through soft dollar arrangements with brokers. Instead, the provider is obligated to pay for the services. Consequently, the Company does not incur any liability and does not accrue any expenses in connection with any research or other services obtained by the Asset Management business pursuant to such soft dollar arrangements. For the year ended December 31, 2014, the Company obtained research and other services through soft dollar arrangements valued at approximately $23,000. If the use of soft dollars is limited or prohibited in the future by regulation, we may have to bear the costs of such research and other services.

Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are amortized over the applicable vesting period, or requisite service period, based on the fair value of the Company’s Class A common stock on the date of grant. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting. Equity-based incentive compensation is recognized in “compensation and benefits” expense.

Cost Saving Initiatives and Staff Reductions—Charges associated with management-approved cost saving plans or staff reductions can include severance costs, charges to vacate facilities and contract cancellation costs. Severance costs are generally accrued on the date that employees are notified of their benefits and other costs are generally accrued as the Company ceases to use facilities or cancels contracts. The Company records severance-related liabilities in “accrued compensation and benefits” and other types of liabilities in “other liabilities” in the consolidated statements of financial condition.

Income Taxes—Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City (see Note 17 of Notes to Consolidated Financial Statements for additional information).

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

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

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

•

future reversals of existing taxable temporary differences;

•

future taxable income exclusive of reversing temporary differences and carryforwards;

•

taxable income in prior carryback years; and

•

tax-planning strategies.

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

•

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

•

duration of statutory carryforward periods;

•

historical experience with tax attributes expiring unused; and

•

near-term and medium-term financial outlook.

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

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

Recent Accounting Developments

12 Months Ended

Dec. 31, 2014

Accounting Changes and Error Corrections [Abstract]

Recent Accounting Developments

3.	*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

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Receivables

4.	*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 years ended December 31, 2014, 2013 and 2012 was as follows:


	Year Ended December 31,
	2014			2013		2012
Beginning Balance	$	28,777		$	23,017	$	19,450
Bad debt expense, net of recoveries		12,246			4,395		6,579
Charge-offs, foreign currency translation and other adjustments		(17,483	)		1,365		(3,012	)

Ending Balance	$	23,540		$	28,777	$	23,017

Bad debt expense, net of recoveries is included in “investment banking and other advisory fees” on the consolidated statements of operations.

At December 31, 2014 and 2013, the Company had receivables past due or deemed uncollectible of $24,578 and $39,341, respectively.

Of the Company’s fee receivables at December 31, 2014 and 2013, $86,221 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 $471,375 and $443,211 at December 31, 2014 and 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

12 Months Ended

Dec. 31, 2014

Investments Schedule [Abstract]

Investments

5.	*INVESTMENTS*

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


	December 31,
	2014		2013
Interest-bearing deposits	$	84,575	$	516

Debt		10,426		8,013

Equities		57,302		59,394

Funds:
Alternative investments (a)		34,705		37,030
Debt (a)		82,889		58,769
Equity (a)		228,209		190,702
Private equity		114,470		114,193

		460,273		400,694

Equity method		7,776		9,488

Total investments		620,352		478,105
Less:
Interest-bearing deposits		84,575		516
Equity method		7,776		9,488

Investments, at fair value	$	528,001	$	468,101

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	9,290	$	4,045

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $8,321, $42,070 and $162,798, respectively, at December 31, 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 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 7 and 14 of Notes to Consolidated Financial Statements).

Interest-bearing deposits have original maturities of greater than three months but equal to or less than 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, amounts related to LFI discussed above and an investment in a debt fund held by the Company’s broker-dealer subsidiary.

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 $6,421 and $9,787 at December 31, 2014 and 2013, respectively (see Note 12 of Notes to Consolidated Financial Statements).

During the years ended December 31, 2014, 2013 and 2012, the Company reported in “revenue-other” on its consolidated statements of operations net unrealized investment gains and losses pertaining to “trading” securities still held as of the reporting date as follows:


	Year Ended December 31,
	2014		2013		2012
Net unrealized investment gains (losses)	$	(8,568)	$	16,470	$	22,327

Fair Value Measurements

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

6.	*FAIR VALUE MEASUREMENTS*

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

Level 1.

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

Level 2.

Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on 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 7 of Notes to 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 December 31, 2014 and 2013 within the fair value hierarchy:



	December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	5,540	$	4,886	$	–	$	10,426
Equities		55,987		–		1,315		57,302
Funds:
Alternative investments		–		34,705		–		34,705
Debt		82,885		4		–		82,889
Equity		228,166		43		–		228,209
Private equity		–		–		114,470		114,470
Derivatives		–		2,355		–		2,355

Total	$	372,578	$	41,993	$	115,785	$	530,356

Liabilities:
Securities sold, not yet purchased	$	9,290	$	–	$	–	$	9,290
Derivatives		–		208,093		–		208,093

Total	$	9,290	$	208,093	$	–	$	217,383



	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

There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the years ended December 31, 2014 and 2013.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31, 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	$	19	$	–	$	(1	)	$	(43	)	$	1,315
Private equity funds		114,193		8,412		9,283		(11,289	)		(6,129	)		114,470

Total Level 3 Assets	$	115,533	$	8,431	$	9,283	$	(11,290	)	$	(6,172	)	$	115,785


	Year Ended December 31, 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	$	11	$	1,095	$	–		$	44		$	1,340
Alternative investment funds		3,457		117		–		(3,574	)		–			–
Equity funds		10		–		–		(10	)		–			–
Private equity funds		112,444		13,245		6,166		(19,231	)		1,569			114,193

Total Level 3 Assets	$	116,101	$	13,373	$	7,261	$	(22,815	)	$	1,613		$	115,533


	Year Ended December 31, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	211	$	5	$	–	$	(30	)	$	4	$	190
Alternative investment funds		10,171		130		–		(6,844	)		–		3,457
Equity funds		–		–		10		–			–		10
Private equity funds		122,718		15,983		8,589		(35,796	)		950		112,444

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

(a)	Earnings for the years ended December 31, 2014, 2013 and 2012 include net unrealized gains of $5,354, $6,032 and $12,910, respectively.

Financial Instruments Not Measured at Fair Value—The table below presents the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2014 and 2013 that are not measured at fair value in the Company’s consolidated statement of financial condition, and excludes certain financial instruments such as equity method investments.


	December 31, 2014
					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	1,066,580	$	1,066,580	$	1,066,580	$	–	$	–
Deposits with banks and short-term investments		207,760		207,760		207,760		–		–
Cash deposited with clearing organizations and other segregated cash		43,290		43,290		43,290		–		–
Interest-bearing financing receivables		86,221		88,499		–		–		88,499
Interest-bearing deposits (included within investments)		84,575		84,575		84,575		–		–

Financial Liabilities:
Deposits and other customer payables	$	314,284	$	314,284	$	314,284	$	–	$	–
Senior debt		1,048,350		1,134,834		–		1,134,834		–

	December 31, 2013
					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	841,482	$	841,482		$841,482		$–	$	–
Deposits with banks and short-term investments		244,879		244,879		244,879		–		–
Cash deposited with clearing organizations and other segregated cash		62,046		62,046		62,046		–		–
Interest-bearing financing receivables		69,464		71,433		–		–		71,433
Interest-bearing deposits (included within investments)		516		516		516		–		–

Financial Liabilities:
Deposits and other customer payables	$	275,434	$	275,434		$275,434	$	–	$	–
Senior debt		1,048,350		1,117,247		–		1,117,247		–

Cash and cash equivalents are carried at either cost or amortized cost that approximates fair value due to their short-term maturities.

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

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

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

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

Fair Value of Certain Investments Based on NAV—The Company’s Level 2 and Level 3 investments at December 31, 2014 and 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:

December 31, 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

31,042

–

(a)

<30-60 days

Funds of funds

475

–

(b)

<30-90 days

Other

3,188

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

75,578

18,676

(f)

100%

10%

63%

27%

Mezzanine debt

38,892

–

100%

–

100%

Total

149,222

18,676

(a)	weekly (15%), monthly (66%) and quarterly (19%)

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

(c)	daily (11%), weekly (3%) and monthly (86%)

(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 $6,888 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 5 of Notes to Consolidated Financial Statements for discussion of significant investment strategies for investments with value based on NAV.

Investment Capital Funding Commitments—At December 31, 2014, the Company’s maximum unfunded commitments for capital contributions to investment funds arose from (i) commitments to CP II, which amounted to $1,499 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 $4,489, 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

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

7.	*DERIVATIVES*

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 14 of Notes to Consolidated Financial Statements) on the accompanying consolidated statements of financial condition as of December 31, 2014 and 2013:


	December 31,
	2014		2013
Derivative Assets:
Forward foreign currency exchange rate contracts	$	2,355	$	250
Total return swaps and other (a)		–		432

	$	2,355	$	682

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	124	$	1,579
Total return swaps and other (a)		663		–
LFI and other similar deferred compensation arrangements		207,306		162,422

	$	208,093	$	164,001

(a)

For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,123 and $1,786 as of December 31, 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 $12,364 and $11,384 as of December 31, 2014 and 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, were as follows:


	Year Ended December 31,
	2014			2013			2012
Forward foreign currency exchange rate contracts	$	22,959		$	(3,162	)	$	(1,844	)
LFI and other similar deferred compensation arrangements		(7,326	)		(14,099	)		(7,557	)
Total return swaps and other		(5,211	)		(10,931	)		(18,327	)

Total	$	10,422		$	(28,192	)	$	(27,728	)

- 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
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
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-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Paragraph 5
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-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

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property

8.	*PROPERTY*

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


	Estimated Depreciable Life in Years		December 31,
	Estimated Depreciable Life in Years		2014		2013
Buildings		33	$	152,982	$	173,772
Leasehold improvements		3-20		167,837		175,600
Furniture and equipment		3-10		150,458		149,598
Construction in progress				7,578		3,756

Total				478,855		502,726
Less - Accumulated depreciation and amortization				256,286		253,930

Property			$	222,569	$	248,796

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9.	*GOODWILL AND OTHER INTANGIBLE ASSETS*

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


	December 31,
	2014		2013
Goodwill	$	335,402	$	345,453
Other intangible assets (net of accumulated amortization)		12,036		18,424

	$	347,438	$	363,877

At December 31, 2014 and 2013, goodwill of $270,861 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 years ended December 31, 2014, 2013 and 2012 are as follows:


	Year Ended December 31,
	2014			2013			2012
Balance, January 1	$	345,453		$	364,328		$	356,657
Business acquisitions		3,232			1,748			4,272
Foreign currency translation adjustments		(13,283	)		(20,623	)		3,399

Balance, December 31	$	335,402		$	345,453		$	364,328

All changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013 and 2012 are attributable to the Company’s Financial Advisory segment.

The Company evaluates goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. During the fourth quarter of 2013, the Company changed its annual impairment evaluation date from December 31 to November 1. Pursuant to the Company’s goodwill impairment review for the years ended December 31, 2014, 2013 and 2012, the Company determined that no impairment existed.

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


	December 31, 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		33,050		30,638		2,412		33,063		28,206		4,857

	$	63,790	$	51,754	$	12,036	$	63,803	$	45,379	$	18,424

Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 was $6,387, $10,114 and $8,359, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2015	$	6,558
2016		5,478

Total amortization expense	$	12,036

(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

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Other Assets and Other Liabilities

10.

OTHER ASSETS AND OTHER LIABILITIES

The following table sets forth the Company’s other assets, by type, as of December 31, 2014 and 2013:


	December 31,
	2014		2013
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$	93,160	$	110,014
Prepaid compensation (see Note 14)		73,278		60,433
Other advances and prepayments		30,761		33,526
Deferred debt issuance costs		7,162		9,188
Other		62,290		46,116

Total	$	266,651	$	259,277

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2014 and 2013:


	December 31,
	2014		2013
Accrued expenses	$	132,728	$	136,677
Current and deferred income taxes and other taxes		131,280		119,940
Employee benefit-related liabilities		110,838		104,013
Deferred lease incentives		83,209		84,897
Unclaimed funds at LFB		31,592		26,626
Abandoned leased space (principally in the U.K.)		10,073		12,855
Deferred revenue		25,942		5,988
Securities sold, not yet purchased		9,290		4,045
Other		24,394		18,386

Total	$	559,346	$	513,427

Senior Debt

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Senior Debt

11.

SENIOR DEBT

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


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of December 31,
	Initial Principal Amount		Maturity Date		Annual Interest Rate			2014		2013
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group 4.25% Senior Notes (a)		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

(a)

In November 2013, the Company launched a tender offer for all of Lazard Group’s outstanding 7.125% senior notes maturing on May 15, 2015 (the “2015 Notes”) and simultaneously announced a notice of intent to redeem any 2015 Notes not tendered. As a result, the outstanding 2015 Notes of $528,500 were extinguished in the fourth quarter of 2013, which resulted in a pre-tax loss on extinguishment of $50,757, including the recognition of unamortized issuance costs. As a result of the extinguishment, the unamortized amount of the interest rate hedge related to the 2015 Notes was also recognized, which resulted in a loss of $1,563. Both the loss on extinguishment and the loss related to the interest rate hedge were recorded in “operating expenses—other” in the consolidated statement of operations.

In connection with the redemption of 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. In connection with the issuance of the 2020 Notes, the Company entered into and settled an interest rate forward agreement and recognized a related loss of $ 1,767. The loss was recorded in “operating expenses—other” in the consolidated statements of operations.

On September 25, 2012, Lazard Group entered into a $150,000, three-year senior revolving credit facility with a group of lenders (the “Credit Facility”), which expires in September 2015. The Credit Facility replaced a similar revolving credit facility which was terminated as a condition to effectiveness of the Credit Facility. Interest rates under the Credit Facility vary and are based on either a Federal Funds rate or a Eurodollar rate, in each case plus an applicable margin. As of December 31, 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 December 31, 2014 and 2013, no amounts were outstanding under the Credit Facility or the prior revolving credit facility, respectively.

The Credit Facility contains customary terms and conditions, including certain financial covenants. In addition, the Credit Facility, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of December 31, 2014, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

Debt maturities relating to senior borrowings outstanding at December 31, 2014 for each of the five years in the period ending December 31, 2019 and thereafter are set forth in the table below.


Year Ending December 31,
2015-2016	$	–
2017		548,350
2018-2019		–
Thereafter		500,000

Total	$	1,048,350

The Company’s senior debt at December 31, 2014 and 2013 is carried at historical amounts. See Note 6 of Notes to Consolidated Financial Statements for information regarding the fair value and fair value hierarchy category of the Company’s senior debt.

During February 2015, Lazard Group completed an offering of $400,000 aggregate principal amount of 3.75% senior notes due 2025 (the “2025 Notes”). Lazard Group also issued a notice to redeem $450,000 of Lazard Group’s 6.85% senior notes due June 15, 2017 (the “Existing 2017 Notes”). Lazard Group intends to use the net proceeds of the 2025 Notes, together with cash on hand, to redeem or otherwise retire $450,000 of the Existing 2017 Notes. Lazard Group estimates that it will incur a loss on debt extinguishment in connection with the redemption of such Existing 2017 Notes of approximately $61,000, net of tax.

As of December 31, 2014, the Company had approximately $244,000 in unused lines of credit available to it, including the Credit Facility, and unused lines of credit available to LFB of approximately $36,000 (at December 31, 2014 exchange rates) and Edgewater of $55,000. 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.

COMMITMENTS AND CONTINGENCIES

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

Operating lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord. For the years ended December 31, 2014, 2013 and 2012, aggregate rental expense relating to operating leases amounted to $80,773, $86,504 and $80,888, respectively, and is included in “occupancy and equipment” or “technology and information services” on the consolidated statements of operations, depending on the nature of the underlying asset. The Company subleases office space under agreements, which expire on various dates through 2022. Sublease income from such agreements was $11,751, $11,404 and $9,613 for the years ended December 31, 2014, 2013 and 2012, respectively, which includes sublease income of $3,097, $4,136 and $3,290, respectively, from an affiliate of LFCM Holdings LLC, which is now known as LMDC Holdings LLC (“LMDC Holdings”).

Capital lease obligations recorded under sale/leaseback transactions are payable through 2019 at a weighted average interest rate of approximately 6.1%. Such obligations are collateralized primarily by certain buildings with a net book value of approximately $16,863 and $19,876 at December 31, 2014 and 2013, respectively. The net book value of all assets recorded under capital leases aggregated $17,326 and $20,806 at December 31, 2014 and 2013, respectively.

At December 31, 2014, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows:


Year Ending December 31,	Minimum Rental Commitments
Year Ending December 31,	Capital		Operating
2015	$	2,594	$	77,216
2016		2,288		75,604
2017		8,375		70,406
2018		31		64,922
2019		26		61,199
Thereafter		–		591,342

Total minimum lease payments		13,314		940,689
Less amount representing interest		1,299

Present value of capital lease commitments	$	12,015

Less sublease proceeds(a)				76,610

Net lease payments			$	864,079

(a)	Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LMDC Holdings. See Note 19 of Notes to Consolidated Financial Statements.

With respect to abandoned leased facilities in the U.K., at December 31, 2014 and 2013, the Company has recognized liabilities of $8,516 and $11,203, respectively, which are included in “other liabilities” on the consolidated statements of financial condition. Payments toward the liabilities continue through the remaining term of the leases. Such liabilities are based on the discounted future commitment, net of expected sublease income.

Guarantees—In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At December 31, 2014, LFB had $4,528 of such indemnifications and held $4,052 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition.

Certain Business Transactions—On 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 Earnout Shares will be issued only if certain performance thresholds are met. As of December 31, 2014 and 2013, 913,722 shares are issuable on a contingent basis, and 1,371,992 have been earned because applicable performance thresholds have been satisfied. As of December 31, 2014 and 2013, 1,371,992 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 December 31, 2014, these commitments were not material.

See Notes 6 and 15 of Notes to Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively.

The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, each of LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At December 31, 2014, and during 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

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity

13.

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 years ended December 31, 2014, 2013 and 2012, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd:


	Year Ended December 31,
	2014		2013		2012
Tax distributions:
LAZ-MD Holdings	$	1,649	$	80	$	–
Subsidiaries of Lazard Ltd		174,266		2,896		–

	$	175,915	$	2,976	$	–

Other distributions:
LAZ-MD Holdings	$	213	$	920	$	5,170
Subsidiaries of Lazard Ltd		146,241		121,620		135,108

	$	146,454	$	122,540	$	140,278

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

Exchange of Lazard Group Common Membership Interests—During the years ended December 31, 2014, 2013 and 2012, Lazard Ltd issued 710,009, 839,658 and 5,207,112 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 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 years ended December 31, 2014, 2013, and 2012, 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	Repurchase Authorization		Expiration
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 Purchased		Average Price Per Share
Years Ended December 31:

2012		12,817,196	$	27.66
2013		3,488,101	$	37.98
2014		4,114,206	$	46.83

As a result of the delivery of shares of Class A common stock through December 31, 2014 relating to (i) the settlement of vested restricted stock units (“RSUs”), (ii) the incentive plan awards of shares of restricted Class A common stock, (iii) the delivery of shares of restricted Class A common stock in exchange for RSUs and (iv) the delivery of shares of Class A common stock in connection with business acquisitions, there were 7,450,745 and 8,317,065 shares of Class A common stock held by our subsidiaries at December 31, 2014 and 2013, respectively. Such shares of Class A common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.

The shares purchased in the year ended December 31, 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 December 31, 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.

In addition, on February 4, 2015, the Board of Directors of Lazard Ltd authorized the repurchase of up to $150,000 additional shares of Class A common stock, which authorization will expire on December 31, 2016.

