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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2012	Oct. 24, 2012
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Entity Registrant Name	Lazard Group LLC
Entity Central Index Key	0001326141
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Common Membership Interests, Shares Outstanding		129,766,090
Managing Member Interests, Shares Outstanding		2
Entity Common Stock, Shares Outstanding		0

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands

Sep. 30, 2012

Dec. 31, 2011

ASSETS

Cash and cash equivalents

$ 821,926

$ 820,984

Deposits with banks

266,680

286,037

Cash deposited with clearing organizations and other segregated cash

61,863

75,506

Receivables (net of allowance for doubtful accounts of $22,324 and $19,450 at September 30, 2012 and December 31, 2011, respectively):

Fees

389,346

402,843

Customers and other

84,063

83,111

Related parties

210,570

204,740

Total receivables, net

683,979

690,694

Investments

427,634

355,510

Property (net of accumulated amortization and depreciation of $272,740 and $266,673 at September 30, 2012 and December 31, 2011, respectively)

216,412

168,429

Goodwill and other intangible assets (net of accumulated amortization of $33,094 and $26,922 at September 30, 2012 and December 31, 2011, respectively)

395,442

393,099

Other assets

271,626

247,194

Total assets

3,145,562

3,037,453

Liabilities:

Deposits and other customer payables

262,206

288,427

Accrued compensation and benefits

301,174

383,513

Senior debt

1,076,850

Capital lease obligations

18,148

20,084

Related party payables

219,095

130,160

Other liabilities

475,902

420,152

Total liabilities

2,353,375

2,319,186

Commitments and contingencies

MEMBERS' EQUITY

Members' equity (net of 3,388,632 and 2,174,573 shares of Lazard Class A common stock, at a cost of $95,101 and $72,410 at September 30, 2012 and December 31, 2011 respectively)

777,993

693,596

Accumulated other comprehensive loss, net of tax

(69,416)

(79,252)

Total Lazard Group members' equity

708,577

614,344

Noncontrolling interests

83,610

103,923

Total members' equity

^[1]

792,187

718,267

Total liabilities and members' equity

$ 3,145,562

$ 3,037,453

[1]	Includes 129,766,090 common membership interests at both January 1, 2012 and September 30, 2012. Also includes profit participation interests and two managing member interests at each such date.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Allowance for doubtful accounts receivable	$ 22,324	$ 19,450
Property, accumulated amortization and depreciation	272,740	266,673
Goodwill and other intangible assets,accumulated amortization	$ 33,094	$ 26,922
Class A common stock [Member]
Lazard Ltd common stock, shares	3,388,632	2,174,573
Lazard Ltd common stock, cost	$ 95,101	$ 72,410

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
REVENUE
Investment banking and other advisory fees	$ 218,262	$ 248,358	$ 732,109	$ 711,781
Money management fees	214,867	213,276	621,070	658,874
Interest income	3,692	5,328	13,017	16,912
Other	15,529	21,538	49,428	65,511
Total revenue	452,350	488,500	1,415,624	1,453,078
Interest expense	23,039	23,177	68,848	71,830
Net revenue	429,311	465,323	1,346,776	1,381,248
OPERATING EXPENSES
Compensation and benefits	283,805	273,518	905,488	829,989
Occupancy and equipment	25,676	24,345	80,287	70,022
Marketing and business development	19,096	19,843	69,685	58,833
Technology and information services	21,474	20,417	63,142	60,566
Professional services	8,288	11,328	29,852	33,297
Fund administration and outsourced services	13,179	14,020	39,300	40,777
Amortization of intangible assets related to acquisitions	2,494	1,716	6,172	4,896
Other	7,799	9,360	27,318	27,744
Total operating expenses	381,811	374,547	1,221,244	1,126,124
OPERATING INCOME	47,500	90,776	125,532	255,124
Provision for income taxes	10,769	12,880	26,138	36,986
NET INCOME	36,731	77,896	99,394	218,138
LESS: NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1,565)	225	2,261	7,017
NET INCOME ATTRIBUTABLE TO LAZARD GROUP	$ 38,296	$ 77,671	$ 97,133	$ 211,121