During the year ended December 31, 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 December 31, 2014 and 2013, 7,921 shares of Series A preferred stock were outstanding, and no shares of Series B preferred stock were outstanding. At December 31, 2014 and 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—The tables below reflect the balances of each component of AOCI at December 31, 2014 and 2013 and activity during the years then ended:


	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 December 31, 2014:
Other comprehensive income (loss) before reclassifications		(49,971	)		(21,983	)		(71,954	)		557			(72,511	)
Adjustments for items reclassified to earnings, net of tax		–			4,749			4,749			–			4,749

Net other comprehensive income (loss)		(49,971	)		(17,234	)		(67,205	)		557			(67,762	)

Balance, December 31, 2014	$	(46,102	)	$	(154,665	)	$	(200,767	)	$	(1	)	$	(200,766	)


	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 December 31, 2013:
Other comprehensive income (loss) before reclassifications		(15,536	)		–			(13,500	)		(29,036	)		495			(29,531	)
Adjustments for items reclassified to earnings, net of tax		–			2,502			4,605			7,107			39			7,068

Net other comprehensive income (loss)		(15,536	)		2,502			(8,895	)		(21,929	)		534			(22,463	)

Balance, December 31, 2013	$	3,869		$	–		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2014 and 2013:


	Year Ended December 31,
	2014		2013
Amortization of interest rate hedge (a)	$	–	$	2,502

Amortization relating to employee benefit plans (b)		6,672		6,534
Less – related income taxes		1,923		1,929

Net of tax		4,749		4,605

Total reclassifications, net of tax	$	4,749	$	7,107

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

(b)	Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the 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 December 31:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2012		128,216,423		98.8	%		1,549,667		1.2	%		129,766,090
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 years ended December 31, 2014, 2013 and 2012 did not materially impact Lazard Ltd’s stockholders’ equity.

The tables below summarize net income (loss) attributable to noncontrolling interests for the years ended December 31, 2014, 2013 and 2012 and noncontrolling interests as of December 31, 2014 and 2013 in the Company’s consolidated financial statements:


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2014		2013			2012
Edgewater	$	6,153	$	3,913		$	3,491
LAZ-MD Holdings		631		1,198			5,114
Other		2		(209	)		(129	)

Total	$	6,786	$	4,902		$	8,476


	Noncontrolling Interests As Of December 31,
	2014		2013
Edgewater	$	62,584	$	66,641
LAZ-MD Holdings		–		2,566
Other		729		582

Total	$	63,313	$	69,789

Dividends Declared, February 4, 2015— On February 4, 2015, the Board of Directors of Lazard Ltd declared a special dividend of $1.00 per share as well as a quarterly dividend of $0.30 per share on its Class A common stock, payable on February 19, 2015, to stockholders of record on February 13, 2015.

- 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
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-Section S99
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-Topic 505
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Topic 505
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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Reference 16: http://www.xbrl.org/2003/role/presentationRef
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Reference 17: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Incentive Plans

12 Months Ended

Dec. 31, 2014

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

Incentive Plans

14.

INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of Lazard Ltd’s 2005 Plan and 2008 Plan and activity with respect thereto during the years ended December 31, 2014, 2013 and 2012, 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, 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.

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 consolidated statements of operations:


	Year Ended December 31,
	2014		2013		2012
Share-based incentive awards:
RSUs (a)	$	169,916	$	209,974	$	298,809
PRSUs		18,428		12,934		–
Restricted Stock (b)		16,110		11,374		10,003
DSUs		1,741		1,616		1,536

Total	$	206,195	$	235,898	$	310,348

(a)	Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements).

(b)	Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively.

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 years ended December 31, 2014, 2013 and 2012, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:


	Year Ended December 31,
	2014		2013		2012
Number of RSUs issued		375,954		454,059		920,791
Charges to retained earnings, net of estimated forfeitures	$	17,536	$	16,927	$	24,990

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, 39,315 and 53,239 DSUs granted during the years ended December 31, 2014, 2013 and 2012, 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, which resulted in nominal cash payments for the years ended December 31, 2014, 2013 and 2012.

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 years ended December 31, 2014, 2013 and 2012, 8,433, 7,623 and 10,597 DSUs, respectively, had been granted pursuant to such Plan.

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

The following is a summary of activity relating to RSUs and DSUs during the three-year period ended December 31, 2014:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2012		20,751,829		$	36.84		140,660	$	34.83
Granted (including 920,791 RSUs relating to dividend participation)		8,594,744		$	27.68		63,836	$	24.06
Forfeited		(581,411	)	$	35.59		–		–
Vested/Exchanged		(7,284,031	)	$	34.71		–		–

Balance, December 31, 2012		21,481,131		$	33.92		204,496	$	31.47
Granted (including 454,059 RSUs relating to dividend participation)		5,186,627		$	37.21		46,938	$	34.42
Forfeited		(268,900)		$	34.47		–		–
Vested		(9,768,849)		$	34.65		–		–

Balance, December 31, 2013		16,630,009		$	34.51		251,434	$	32.02
Granted (including 375,954 RSUs relating to dividend participation)		3,825,737		$	42.59		34,793	$	50.04
Forfeited		(344,345	)	$	34.52		–		–
Vested		(6,582,285	)	$	37.80		–		–

Balance, December 31, 2014		13,529,116		$	35.19		286,227	$	34.21

During the years ended December 31, 2014, 2013 and 2012, 6,582,285, 9,768,849 and 7,284,031 RSUs vested or were exchanged, respectively (including, in 2012, 1,523,642 RSUs that were exchanged for shares of restricted Class A common stock and 958,213 RSUs that were modified through forward purchase agreements into a liability award of $28,612). As of the modification date in 2012, the Company recorded a liability in “accrued compensation and benefits” of $26,922 related to such liability award and an offsetting reduction to “additional paid-in-capital”. Such liability awards were settled on March 1, 2013 for $28,612. During the year ended December 31, 2013, compensation expense of $1,690 was recorded for such liability awards. In connection with the vested RSUs, the Company satisfied its minimum statutory tax withholding requirements in lieu of issuing 1,896,930, 3,651,050 and 1,471,814 shares of Class A common stock in the years ended December 31, 2014, 2013 and 2012, respectively. Accordingly, 4,685,355, 6,117,799 and 3,330,362, shares of Class A common stock held by the Company were delivered during the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014, estimated unrecognized RSU compensation expense was approximately $129,777, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 three-year period ended December 31, 2014:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		95,332		$	37.63
Granted/Exchanged (a)		2,100,965		$	34.34
Forfeited		(21,178	)	$	29.51
Vested		(202,510	)	$	31.43

Balance, December 31, 2012		1,972,609		$	34.85
Granted		368,736		$	36.74
Forfeited		(37,782	)	$	33.37
Vested		(1,728,509	)	$	36.00

Balance, December 31, 2013		575,054		$	32.72
Granted		449,911		$	45.52
Forfeited		(13,336	)	$	41.65
Vested		(281,802	)	$	37.42

Balance, December 31, 2014		729,827		$	38.63

(a)

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

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

In connection with shares of restricted Class A common stock that vested during the years ended December 31, 2014, 2013 and 2012, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 43,905, 18,599 and 28,129 shares of Class A common stock during such respective years. Accordingly, 237,897, 1,709,910 and 174,381 shares of Class A common stock held by the Company were delivered during the years ended December 31, 2014, 2013 and 2012, respectively.

The restricted stock awards include a cash dividend participation right equivalent to any ordinary dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At December 31, 2014, estimated unrecognized restricted stock expense was approximately $11,025, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to December 31, 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 generally can range from zero to two times the target number (with the exception of the PRSUs granted in 2013, for which (i) the performance period ended on December 31, 2014 and (ii) the number of shares of Class A common stock that may be received is equal to approximately 2.2 times the target number). 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 (or, following the relevant performance period, the actual number of shares of Class A common stock that are no longer subject to performance conditions) 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 two-year period ended December 31, 2014:


	PRSUs		Weighted Average Grant Date Fair Value
Balance, January 1, 2013		–		–
Granted		448,128	$	36.11

Balance, December 31, 2013		448,128	$	36.11
Granted		360,783	$	44.46
Performance units earned (a)		538,237	$	34.72

Balance, December 31, 2014		1,347,148	$	37.79

(a)	Performance units earned during the period relate to PRSUs granted in 2013.

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 December 31, 2014, the total estimated unrecognized compensation expense was approximately $19,547, and the Company expects to amortize such expense over a weighted-average period of approximately 0.8 years subsequent to December 31, 2014.

LFI and Other Similar Deferred Compensation Arrangements

Commencing in February 2011, the Company granted LFI to eligible employees. In connection with 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 years ended December 31, 2014 and 2013:


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2014	$	60,433		$	162,422
Granted		92,728			92,728
Settled		–			(55,880	)
Forfeited		(2,634	)		(5,531	)
Amortization		(76,508	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			7,326
Adjustment for estimated forfeitures		–			8,748
Other		(741	)		(2,507	)

Balance, December 31, 2014	$	73,278		$	207,306


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2013	$	47,445		$	97,593
Granted		72,217			72,217
Settled		–			(24,006	)
Forfeited		(1,075	)		(1,544	)
Amortization		(58,023	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			14,099
Adjustment for estimated forfeitures		–			4,643
Other		(131	)		(580	)

Balance, December 31, 2013	$	60,433		$	162,422

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 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 consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012:


	Year Ended December 31,
	2014		2013		2012
Amortization, net of forfeitures (a)	$	82,359	$	62,197	$	41,209
Change in the fair value of underlying investments		7,326		14,099		7,557

Total	$	89,685	$	76,296	$	48,766

(a)	Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively (See Note 16 of Notes to Consolidated Financial Statements).

Incentive Awards Granted In February 2015

In February 2015, the Company granted approximately $306,000 of deferred incentive compensation awards (excluding PRSUs) to eligible employees. These grants included: RSUs or shares of restricted Class A common stock; deferred incentive compensation awards that allow eligible employees the choice of receiving a portion of their award in a combination of (i) LFI and (ii) additional RSUs or shares of restricted Class A common stock; deferred cash awards; and a portion of fund managers’ year-end incentive compensation that is reinvested in certain asset management funds. In addition, the Company granted approximately $19,000 of PRSUs (valued at the target payout level).

The RSUs, restricted Class A common stock and LFI granted each provide for one-third vesting on or around March 1, 2017 and the remaining two-thirds vesting on or around March 1, 2018. The PRSUs granted provide for vesting on or around March 1, 2018, provided that the applicable service and performance conditions are satisfied, and will convert into Class A common stock within a range equal to zero to two times the target number of shares of Class A common stock subject to the awards. Compensation expense with respect to such incentive awards will generally be recognized over the vesting period, with such compensation expense to be recognized over a weighted average period of approximately 2.7 years.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Employee Benefit Plans

15.

EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”) and, in the U.S., a partially funded contributory post-retirement plan covering qualifying U.S. employees (the “medical plan” and together with the pension plans, the “post-retirement plans”). Assumptions for the valuation of benefit plan obligations include the life expectancy of the plans’ participants. During 2014, the Society of Actuaries (“SOA”) published new mortality tables to reflect current actuarial expectations of life expectancy in the U.S. On December 31, 2014, the Company incorporated the new mortality tables, which show longer life expectancy, into its valuation assumptions for the U.S. benefit 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 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 underway. The aggregate amount in the account security arrangement was approximately $17,500 and $16,900 at December 31, 2014 and 2013, respectively, and has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying consolidated statements of financial condition. Income on the account security arrangement accretes to the Company and is recorded in interest income.

The Company does not expect to make a contribution to the U.S. pension plans during the year ending December 31, 2015. The Company expects to contribute approximately $1,600 to the U.K. pension plans and approximately $4,200 to the other non-U.S. pension plans during the year ending December 31, 2015.

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


	Pension Plans						Medical Plan
	2014			2013			2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	709,850		$	656,025		$	5,080		$	5,668
Service cost		971			940			33			53
Interest cost		30,041			27,219			194			182
Actuarial (gain) loss		97,495			32,329			428			(647	)
Benefits paid		(29,663	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(44,525	)		16,595

Benefit obligation at end of year		764,169			709,850			5,514			5,080

Change in plan assets
Fair value of plan assets at beginning of year		643,844			607,705
Actual return on plan assets		91,829			41,353
Employer contributions		7,648			2,274			221			176
Benefits paid		(28,877	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(41,868	)		15,770

Fair value of plan assets at end of year		672,576			643,844			–			–

Funded (deficit) at end of year	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)

Amounts recognized in the consolidated statements of financial condition at December 31, 2014 and 2013 consist of:
Prepaid pension asset (included in “other assets”)	$	–		$	148
Accrued benefit liability (included in “other liabilities”)		(91,593	)		(66,154	)	$	(5,514	)	$	(5,080	)

Net amount recognized	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)

Amounts recognized in AOCI (excluding tax benefits of $37,567 and $30,448 at December 31, 2014 and 2013, respectively) consist of:
Actuarial net loss (gain)	$	186,637		$	159,575		$	360		$	(597	)
Prior service cost		5,235			8,901			–			–

Net amount recognized	$	191,872		$	168,476		$	360		$	(597	)

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2014 and 2013:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2014		2013		2014		2013		2014		2013
Fair value of plan assets	$	26,766	$	26,200	$	645,810	$	617,644	$	672,576	$	643,844
Accumulated benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850
Projected benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850

The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2014, 2013 and 2012:


	Pension Plans For The Year Ended December 31,									Medical Plan For The Year Ended December 31,
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	971		$	940		$	670		$	33		$	53		$	60
Interest cost		30,041			27,219			27,636			194			182			211
Expected return on plan assets		(32,607	)		(27,078	)		(26,657	)
Amortization of:
Prior service cost		2,841			2,843			2,751
Net actuarial loss (gain)		4,360			3,691			1,658			(529	)
Settlement loss (a)		–			–			1,135

Net periodic benefit cost (credit)	$	5,606		$	7,615		$	7,193		$	(302	)	$	235		$	271


Actual return on plan assets	$	91,829		$	41,353		$	33,882
Employer contributions	$	7,648		$	2,274		$	8,221		$	221		$	176		$	275
Benefits paid	$	28,877		$	23,258		$	26,420		$	221		$	176		$	275
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $7,119, $4,459 and $11,805 during the years ended December 31, 2014, 2013 and 2012, respectively):
Net actuarial (gain) loss	$	41,082		$	17,251		$	50,209		$	428		$	(647	)	$	310
Reclassification of prior service (cost) credit to earnings		(2,841	)		(2,843	)		(2,751	)
Reclassification of actuarial gain (loss) to earnings		(4,360	)		(3,691	)		(2,793	)		529
Currency translation and other adjustments		(10,485	)		3,284			2,729

Total recognized in AOCI	$	23,396		$	14,001		$	47,394		$	957		$	(647	)	$	310

Net amount recognized in total periodic benefit cost and AOCI	$	29,002		$	21,616		$	54,587		$	655		$	(412	)	$	581

(a)

During the year ended December 31, 2012, the Company’s pension plans in the U.S. made lump sum benefit payments in excess of the plans’ annual service and interest costs, which, under U.S. GAAP, requires that the plans’ obligations and assets be remeasured. The remeasurement of the plans resulted in the recognition of actuarial losses totaling $2,167 recorded in “other comprehensive income (loss), net of tax” (“OCI”), which, combined with a settlement loss of $1,135 recognized in “compensation and benefits” expense, resulted in a net charge to OCI of $1,032.

The amounts in AOCI on the consolidated statement of financial condition as of December 31, 2014 that are expected to be recognized as components of net periodic benefit cost (credit) for the year ending December 31, 2015 are as follows:


	Pension Plans		Medical Plan		Total
Prior service cost	$	2,600	$	–	$	2,600
Net actuarial loss (gain)	$	4,821	$	–	$	4,821

The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2014, 2013 and 2012 are set forth below:


	Pension Plans December 31,							Medical Plan December 31,
	2014		2013		2012			2014		2013		2012
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.4%		4.3%		4.6	%		3.7%		4.3%		3.4%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.0%		3.3%		3.2	%		4.3%		3.4%		4.1%
Expected long-term rate of return on plan assets		5.1%		4.7%		4.7	%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial									7.5%		8.0%		8.0%
Ultimate									5.0%		5.0%		6.0%
Year ultimate trend rate achieved									2019		2019		2016

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

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

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


	1% Increase				1% Decrease
	2014		2013		2014			2013
Cost	$	29	$	33	$	(22	)	$	(24	)
Obligation	$	779	$	675	$	(580	)	$	(494	)

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


	Pension Plans		Medical Plan
2015	$	24,059	$	358
2016		25,103		364
2017		25,619		366
2018		27,551		368
2019		29,077		371
2020-2024		160,294		1,847

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2014 and 2013, measured at fair value, into a fair value hierarchy in accordance with fair value measurement disclosure requirements:


	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	13,226	$	–	$	–	$	13,226
Debt		52,439		–		–		52,439
Equities		31,253		–		–		31,253
Funds:
Alternative investments		457		304		578		1,339
Debt		13,570		357,522		1,793		372,885
Equity		194,898		6,536		–		201,434

Total	$	305,843	$	364,362	$	2,371	$	672,576


	As of December 31, 2013
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	5,835	$	–	$	–	$	5,835
Debt		43,764		–		–		43,764
Equities		27,762		–		–		27,762
Funds:
Alternative investments		907		43,123		698		44,728
Debt		11,942		323,812		2,222		337,976
Equity		183,779		–		–		183,779

Total	$	273,989	$	366,935	$	2,920	$	643,844

Activity in the fair value of the pension plans’ Level 3 debt and alternative investment funds for the years ended December 31, 2014 and 2013 consisted of net unrealized/realized gains (losses) of $(379) and $434, respectively and favorable (unfavorable) foreign currency translation adjustments of $(170) and $58, respectively.

Included in Level 1 and 2 equity funds are $70,490 and $81,633 as of December 31, 2014 and 2013, respectively, that are invested in funds managed by LAM.

Consistent with the plans’ investment strategies, at December 31, 2014 and 2013, the Company’s U.S. pension plan had 49% and 54%, respectively, of the plans’ assets invested in Level 1 and Level 2 equity funds and 51% and 46%, respectively, invested in Level 1 debt funds. The Company’s non-U.S. pension plans at December 31, 2014 and 2013 had 34% and 32%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 assets; 64% and 60%, respectively of the plans’ assets invested in debt and debt funds that are primarily Level 2 assets, and 2% and 8%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, or in alternative investment funds that are primarily Level 1 and Level 2 assets.

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

Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $11,904, $11,778 and $13,070 for the years ended December 31, 2014, 2013 and 2012, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.

Cost Saving Initiatives

12 Months Ended

Dec. 31, 2014

Restructuring and Related Activities [Abstract]

Cost Saving Initiatives

16.

COST SAVING INITIATIVES

In October 2012, the Company announced cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives included 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 year ended December 31, 2013. The Company incurred these expenses, by segment, as reflected in the tables below:


	Financial Advisory		Asset Management			Corporate		Total
Year Ended December 31, 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 December 31, 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 2014 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, January 1, 2014	$	11,860		$	5,356		$	17,216
Less:
Settlements		(11,651	)		(1,050	)		(12,701	)

Balance, December 31, 2014	$	209		$	4,306		$	4,515

Income Taxes

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

17.

INCOME TAXES

Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to UBT attributable to its operations apportioned to New York City.

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

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2014, 2013 and 2012, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below.