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net income	$ 36,731	$ 77,896	$ 99,394	$ 218,138
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	12,464	(38,498)	14,617	(6,325)
Amortization of interest rate hedge	264	264	791	791
Employee benefit plans:
Actuarial loss (net of tax benefits of $994 and $2,402 for the three months ended September 30, 2012 and 2011, respectively, and $3,719 and $4,308 for the nine months ended September 30, 2012 and 2011, respectively)	(1,893)	(4,585)	(7,947)	(8,215)
Adjustment for items reclassified to earnings (net of tax expense of $278 and $261 for the three months ended September 30, 2012 and 2011, respectively, and $856 and $778 for the nine months ended September 30, 2012 and 2011, respectively)	803	560	2,444	1,674
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	11,638	(42,259)	9,905	(12,075)
COMPREHENSIVE INCOME	48,369	35,637	109,299	206,063
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(1,434)	84	2,330	6,887
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP	$ 49,803	$ 35,553	$ 106,969	$ 199,176

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Tax benefit (expense)associated with actuarial loss	$ 994	$ 2,402	$ 3,719	$ 4,308
Tax expense associated with adjustment for items reclassified to earnings	$ 278	$ 261	$ 856	$ 778

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 99,394	$ 218,138
Noncash items included in net income:
Depreciation and amortization of property	22,472	18,176
Amortization of deferred expenses, share-based incentive compensation and interest rate hedge	252,129	227,616
Amortization of intangible assets related to acquisitions	6,172	4,896
Loss on sale of intercompany receivable	5,638
Gain on extinguishment of debt		(18,171)
(Increase) decrease in operating assets:
Deposits with banks	18,465	96,193
Cash deposited with clearing organizations and other segregated cash	13,614	28,574
Receivables-net	9,686	(31,655)
Investments	(63,338)	70,531
Other assets	(52,755)	(71,319)
Increase (decrease) in operating liabilities:
Deposits and other payables	(22,448)	(19,280)
Accrued compensation and benefits and other liabilities	(56,521)	(242,017)
Net cash provided by operating activities	232,508	281,682
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(71,722)	(17,277)
Disposals of property	2,158	353
Net cash used in investing activities	(69,564)	(16,924)
Proceeds from:
Contribution from noncontrolling interests	1,544	3,821
Sale of intercompany receivable	81,105
Excess tax benefits from share-based incentive compensation		2,848
Payments for:
Subordinated debt		(131,829)
Capital lease obligations	(1,878)	(1,600)
Distributions to noncontrolling interests	(13,580)	(18,143)
Repurchase of common membership interests from members of LAZ-MD Holdings		(794)
Purchase of Lazard Ltd Class A common stock	(122,862)	(158,617)
Distributions to members	(69,948)	(54,689)
Settlement of vested share-based incentive compensation	(40,686)	(92,337)
Other financing activities	(2,000)	(33,393)
Net cash used in financing activities	(168,305)	(484,733)
EFFECT OF EXCHANGE RATE CHANGES ON CASH	6,303	237
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	942	(219,738)
CASH AND CASH EQUIVALENTS-January 1	820,984	1,024,792
CASH AND CASH EQUIVALENTS-September 30	$ 821,926	$ 805,054

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

Total

Members' Equity [Member]

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

Total Lazard Group Members' Equity [Member]

Noncontrolling Interests [Member]

Beginning Balance at Dec. 31, 2010

^[1]

$ 490,447

$ 404,588

$ (35,023)

$ 369,565

$ 120,882

Comprehensive income (loss):

Net income

218,138

211,121

7,017

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

(6,325)

(6,195)

(130)

Amortization of interest rate hedge

791

Employee benefit plans:

Net actuarial loss

(8,215)

Adjustments for items reclassified to earnings

1,674

COMPREHENSIVE INCOME

206,063

199,176

6,887

Amortization of share-based incentive compensation

211,466

Distributions to members and noncontrolling interests, net

(69,011)

(54,689)

(14,322)

Purchase of Lazard Ltd Class A common stock

(158,617)

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

(90,159)

Repurchase of common membership interests from LAZ-MD Holdings

(794)

Business acquisitions and related equity transactions:

Delivery of Lazard Ltd Class A common stock

41,591

Common membership interests issued

53,486

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

5,149

Other

(63)

Ending Balance at Sep. 30, 2011

^[1]

689,558

623,079

(46,968)

576,111

113,447

Beginning Balance at Dec. 31, 2011

^[2]

718,267

693,596

(79,252)

614,344

103,923

Comprehensive income (loss):

Net income

99,394

97,133

2,261

Other comprehensive income (loss) - net of tax:

Currency translation adjustments

14,617

14,548

Amortization of interest rate hedge

791

Employee benefit plans:

Net actuarial loss

(7,947)

Adjustments for items reclassified to earnings

2,444

COMPREHENSIVE INCOME

109,299

106,969

2,330

Amortization of share-based incentive compensation

220,175

Distributions to members and noncontrolling interests, net

(81,984)

(69,948)

(12,036)

Deconsolidation of investment companies

(10,607)

Purchase of Lazard Ltd Class A common stock

(122,862)

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

(41,658)

Business acquisitions and related equity transactions:

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

3,549

Other

(1,992)

Ending Balance at Sep. 30, 2012

^[2]

$ 792,187

$ 777,993

$ (69,416)

$ 708,577

$ 83,610

[1]	Includes 127,350,561 and 129,766,090 common membership interests at January 1, 2011 and September 30, 2011, respectively. Also includes profit participation interests and two managing member interests at each such date.
[2]	Includes 129,766,090 common membership interests at both January 1, 2012 and September 30, 2012. Also includes profit participation interests and two managing member interests at each such date.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Common membership interest	129,766,090	129,766,090	129,766,090	127,350,561
Class A common stock [Member]
Tax benefit (expense) related to delivery of shares	$ (972)	$ 2,178
Members' Equity [Member]
Common membership interest	129,766,090	129,766,090	129,766,090	127,350,561
Members' Equity [Member] \| Class A common stock [Member]
Tax benefit (expense) related to delivery of shares	$ (972)	$ 2,178
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Common membership interest	129,766,090	129,766,090	129,766,090	127,350,561
Total Lazard Group Members' Equity [Member]
Common membership interest	129,766,090	129,766,090	129,766,090	127,350,561
Total Lazard Group Members' Equity [Member] \| Class A common stock [Member]
Tax benefit (expense) related to delivery of shares	$ (972)	$ 2,178
Noncontrolling Interests [Member]
Common membership interest	129,766,090	129,766,090	129,766,090	127,350,561

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2012

ORGANIZATION AND BASIS OF PRESENTATION

1.	*ORGANIZATION AND BASIS OF PRESENTATION*

Organization

The accompanying condensed consolidated financial statements are those of Lazard Group LLC and its subsidiaries (collectively referred to with its subsidiaries as “Lazard Group” or the “Company”). Lazard Group is a Delaware limited liability company and is governed by an Operating Agreement dated as of May 10, 2005, as amended (the “Operating Agreement”).