	Year Ended December 31,
	2014			2013			2012
Current:
Federal	$	3,112		$	(3,678	)	$	2,094
Foreign		61,143			41,084			27,650
State and local (primarily UBT)		5,519			(167	)		5,813

Total current		69,774			37,239			35,557

Deferred:
Federal		2,766			19,934			(3,330	)
Foreign		9,239			(4,520	)		(1,127	)
State and local (primarily UBT)		3,623			(960	)		–

Total deferred		15,628			14,454			(4,457	)

Total	$	85,402		$	51,693		$	31,100


	Year Ended December 31,
	2014			2013			2012
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Income of noncontrolling interests		(0.5	)		(0.8	)		(2.4	)
Share-based incentive compensation		–			–			7.4
Foreign source income not subject to U.S. income tax		(12.4	)		(12.7	)		(34.6	)
Foreign taxes		8.2			14.1			13.5
State and local taxes (primarily UBT)		1.8			2.6			3.4
Change in U.S. federal valuation allowance		(18.7	)		(14.9	)		1.4
Other, net		3.0			0.5			1.4

Effective income tax rate		16.4	%		23.8	%		25.1	%

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

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


	December 31,
	2014			2013
Deferred Tax Assets:
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$	598,607		$	739,059
Compensation and benefits		258,976			250,413
Net operating loss and tax credit carryforwards		283,198			348,433
Depreciation and amortization		950			8,169
Other		36,470			58,273

Gross deferred tax assets		1,178,201			1,404,347
Valuation allowance		(1,044,152	)		(1,225,305	)

Deferred tax assets (net of valuation allowance)	$	134,049		$	179,042

Deferred Tax Liabilities:
Depreciation and amortization	$	21,908		$	19,296
Compensation and benefits		28,035			30,042
Goodwill		15,289			15,434
Other		39,705			70,394

Deferred tax liabilities	$	104,937		$	135,166

The basis adjustments recorded as of December 31, 2014 and 2013 are the result of:

•

purchases and redemptions of historical and working member interests consummated in connection with the separation and recapitalization of the Company, which resulted in deferred tax assets of $95,784 and $123,027 at December 31, 2014 and 2013, respectively;

•

tax basis step-ups resulting primarily from the exchange of LAZ-MD exchangeable interests and from the acquisition of equity interest of LAM partners, which in the aggregate resulted in deferred tax assets of $496,821 and $603,552 at December 31, 2014 and 2013, respectively;

•

tax basis step-up for U.S. income tax purposes on certain U.K. assets, which resulted in deferred tax assets of $1,473 and $6,538 at December 31, 2014 and 2013, respectively; and

•

tax basis step-up for payments made under the tax receivable agreement of $4,529 and $5,942 at December 31, 2014 and 2013, respectively.

The historical profitability of each tax paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Several of our tax-paying entities at which we have recorded significant valuation allowances were profitable on a cumulative basis for the three years ended December 31, 2014, but substantially all of the profitability of these entities during that period was achieved during 2014 (and these entities experienced losses in 2012).

In assessing our valuation allowance, we have considered all available information, including the historical volatility of operating results of the relevant tax-paying entities, and the fact that the recent results of operations of the entities reflect only one year of significant profitability in the three year period ended December 31, 2014. Based upon this analysis, we do not believe that our principal tax paying entities have attained a sustained level of profitability yet, and, therefore, we continue to maintain a valuation allowance on substantially all of our deferred tax assets as of December 31, 2014.

The valuation allowance at December 31, 2014 of $1,044,152 reflects a net decrease of $181,153 from the balance of $1,225,305 at December 31, 2013. This net decrease in the valuation allowance for the year ended December 31, 2014 consists of additions of $43,001 and $28,257 for the amounts charged to income tax expense and stockholders’ equity, respectively, and a deduction of $246,052 and $6,359 which was credited to income tax expense and stockholders’ equity, respectively. Of the net amount credited to income tax expense of $203,051 above, approximately $106,000 is due primarily to the remeasurement of certain deferred tax assets with a corresponding valuation allowance.

The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $283,198 were recorded at December 31, 2014 primarily relating to:

(i)

indefinite-lived carryforwards (subject to various limitations) of approximately $43,000, primarily in the U.K., Australia, Germany, Singapore and Italy; and

(ii)

certain carryforwards of approximately $230,000 in the U.S., which begin expiring in 2029.

As a result of certain realization requirements regarding share-based incentive plan awards, certain deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting that would otherwise have been recognized at December 31, 2014 and 2013 of $46,633 and $30,200 are not included in the table above. The impact of such excess tax deductions will be recorded in stockholders’ equity if and when such deferred tax assets are ultimately realized.

With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2010. While we are under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate.

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014, 2013 and 2012 is as follows:


	Year Ended December 31,
	2014			2013			2012
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively)	$	62,905		$	55,947		$	62,200
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years		2,837			417			1,393
Current year		18,698			17,596			19,690
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years		(3,191	)		(385	)		(5,397	)
Settlements with tax authorities		–			(5,587	)		(12,077	)
Lapse of the applicable statute of limitations		(13,025	)		(5,083	)		(9,862	)

Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively)	$	68,224		$	62,905		$	55,947

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


	Year Ended December 31,
	2014		2013			2012
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively)	$	40,353	$	36,272		$	44,452
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate	$	40,875	$	38,833		$	26,294
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively)	$	804	$	(2,599	)	$	6,345

The Company anticipates that it is reasonably possible that approximately $9,000 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2014 may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions.

Tax Receivable Agreement

The redemption of 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 or intangible assets of Lazard Group. Included in our deferred tax assets as of December 31, 2014 are approximately $544,000 related to certain basis step-up assets and approximately $255,000 of net operating losses generated by the amortization of such step-up assets, all of which are subject to the tax receivable agreement dated as of May 10, 2005 with LMDC Holdings. The tax receivable agreement requires the Company to pay LMDC Holdings 85% of the cash savings, if any, in U.S. federal, state and local income tax or franchise tax that the Company actually realizes as a result of these increases in tax basis. The Company records provisions for payments under the tax receivable agreement to the extent they are probable and estimable. During the years ended December 31, 2014 and 2013, the Company recorded a “provision pursuant to tax receivable agreement” on the consolidated statements of operations of $18,307 and $1,249, respectively (no provision was required for the year ended December 31, 2012), with the liability related thereto included within “related party payables” on the consolidated statement of financial condition (see Note 19 of Notes to Consolidated Financial Statements). The amount of $1,249 for the year ended December 31, 2013, was reclassified from “operating expenses-other” to conform to the manner of presentation in the current period.

Net Income Per Share of Class A Common Stock

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Net Income Per Share of Class A Common Stock

18.

NET INCOME PER SHARE OF CLASS A COMMON STOCK

The Company’s basic and diluted net income per share calculations for the years ended December 31, 2014, 2013 and 2012 are computed as described below.

Basic Net Income Per Share

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

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

Diluted Net Income Per Share

Numerator—utilizes net income attributable to Lazard Ltd for the respective years as in the basic net income per share calculation described above, plus, to the extent applicable and dilutive, (i) 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 years as in the basic net income per share calculation described above, plus, to the extent dilutive, the incremental number of shares of Class A common stock 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 years ended December 31, 2014, 2013 and 2012 are presented below:


	Year Ended December 31,
	2014		2013		2012
Net income attributable to Lazard Ltd	$	427,277	$	160,212		$84,309
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		—		—		7

Net income attributable to Lazard Ltd - basic		427,277		160,212		84,316
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		581		1,065		371

Net income attributable to Lazard Ltd - diluted	$	427,858		$161,277		$84,687


Weighted average number of shares of Class A common stock outstanding		121,942,939		120,096,305		116,163,821
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		408,897		757,962		790,168

Weighted average number of shares of Class A common stock outstanding - basic		122,351,836		120,854,267		116,953,989
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		11,461,287		12,882,812		12,371,633

Weighted average number of shares of Class A common stock outstanding - diluted		133,813,123		133,737,079		129,325,622

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$3.49		$1.33		$0.72

Diluted		$3.20		$1.21		$0.65

Related Parties

12 Months Ended

Dec. 31, 2014

Related Parties

19.

RELATED PARTIES

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


	December 31,
	2014		2013
Receivables
LMDC Holdings	$	1,107	$	7,794
Other		160		126

Total	$	1,267	$	7,920

Payables
LMDC Holdings	$	20,654	$	4,300
Other		1,240		731

Total	$	21,894	$	5,031

LMDC Holdings

LMDC 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 continues to be owned in large part 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 LMDC Holdings (the “master separation agreement”), which effected the separation and recapitalization that occurred in May 2005, LMDC 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, LMDC Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”) and a license agreement (the “license agreement”).

In the third quarter of 2014, the Company entered into arrangements with LMDC Holdings and certain of its subsidiaries pursuant to which, among other things, the Company acquired certain assets from LMDC Holdings relating to its convertible securities business, the business alliance provided for in the business alliance agreement terminated, and LMDC Holdings relinquished certain license rights previously granted under the license agreement. In addition, LMDC Holdings surrendered certain leasehold interests, including leasehold improvements, to the Company, and was relieved of obligations to pay related sublease rent. See Note 12 of Notes to 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.

For the years ended December 31, 2014, 2013 and 2012, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $879, $1,456 and $7,637, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $795, $(1,646) and $5,947, 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 LMDC Holdings and its subsidiaries as of December 31, 2014 and 2013 include $1,107 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 LMDC Holdings, and at December 31, 2013, $4,682 related to referral fees for underwriting and private placement transactions. Payables to LMDC Holdings and its subsidiaries at December 31, 2014 and 2013 include $1,077 and $3,051, respectively, primarily relating to referral fees for Financial Advisory and other transactions, and, at December 31, 2014 and 2013, $19,577 and $1,249, respectively, related to obligations pursuant to the tax receivable agreement (see Note 17 of Notes to Consolidated Financial Statements).

Other

For the years ended December 31, 2014, 2013 and 2012, amounts recorded by Lazard Group relating to referral fees for restructuring and M&A transactions and fee sharing with MBA Lazard Holdings S.A. and its affiliates (“MBA”), an Argentina-based group in which the Company has a 50% ownership interest, amounted to $(5,557), $(2,221) and $1,506, respectively, and are reported in advisory fee revenue.

Other receivables and payables at December 31, 2014 and 2013 primarily relate to referral fees for M&A and restructuring transactions with MBA.

LAZ-MD Holdings

Lazard Group provided certain administrative and support services to LAZ-MD Holdings through the administrative services agreement. Lazard Group charged LAZ-MD Holdings for these services based on Lazard Group’s cost allocation methodology and, for the years ended December 31, 2014, 2013 and 2012, such charges amounted to $856, $1,000 and $1,000, 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

12 Months Ended

Dec. 31, 2014

Banking and Thrift [Abstract]

Regulatory Authorities

20.

REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 ²/₃%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $100, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At December 31, 2014, LFNY’s regulatory net capital was $128,382, which exceeded the minimum requirement by $123,999. LFNY’s aggregate indebtedness to net capital ratio was 0.51:1 as of December 31, 2014.

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 December 31, 2014, the aggregate regulatory net capital of the U.K. Subsidiaries was $86,273, which exceeded the minimum requirement by $68,683.

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 December 31, 2014, the consolidated regulatory net capital of CFLF was $134,708, which exceeded the minimum requirement set for regulatory capital levels by $87,130. 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 minimum requirements for regulatory net capital and satisfy periodic financial and other reporting obligations. At December 31, 2014, the regulatory net capital of the combined European regulated group was $180,047, which exceeded the minimum requirement set for regulatory capital levels by $104,309. 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 December 31, 2014, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $111,224, which exceeded the minimum required capital by $84,699.

At December 31, 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
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1G
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958577-112826

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1C
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958572-112826

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1E
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958574-112826

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1H
-URI http://asc.fasb.org/extlink&oid=35709795&loc=d3e65071-112826

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958569-112826

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958570-112826

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958575-112826

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958568-112826

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1D
-URI http://asc.fasb.org/extlink&oid=35709795&loc=SL5958573-112826

+ Details

Segment Information

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Information

21.

SEGMENT INFORMATION

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

The Company’s segment information for the years ended December 31, 2014, 2013 and 2012 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.

For the years ended December 31, 2014, 2013 and 2012, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments.

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


		As Of Or For The Year Ended December 31,
		2014			2013(b)			2012(b)
Financial Advisory	Net Revenue	$	1,206,734		$	980,577		$	1,049,090
	Operating Expenses (a)		977,681			959,668			1,057,620

	Operating Income (Loss)	$	229,053		$	20,909		$	(8,530	)

	Total Assets	$	785,557		$	714,708		$	793,007


Asset Management	Net Revenue	$	1,134,595		$	1,039,130		$	896,260
	Operating Expenses (a)		749,345			704,045			659,502

	Operating Income	$	385,250		$	335,085		$	236,758

	Total Assets	$	588,403		$	612,018		$	566,677


Corporate	Net Revenue	$	(40,882	)	$	(34,355	)	$	(32,902	)
	Operating Expenses (a)		53,956			104,832			71,441

	Operating Loss	$	(94,838	)	$	(139,187	)	$	(104,343	)

	Total Assets	$	1,958,276		$	1,684,411		$	1,627,209


Total	Net Revenue	$	2,300,447		$	1,985,352		$	1,912,448
	Operating Expenses (a)		1,780,982			1,768,545			1,788,563

	Operating Income	$	519,465		$	216,807		$	123,885

	Total Assets	$	3,332,236		$	3,011,137		$	2,986,893

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


	Year Ended December 31,
	2014		2013		2012
Financial Advisory	$	4,826	$	5,256	$	5,710
Asset Management		2,610		2,556		3,250
Corporate		27,028		26,938		21,895

Total	$	34,464	$	34,750	$	30,855

(b)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments.

Geographic Information

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

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


	As Of Or For The Year Ended December 31,
	2014		2013			2012
Net Revenue:
United States	$	1,308,220	$	1,217,014		$	1,172,566
United Kingdom		277,610		205,695			180,784
France		376,432		281,740			265,523
Other Western Europe		150,810		123,975			132,754
Rest of World		187,375		156,928			160,821

Total	$	2,300,447	$	1,985,352		$	1,912,448

Operating Income (Loss):
United States	$	320,082	$	234,247		$	169,111
United Kingdom		61,744		(6,474	)		(37,329	)
France		87,308		14,845			8,332
Other Western Europe		12,634		(8,260	)		(20,812	)
Rest of World		37,697		(17,551	)		4,583

Total	$	519,465	$	216,807		$	123,885

Identifiable Assets:
United States	$	1,840,882	$	1,529,695		$	1,507,331
United Kingdom		266,584		239,606			226,578
France		809,241		824,712			808,655
Other Western Europe		135,889		118,939			114,763
Rest of World		279,640		298,185			329,566

Total	$	3,332,236	$	3,011,137		$	2,986,893

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Supplemental Financial Information - Quarterly Results

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Supplemental Financial Information - Quarterly Results

SUPPLEMENTAL FINANCIAL INFORMATION

QUARTERLY RESULTS (UNAUDITED)

The following represents the Company’s unaudited quarterly results for the years ended December 31, 2014 and 2013. These quarterly results were prepared in conformity with generally accepted accounting principles and reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results. These adjustments are of a normal recurring nature.



	2014 Fiscal Quarter
	First		Second		Third		Fourth			Year
	(dollars in thousands, except per share data)
Net revenue	$	533,400	$	566,896	$	566,211	$	633,940		$	2,300,447
Operating expenses		426,220		467,916		452,499		434,347			1,780,982

Operating income	$	107,180	$	98,980	$	113,712	$	199,593		$	519,465

Net income	$	85,429	$	85,909	$	89,920	$	172,805		$	434,063
Less - net income attributable to noncontrolling interests		4,587		717		1,061		421			6,786

Net income attributable to Lazard Ltd	$	80,842	$	85,192	$	88,859	$	172,384		$	427,277

Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic		$0.66		$0.69		$0.73		$1.41			$3.49
Diluted		$0.61		$0.64		$0.67		$1.29			$3.20
Dividends declared per share of common stock		$0.30		$0.30		$0.30		$0.30			$1.20

	2013 Fiscal Quarter
	First(a)		Second(a)		Third		Fourth(b)			Year
	(dollars in thousands, except per share data)
Net revenue	$	401,903	$	490,405	$	480,354	$	612,690		$	1,985,352
Operating expenses		380,306		449,467		399,236		539,536			1,768,545

Operating income	$	21,597	$	40,938	$	81,118	$	73,154		$	216,807

Net income	$	17,649	$	31,921	$	62,748	$	52,796		$	165,114
Less - net income (loss) attributable to noncontrolling interests		2,289		568		2,466		(421	)		4,902

Net income attributable to Lazard Ltd	$	15,360	$	31,353	$	60,282	$	53,217		$	160,212

Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic		$0.13		$0.26		$0.49		$0.44			$1.33
Diluted		$0.12		$0.24		$0.45		$0.40			$1.21
Dividends declared per share of common stock		—		$0.25		$0.25		$0.50			$1.00

(a)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives.

(b)	See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing.

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

12 Months Ended

Dec. 31, 2014

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2014 AND 2013

(dollars in thousands, except per share data)


	December 31,
	2014			2013
ASSETS
Cash and cash equivalents	$	7,482		$	688
Investments in subsidiaries, equity method		(1,604,077	)		(1,818,211	)
Due from subsidiaries		2,303,440			2,379,308
Other assets		–			4

Total assets	$	706,845		$	561,789


LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Due to subsidiaries	$	20		$	1,488
Other liabilities		81			92

Total liabilities		101			1,580

Commitments and contingencies

STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A—7,921 shares issued and outstanding at December 31, 2014 and 2013		–			–
Series B—no shares issued and outstanding		–			–
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 129,766,091 and 129,056,081 shares issued at December 31, 2014 and 2013, respectively, including shares held by subsidiaries as indicated below)		1,298			1,291
Class B, par value $.01 per share (1 share authorized, issued and outstanding at December 31, 2013)		–			–
Additional paid-in-capital		702,800			737,899
Retained earnings		464,655			203,236
Accumulated other comprehensive loss, net of tax		(200,766	)		(133,004	)

		967,987			809,422
Class A common stock held by subsidiaries, at cost (7,450,745 and 8,317,065 shares at December 31, 2014 and 2013, respectively)		(261,243	)		(249,213	)

Total stockholders’ equity		706,744			560,209

Total liabilities and stockholders’ equity	$	706,845		$	561,789

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012

(dollars in thousands)


	Year Ended December 31,
	2014		2013		2012
REVENUE
Equity in earnings of subsidiaries	$	373,713	$	103,769	$	20,598
Interest and other income		55,303		58,227		65,319

Total revenue		429,016		161,996		85,917

OPERATING EXPENSES
Professional services		1,594		1,662		1,477
Other		145		122		131

Total operating expenses		1,739		1,784		1,608

NET INCOME	$	427,277	$	160,212	$	84,309

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012

(dollars in thousands)


	Year Ended December 31,
	2014			2013			2012
NET INCOME	$	427,277		$	160,212		$	84,309

OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments		(49,970	)		(15,438	)		15,431
Amortization of interest rate hedge		–			2,488			1,042
Employee benefit plans:
Actuarial loss (net of tax benefit of $9,045, $6,353 and $12,796 for the years ended December 31, 2014, 2013 and 2012, respectively)		(21,983	)		(13,426	)		(39,817	)
Adjustments for items reclassified to earnings (net of tax expense of $1,923, $1,918 and $1,131 for the years ended December 31, 2014, 2013 and 2012, respectively)		4,749			4,580			4,347

OTHER COMPREHENSIVE LOSS, NET OF TAX		(67,204	)		(21,796	)		(18,997	)

COMPREHENSIVE INCOME	$	360,073		$	138,416		$	65,312

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2014, 2013 AND 2012

(dollars in thousands)


	Year Ended December 31,
	2014			2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	427,277		$	160,212		$	84,309
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries		(373,713	)		(103,769	)		(20,598	)
Changes in due to/from subsidiaries		99,477			65,574			71,566
Changes in other operating assets and liabilities		(6)			(7)			(89	)

Net cash provided by operating activities		153,035			122,010			135,188

CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends		(146,241	)		(121,620	)		(135,108	)

Net cash used in financing activities		(146,241	)		(121,620	)		(135,108	)

Net increase in cash and cash equivalents		6,794			390			80
Cash and cash equivalents, January 1		688			298			218

Cash and cash equivalents, December 31	$	7,482		$	688		$	298

See notes to condensed financial statements.