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

Lazard Ltd indirectly held approximately 94.9% and 94.8% of all outstanding Lazard Group common membership interests as of September 30, 2012 and December 31, 2011, respectively. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group. LAZ-MD Holdings LLC (“LAZ-MD Holdings”), an entity owned by Lazard Group’s current and former managing directors, held approximately 5.1% and 5.2% of the outstanding Lazard Group common membership interests as of September 30, 2012 and December 31, 2011, respectively. Additionally, LAZ-MD Holdings was the sole owner of the one issued and outstanding share of Lazard Ltd’s Class B common stock (the “Class B common stock”) which provided LAZ-MD Holdings with approximately 5.1% and 5.2% of the voting power but no economic rights in Lazard Ltd as of September 30, 2012 and December 31, 2011, respectively. Subject to certain limitations, LAZ-MD Holdings, interests in Lazard Group are exchangeable for Lazard Ltd Class A common stock, par value $0.01 per share (“Class A common stock”).

Lazard Group’s principal operating activities are included in two business segments:

•

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

•

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

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

LFB is a registered bank regulated by the Autoritè de Contrôle Prudentiel. It is engaged primarily in commercial and private banking services for clients and funds managed by Lazard Frères Gestion SAS (“LFG”) and other clients, investment banking activities, including participation in underwritten offerings of securities in France, asset–liability management and limited trading in securities and foreign exchange.

Basis of Presentation

The accompanying condensed consolidated financial statements of Lazard Group have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Group’s Annual Report on Form 10-K for the year ended December 31, 2011 (the “Form 10-K”). The accompanying December 31, 2011 condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month and nine month periods ended September 30, 2012 are not necessarily indicative of the results to be expected for any future interim or annual period.

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

The Company’s policy is to consolidate (i) entities in which it has a controlling financial interest, (ii) variable interest entities (“VIEs”) where the Company has a variable interest and is deemed to be the primary beneficiary and (iii) limited partnerships where the Company is the general partner, unless the presumption of control is overcome. When the Company does not have a controlling interest in an entity, but exerts significant influence over the entity’s operating and financial decisions, the Company applies the equity method of accounting in which it records in earnings its share of earnings or losses of the entity. Intercompany transactions and balances have been eliminated.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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+ Details

RECENT ACCOUNTING DEVELOPMENTS

9 Months Ended

Sep. 30, 2012

RECENT ACCOUNTING DEVELOPMENTS

2.	*RECENT ACCOUNTING DEVELOPMENTS*

Fair Value Measurements—In the first quarter of 2012, the Company adopted the amended fair value measurement guidance issued by the Financial Accounting Standards Board (the “FASB”), which the FASB stated was designed to achieve common fair value measurement and disclosure requirements between U.S. GAAP and International Financial Reporting Standards (“IFRS”). Although many of the changes for U.S. GAAP purposes are clarifications of existing guidance or wording changes to align with IFRS, additional disclosures about fair value measurements are required, including (i) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (ii) the valuation processes used and the sensitivity of fair value measurements related to investments categorized within Level 3 of the hierarchy of fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any, and (iii) the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial condition but for which the fair value is required to be disclosed. The amended fair value measurement guidance became effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The adoption of the amended fair value measurement guidance did not have a material impact on the Company’s consolidated financial statements, primarily because substantially all Level 3 assets are carried at net asset value (“NAV”) or its equivalent.

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

RECEIVABLES

9 Months Ended

Sep. 30, 2012

RECEIVABLES

3.	*RECEIVABLES*

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

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

INVESTMENTS

9 Months Ended

Sep. 30, 2012

INVESTMENTS

4.	*INVESTMENTS*

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


	September 30,		December 31,
	2012		2011
Debt	$	25,744	$	24,068

Equities (a)		207,695		156,053

Other:
Interests in alternative asset management funds (a)		31,673		20,610
Fixed income funds (a)		38,592		21,008
Private equity		117,194		122,718
Equity method investments		6,736		11,053

		194,195		175,389

Total		427,634		355,510
Less:
Interest-bearing deposits (included in “debt” above)		552		2,834
Equity method investments		6,736		11,053

Investments, at fair value	$	420,346	$	341,623

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

(a)