LAZARD LTD

(parent company only)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1.	*BASIS OF PRESENTATION*

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

The Parent Company Financial Statements as of December 31, 2014 and 2013, and for each of the three years in the period ended December 31, 2014, are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and the disclosures in the condensed financial statements. Management believes that the estimates utilized in the preparation of the condensed financial statements are reasonable. Actual results could differ materially from these estimates.

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

Organization and Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2014

Organization

Organization

•

Basis of Presentation

Basis of Presentation

Foreign Currency Translation

Use of Estimates

•

the adequacy of the allowance for doubtful accounts;

•

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

•

the outcome of litigation;

•

the carrying amount of goodwill and other intangible assets;

•

the amortization period of intangible assets;

•

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

•

the vesting of share-based and other deferred compensation plan awards; and

•

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

Cash and Cash Equivalents

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

Deposits with Banks and Short-Term Investments

Cash Deposited with Clearing Organizations and Other Segregated Cash

Allowance for Doubtful Accounts

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

Investments

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

Property-net

Goodwill and Other Intangible Assets

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

Derivative Instruments

Deposits and Other Customer Payables

Deposits and Other Customer Payables—Principally relates to LFB customer-related demand and time deposits, both interest-bearing and non-interest bearing, short-term inter-bank borrowings.

Securities Sold, Not Yet Purchased

Fair Value of Financial Assets and Liabilities

Revenue Recognition

Revenue Recognition

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

Soft Dollar Arrangements

Equity-Based Incentive Compensation Awards

Cost Saving Initiatives and Staff Reductions

Income Taxes

•

future reversals of existing taxable temporary differences;

•

future taxable income exclusive of reversing temporary differences and carryforwards;

•

taxable income in prior carryback years; and

•

tax-planning strategies.

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

•

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

•

duration of statutory carryforward periods;

•

historical experience with tax attributes expiring unused; and

•

near-term and medium-term financial outlook.

Recent Accounting Developments

Fair Value Measurement Policy

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.

Level 3.

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.

Computation of Basic and Diluted Net Income per Share

Basic Net Income Per Share

Diluted Net Income Per Share

Employer Contributions to Pension Plans

Stock Compensation Plan [Member]

Computation of Basic and Diluted Net Income per Share

Receivables (Tables)

12 Months Ended

Dec. 31, 2014

Receivables [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts for the years ended December 31, 2014, 2013 and 2012 was as follows:


	Year Ended December 31,
	2014			2013		2012
Beginning Balance	$	28,777		$	23,017	$	19,450
Bad debt expense, net of recoveries		12,246			4,395		6,579
Charge-offs, foreign currency translation and other adjustments		(17,483	)		1,365		(3,012	)

Ending Balance	$	23,540		$	28,777	$	23,017

Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014 and 2013:


	December 31,
	2014		2013
Interest-bearing deposits	$	84,575	$	516

Debt		10,426		8,013

Equities		57,302		59,394

Funds:
Alternative investments (a)		34,705		37,030
Debt (a)		82,889		58,769
Equity (a)		228,209		190,702
Private equity		114,470		114,193

		460,273		400,694

Equity method		7,776		9,488

Total investments		620,352		478,105
Less:
Interest-bearing deposits		84,575		516
Equity method		7,776		9,488

Investments, at fair value	$	528,001	$	468,101

Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	9,290	$	4,045

(a)

Schedule of Trading Securities Net Unrealized Investment Gains and Losses


	Year Ended December 31,
	2014		2013		2012
Net unrealized investment gains (losses)	$	(8,568)	$	16,470	$	22,327

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

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



	December 31, 2014
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt	$	5,540	$	4,886	$	–	$	10,426
Equities		55,987		–		1,315		57,302
Funds:
Alternative investments		–		34,705		–		34,705
Debt		82,885		4		–		82,889
Equity		228,166		43		–		228,209
Private equity		–		–		114,470		114,470
Derivatives		–		2,355		–		2,355

Total	$	372,578	$	41,993	$	115,785	$	530,356

Liabilities:
Securities sold, not yet purchased	$	9,290	$	–	$	–	$	9,290
Derivatives		–		208,093		–		208,093

Total	$	9,290	$	208,093	$	–	$	217,383



	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 years ended December 31, 2014, 2013 and 2012:



	Year Ended December 31, 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	$	19	$	–	$	(1	)	$	(43	)	$	1,315
Private equity funds		114,193		8,412		9,283		(11,289	)		(6,129	)		114,470

Total Level 3 Assets	$	115,533	$	8,431	$	9,283	$	(11,290	)	$	(6,172	)	$	115,785


	Year Ended December 31, 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	$	11	$	1,095	$	–		$	44		$	1,340
Alternative investment funds		3,457		117		–		(3,574	)		–			–
Equity funds		10		–		–		(10	)		–			–
Private equity funds		112,444		13,245		6,166		(19,231	)		1,569			114,193

Total Level 3 Assets	$	116,101	$	13,373	$	7,261	$	(22,815	)	$	1,613		$	115,533


	Year Ended December 31, 2012
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	211	$	5	$	–	$	(30	)	$	4	$	190
Alternative investment funds		10,171		130		–		(6,844	)		–		3,457
Equity funds		–		–		10		–			–		10
Private equity funds		122,718		15,983		8,589		(35,796	)		950		112,444

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

(a)	Earnings for the years ended December 31, 2014, 2013 and 2012 include net unrealized gains of $5,354, $6,032 and $12,910, respectively.

Financial Instruments Not Measured at Fair Value


	December 31, 2014
					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	1,066,580	$	1,066,580	$	1,066,580	$	–	$	–
Deposits with banks and short-term investments		207,760		207,760		207,760		–		–
Cash deposited with clearing organizations and other segregated cash		43,290		43,290		43,290		–		–
Interest-bearing financing receivables		86,221		88,499		–		–		88,499
Interest-bearing deposits (included within investments)		84,575		84,575		84,575		–		–

Financial Liabilities:
Deposits and other customer payables	$	314,284	$	314,284	$	314,284	$	–	$	–
Senior debt		1,048,350		1,134,834		–		1,134,834		–

	December 31, 2013
					Fair Value Measurements Using:
	Carrying Value		Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial Assets:
Cash and cash equivalents	$	841,482	$	841,482		$841,482		$–	$	–
Deposits with banks and short-term investments		244,879		244,879		244,879		–		–
Cash deposited with clearing organizations and other segregated cash		62,046		62,046		62,046		–		–
Interest-bearing financing receivables		69,464		71,433		–		–		71,433
Interest-bearing deposits (included within investments)		516		516		516		–		–

Financial Liabilities:
Deposits and other customer payables	$	275,434	$	275,434		$275,434	$	–	$	–
Senior debt		1,048,350		1,117,247		–		1,117,247		–

Fair Value of Certain Investments Based on NAV

December 31, 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

31,042

–

(a)

<30-60 days

Funds of funds

475

–

(b)

<30-90 days

Other

3,188

–

(c)

<30-60 days

Debt funds

–

(d)

30 days

Equity funds

–

(e)

30-90 days

Private equity funds:

Equity growth

75,578

18,676

(f)

100%

10%

63%

27%

Mezzanine debt

38,892

–

100%

–

100%

Total

149,222

18,676

(a)	weekly (15%), monthly (66%) and quarterly (19%)

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

(c)	daily (11%), weekly (3%) and monthly (86%)

(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 $6,888 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)

12 Months Ended

Dec. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition


	December 31,
	2014		2013
Derivative Assets:
Forward foreign currency exchange rate contracts	$	2,355	$	250
Total return swaps and other (a)		–		432

	$	2,355	$	682

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	124	$	1,579
Total return swaps and other (a)		663		–
LFI and other similar deferred compensation arrangements		207,306		162,422

	$	208,093	$	164,001

(a)

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


	Year Ended December 31,
	2014			2013			2012
Forward foreign currency exchange rate contracts	$	22,959		$	(3,162	)	$	(1,844	)
LFI and other similar deferred compensation arrangements		(7,326	)		(14,099	)		(7,557	)
Total return swaps and other		(5,211	)		(10,931	)		(18,327	)

Total	$	10,422		$	(28,192	)	$	(27,728	)

Property (Tables)

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property

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


	Estimated Depreciable Life in Years		December 31,
	Estimated Depreciable Life in Years		2014		2013
Buildings		33	$	152,982	$	173,772
Leasehold improvements		3-20		167,837		175,600
Furniture and equipment		3-10		150,458		149,598
Construction in progress				7,578		3,756

Total				478,855		502,726
Less - Accumulated depreciation and amortization				256,286		253,930

Property			$	222,569	$	248,796

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Goodwill and Other Intangible Assets

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


	December 31,
	2014		2013
Goodwill	$	335,402	$	345,453
Other intangible assets (net of accumulated amortization)		12,036		18,424

	$	347,438	$	363,877

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2014, 2013 and 2012 are as follows:


	Year Ended December 31,
	2014			2013			2012
Balance, January 1	$	345,453		$	364,328		$	356,657
Business acquisitions		3,232			1,748			4,272
Foreign currency translation adjustments		(13,283	)		(20,623	)		3,399

Balance, December 31	$	335,402		$	345,453		$	364,328

Gross Cost and Accumulated Amortization of Other Intangible Assets

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


	December 31, 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		33,050		30,638		2,412		33,063		28,206		4,857

	$	63,790	$	51,754	$	12,036	$	63,803	$	45,379	$	18,424

Estimated Future Amortization Expense

Amortization expense of intangible assets for the years ended December 31, 2014, 2013 and 2012 was $6,387, $10,114 and $8,359, respectively. Estimated future amortization expense is as follows:


Year Ending December 31,	Amortization Expense (a)
2015	$	6,558
2016		5,478

Total amortization expense	$	12,036

(a)

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

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2014

Text Block [Abstract]

Schedule of Other Assets

The following table sets forth the Company’s other assets, by type, as of December 31, 2014 and 2013:


	December 31,
	2014		2013
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$	93,160	$	110,014
Prepaid compensation (see Note 14)		73,278		60,433
Other advances and prepayments		30,761		33,526
Deferred debt issuance costs		7,162		9,188
Other		62,290		46,116

Total	$	266,651	$	259,277

Schedule of Other Liabilities

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2014 and 2013:


	December 31,
	2014		2013
Accrued expenses	$	132,728	$	136,677
Current and deferred income taxes and other taxes		131,280		119,940
Employee benefit-related liabilities		110,838		104,013
Deferred lease incentives		83,209		84,897
Unclaimed funds at LFB		31,592		26,626
Abandoned leased space (principally in the U.K.)		10,073		12,855
Deferred revenue		25,942		5,988
Securities sold, not yet purchased		9,290		4,045
Other		24,394		18,386

Total	$	559,346	$	513,427

Senior Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Senior Debt

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


	Initial Principal Amount		Maturity Date		Annual Interest Rate			Outstanding As Of December 31,
	Initial Principal Amount		Maturity Date		Annual Interest Rate			2014		2013
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group 4.25% Senior Notes (a)		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

(a)

Debt Maturities Relating to Senior Borrowings Outstanding

Debt maturities relating to senior borrowings outstanding at December 31, 2014 for each of the five years in the period ending December 31, 2019 and thereafter are set forth in the table below.


Year Ending December 31,
2015-2016	$	–
2017		548,350
2018-2019		–
Thereafter		500,000

Total	$	1,048,350

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

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

At December 31, 2014, minimum rental commitments under non-cancelable leases, net of sublease income, are approximately as follows:


Year Ending December 31,	Minimum Rental Commitments
Year Ending December 31,	Capital		Operating
2015	$	2,594	$	77,216
2016		2,288		75,604
2017		8,375		70,406
2018		31		64,922
2019		26		61,199
Thereafter		–		591,342

Total minimum lease payments		13,314		940,689
Less amount representing interest		1,299

Present value of capital lease commitments	$	12,015

Less sublease proceeds(a)				76,610

Net lease payments			$	864,079

(a)	Committed sublease income was reduced by approximately $79,600 in the third quarter of 2014 pursuant to arrangements we entered into with LMDC Holdings. See Note 19 of Notes to Consolidated Financial Statements.

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

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

During the years ended December 31, 2014, 2013 and 2012, Lazard Group distributed the following amounts to LAZ-MD Holdings and the subsidiaries of Lazard Ltd:


	Year Ended December 31,
	2014		2013		2012
Tax distributions:
LAZ-MD Holdings	$	1,649	$	80	$	–
Subsidiaries of Lazard Ltd		174,266		2,896		–

	$	175,915	$	2,976	$	–

Other distributions:
LAZ-MD Holdings	$	213	$	920	$	5,170
Subsidiaries of Lazard Ltd		146,241		121,620		135,108

	$	146,454	$	122,540	$	140,278

Schedule of Share Repurchase Authorized by Board of Directors


Date	Repurchase Authorization		Expiration
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 Purchased		Average Price Per Share
Years Ended December 31:

2012		12,817,196	$	27.66
2013		3,488,101	$	37.98
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 December 31, 2014:
Other comprehensive income (loss) before reclassifications		(49,971	)		(21,983	)		(71,954	)		557			(72,511	)
Adjustments for items reclassified to earnings, net of tax		–			4,749			4,749			–			4,749

Net other comprehensive income (loss)		(49,971	)		(17,234	)		(67,205	)		557			(67,762	)

Balance, December 31, 2014	$	(46,102	)	$	(154,665	)	$	(200,767	)	$	(1	)	$	(200,766	)


	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 December 31, 2013:
Other comprehensive income (loss) before reclassifications		(15,536	)		–			(13,500	)		(29,036	)		495			(29,531	)
Adjustments for items reclassified to earnings, net of tax		–			2,502			4,605			7,107			39			7,068

Net other comprehensive income (loss)		(15,536	)		2,502			(8,895	)		(21,929	)		534			(22,463	)

Balance, December 31, 2013	$	3,869		$	–		$	(137,431	)	$	(133,562	)	$	(558	)	$	(133,004	)

Adjustments for Items Reclassified Out of AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2014 and 2013:


	Year Ended December 31,
	2014		2013
Amortization of interest rate hedge (a)	$	–	$	2,502

Amortization relating to employee benefit plans (b)		6,672		6,534
Less – related income taxes		1,923		1,929

Net of tax		4,749		4,605

Total reclassifications, net of tax	$	4,749	$	7,107

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

(b)	Included in the computation of net periodic benefit cost (see Note 15 of Notes to Consolidated Financial Statements). Such amount is included in “compensation and benefits” expense on the 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 December 31:	Common Membership Interests		% Ownership			Common Membership Interests		% Ownership			Total Lazard Group Common Membership Interests
2012		128,216,423		98.8	%		1,549,667		1.2	%		129,766,090
2013		129,056,081		99.5	%		710,009		0.5	%		129,766,090
2014		129,766,090		100	%		–		–	%		129,766,090

Net Income (Loss) Attributable to Noncontrolling Interests


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2014		2013			2012
Edgewater	$	6,153	$	3,913		$	3,491
LAZ-MD Holdings		631		1,198			5,114
Other		2		(209	)		(129	)

Total	$	6,786	$	4,902		$	8,476


	Noncontrolling Interests As Of December 31,
	2014		2013
Edgewater	$	62,584	$	66,641
LAZ-MD Holdings		–		2,566
Other		729		582

Total	$	63,313	$	69,789

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2014

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


	Year Ended December 31,
	2014		2013		2012
Share-based incentive awards:
RSUs (a)	$	169,916	$	209,974	$	298,809
PRSUs		18,428		12,934		–
Restricted Stock (b)		16,110		11,374		10,003
DSUs		1,741		1,616		1,536

Total	$	206,195	$	235,898	$	310,348

(a)	Includes charges relating to the cost saving initiatives and staff reductions, as applicable, for the years ended December 31, 2013 and 2012, aggregating $9,099 and $26,158, respectively (see Note 16 of Notes to Consolidated Financial Statements).

(b)	Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $247 and $713, respectively.

Schedule of Issuance of RSUs and Charges to Retained Earnings

During the years ended December 31, 2014, 2013 and 2012, issuances of RSUs pertaining to such dividend participation rights and respective charges to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”), consisted of the following:


	Year Ended December 31,
	2014		2013		2012
Number of RSUs issued		375,954		454,059		920,791
Charges to retained earnings, net of estimated forfeitures	$	17,536	$	16,927	$	24,990

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the years ended December 31, 2014 and 2013:


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2014	$	60,433		$	162,422
Granted		92,728			92,728
Settled		–			(55,880	)
Forfeited		(2,634	)		(5,531	)
Amortization		(76,508	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			7,326
Adjustment for estimated forfeitures		–			8,748
Other		(741	)		(2,507	)

Balance, December 31, 2014	$	73,278		$	207,306


	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2013	$	47,445		$	97,593
Granted		72,217			72,217
Settled		–			(24,006	)
Forfeited		(1,075	)		(1,544	)
Amortization		(58,023	)		–
Change in fair value related to:
Increase in fair value of underlying investments		–			14,099
Adjustment for estimated forfeitures		–			4,643
Other		(131	)		(580	)

Balance, December 31, 2013	$	60,433		$	162,422

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2014.


	Year Ended December 31,
	2014		2013		2012
Amortization, net of forfeitures (a)	$	82,359	$	62,197	$	41,209
Change in the fair value of underlying investments		7,326		14,099		7,557

Total	$	89,685	$	76,296	$	48,766

(a)	Includes charges relating to the cost saving initiatives for the years ended December 31, 2013 and 2012, of $2,665 and $3,495, respectively (See Note 16 of Notes to 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 three-year period ended December 31, 2014:


	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2012		20,751,829		$	36.84		140,660	$	34.83
Granted (including 920,791 RSUs relating to dividend participation)		8,594,744		$	27.68		63,836	$	24.06
Forfeited		(581,411	)	$	35.59		–		–
Vested/Exchanged		(7,284,031	)	$	34.71		–		–

Balance, December 31, 2012		21,481,131		$	33.92		204,496	$	31.47
Granted (including 454,059 RSUs relating to dividend participation)		5,186,627		$	37.21		46,938	$	34.42
Forfeited		(268,900)		$	34.47		–		–
Vested		(9,768,849)		$	34.65		–		–

Balance, December 31, 2013		16,630,009		$	34.51		251,434	$	32.02
Granted (including 375,954 RSUs relating to dividend participation)		3,825,737		$	42.59		34,793	$	50.04
Forfeited		(344,345	)	$	34.52		–		–
Vested		(6,582,285	)	$	37.80		–		–

Balance, December 31, 2014		13,529,116		$	35.19		286,227	$	34.21

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 three-year period ended December 31, 2014:


	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2012		95,332		$	37.63
Granted/Exchanged (a)		2,100,965		$	34.34
Forfeited		(21,178	)	$	29.51
Vested		(202,510	)	$	31.43

Balance, December 31, 2012		1,972,609		$	34.85
Granted		368,736		$	36.74
Forfeited		(37,782	)	$	33.37
Vested		(1,728,509	)	$	36.00

Balance, December 31, 2013		575,054		$	32.72
Granted		449,911		$	45.52
Forfeited		(13,336	)	$	41.65
Vested		(281,802	)	$	37.42

Balance, December 31, 2014		729,827		$	38.63

(a)

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 two-year period ended December 31, 2014:


	PRSUs		Weighted Average Grant Date Fair Value
Balance, January 1, 2013		–		–
Granted		448,128	$	36.11

Balance, December 31, 2013		448,128	$	36.11
Granted		360,783	$	44.46
Performance units earned (a)		538,237	$	34.72

Balance, December 31, 2014		1,347,148	$	37.79

(a)	Performance units earned during the period relate to PRSUs granted in 2013.