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

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

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

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

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

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) a mezzanine fund, which invests in mezzanine debt of a diversified selection of small- to mid-cap European companies, (ii) Corporate Partners II Limited (“CP II”), a private equity fund targeting significant noncontrolling-stake investments in established public and private companies, (iii) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a private equity fund primarily making equity and buyout investments in lower middle market companies, (iv) Lazard Senior Housing Partners LP (“Senior Housing”), which targets controlling interests in companies and assets in the senior housing, extended-stay hotel and shopping center sectors, and (v) Lazard Australia Corporate Opportunities Fund 2 (“COF 2”), a Lazard-managed Australian private equity fund targeting Australasian mid-market investments.

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

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


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2012		2011		2012		2011
Gross unrealized investment gains	$	3,256	$	13	$	1,619	$	13
Gross unrealized investment losses	$	–	$	344	$	–	$	657

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2012

FAIR VALUE MEASUREMENTS

5.	*FAIR VALUE MEASUREMENTS*

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

Level 1.

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

Level 2.

Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market or quoted prices for identical or similar assets or liabilities in non-active markets, (ii) assets valued based on NAV or its equivalent redeemable at the measurement date or within the near term without redemption restrictions, or (iii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.

Level 3.

Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis, as well as assets valued based on NAV or its equivalent, but not redeemable within the near term as a result of redemption restrictions.

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

The fair value of equities is principally classified as Level 1, Level 2 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security; public asset management funds are classified as Level 1 and are valued based on the reported closing price for the fund; investments in private asset management funds redeemable in the near term are classified as Level 2 and valued at NAV or its equivalent, which is primarily determined based on information provided by fund managers and, secondarily, from external pricing services to the extent managed by LAM; and Level 3 represents equities valued based on NAV or its equivalent that are not redeemable within the near term.

The fair value of interests in alternative asset management funds is classified as either Level 2 or Level 3 depending on the time frame of any applicable redemption restriction, and is valued at NAV or its equivalent, which is primarily determined based on information provided by fund managers and, secondarily, from external pricing services to the extent managed by LAM.

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

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

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

Where information reported is based on data received from fund managers or from external pricing services, the Company reviews such information to ascertain at which level within the fair value hierarchy to classify the investment.

The following tables present the categorization of investments and certain other assets and liabilities measured at fair value on a recurring basis as of September 30, 2012 and December 31, 2011 into the three-level fair value hierarchy in accordance with fair value measurement disclosure requirements:



	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	21,877	$	3,315	$	–	$	25,192
Equities		170,043		37,456		196		207,695
Other (excluding equity method investments):
Interests in alternative asset management funds		–		28,238		3,435		31,673
Fixed income funds		35,460		3,132		–		38,592
Private equity		–		–		117,194		117,194
Derivatives		–		46		–		46

Total	$	227,380	$	72,187	$	120,825	$	420,392

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

Total	$	2,793	$	101,238	$	–	$	104,031


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,110	$	4,124	$	–	$	21,234
Equities		115,380		37,332		3,341		156,053
Other (excluding equity method investments):
Interests in alternative asset management funds		–		13,569		7,041		20,610
Fixed income funds		17,689		3,319		–		21,008
Private equity		–		–		122,718		122,718
Derivatives		–		7,131		–		7,131

Total	$	150,179	$	65,475	$	133,100	$	348,754

Liabilities:
Securities sold, not yet purchased	$	4,282	$	–	$	–	$	4,282
Derivatives		–		30,572		–		30,572

Total	$	4,282	$	30,572	$	–	$	34,854

There were no transfers between any of the Level 1, 2 and 3 categories in the fair value measurement hierarchy during the three month and nine month periods ended September 30, 2012 and 2011.

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month and nine month periods ended September 30, 2012 and 2011:


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

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


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

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


	Three Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	135	$	–		$	–	$	–		$	(9	)	$	126
Interests in alternative asset management funds		–		–			8,528		–			–			8,528
Private equity		174,704		(963	)		17,158		(45,058	)(b)		(3,063	)		142,778

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


	Nine Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	316	$	3	$	–	$	(195	)	$	2	$	126
Interests in alternative asset management funds		–		–		8,528		–			–		8,528
Private equity		163,482		2,861		30,233		(54,218	)(b)		420		142,778

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

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

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

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


	September 30, 2012
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	36,559	$	–		1	%		0	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		31,673		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,132		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		115,571		34,047		100	%		23	%		35	%		42	%	NA	NA

Total	$	186,935	$	34,047

	December 31, 2011
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	40,512	$	–		2	%		1	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		20,600		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,319		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		121,276		52,197		100	%		33	%		28	%		39	%	NA	NA

Total	$	185,707	$	52,197

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

Investment Capital Funding Commitments—At September 30, 2012, the current maximum unfunded commitments by the Company for capital contributions to investment funds related to (i) CP II, amounting to $2,124 for potential “follow-on investments” and/or for fund expenses through the earlier of February 25, 2017 or the liquidation of the fund, (ii) EGCP III, amounting to $23,776 through the earlier of October 12, 2016 (i.e., the end of the investment period) for investments and/or expenses (with a portion of the undrawn amount of such commitment as of that date remaining committed until October 12, 2023 in respect of “follow-on investments” and/or fund expenses) or the liquidation of the fund and (iii) COF 2, amounting to $8,147, through the earlier of November 11, 2016 (i.e., the end of the investment period) for investments and/or fund expenses (with a portion of the undrawn amount of such commitment as of that date remaining committed until November 11, 2019 in respect of “follow-on investments” and/or fund expenses) or the liquidation of the fund.

- Definition

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

+ References

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-SubTopic 10
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

DERIVATIVES

9 Months Ended

Sep. 30, 2012

DERIVATIVES

6.	*DERIVATIVES*

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

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

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


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

Total	$	46	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	5,089	$	304
Interest rate swaps		242		277
Equity and fixed income swaps		4,854		91
Lazard Fund Interests and other similar deferred compensation arrangements		91,053		29,900

Total	$	101,238	$	30,572

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Forward foreign currency exchange rate contracts	$	(3,377)	$	6,541	$	(1,248)	$	(2,856)
Lazard Fund Interests and other similar deferred compensation arrangements		(4,728)		3,961		(4,639)		3,961
Equity and fixed income swaps and other		(6,710)		11,917		(12,654)		9,598

Total	$	(14,815)	$	22,419	$	(18,541)	$	10,703

- Definition

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

+ References

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

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

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

+ Details

BUSINESS ACQUISITIONS

9 Months Ended

Sep. 30, 2012

BUSINESS ACQUISITIONS

7.	*BUSINESS ACQUISITIONS*

On July 15, 2009, the Company established a private equity business with Edgewater. Edgewater manages funds primarily focused on buy-out and growth equity investments in middle market companies. The acquisition was structured as a purchase by Lazard Group of interests in a holding company that in turn owns interests in the general partner and management company entities of the current Edgewater private equity funds (the “Edgewater Acquisition”). Following the Edgewater Acquisition, Edgewater’s management team retained a substantial economic interest in such entities. Edgewater’s activities are recorded in the Company’s Asset Management segment.

The aggregate fair value of the consideration recognized by the Company at the acquisition date was $61,624. Such consideration consisted of (i) a one-time cash payment, (ii) 1,142,857 shares of Class A common stock (the “Initial Shares”) and (iii) up to 1,142,857 additional shares of Class A common stock subject to earnout criteria and payable over time (the “Earnout Shares”). The Initial Shares are subject to forfeiture provisions that lapse only upon the achievement of certain performance thresholds and transfer restrictions during the four year period ending December 2014. The Earnout Shares will be issued only if certain performance thresholds are met. On December 30, 2011, 285,715 Initial Shares and 57,287 Earnout Shares became unrestricted or were otherwise delivered.