- 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)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

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


	Pension Plans						Medical Plan
	2014			2013			2014			2013
Change in benefit obligation
Benefit obligation at beginning of year	$	709,850		$	656,025		$	5,080		$	5,668
Service cost		971			940			33			53
Interest cost		30,041			27,219			194			182
Actuarial (gain) loss		97,495			32,329			428			(647	)
Benefits paid		(29,663	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(44,525	)		16,595

Benefit obligation at end of year		764,169			709,850			5,514			5,080

Change in plan assets
Fair value of plan assets at beginning of year		643,844			607,705
Actual return on plan assets		91,829			41,353
Employer contributions		7,648			2,274			221			176
Benefits paid		(28,877	)		(23,258	)		(221	)		(176	)
Foreign currency translation and other adjustments		(41,868	)		15,770

Fair value of plan assets at end of year		672,576			643,844			–			–

Funded (deficit) at end of year	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)

Amounts recognized in the consolidated statements of financial condition at December 31, 2014 and 2013 consist of:
Prepaid pension asset (included in “other assets”)	$	–		$	148
Accrued benefit liability (included in “other liabilities”)		(91,593	)		(66,154	)	$	(5,514	)	$	(5,080	)

Net amount recognized	$	(91,593	)	$	(66,006	)	$	(5,514	)	$	(5,080	)

Amounts recognized in AOCI (excluding tax benefits of $37,567 and $30,448 at December 31, 2014 and 2013, respectively) consist of:
Actuarial net loss (gain)	$	186,637		$	159,575		$	360		$	(597	)
Prior service cost		5,235			8,901			–			–

Net amount recognized	$	191,872		$	168,476		$	360		$	(597	)

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

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2014 and 2013:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2014		2013		2014		2013		2014		2013
Fair value of plan assets	$	26,766	$	26,200	$	645,810	$	617,644	$	672,576	$	643,844
Accumulated benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850
Projected benefit obligation	$	37,035	$	29,427	$	727,134	$	680,423	$	764,169	$	709,850

Components of Net Periodic Benefit Cost (Credit)


	Pension Plans For The Year Ended December 31,									Medical Plan For The Year Ended December 31,
	2014			2013			2012			2014			2013			2012
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	971		$	940		$	670		$	33		$	53		$	60
Interest cost		30,041			27,219			27,636			194			182			211
Expected return on plan assets		(32,607	)		(27,078	)		(26,657	)
Amortization of:
Prior service cost		2,841			2,843			2,751
Net actuarial loss (gain)		4,360			3,691			1,658			(529	)
Settlement loss (a)		–			–			1,135

Net periodic benefit cost (credit)	$	5,606		$	7,615		$	7,193		$	(302	)	$	235		$	271


Actual return on plan assets	$	91,829		$	41,353		$	33,882
Employer contributions	$	7,648		$	2,274		$	8,221		$	221		$	176		$	275
Benefits paid	$	28,877		$	23,258		$	26,420		$	221		$	176		$	275
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax benefit of $7,119, $4,459 and $11,805 during the years ended December 31, 2014, 2013 and 2012, respectively):
Net actuarial (gain) loss	$	41,082		$	17,251		$	50,209		$	428		$	(647	)	$	310
Reclassification of prior service (cost) credit to earnings		(2,841	)		(2,843	)		(2,751	)
Reclassification of actuarial gain (loss) to earnings		(4,360	)		(3,691	)		(2,793	)		529
Currency translation and other adjustments		(10,485	)		3,284			2,729

Total recognized in AOCI	$	23,396		$	14,001		$	47,394		$	957		$	(647	)	$	310

Net amount recognized in total periodic benefit cost and AOCI	$	29,002		$	21,616		$	54,587		$	655		$	(412	)	$	581

(a)

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


	Pension Plans		Medical Plan		Total
Prior service cost	$	2,600	$	–	$	2,600
Net actuarial loss (gain)	$	4,821	$	–	$	4,821

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


	Pension Plans December 31,							Medical Plan December 31,
	2014		2013		2012			2014		2013		2012
Weighted average assumptions used to determine benefit obligations:
Discount rate		3.4%		4.3%		4.6	%		3.7%		4.3%		3.4%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate		2.0%		3.3%		3.2	%		4.3%		3.4%		4.1%
Expected long-term rate of return on plan assets		5.1%		4.7%		4.7	%		–		–		–
Healthcare cost trend rates used to determine net periodic benefit cost:
Initial									7.5%		8.0%		8.0%
Ultimate									5.0%		5.0%		6.0%
Year ultimate trend rate achieved									2019		2019		2016

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


	1% Increase				1% Decrease
	2014		2013		2014			2013
Cost	$	29	$	33	$	(22	)	$	(24	)
Obligation	$	779	$	675	$	(580	)	$	(494	)

Schedule of Expected Benefit Payments


	Pension Plans		Medical Plan
2015	$	24,059	$	358
2016		25,103		364
2017		25,619		366
2018		27,551		368
2019		29,077		371
2020-2024		160,294		1,847

Schedule of Categorization of Plans' Assets


	As of December 31, 2014
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	13,226	$	–	$	–	$	13,226
Debt		52,439		–		–		52,439
Equities		31,253		–		–		31,253
Funds:
Alternative investments		457		304		578		1,339
Debt		13,570		357,522		1,793		372,885
Equity		194,898		6,536		–		201,434

Total	$	305,843	$	364,362	$	2,371	$	672,576


	As of December 31, 2013
	Level 1		Level 2		Level 3		Total
Asset Category
Cash	$	5,835	$	–	$	–	$	5,835
Debt		43,764		–		–		43,764
Equities		27,762		–		–		27,762
Funds:
Alternative investments		907		43,123		698		44,728
Debt		11,942		323,812		2,222		337,976
Equity		183,779		–		–		183,779

Total	$	273,989	$	366,935	$	2,920	$	643,844

Cost Saving Initiatives (Tables)

12 Months Ended

Dec. 31, 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
Year Ended December 31, 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 December 31, 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 2014 was as follows:


	Accrued Compensation and Benefits			Other Liabilities			Total
Balance, January 1, 2014	$	11,860		$	5,356		$	17,216
Less:
Settlements		(11,651	)		(1,050	)		(12,701	)

Balance, December 31, 2014	$	209		$	4,306		$	4,515

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes


	Year Ended December 31,
	2014		2013			2012
Current:
Federal	$	3,112	$	(3,678	)	$	2,094
Foreign		61,143		41,084			27,650
State and local (primarily UBT)		5,519		(167	)		5,813

Total current		69,774		37,239			35,557

Deferred:
Federal		2,766		19,934			(3,330	)
Foreign		9,239		(4,520	)		(1,127	)
State and local (primarily UBT)		3,623		(960	)		–

Total deferred		15,628		14,454			(4,457	)

Total	$	85,402	$	51,693		$	31,100

Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates


	Year Ended December 31,
	2014			2013			2012
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Income of noncontrolling interests		(0.5	)		(0.8	)		(2.4	)
Share-based incentive compensation		–			–			7.4
Foreign source income not subject to U.S. income tax		(12.4	)		(12.7	)		(34.6	)
Foreign taxes		8.2			14.1			13.5
State and local taxes (primarily UBT)		1.8			2.6			3.4
Change in U.S. federal valuation allowance		(18.7	)		(14.9	)		1.4
Other, net		3.0			0.5			1.4

Effective income tax rate		16.4	%		23.8	%		25.1	%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities, which are included in “other assets” and “other liabilities”, respectively, on the consolidated statements of financial condition, are as follows:


	December 31,
	2014			2013
Deferred Tax Assets:
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$	598,607		$	739,059
Compensation and benefits		258,976			250,413
Net operating loss and tax credit carryforwards		283,198			348,433
Depreciation and amortization		950			8,169
Other		36,470			58,273

Gross deferred tax assets		1,178,201			1,404,347
Valuation allowance		(1,044,152	)		(1,225,305	)

Deferred tax assets (net of valuation allowance)	$	134,049		$	179,042

Deferred Tax Liabilities:
Depreciation and amortization	$	21,908		$	19,296
Compensation and benefits		28,035			30,042
Goodwill		15,289			15,434
Other		39,705			70,394

Deferred tax liabilities	$	104,937		$	135,166

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2014, 2013 and 2012 is as follows:


	Year Ended December 31,
	2014			2013			2012
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively)	$	62,905		$	55,947		$	62,200
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years		2,837			417			1,393
Current year		18,698			17,596			19,690
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years		(3,191	)		(385	)		(5,397	)
Settlements with tax authorities		–			(5,587	)		(12,077	)
Lapse of the applicable statute of limitations		(13,025	)		(5,083	)		(9,862	)

Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively)	$	68,224		$	62,905		$	55,947

Schedule of Additional Information Relating to Unrecognized Tax Benefits

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


	Year Ended December 31,
	2014		2013			2012
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively)	$	40,353	$	36,272		$	44,452
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate	$	40,875	$	38,833		$	26,294
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively)	$	804	$	(2,599	)	$	6,345

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

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

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

The calculations of the Company’s basic and diluted net income per share and weighted average shares outstanding for the years ended December 31, 2014, 2013 and 2012 are presented below:


	Year Ended December 31,
	2014		2013		2012
Net income attributable to Lazard Ltd	$	427,277	$	160,212		$84,309
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis		—		—		7

Net income attributable to Lazard Ltd - basic		427,277		160,212		84,316
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		581		1,065		371

Net income attributable to Lazard Ltd - diluted	$	427,858		$161,277		$84,687


Weighted average number of shares of Class A common stock outstanding		121,942,939		120,096,305		116,163,821
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis		408,897		757,962		790,168

Weighted average number of shares of Class A common stock outstanding - basic		122,351,836		120,854,267		116,953,989
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		11,461,287		12,882,812		12,371,633

Weighted average number of shares of Class A common stock outstanding - diluted		133,813,123		133,737,079		129,325,622

Net income attributable to Lazard Ltd per share of Class A common stock:
Basic		$3.49		$1.33		$0.72

Diluted		$3.20		$1.21		$0.65

Related Parties (Tables)

12 Months Ended

Dec. 31, 2014

Amounts Receivable from and Payable to Related Parties

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


	December 31,
	2014		2013
Receivables
LMDC Holdings	$	1,107	$	7,794
Other		160		126

Total	$	1,267	$	7,920

Payables
LMDC Holdings	$	20,654	$	4,300
Other		1,240		731

Total	$	21,894	$	5,031

Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

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

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


		As Of Or For The Year Ended December 31,
		2014			2013(b)			2012(b)
Financial Advisory	Net Revenue	$	1,206,734		$	980,577		$	1,049,090
	Operating Expenses (a)		977,681			959,668			1,057,620

	Operating Income (Loss)	$	229,053		$	20,909		$	(8,530	)

	Total Assets	$	785,557		$	714,708		$	793,007


Asset Management	Net Revenue	$	1,134,595		$	1,039,130		$	896,260
	Operating Expenses (a)		749,345			704,045			659,502

	Operating Income	$	385,250		$	335,085		$	236,758

	Total Assets	$	588,403		$	612,018		$	566,677


Corporate	Net Revenue	$	(40,882	)	$	(34,355	)	$	(32,902	)
	Operating Expenses (a)		53,956			104,832			71,441

	Operating Loss	$	(94,838	)	$	(139,187	)	$	(104,343	)

	Total Assets	$	1,958,276		$	1,684,411		$	1,627,209


Total	Net Revenue	$	2,300,447		$	1,985,352		$	1,912,448
	Operating Expenses (a)		1,780,982			1,768,545			1,788,563

	Operating Income	$	519,465		$	216,807		$	123,885

	Total Assets	$	3,332,236		$	3,011,137		$	2,986,893

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


	Year Ended December 31,
	2014		2013		2012
Financial Advisory	$	4,826	$	5,256	$	5,710
Asset Management		2,610		2,556		3,250
Corporate		27,028		26,938		21,895

Total	$	34,464	$	34,750	$	30,855

(b)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives and the impact on each of the Company’s business segments.

Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas

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


	As Of Or For The Year Ended December 31,
	2014		2013			2012
Net Revenue:
United States	$	1,308,220	$	1,217,014		$	1,172,566
United Kingdom		277,610		205,695			180,784
France		376,432		281,740			265,523
Other Western Europe		150,810		123,975			132,754
Rest of World		187,375		156,928			160,821

Total	$	2,300,447	$	1,985,352		$	1,912,448

Operating Income (Loss):
United States	$	320,082	$	234,247		$	169,111
United Kingdom		61,744		(6,474	)		(37,329	)
France		87,308		14,845			8,332
Other Western Europe		12,634		(8,260	)		(20,812	)
Rest of World		37,697		(17,551	)		4,583

Total	$	519,465	$	216,807		$	123,885

Identifiable Assets:
United States	$	1,840,882	$	1,529,695		$	1,507,331
United Kingdom		266,584		239,606			226,578
France		809,241		824,712			808,655
Other Western Europe		135,889		118,939			114,763
Rest of World		279,640		298,185			329,566

Total	$	3,332,236	$	3,011,137		$	2,986,893

Supplemental Financial Information - Quarterly Results (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information



	2014 Fiscal Quarter
	First		Second		Third		Fourth			Year
	(dollars in thousands, except per share data)
Net revenue	$	533,400	$	566,896	$	566,211	$	633,940		$	2,300,447
Operating expenses		426,220		467,916		452,499		434,347			1,780,982

Operating income	$	107,180	$	98,980	$	113,712	$	199,593		$	519,465

Net income	$	85,429	$	85,909	$	89,920	$	172,805		$	434,063
Less - net income attributable to noncontrolling interests		4,587		717		1,061		421			6,786

Net income attributable to Lazard Ltd	$	80,842	$	85,192	$	88,859	$	172,384		$	427,277

Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic		$0.66		$0.69		$0.73		$1.41			$3.49
Diluted		$0.61		$0.64		$0.67		$1.29			$3.20
Dividends declared per share of common stock		$0.30		$0.30		$0.30		$0.30			$1.20

	2013 Fiscal Quarter
	First(a)		Second(a)		Third		Fourth(b)			Year
	(dollars in thousands, except per share data)
Net revenue	$	401,903	$	490,405	$	480,354	$	612,690		$	1,985,352
Operating expenses		380,306		449,467		399,236		539,536			1,768,545

Operating income	$	21,597	$	40,938	$	81,118	$	73,154		$	216,807

Net income	$	17,649	$	31,921	$	62,748	$	52,796		$	165,114
Less - net income (loss) attributable to noncontrolling interests		2,289		568		2,466		(421	)		4,902

Net income attributable to Lazard Ltd	$	15,360	$	31,353	$	60,282	$	53,217		$	160,212

Attributable to Lazard Ltd Class A common stockholders:
Net income per share of common stock:
Basic		$0.13		$0.26		$0.49		$0.44			$1.33
Diluted		$0.12		$0.24		$0.45		$0.40			$1.21
Dividends declared per share of common stock		—		$0.25		$0.25		$0.50			$1.00

(a)	See Note 16 of Notes to Consolidated Financial Statements for information regarding the Cost Saving Initiatives.

(b)	See Note 11 of Notes to Consolidated Financial Statements for information regarding the debt refinancing.

Organization and Basis of Presentation - Additional Information (Detail)	1 Months Ended	12 Months Ended
	May 31, 2014 $ / shares shares	Dec. 31, 2014 Segment $ / shares shares	Dec. 31, 2013 $ / shares 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
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
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	128,216,423
Lazard Ltd [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held		100.00%	99.50%	98.80%
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

Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Significant Accounting Policies [Line Items]
Foreign currency remeasurement gains (losses), net of hedge transactions	$ 131	$ (2,887)	$ (761)
Cash and cash equivalents maturity period	90 days or less
Short-term investments maturity days	Original maturities of 90 days or less
Depreciation and amortization expense	$ 34,464	$ 34,750	30,855
Change in goodwill impairment testing description	This change was preferable because it provides the Company with additional time to complete the annual goodwill impairment test in advance of its year-end reporting.
Annual date of goodwill impairment	Nov. 01, 2014	Nov. 01, 2013
Reimbursements of expenses	$ 20,407	$ 18,327	24,762
Soft dollar arrangement expenses	$ 23,000
Operating Segments [Member] \| Financial Advisory [Member]
Significant Accounting Policies [Line Items]
Fees receivable outstanding past due	60 days
Contractual payment term description relating to our interest-bearing financing receivables	Financial Advisory transactions include specific contractual payment terms that may vary from one month to four years.
Days fee receivables are considered past due in excess	180 days
Depreciation and amortization expense	$ 4,826	$ 5,256	$ 5,710
Operating Segments [Member] \| Asset Management [Member]
Significant Accounting Policies [Line Items]
Days fee receivables are considered past due in excess	12 months

Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Receivables [Abstract]
Allowance for doubtful accounts receivables, Beginning balance	$ 28,777	$ 23,017	$ 19,450
Bad debt expense, net of recoveries	12,246	4,395	6,579
Charge-offs, foreign currency translation and other adjustments	(17,483)	1,365	(3,012)
Allowance for doubtful accounts receivables, Ending balance	$ 23,540	$ 28,777	$ 23,017

Receivables - Additional Information (Detail) - USD ($)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest-bearing financing fee receivables	$ 86,221,000	$ 69,464,000
Allowance for doubtful accounts receivables	23,540,000	28,777,000	$ 23,017,000	$ 19,450,000
Aggregate carrying amount of non-interest bearing receivables	471,375,000	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	$ 24,578,000	$ 39,341,000

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Interest-bearing deposits	$ 84,575	$ 516
Debt	10,426	8,013
Equities	57,302	59,394
Funds	460,273	400,694
Equity method	7,776	9,488
Total investments	620,352	478,105
Investments, at fair value	528,001	468,101
Securities sold, not yet purchased, at fair value (included in "other liabilities")	9,290	4,045
Alternative Investments Funds [Member]
Schedule of Investments [Line Items]
Funds	34,705	37,030
Debt Funds [Member]
Schedule of Investments [Line Items]
Funds	82,889	58,769
Equity Funds [Member]
Schedule of Investments [Line Items]
Funds	228,209	190,702
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Funds	$ 114,470	$ 114,193

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Abstract]
Lazard fund interests in alternative investments funds	$ 8,321	$ 7,099
Lazard fund interests in debt funds	42,070	31,515
Lazard fund interests in equities funds	$ 162,798	$ 130,481

Investments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Economic interests that are owned by management team and other investors in the Edgewater Funds	$ 6,421	$ 9,787
Minimum [Member]
Schedule of Investments [Line Items]
Interest-bearing deposits maturity period	3 months
Maximum [Member]
Schedule of Investments [Line Items]
Interest-bearing deposits maturity period	1 year

Investments - Schedule of Trading Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Net Realized and Unrealized Gain (Loss) on Trading Securities [Abstract]
Net unrealized investment gains (losses)	$ (8,568)	$ 16,470	$ 22,327

Fair Value Measurements - Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 528,001	$ 468,101
Equities	57,302	59,394
Derivatives	2,355	682
Securities sold, not yet purchased	9,290	4,045
Derivatives	208,093	164,001
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	57,302	59,394
Derivatives	2,355	682
Total Assets	530,356	468,783
Securities sold, not yet purchased	9,290	4,045
Derivatives	208,093	164,001
Total Liabilities	217,383	168,046
Debt [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	10,426	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	34,705	37,030
Debt Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	82,889	58,769
Equity Funds [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	228,209	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	114,470	114,193
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equities	55,987	58,054
Total Assets	372,578	309,160
Securities sold, not yet purchased	9,290	4,045
Total Liabilities	9,290	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	5,540	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	82,885	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	228,166	190,660
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivatives	2,355	682
Total Assets	41,993	44,090
Derivatives	208,093	164,001
Total Liabilities	208,093	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	4,886	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	34,705	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	1,315	1,340
Total Assets	115,785	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	$ 114,470	$ 114,193

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Option, Quantitative Disclosures [Line Items]
Transfers between Level 1, 2 and 3 in fair value measurement hierarchy	$ 0	$ 0
Unfunded Commitments	18,676,000	$ 27,135,000
EGCP III [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 12,688,000
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	$ 4,489,000
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	$ 1,499,000
End of the investment period	Feb. 25, 2017

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 115,533	$ 116,101	$ 133,100
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	8,431	13,373	16,118
Purchases/Acquisitions	9,283	7,261	8,599
Sales/Dispositions	(11,290)	(22,815)	(42,670)
Foreign Currency Translation Adjustments	(6,172)	1,613	954
Ending Balance	115,785	115,533	116,101
Equities [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,340	190	211
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	19	11	5
Purchases/Acquisitions		1,095
Sales/Dispositions	(1)		(30)
Foreign Currency Translation Adjustments	(43)	44	4
Ending Balance	1,315	1,340	190
Alternative Investment Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		3,457	10,171
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other		117	130
Sales/Dispositions		(3,574)	(6,844)
Ending Balance			3,457
Equity Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		10
Purchases/Acquisitions			10
Sales/Dispositions		(10)
Ending Balance			10
Private Equity Funds [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	114,193	112,444	122,718
Net Unrealized/Realized Gains (Losses) Included In Revenue-Other	8,412	13,245	15,983
Purchases/Acquisitions	9,283	6,166	8,589
Sales/Dispositions	(11,289)	(19,231)	(35,796)
Foreign Currency Translation Adjustments	(6,129)	1,569	950
Ending Balance	$ 114,470	$ 114,193	$ 112,444

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Disclosures [Abstract]
Net unrealized gains	$ 5,354	$ 6,032	$ 12,910

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Financial Assets:
Cash and cash equivalents	$ 1,066,580	$ 841,482	$ 850,190	$ 1,003,791
Deposits with banks and short-term investments	207,760	244,879
Cash deposited with clearing organizations and other segregated cash	43,290	62,046
Interest-bearing financing receivables	86,221	69,464
Interest-bearing deposits (included within investments)	84,575	516
Financial Liabilities:
Deposits and other customer payables	314,284	275,434
Senior debt	1,048,350	1,048,350
Carrying Value [Member]
Financial Assets:
Cash and cash equivalents	1,066,580	841,482
Deposits with banks and short-term investments	207,760	244,879
Cash deposited with clearing organizations and other segregated cash	43,290	62,046
Interest-bearing financing receivables	86,221	69,464
Interest-bearing deposits (included within investments)	84,575	516
Financial Liabilities:
Deposits and other customer payables	314,284	275,434
Senior debt	1,048,350	1,048,350
Fair Value [Member]
Financial Assets:
Cash and cash equivalents	1,066,580	841,482
Deposits with banks and short-term investments	207,760	244,879
Cash deposited with clearing organizations and other segregated cash	43,290	62,046
Interest-bearing financing receivables	88,499	71,433
Interest-bearing deposits (included within investments)	84,575	516
Financial Liabilities:
Deposits and other customer payables	314,284	275,434
Senior debt	1,134,834	1,117,247
Fair Value [Member] \| Level 1 [Member]
Financial Assets:
Cash and cash equivalents	1,066,580	841,482
Deposits with banks and short-term investments	207,760	244,879
Cash deposited with clearing organizations and other segregated cash	43,290	62,046
Interest-bearing deposits (included within investments)	84,575	516
Financial Liabilities:
Deposits and other customer payables	314,284	275,434
Fair Value [Member] \| Level 2 [Member]
Financial Liabilities:
Senior debt	1,134,834	1,117,247
Fair Value [Member] \| Level 3 [Member]
Financial Assets:
Interest-bearing financing receivables	$ 88,499	$ 71,433

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 149,222	$ 151,269
Unfunded Commitments	18,676	27,135
Alternative Investment Funds [Member] \| Hedge Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	31,042	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	475	475
Alternative Investment Funds [Member] \| Other [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 3,188	$ 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 (3%)	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 (15%)	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 (86%)	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 (66%)	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	$ 75,578	$ 70,054
Unfunded Commitments	$ 18,676	$ 27,135
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	10.00%	17.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	63.00%	60.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	27.00%	23.00%
Private Equity Funds [Member] \| Mezzanine Debt [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 38,892	$ 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	Dec. 31, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Unfunded commitments to private equity investments	$ 6,888	$ 10,613

Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 2,355	$ 682
Derivative Liabilities	208,093	164,001
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	2,355	250
Derivative Liabilities	124	1,579
Total Return Swaps and Other [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		432
Derivative Liabilities	663
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 207,306	$ 162,422

Derivatives - Fair Values of Derivatives Reported on Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Gross derivative liability	$ 207,306	$ 162,422	$ 97,593
Cash collateral pledged for total return swaps	12,364	11,384
Total Return Swaps [Member]
Derivatives, Fair Value [Line Items]
Gross derivative assets	1,123	2,019
Gross derivative liability	$ 1,786	$ 1,587

Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ 10,422	$ (28,192)	$ (27,728)
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	22,959	(3,162)	(1,844)
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(7,326)	(14,099)	(7,557)
Total Return Swaps and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (5,211)	$ (10,931)	$ (18,327)

Property - Property (Detail) - USD ($) $ in Thousands	12 Months Ended
Property - Property (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 478,855	$ 502,726
Less - Accumulated depreciation and amortization	256,286	253,930
Property	222,569	248,796
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	152,982	173,772
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	167,837	175,600
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	150,458	149,598
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 7,578	$ 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	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 335,402	$ 345,453	$ 364,328	$ 356,657
Other intangible assets (net of accumulated amortization)	12,036	18,424
Goodwill and other intangible assets, Total	$ 347,438	$ 363,877

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 335,402	$ 345,453	$ 364,328	$ 356,657
Amortization expense of intangible assets	6,387	10,114	$ 8,359
Operating Segments [Member] \| Financial Advisory Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	270,861	280,912
Operating Segments [Member] \| Asset Management Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 64,541	$ 64,541

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Goodwill [Line Items]
Beginning Balance	$ 345,453	$ 364,328	$ 356,657
Ending Balance	335,402	345,453	364,328
Financial Advisory [Member]
Goodwill [Line Items]
Business acquisitions	3,232	1,748	4,272
Foreign currency translation adjustments	$ (13,283)	$ (20,623)	$ 3,399

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 63,790	$ 63,803
Other intangible assets, Accumulated Amortization	51,754	45,379
Other intangible assets, Net Carrying Amount	12,036	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	33,050	33,063
Other intangible assets, Accumulated Amortization	30,638	28,206
Other intangible assets, Net Carrying Amount	$ 2,412	$ 4,857

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Dec. 31, 2014 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2015	$ 6,558
2016	5,478
Total amortization expense	$ 12,036

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization attributable to noncontrolling interest, percentage	46.00%

Other Assets and Other Liabilities - Schedule of Other Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Current tax receivables and deferred tax assets (net of valuation allowance) and other taxes	$ 93,160	$ 110,014
Prepaid compensation (see Note 14)	73,278	60,433	$ 47,445
Other advances and prepayments	30,761	33,526
Deferred debt issuance costs	7,162	9,188
Other	62,290	46,116
Total	$ 266,651	$ 259,277

Other Assets and Other Liabilities - Schedule of Other Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Other Liabilities Disclosure [Abstract]
Accrued expenses	$ 132,728	$ 136,677
Current and deferred income taxes and other taxes	131,280	119,940
Employee benefit-related liabilities	110,838	104,013
Deferred lease incentives	83,209	84,897
Unclaimed funds at LFB	31,592	26,626
Abandoned leased space (principally in the U.K.)	10,073	12,855
Deferred revenue	25,942	5,988
Securities sold, not yet purchased	9,290	4,045
Other	24,394	18,386
Total	$ 559,346	$ 513,427

Senior Debt - Senior Debt (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
Senior Debt - Senior Debt (Detail) - USD ($) $ in Thousands	Nov. 30, 2013	Dec. 31, 2014	Dec. 31, 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]
Senior Debt, Outstanding
Revolving Credit Facility, Initial Principal Amount		$ 150,000
Credit Facility, Expiration Date		Sep. 25, 2015
Revolving Credit Facility, Annual Interest Rate		0.78%
Lazard Group 7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Maturity Date	May 15, 2015
Senior Debt, Annual Interest Rate	7.125%

Senior Debt - Senior Debt (Parenthetical) (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2013	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Debt Instrument [Line Items]
Pre-tax loss on the extinguishment of debt				$ 50,757
Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Original Maturity Date			Nov. 14, 2020
Senior Debt, Initial Principal Amount	$ 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.
Senior notes interest rate	4.25%		4.25%
Lazard Group 7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Redemption of senior debt		$ 528,500
Original Maturity Date	May 15, 2015
Pre-tax loss on the extinguishment of debt		$ 50,757
Senior notes interest rate	7.125%
Interest Rate Hedge [Member] \| Lazard Group 7.125% Senior Notes [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 1,563
Interest Rate Forward Agreement [Member] \| Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ 1,767

Senior Debt - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 25, 2012
Debt Instrument [Line Items]
Senior revolving credit facility over next 3 years						$ 150,000
Outstanding credit facility		$ 0			$ 0
Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Outstanding credit facility		244,000
LFB [Member] \| Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Outstanding credit facility		36,000
Edgewater [Member]
Debt Instrument [Line Items]
Available line of credit drawn down				$ 20,000
Available line of credit payback			$ 20,000
Edgewater [Member] \| Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Outstanding credit facility		55,000
Lazard Group Credit Facility [Member]
Debt Instrument [Line Items]
Senior revolving credit facility over next 3 years		$ 150,000
Expiration date of credit facility		Sep. 25, 2015
Duration of senior revolving credit facility, in years		3 years
Revolving credit facility annual interest rate		0.78%
Lazard Group 3.75% Senior Notes [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Senior debt aggregate principal amount	$ 400,000
Senior notes interest rate	3.75%
Senior notes due	2025
Lazard Group 6.85% Senior Notes [Member]
Debt Instrument [Line Items]
Senior debt aggregate principal amount		$ 600,000
Senior notes interest rate		6.85%
Senior Debt, Maturity Date		Jun. 15, 2017
Lazard Group 6.85% Senior Notes [Member] \| Subsequent Event [Member]
Debt Instrument [Line Items]
Senior notes interest rate	6.85%
Redemption of senior debt	$ 450,000
Senior Debt, Maturity Date	Jun. 15, 2017
Loss on extinguishment of debt, net of tax	$ 61,000

Senior Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Detail) - Senior Borrowings Outstanding [Member] $ in Thousands	Dec. 31, 2014 USD ($)
Debt Instrument, Redemption [Line Items]
2015-2016
2017	548,350
2018-2019
Thereafter	500,000
Total	$ 1,048,350

Commitments and Contingencies - Additional Information (Detail) - USD ($)		3 Months Ended	12 Months Ended
	Jul. 15, 2009	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Other Commitments [Line Items]
Office space and equipment under non-cancelable lease agreements, expiration through year			2033
Rental expense relating to operating leases			$ 80,773,000	$ 86,504,000	$ 80,888,000
Office space under sublease agreements, expiration through year			2022
Sublease income			$ 11,751,000	11,404,000	9,613,000
Capital lease obligation payable through			2019
Weighted average interest rate of capital			6.10%
Book value of assets under capital lease			$ 17,326,000	20,806,000
Liabilities of abandoned leased facilities in the U.K.			8,516,000	$ 11,203,000
Guarantees indemnifications			4,528,000
Collateral/counter-guarantees			$ 4,052,000
Aggregate fair value of consideration recognized by the company at acquisition date	$ 61,624,000
Initial and Earnout shares became settled			1,371,992	1,029,006
Buildings [Member]
Other Commitments [Line Items]
Obligations collateralized by certain assets with a net book value			$ 16,863,000	$ 19,876,000
LMDC Holdings [Member]
Other Commitments [Line Items]
Sublease income			$ 3,097,000	$ 4,136,000	$ 3,290,000
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
LFB [Member]
Other Commitments [Line Items]
Underwriting commitments			$ 0
LFNY [Member]
Other Commitments [Line Items]
Underwriting commitments			$ 0

Commitments and Contingencies - Schedule of Future Minimum Rental Payment for Operating Leases and Capital Leases (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Minimum Rental Commitments Capital - 2015	$ 2,594
Minimum Rental Commitments Capital - 2016	2,288
Minimum Rental Commitments Capital - 2017	8,375
Minimum Rental Commitments Capital - 2018	31
Minimum Rental Commitments Capital - 2019	26
Minimum Rental Commitments Capital - Thereafter	0
Total minimum lease payments - Capital	13,314
Less amount representing interest	1,299
Present value of capital lease commitments	12,015
Minimum Rental Commitments Operating - 2015	77,216
Minimum Rental Commitments Operating - 2016	75,604
Minimum Rental Commitments Operating - 2017	70,406
Minimum Rental Commitments Operating - 2018	64,922
Minimum Rental Commitments Operating - 2019	61,199
Minimum Rental Commitments Operating - Thereafter	591,342
Total minimum lease payments - Operating	940,689
Less sublease proceeds	76,610
Net lease payments	$ 864,079

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

Stockholders' Equity - Lazard Group Distributed Amounts to LAZ-MD Holdings and Subsidiaries of Lazard Ltd (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Group Distributions [Line Items]
Company tax distributions	$ 175,915	$ 2,976
Company other distributions	146,454	122,540	$ 140,278
LAZ-MD Holdings [Member]
Schedule Of Group Distributions [Line Items]
Company tax distributions	1,649	80
Company other distributions	213	920	5,170
Subsidiaries of Lazard Ltd [Member]
Schedule Of Group Distributions [Line Items]
Company tax distributions	174,266	2,896
Company other distributions	$ 146,241	$ 121,620	$ 135,108

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands					3 Months Ended							12 Months Ended
	Feb. 04, 2015	Dec. 31, 2014	Jun. 26, 2014	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Stockholders Equity [Line Items]
Common stock held by subsidiaries, shares		7,450,745		8,317,065	7,450,745				8,317,065			7,450,745	8,317,065
Share repurchase remaining authorization		$ 128,932			$ 128,932							$ 128,932
Shares repurchased, value												$ 192,657	$ 132,477	$ 354,464
Authorized shares of preferred stock		15,000,000		15,000,000	15,000,000				15,000,000			15,000,000	15,000,000
Par value of preferred stock		$ 0.01		$ 0.01	$ 0.01				$ 0.01			$ 0.01	$ 0.01
Dividend declared per share of common stock					$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.50	$ 0.25	$ 0.25	$ 1.20	$ 1.00	$ 1.16
Series A Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Outstanding shares of preferred stock		7,921		7,921	7,921				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				0			0	0
Class A Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Common stock held by subsidiaries, shares		7,450,745		8,317,065	7,450,745				8,317,065			7,450,745	8,317,065
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]
New share repurchase authorization repurchase amount	$ 150,000
Share repurchase authorization expiration date	Dec. 31, 2016
Dividend declared per share of common stock	$ 0.30
Special dividend declared per share of common stock	$ 1.00
Dividend payable date	Feb. 19, 2015
Dividend date of record	Feb. 13, 2015
Dividend declare date	Feb. 04, 2015
Natixis S.A. [Member]
Schedule Of Stockholders Equity [Line Items]
Shares repurchased, shares			1,000,000
Shares repurchased, value			$ 50,340
Lazard Ltd [Member]
Schedule Of Stockholders Equity [Line Items]
Shares in exchanges of a like number of common membership interests												710,009	839,658	5,207,112

Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
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	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share Repurchase Program [Abstract]
Number of Shares Purchased	4,114,206	3,488,101	12,817,196
Average Price Per Share	$ 46.83	$ 37.98	$ 27.66

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (133,004)	$ (110,541)
Other comprehensive income (loss) before reclassifications	(72,511)	(29,531)
Adjustments for items reclassified to earnings, net of tax	4,749	7,068
Net other comprehensive income (loss)	(67,762)	(22,463)
Ending balance	(200,766)	(133,004)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	3,869	19,405
Other comprehensive income (loss) before reclassifications	(49,971)	(15,536)
Net other comprehensive income (loss)	(49,971)	(15,536)
Ending balance	(46,102)	3,869
Interest Rate Hedge [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(2,502)
Adjustments for items reclassified to earnings, net of tax		2,502
Net other comprehensive income (loss)		2,502
Employee Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(137,431)	(128,536)
Other comprehensive income (loss) before reclassifications	(21,983)	(13,500)
Adjustments for items reclassified to earnings, net of tax	4,749	4,605
Net other comprehensive income (loss)	(17,234)	(8,895)
Ending balance	(154,665)	(137,431)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(133,562)	(111,633)
Other comprehensive income (loss) before reclassifications	(71,954)	(29,036)
Adjustments for items reclassified to earnings, net of tax	4,749	7,107
Net other comprehensive income (loss)	(67,205)	(21,929)
Ending balance	(200,767)	(133,562)
Noncontrolling Interests [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(558)	(1,092)
Other comprehensive income (loss) before reclassifications	557	495
Adjustments for items reclassified to earnings, net of tax		39
Net other comprehensive income (loss)	557	534
Ending balance	$ (1)	$ (558)

Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Amortization of interest rate hedge		$ 2,502	$ 1,055
Amortization relating to employee benefit plans	$ 6,672	6,534
Less - related income taxes	1,923	1,929	1,145
Net of tax	4,749	4,605	$ 4,399
Total reclassifications, net of tax	$ 4,749	$ 7,107

Stockholders' Equity - Changes in Ownership Interests (Detail) - shares	Dec. 31, 2014	Dec. 31, 2013
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	129,056,081
Percentage of Ownership, Ending Balance	100.00%	99.50%
LAZ-MD Holdings [Member]
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Ending balance (in shares)		710,009
Percentage of Ownership, Ending Balance		0.50%
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	129,766,090

Stockholders' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	$ 421	$ 1,061	$ 717	$ 4,587	$ (421)	$ 2,466	$ 568	$ 2,289	$ 6,786	$ 4,902	$ 8,476
Noncontrolling interests	63,313				69,789				63,313	69,789
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									6,153	3,913	3,491
Noncontrolling interests	62,584				66,641				62,584	66,641
LAZ-MD Holdings [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									631	1,198	5,114
Noncontrolling interests					2,566					2,566
Other [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests									2	(209)	$ (129)
Noncontrolling interests	$ 729				$ 582				$ 729	$ 582

Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Feb. 28, 2015	May 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	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.
Lazard Fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years			9 months 18 days
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred incentive compensation awards excluding PRSUs	$ 306,000
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%
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 19,547
Unrecognized compensation expense, years			9 months 18 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
Incentive awards, 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 generally can range from zero to two times the target number (with the exception of the PRSUs granted in 2013, for which (i) the performance period ended on December 31, 2014 and (ii) the number of shares of Class A common stock that may be received is equal to approximately 2.2 times the target number).
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%
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation paid in DSUs			26,360	39,315	53,239
Units granted under the directors deferred unit plan			8,433	7,623	10,597
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
Units, vested			6,582,285	9,768,849	7,284,031
RSUs exchanged for shares of restricted Class A common stock					1,523,642
Unrecognized compensation expense			$ 129,777
Unrecognized compensation expense, years			9 months 18 days
RSUs [Member] \| Liability Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs modified through a forward purchase agreement					958,213
RSUs modified through a forward purchase agreement into liability award					$ 28,612
Liability award						$ 28,612
Amount recorded in accrued compensation expense related to liability award after amortization					$ 26,922
Liability awards, compensation expense				$ 1,690
RSUs [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years	2 years 8 months 12 days
RSUs [Member] \| One-Third Vesting [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive awards, vesting date	Mar. 01, 2017
RSUs [Member] \| Two-Thirds Vesting [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive awards, vesting date	Mar. 01, 2018
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense			$ 11,025
Unrecognized compensation expense, years			10 months 24 days
PRSUs [Member] \| Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incentive awards, description	Provided that the applicable service and performance conditions are satisfied, and will convert into Class A common stock within a range equal to zero to two times the target number of shares of Class A common stock subject to the awards.
Granted approximately amount	$ 19,000
Incentive awards, vesting date	Mar. 01, 2018
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs exchanged for shares of restricted Class A common stock					1,523,642
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%
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			1,896,930	3,651,050	1,471,814
Delivery of common stock associated with stock awards			4,685,355	6,117,799	3,330,362
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			43,905	18,599	28,129
Delivery of common stock associated with stock awards			237,897	1,709,910	174,381

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based incentive awards:
Share-based incentive awards	$ 206,195	$ 235,898	$ 310,348
RSUs [Member]
Share-based incentive awards:
Share-based incentive awards	169,916	209,974	298,809
PRSUs [Member]
Share-based incentive awards:
Share-based incentive awards	18,428	12,934
Restricted Stock [Member]
Share-based incentive awards:
Share-based incentive awards	16,110	11,374	10,003
DSUs [Member]
Share-based incentive awards:
Share-based incentive awards	$ 1,741	$ 1,616	$ 1,536

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended		15 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives and staff reductions, charges	$ 64,703		$ 167,279
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives and staff reductions, charges	9,099	$ 26,158
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives and staff reductions, charges	$ 247	$ 713

Incentive Plans - Schedule of Issuance of RSUs and Charges to Retained Earnings (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of RSUs issued	375,954	454,059	920,791
Charges to retained earnings, net of estimated forfeitures	$ 17,536	$ 16,927	$ 24,990

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	16,630,009	21,481,131	20,751,829
Units, Granted	3,825,737	5,186,627	8,594,744
Units, Forfeited	(344,345)	(268,900)	(581,411)
Units, Vested/Exchanged	(6,582,285)	(9,768,849)	(7,284,031)
Units, Ending Balance	13,529,116	16,630,009	21,481,131
Weighted Average Grant Date Fair Value, Beginning Balance	$ 34.51	$ 33.92	$ 36.84
Weighted Average Grant Date Fair Value, Granted	42.59	37.21	27.68
Weighted Average Grant Date Fair Value, Forfeited	34.52	34.47	35.59
Weighted Average Grant Date Fair Value, Vested/Exchanged	37.80	34.65	34.71
Weighted Average Grant Date Fair Value, Ending Balance	$ 35.19	$ 34.51	$ 33.92
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	251,434	204,496	140,660
Units, Granted	34,793	46,938	63,836
Units, Forfeited
Units, Vested/Exchanged
Units, Ending Balance	286,227	251,434	204,496
Weighted Average Grant Date Fair Value, Beginning Balance	$ 32.02	$ 31.47	$ 34.83
Weighted Average Grant Date Fair Value, Granted	50.04	34.42	24.06
Weighted Average Grant Date Fair Value, Forfeited
Weighted Average Grant Date Fair Value, Vested/Exchanged
Weighted Average Grant Date Fair Value, Ending Balance	$ 34.21	$ 32.02	$ 31.47

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail) - shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Dividend participation rights	375,954	454,059	920,791

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	575,054	1,972,609	95,332
Units, Granted/Exchanged	449,911	368,736	2,100,965
Units, Forfeited	(13,336)	(37,782)	(21,178)
Units, Vested	(281,802)	(1,728,509)	(202,510)
Units, Ending Balance	729,827	575,054	1,972,609
Weighted Average Grant Date Fair Value, Beginning Balance	$ 32.72	$ 34.85	$ 37.63
Weighted Average Grant Date Fair Value, Granted/Exchanged	45.52	36.74	34.34
Weighted Average Grant Date Fair Value, Forfeited	41.65	33.37	29.51
Weighted Average Grant Date Fair Value, Vested	37.42	36.00	31.43
Weighted Average Grant Date Fair Value, Ending Balance	$ 38.63	$ 32.72	$ 34.85

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2012 $ / shares shares
Class A Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs exchanged for shares of restricted Class A common stock	1,523,642
Restricted stock units exchanged for shares of restricted Class A common stock, grant date fair value \| $ / shares	$ 35.95
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs exchanged for shares of restricted Class A common stock	1,523,642

Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member] - $ / shares	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance	448,128
Units, Granted	360,783	448,128
Units, Earned	538,237
Units, Ending Balance	1,347,148	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, Earned	34.72
Weighted Average Grant Date Fair Value, Ending Balance	$ 37.79	$ 36.11

Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
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	0	0
Prepaid Compensation Asset, Forfeited	(2,634)	(1,075)
Prepaid Compensation Asset, Amortization	(76,508)	(58,023)
Prepaid Compensation Asset, Increase in fair value of underlying investments	0	0
Prepaid Compensation Asset, Adjustment for estimated forfeitures	0	0
Prepaid Compensation Asset, Other	(741)	(131)
Prepaid Compensation Asset, Ending Balance	73,278	60,433	$ 47,445
Compensation Liability, Beginning Balance	162,422	97,593
Compensation Liability, Granted	92,728	72,217
Compensation Liability, Settled	(55,880)	(24,006)
Compensation Liability, Forfeited	(5,531)	(1,544)
Compensation Liability, Amortization	0	0
Compensation Liability, Increase in fair value of underlying investments	7,326	14,099	7,557
Compensation Liability, Adjustment for estimated forfeitures	8,748	4,643
Compensation Liability, Other	(2,507)	(580)
Compensation Liability, Ending Balance	$ 207,306	$ 162,422	$ 97,593

Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation [Abstract]
Amortization, net of forfeitures	$ 82,359	$ 62,197	$ 41,209
Change in the fair value of underlying investments	7,326	14,099	7,557
Total	$ 89,685	$ 76,296	$ 48,766

Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended		15 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives and staff reductions, charges	$ 64,703		$ 167,279
LFI and Other Similar Deferred Compensation Arrangements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost saving initiatives and staff reductions, charges	$ 2,665	$ 3,495

Employee Benefit Plans - Additional Information (Detail) £ in Millions	12 Months Ended
	Dec. 31, 2014 USD ($)	Dec. 31, 2014 GBP (£)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Aggregate amount in account security arrangement	$ 17,500,000		$ 16,900,000
Contributions to employer sponsored defined contribution plans	11,904,000		11,778,000	$ 13,070,000
2014 Through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Annual contributions to account security arrangement \| £		£ 1
2015 [Member] \| Other Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution related to the pension plans	4,200,000
2015 [Member] \| U.K. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution related to the pension plans	1,600,000
Fair Value Inputs Level 1 And Level 2 [Member] \| Asset Management [Member]
Defined Benefit Plan Disclosure [Line Items]
Equity funds managed by LAM	70,490,000		81,633,000
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Change in fair value of plan assets due to net unrealized/realized gains (losses)	(379,000)		434,000
Net unrealized gains partially offset by favorable/(unfavorable) foreign currency translation adjustments	(170,000)		58,000
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net unrealized gains partially offset by favorable/(unfavorable) foreign currency translation adjustments	(41,868,000)		$ 15,770,000
Pension Plans [Member] \| 2012 Through 2020 [Member] \| United Kingdom [Member]
Defined Benefit Plan Disclosure [Line Items]
Additional contributions to plan assets \| £		£ 1
U.S. Pension Plans [Member] \| 2015 [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contribution related to the pension plans	$ 0
U.S. Pension Plans [Member] \| Fair Value Inputs Level 1 And Level 2 [Member] \| Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plans' assets in equity funds	49.00%	49.00%	54.00%
U.S. Pension Plans [Member] \| Level 1 [Member] \| Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plans' assets in debt funds	51.00%	51.00%	46.00%
Non-U.S. Pension Plans [Member] \| Level 1 [Member] \| Equities And Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	34.00%	34.00%	32.00%
Non-U.S. Pension Plans [Member] \| Level 2 [Member] \| Debt And Debt Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	64.00%	64.00%	60.00%
Non-U.S. Pension Plans [Member] \| Level 2 [Member] \| Cash And Alternative Investment Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested in equities, debt, funds and cash	2.00%	2.00%	8.00%

Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Change in benefit obligation
Benefit obligation at beginning of year	$ 709,850
Benefit obligation at end of year	764,169	$ 709,850
Change in plan assets
Fair value of plan assets at beginning of year	643,844
Fair value of plan assets at end of year	672,576	643,844
Pension Plans [Member]
Change in benefit obligation
Benefit obligation at beginning of year	709,850	656,025
Service cost	971	940	$ 670
Interest cost	30,041	27,219	27,636
Actuarial (gain) loss	97,495	32,329
Benefits paid	(29,663)	(23,258)
Foreign currency translation and other adjustments	(44,525)	16,595
Benefit obligation at end of year	764,169	709,850	656,025
Change in plan assets
Fair value of plan assets at beginning of year	643,844	607,705
Actual return on plan assets	91,829	41,353	33,882
Employer contributions	7,648	2,274	8,221
Benefits paid	(28,877)	(23,258)	(26,420)
Foreign currency translation and other adjustments	(41,868)	15,770
Fair value of plan assets at end of year	672,576	643,844	607,705
Funded (deficit) at end of year	(91,593)	(66,006)
Prepaid pension asset (included in "other assets")		148
Accrued benefit liability (included in "other liabilities")	(91,593)	(66,154)
Net amount recognized	(91,593)	(66,006)
Actuarial net loss (gain)	186,637	159,575
Prior service cost	5,235	8,901
Net amount recognized	191,872	168,476
Medical Plan [Member]
Change in benefit obligation
Benefit obligation at beginning of year	5,080	5,668
Service cost	33	53	60
Interest cost	194	182	211
Actuarial (gain) loss	428	(647)
Benefits paid	(221)	(176)
Benefit obligation at end of year	5,514	5,080	5,668
Change in plan assets
Employer contributions	221	176	275
Benefits paid	(221)	(176)	$ (275)
Funded (deficit) at end of year	(5,514)	(5,080)
Accrued benefit liability (included in "other liabilities")	(5,514)	(5,080)
Net amount recognized	(5,514)	(5,080)
Actuarial net loss (gain)	360	(597)
Net amount recognized	$ 360	$ (597)

Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan, Assets for Plan Benefits [Abstract]
Excluding tax benefits on amounts recognized	$ 37,567	$ 30,448

Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 672,576	$ 643,844
Accumulated benefit obligation	764,169	709,850
Projected benefit obligation	764,169	709,850
U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	26,766	26,200
Accumulated benefit obligation	37,035	29,427
Projected benefit obligation	37,035	29,427
Non-U.S. Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	645,810	617,644
Accumulated benefit obligation	727,134	680,423
Projected benefit obligation	$ 727,134	$ 680,423

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Amortization of:
Reclassification of actuarial gain (loss) to earnings	$ 6,672	$ 6,534
Pension Plans [Member]
Components of Net Periodic Benefit Cost (Credit):
Service cost	971	940	$ 670
Interest cost	30,041	27,219	27,636
Expected return on plan assets	(32,607)	(27,078)	(26,657)
Amortization of:
Prior service cost	2,841	2,843	2,751
Net actuarial loss (gain)	4,360	3,691	1,658
Settlement loss			1,135
Net periodic benefit cost (credit)	5,606	7,615	7,193
Actual return on plan assets	91,829	41,353	33,882
Employer contributions	7,648	2,274	8,221
Benefits paid	28,877	23,258	26,420
Net actuarial (gain) loss	41,082	17,251	50,209
Reclassification of prior service (cost) credit to earnings	(2,841)	(2,843)	(2,751)
Reclassification of actuarial gain (loss) to earnings	(4,360)	(3,691)	(2,793)
Currency translation and other adjustments	(10,485)	3,284	2,729
Total recognized in AOCI	23,396	14,001	47,394
Net amount recognized in total periodic benefit cost and AOCI	29,002	21,616	54,587
Medical Plan [Member]
Components of Net Periodic Benefit Cost (Credit):
Service cost	33	53	60
Interest cost	194	182	211
Amortization of:
Net actuarial loss (gain)	(529)
Net periodic benefit cost (credit)	(302)	235	271
Employer contributions	221	176	275
Benefits paid	221	176	275
Net actuarial (gain) loss	428	(647)	310
Reclassification of actuarial gain (loss) to earnings	529
Total recognized in AOCI	957	(647)	310
Net amount recognized in total periodic benefit cost and AOCI	$ 655	$ (412)	$ 581

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Tax benefit in plan assets and benefits obligations recognition	$ 7,119	$ 4,459	$ 11,805
Recognition of actuarial losses			2,167
Settlement loss			1,135
Settlement charges			$ 1,032

Employee Benefit Plans - Schedule of Amounts in AOCI on Consolidated Statement of Financial Condition Expected to be Recognized (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2014 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	$ 2,600
Net actuarial loss (gain)	4,821
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Prior service cost	2,600
Net actuarial loss (gain)	$ 4,821

Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Pension Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted average assumptions used to determine benefit obligations, Discount rate	3.40%	4.30%	4.60%
Weighted average assumptions used to determine net periodic benefit cost, Discount rate	2.00%	3.30%	3.20%
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets	5.10%	4.70%	4.70%
Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Weighted average assumptions used to determine benefit obligations, Discount rate	3.70%	4.30%	3.40%
Weighted average assumptions used to determine net periodic benefit cost, Discount rate	4.30%	3.40%	4.10%
Healthcare cost trend rates used to determine net periodic benefit cost, Initial	7.50%	8.00%	8.00%
Healthcare cost trend rates used to determine net periodic benefit cost, Ultimate	5.00%	5.00%	6.00%
Healthcare cost trend rates used to determine net periodic benefit cost, Year ultimate trend rate achieved	2019	2019	2016

Employee Benefit Plans - Schedule of Effect of Assumed Cost of Healthcare Reported for Company's Post Retirement Plans (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Increase (Decrease) in Pension and Postretirement Obligations [Abstract]
1% Increase, Cost	$ 29	$ 33
1% Decrease, Cost	(22)	(24)
1% Increase, Obligation	779	675
1% Decrease, Obligation	$ (580)	$ (494)

Employee Benefit Plans - Schedule of Expected Benefit Payments (Detail) $ in Thousands	Dec. 31, 2014 USD ($)
Pension Plans [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
2015	$ 24,059
2016	25,103
2017	25,619
2018	27,551
2019	29,077
2020-2024	160,294
Medical Plan [Member]
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
2015	358
2016	364
2017	366
2018	368
2019	371
2020-2024	$ 1,847

Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 672,576	$ 643,844
Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	13,226	5,835
Debt [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	52,439	43,764
Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	31,253	27,762
Alternative Investment Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	1,339	44,728
Debt Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	372,885	337,976
Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	201,434	183,779
Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	305,843	273,989
Level 1 [Member] \| Cash [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	13,226	5,835
Level 1 [Member] \| Debt [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	52,439	43,764
Level 1 [Member] \| Equities [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	31,253	27,762
Level 1 [Member] \| Alternative Investment Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	457	907
Level 1 [Member] \| Debt Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	13,570	11,942
Level 1 [Member] \| Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	194,898	183,779
Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	364,362	366,935
Level 2 [Member] \| Alternative Investment Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	304	43,123
Level 2 [Member] \| Debt Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	357,522	323,812
Level 2 [Member] \| Equity Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	6,536
Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	2,371	2,920
Level 3 [Member] \| Alternative Investment Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	578	698
Level 3 [Member] \| Debt Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 1,793	$ 2,222

Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Detail) - USD ($) $ in Thousands	12 Months Ended	15 Months Ended
	Dec. 31, 2013	Dec. 31, 2013
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	$ 64,703	$ 167,279
Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	51,399	151,386
Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	13,304	15,893
Operating Segments [Member] \| Financial Advisory [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	47,779	125,311
Operating Segments [Member] \| Financial Advisory [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	45,746	121,879
Operating Segments [Member] \| Financial Advisory [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	2,033	3,432
Operating Segments [Member] \| Asset Management [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	235	13,024
Operating Segments [Member] \| Asset Management [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	236	12,292
Operating Segments [Member] \| Asset Management [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	(1)	732
Corporate [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	16,689	28,944
Corporate [Member] \| Compensation and Benefits [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	5,417	17,215
Corporate [Member] \| Other [Member]
Restructuring and Related Cost [Abstract]
Cost Saving Initiatives	$ 11,272	$ 11,729

Cost Saving Initiatives - Schedule of Expenses and Cumulative Expenses Associated With Implementation of Cost Saving Initiatives (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2014 USD ($)
Restructuring Cost and Reserve [Line Items]
Beginning Balance	$ 17,216
Settlements	(12,701)
Ending Balance	4,515
Accrued Compensation and Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	11,860
Settlements	(11,651)
Ending Balance	209
Other Liabilities [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance	5,356
Settlements	(1,050)
Ending Balance	$ 4,306

Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Federal, current	$ 3,112	$ (3,678)	$ 2,094
Foreign, current	61,143	41,084	27,650
State and local (primarily UBT), current	5,519	(167)	5,813
Total current	69,774	37,239	35,557
Federal, deferred	2,766	19,934	(3,330)
Foreign, deferred	9,239	(4,520)	(1,127)
State and local (primarily UBT), deferred	3,623	(960)
Total deferred	15,628	14,454	(4,457)
Total	$ 85,402	$ 51,693	$ 31,100

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Detail)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	35.00%	35.00%	35.00%
Income of noncontrolling interests	(0.50%)	(0.80%)	(2.40%)
Share-based incentive compensation			7.40%
Foreign source income not subject to U.S. income tax	(12.40%)	(12.70%)	(34.60%)
Foreign taxes	8.20%	14.10%	13.50%
State and local taxes (primarily UBT)	1.80%	2.60%	3.40%
Change in U.S. federal valuation allowance	(18.70%)	(14.90%)	1.40%
Other, net	3.00%	0.50%	1.40%
Effective income tax rate	16.40%	23.80%	25.10%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Deferred Tax Assets:
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$ 598,607	$ 739,059
Compensation and benefits	258,976	250,413
Net operating loss and tax credit carryforwards	283,198	348,433
Depreciation and amortization	950	8,169
Other	36,470	58,273
Gross deferred tax assets	1,178,201	1,404,347
Valuation allowance	(1,044,152)	(1,225,305)
Deferred tax assets (net of valuation allowance)	134,049	179,042
Deferred Tax Liabilities:
Depreciation and amortization	21,908	19,296
Compensation and benefits	28,035	30,042
Goodwill	15,289	15,434
Other	39,705	70,394
Deferred tax liabilities	$ 104,937	$ 135,166

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax [Line Items]
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$ 598,607	$ 739,059
Valuation allowance amount	1,044,152	1,225,305
Net decrease in valuation allowance	181,153
Valuation allowance charged to income tax expense	43,001
Valuation allowance charged to stockholders' equity	28,257
Valuation allowance credited to income tax expense	246,052
Valuation allowance credited to stockholders' equity	6,359
Net amount credited to income tax expense	203,051
Remeasurement of deferred tax assets with valuation allowance	106,000
Net operating loss and tax credit carryforwards	283,198
Indefinite-lived net operating loss and tax credit carryforwards	43,000
Net operating loss and tax credit carryforwards	$ 230,000
Operating loss and tax credit carryforwards begin to expire	2029
Deferred tax assets pertaining to tax deductions related to equity compensation in excess of compensation recognized for financial reporting	$ 46,633	30,200
Amount of deferred tax assets for unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months	9,000
Basis step-up assets	544,000
Net operating losses due to amortization of step-up assets	255,000
Provision (benefit) pursuant to tax receivable agreement	$ 18,307	1,249	$ 0
LMDC 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
Purchases and Redemptions of Historical and Working Class Members Interests [Member]
Income Tax [Line Items]
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$ 95,784	123,027
Exchangeable Interests and Acquisition of Equity Interest [Member]
Income Tax [Line Items]
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	496,821	603,552
Tax Receivable Agreement [Member]
Income Tax [Line Items]
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	4,529	5,942
Tax Basis Step-Up on Certain U.K. Assets [Member]
Income Tax [Line Items]
Basis adjustments (primarily as a result of (i) the separation and recapitalization transactions that occurred during 2005 in connection with our initial public offering and (ii) subsequent secondary offerings)	$ 1,473	$ 6,538

Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Balance, January 1 (excluding interest and penalties of $12,200, $14,799 and $8,454, respectively)	$ 62,905	$ 55,947	$ 62,200
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years	2,837	417	1,393
Increases in gross unrecognized tax benefits relating to tax positions taken during current years	18,698	17,596	19,690
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years	(3,191)	(385)	(5,397)
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities		(5,587)	(12,077)
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations	(13,025)	(5,083)	(9,862)
Balance, December 31 (excluding interest and penalties of $13,004, $12,200 and $14,799, respectively)	$ 68,224	$ 62,905	$ 55,947

Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Interest and penalties	$ 13,004	$ 12,200	$ 14,799

Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $13,004, $12,200 and $14,799, respectively)	$ 40,353	$ 36,272	$ 44,452
Offset to deferred tax assets for unrecognized tax benefits that, if recognized, would not affect the effective tax rate	40,875	38,833	26,294
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $3,177, $7,326 and $3,130, respectively)	$ 804	$ (2,599)	$ 6,345

Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Income Tax Disclosure [Abstract]
Interest and penalties	$ 13,004	$ 12,200	$ 14,799
Reversal of interest and penalties	$ 3,177	$ 7,326	$ 3,130

Net Income Per Share of Class A Common Stock - Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]
Net income attributable to Lazard Ltd	$ 172,384	$ 88,859	$ 85,192	$ 80,842	$ 53,217	$ 60,282	$ 31,353	$ 15,360	$ 427,277	$ 160,212	$ 84,309
Add (deduct) - adjustment associated with Class A common stock issuable on a non-contingent basis											7
Net income attributable to Lazard Ltd - basic									427,277	160,212	84,316
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									581	1,065	371
Net income attributable to Lazard Ltd - diluted									$ 427,858	$ 161,277	$ 84,687
Weighted average number of shares of Class A common stock outstanding									121,942,939	120,096,305	116,163,821
Add - adjustment for shares of Class A common stock issuable on a non-contingent basis									408,897	757,962	790,168
Weighted average number of shares of Class A common stock outstanding - basic									122,351,836	120,854,267	116,953,989
Weighted average number of incremental shares of Class A common stock issuable from share-based incentive compensation and exchangeable interests									11,461,287	12,882,812	12,371,633
Weighted average number of shares of Class A common stock outstanding - diluted									133,813,123	133,737,079	129,325,622
Net income attributable to Lazard Ltd per share of Class A common stock:
Basic	$ 1.41	$ 0.73	$ 0.69	$ 0.66	$ 0.44	$ 0.49	$ 0.26	$ 0.13	$ 3.49	$ 1.33	$ 0.72
Diluted	$ 1.29	$ 0.67	$ 0.64	$ 0.61	$ 0.40	$ 0.45	$ 0.24	$ 0.12	$ 3.20	$ 1.21	$ 0.65

Related Parties - Amounts Receivable from and Payable to Related Parties (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]
Amounts receivables from related parties	$ 1,267	$ 7,920
Amounts payables to related parties	21,894	5,031
LMDC Holdings [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	1,107	7,794
Amounts payables to related parties	20,654	4,300
Other [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	160	126
Amounts payables to related parties	$ 1,240	$ 731

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Master Separation Agreement [Member]
Related Party Transaction [Line Items]
Agreement date	May 10, 2005
LMDC Holdings [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement	$ 879	$ 1,456	$ 7,637
Net referral fees for underwriting, private placement, M&A and restructuring transactions	795	(1,646)	5,947
Obligations pursuant to the tax receivable agreement	19,577	1,249
LMDC Holdings [Member] \| Administrative and Support Services and Other Receivables [Member]
Related Party Transaction [Line Items]
Receivables from related party	1,107	3,112
LMDC Holdings [Member] \| Referral Fees for Underwriting and Private Placement Transactions [Member]
Related Party Transaction [Line Items]
Receivables from related party		4,682
LMDC Holdings [Member] \| Referral Fees [Member]
Related Party Transaction [Line Items]
Payables to related party	1,077	3,051
LAZ-MD Holdings [Member] \| Administrative Services Agreement [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement	$ 856	$ 1,000	$ 1,000
MBA Lazard Holdings S.A. [Member]
Related Party Transaction [Line Items]
Percentage of ownership	50.00%	50.00%	50.00%
Referral fees for restructuring, M&A transactions and fee sharing	$ (5,557)	$ (2,221)	$ 1,506

Regulatory Authorities - Additional Information (Detail) $ in Thousands	Dec. 31, 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	128,382
Regulatory capital in excess of minimum requirement	$ 123,999
Aggregate indebtedness to net capital ratio	0.51
LFNY [Member] \| Maximum [Member]
Regulatory Requirements [Line Items]
Aggregate indebtedness to net capital ratio	15
U.K. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	$ 86,273
Regulatory capital in excess of minimum requirement	68,683
CFLF [Member]
Regulatory Requirements [Line Items]
Regulatory capital	134,708
Regulatory capital in excess of minimum requirement	87,130
Combined European Regulated Group [Member]
Regulatory Requirements [Line Items]
Regulatory capital	180,047
Regulatory capital in excess of minimum requirement	104,309
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	111,224
Regulatory capital in excess of minimum requirement	$ 84,699

Segment Information - Additional Information (Detail) - Segment	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of business segments	2
Sales Revenue, Net [Member]
Segment Reporting Information [Line Items]
Individual clients did not constitute more than a specific percentage of net revenue	10.00%	10.00%	10.00%

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Net Revenue (Expense)	$ 633,940	$ 566,211	$ 566,896	$ 533,400	$ 612,690	$ 480,354	$ 490,405	$ 401,903	$ 2,300,447	$ 1,985,352	$ 1,912,448
Operating expenses	434,347	452,499	467,916	426,220	539,536	399,236	449,467	380,306	1,780,982	1,768,545	1,788,563
Operating Income (Loss)	199,593	$ 113,712	$ 98,980	$ 107,180	73,154	$ 81,118	$ 40,938	$ 21,597	519,465	216,807	123,885
Total Assets	3,332,236				3,011,137				3,332,236	3,011,137	2,986,893
Operating Segments [Member] \| Financial Advisory [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)									1,206,734	980,577	1,049,090
Operating expenses									977,681	959,668	1,057,620
Operating Income (Loss)									229,053	20,909	(8,530)
Total Assets	785,557				714,708				785,557	714,708	793,007
Operating Segments [Member] \| Asset Management [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)									1,134,595	1,039,130	896,260
Operating expenses									749,345	704,045	659,502
Operating Income (Loss)									385,250	335,085	236,758
Total Assets	588,403				612,018				588,403	612,018	566,677
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue (Expense)									(40,882)	(34,355)	(32,902)
Operating expenses									53,956	104,832	71,441
Operating Income (Loss)									(94,838)	(139,187)	(104,343)
Total Assets	$ 1,958,276				$ 1,684,411				$ 1,958,276	$ 1,684,411	$ 1,627,209

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Depreciation and amortization of property	$ 34,464	$ 34,750	$ 30,855
Operating Segments [Member] \| Financial Advisory [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	4,826	5,256	5,710
Operating Segments [Member] \| Asset Management [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	2,610	2,556	3,250
Corporate [Member]
Segment Reporting Information [Line Items]
Depreciation and amortization of property	$ 27,028	$ 26,938	$ 21,895

Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Net Revenue	$ 633,940	$ 566,211	$ 566,896	$ 533,400	$ 612,690	$ 480,354	$ 490,405	$ 401,903	$ 2,300,447	$ 1,985,352	$ 1,912,448
Operating Income (Loss)	199,593	$ 113,712	$ 98,980	$ 107,180	73,154	$ 81,118	$ 40,938	$ 21,597	519,465	216,807	123,885
Identifiable Assets	3,332,236				3,011,137				3,332,236	3,011,137	2,986,893
United States [Member]
Segment Reporting Information [Line Items]
Net Revenue									1,308,220	1,217,014	1,172,566
Operating Income (Loss)									320,082	234,247	169,111
Identifiable Assets	1,840,882				1,529,695				1,840,882	1,529,695	1,507,331
United Kingdom [Member]
Segment Reporting Information [Line Items]
Net Revenue									277,610	205,695	180,784
Operating Income (Loss)									61,744	(6,474)	(37,329)
Identifiable Assets	266,584				239,606				266,584	239,606	226,578
France [Member]
Segment Reporting Information [Line Items]
Net Revenue									376,432	281,740	265,523
Operating Income (Loss)									87,308	14,845	8,332
Identifiable Assets	809,241				824,712				809,241	824,712	808,655
Other Western Europe [Member]
Segment Reporting Information [Line Items]
Net Revenue									150,810	123,975	132,754
Operating Income (Loss)									12,634	(8,260)	(20,812)
Identifiable Assets	135,889				118,939				135,889	118,939	114,763
Rest of World [Member]
Segment Reporting Information [Line Items]
Net Revenue									187,375	156,928	160,821
Operating Income (Loss)									37,697	(17,551)	4,583
Identifiable Assets	$ 279,640				$ 298,185				$ 279,640	$ 298,185	$ 329,566

Supplemental Financial Information - Quarterly Results - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Information [Abstract]
Net Revenue	$ 633,940	$ 566,211	$ 566,896	$ 533,400	$ 612,690	$ 480,354	$ 490,405	$ 401,903	$ 2,300,447	$ 1,985,352	$ 1,912,448
Operating expenses	434,347	452,499	467,916	426,220	539,536	399,236	449,467	380,306	1,780,982	1,768,545	1,788,563
Operating Income	199,593	113,712	98,980	107,180	73,154	81,118	40,938	21,597	519,465	216,807	123,885
NET INCOME	172,805	89,920	85,909	85,429	52,796	62,748	31,921	17,649	434,063	165,114	92,785
Less - net income (loss) attributable to noncontrolling interests	421	1,061	717	4,587	(421)	2,466	568	2,289	6,786	4,902	8,476
Net income attributable to Lazard Ltd	$ 172,384	$ 88,859	$ 85,192	$ 80,842	$ 53,217	$ 60,282	$ 31,353	$ 15,360	$ 427,277	$ 160,212	$ 84,309
NET INCOME PER SHARE OF COMMON STOCK:
Basic	$ 1.41	$ 0.73	$ 0.69	$ 0.66	$ 0.44	$ 0.49	$ 0.26	$ 0.13	$ 3.49	$ 1.33	$ 0.72
Diluted	1.29	0.67	0.64	0.61	0.40	0.45	0.24	$ 0.12	3.20	1.21	0.65
DIVIDENDS DECLARED PER SHARE OF COMMON STOCK	$ 0.30	$ 0.30	$ 0.30	$ 0.30	$ 0.50	$ 0.25	$ 0.25		$ 1.20	$ 1.00	$ 1.16

Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Detail) - USD ($) $ in Thousands	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 1,066,580	$ 841,482	$ 850,190	$ 1,003,791
Investments in subsidiaries, equity method	7,776	9,488
Other assets	266,651	259,277
Total Assets	3,332,236	3,011,137	2,986,893
Liabilities:
Other liabilities	559,346	513,427
Total Liabilities	2,562,179	2,381,139
Commitments and contingencies
Common stock:
Additional paid-in-capital	702,800	737,899
Retained earnings	464,655	203,236
Accumulated other comprehensive loss, net of tax	(200,766)	(133,004)	(110,541)
Total Lazard Ltd Stockholders' Equity	706,744	560,209
Total Liabilities and Stockholders' Equity	3,332,236	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	(261,243)	(249,213)
Parent Company [Member]
ASSETS
Cash and cash equivalents	7,482	688	$ 298	$ 218
Investments in subsidiaries, equity method	(1,604,077)	(1,818,211)
Due from subsidiaries	2,303,440	2,379,308
Other assets		4
Total Assets	706,845	561,789
Liabilities:
Due to subsidiaries	20	1,488
Other liabilities	81	92
Total Liabilities	101	1,580
Commitments and contingencies
Common stock:
Additional paid-in-capital	702,800	737,899
Retained earnings	464,655	203,236
Accumulated other comprehensive loss, net of tax	(200,766)	(133,004)
Stockholders' equity subtotal before common stock held by subsidiary and Noncontrolling Interests, total	967,987	809,422
Class A common stock held by subsidiaries, at cost	(261,243)	(249,213)
Total Lazard Ltd Stockholders' Equity	706,744	560,209
Total Liabilities and Stockholders' Equity	706,845	561,789
Parent Company [Member] \| Series A Preferred Stock [Member]
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock
Parent Company [Member] \| Series B Preferred Stock [Member]
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock
Parent Company [Member] \| Class A Common Stock [Member]
Common stock:
Common stock	$ 1,298	$ 1,291

Schedule I - Condensed Statements of Financial Condition (Parent Company Only) (Parenthetical) (Detail) - $ / shares	Dec. 31, 2014	May 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	15,000,000		15,000,000
Common stock held by subsidiaries, shares	7,450,745		8,317,065
Series A Preferred Stock [Member]
Preferred stock, shares issued	7,921		7,921
Preferred stock, shares outstanding	7,921		7,921
Series A Preferred Stock [Member] \| Parent Company [Member]
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	15,000,000		15,000,000
Preferred stock, shares issued	7,921		7,921
Preferred stock, shares outstanding	7,921		7,921
Series B Preferred Stock [Member]
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Series B Preferred Stock [Member] \| Parent Company [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	$ 0.01
Common stock, shares authorized	500,000,000		500,000,000
Common stock, shares issued	129,766,091		129,056,081	128,216,423
Common stock, shares outstanding	129,766,091		129,056,081
Common stock held by subsidiaries, shares	7,450,745		8,317,065
Class A Common Stock [Member] \| Parent Company [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 held by subsidiaries, shares	7,450,754		8,317,065
Class B Common Stock [Member]
Common stock, par value			$ 0.01
Common stock, shares authorized			1
Common stock, shares issued			1	1
Common stock, shares outstanding			1
Class B Common Stock [Member] \| Parent Company [Member]
Common stock, par value			$ 0.01
Common stock, shares authorized			1
Common stock, shares issued			1
Common stock, shares outstanding			1

Schedule I - Condensed Statements of Operations (Parent Company Only) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUE
Total revenue									$ 2,363,017	$ 2,064,733	$ 1,994,013
OPERATING EXPENSES
Professional services									46,543	42,663	43,958
Other									39,983	80,258	38,099
Total operating expenses	$ 434,347	$ 452,499	$ 467,916	$ 426,220	$ 539,536	$ 399,236	$ 449,467	$ 380,306	1,780,982	1,768,545	1,788,563
NET INCOME	$ 172,805	$ 89,920	$ 85,909	$ 85,429	$ 52,796	$ 62,748	$ 31,921	$ 17,649	434,063	165,114	92,785
Parent Company [Member]
REVENUE
Equity in earnings of subsidiaries									373,713	103,769	20,598
Interest and other income									55,303	58,227	65,319
Total revenue									429,016	161,996	85,917
OPERATING EXPENSES
Professional services									1,594	1,662	1,477
Other									145	122	131
Total operating expenses									1,739	1,784	1,608
NET INCOME									$ 427,277	$ 160,212	$ 84,309

Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
NET INCOME	$ 172,805	$ 89,920	$ 85,909	$ 85,429	$ 52,796	$ 62,748	$ 31,921	$ 17,649	$ 434,063	$ 165,114	$ 92,785
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments									(49,971)	(15,536)	15,686
Amortization of interest rate hedge										2,502	1,055
Employee benefit plans:
Actuarial loss, net of tax benefit									(21,983)	(13,500)	(40,298)
Adjustments for items reclassified to earnings, net of tax expense									4,749	4,605	4,399
OTHER COMPREHENSIVE LOSS, NET OF TAX									(67,205)	(21,929)	(19,158)
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD									360,073	138,416	65,312
Parent Company [Member]
NET INCOME									427,277	160,212	84,309
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments									(49,970)	(15,438)	15,431
Amortization of interest rate hedge										2,488	1,042
Employee benefit plans:
Actuarial loss, net of tax benefit									(21,983)	(13,426)	(39,817)
Adjustments for items reclassified to earnings, net of tax expense									4,749	4,580	4,347
OTHER COMPREHENSIVE LOSS, NET OF TAX									(67,204)	(21,796)	(18,997)
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD									$ 360,073	$ 138,416	$ 65,312

Schedule I - Condensed Statements of Comprehensive Income (Parent Company Only) (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Tax benefit on actuarial loss, employee benefit plans	$ 9,045	$ 6,388	$ 12,950
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans	1,923	1,929	1,145
Parent Company [Member]
Tax benefit on actuarial loss, employee benefit plans	9,045	6,353	12,796
Tax expense associated with adjustment for item reclassified to earnings, employee benefit plans	$ 1,923	$ 1,918	$ 1,131

Schedule I - Condensed Statements of Cash Flows (Parent Company Only) (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 172,805	$ 89,920	$ 85,909	$ 85,429	$ 52,796	$ 62,748	$ 31,921	$ 17,649	$ 434,063	$ 165,114	$ 92,785
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends									(146,241)	(121,620)	(135,108)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS									225,098	(8,708)	(153,601)
CASH AND CASH EQUIVALENTS-January 1				841,482				850,190	841,482	850,190	1,003,791
CASH AND CASH EQUIVALENTS-December 31	1,066,580				841,482				1,066,580	841,482	850,190
Parent Company [Member]
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME									427,277	160,212	84,309
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in earnings of subsidiaries									(373,713)	(103,769)	(20,598)
Changes in due to/from subsidiaries									99,477	65,574	71,566
Changes in other operating assets and liabilities									(6)	(7)	(89)
Net cash provided by operating activities									153,035	122,010	135,188
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends									(146,241)	(121,620)	(135,108)
Net cash used in financing activities									(146,241)	(121,620)	(135,108)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS									6,794	390	80
CASH AND CASH EQUIVALENTS-January 1				$ 688				$ 298	688	298	218
CASH AND CASH EQUIVALENTS-December 31	$ 7,482				$ 688				$ 7,482	$ 688	$ 298

Label	Element	Value
LAZ MD Holdings [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	1,549,667
Common Membership Interest Ownership Percentage	laz_CommonMembershipInterestOwnershipPercentage	1.20%
Lazard Ltd [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	128,216,423
Lazard Group [Member]
Common Membership Interest Issued	laz_CommonMembershipInterestIssued	129,766,090