In connection with Lazard Group’s prior year business acquisitions, Lazard Group recorded related party payables of $3,695 at both September 30, 2012 and December 31, 2011 to subsidiaries of Lazard Ltd (see Note 16 of Notes to the Condensed Consolidated Financial Statements). Such amount will become members’ equity as the related shares of Class A common stock are issued. In the nine month period ended September 30, 2011, $56,210 of related party payables became members’ equity as a result of the issuance of 3,682,116 shares of Class A common stock (including 1,247,555 shares delivered from Class A common stock held by Lazard Group).

- Definition

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

+ References

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

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

PROPERTY-NET

9 Months Ended

Sep. 30, 2012

PROPERTY-NET

8.	*PROPERTY-NET*

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


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

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

Property-net			$	216,412	$	168,429

- Definition

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

+ References + Details

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2012

GOODWILL AND OTHER INTANGIBLE ASSETS

9.	*GOODWILL AND OTHER INTANGIBLE ASSETS*

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


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

Total	$	395,442	$	393,099

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

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


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

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

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


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

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

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


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

Total	$	30,681

(a)

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

- Definition

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

+ References + Details

SENIOR AND SUBORDINATED DEBT

9 Months Ended

Sep. 30, 2012

SENIOR AND SUBORDINATED DEBT

10.

SENIOR AND SUBORDINATED DEBT

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


	Initial Principal Amount				Annual Interest Rate			Outstanding As Of
			Maturity Date					September 30, 2012		December 31, 2011
			Maturity Date					September 30, 2012		December 31, 2011
Lazard Group 7.125% Senior Notes	$	550,000		5/15/15		7.125	%	$	528,500	$	528,500
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group Credit Facility		150,000		9/25/15		0.90	%		–		–

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

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

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

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

The Company’s senior debt at September 30, 2012 and December 31, 2011 is recorded at historical amounts. At those dates, the fair value of such senior debt outstanding was approximately $1,208,000 and $1,138,000, respectively, and exceeded the aggregate carrying value by approximately $131,000 and $61,000, respectively. The fair value of the Company’s senior debt was estimated using a discounted cash flow analysis based on the Company’s current borrowing rates for similar types of borrowing arrangements or based on market quotations, where available. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value at both September 30, 2012 and December 31, 2011.

Subordinated Debt—On July 22, 2011, the Company repurchased its then outstanding $150,000 subordinated promissory note, at a cost, excluding accrued interest, of $131,829. Such repurchase resulted in a pre-tax gain of $18,171, which was recognized by the Company in the third quarter of 2011 and included in “revenue-other” on the accompanying condensed consolidated statement of operations.

- Definition

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

+ References + Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2012

COMMITMENTS AND CONTINGENCIES

11.

COMMITMENTS AND CONTINGENCIES

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

Guarantees—In the normal course of business, LFB provides indemnifications to third parties to protect them in the event of non-performance by its clients. At September 30, 2012, LFB had approximately $5,000 of such indemnifications and held approximately $4,000 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the consolidated statement of financial condition.

Other Commitments—In the normal course of business, LFB enters into commitments to extend credit, predominately at variable interest rates. Such commitments at September 30, 2012 aggregated approximately $22,000. These commitments have varying expiration dates and are fully collateralized and generally contain requirements for the counterparty to maintain a minimum collateral level. These commitments may not represent future cash requirements as they may expire without being drawn upon.

See Notes 5, 7 and 14 of Notes to Condensed Consolidated Financial Statements for information regarding commitments relating to investment capital funding commitments, business acquisitions and obligations to fund our pension plans, respectively.

The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, LFB enters into underwriting commitments in which it participates as a joint underwriter. The settlement of such transactions are not expected to have a material adverse effect on the Company’s consolidated financial position or results of operations. At September 30, 2012, LFB had no such underwriting commitments.

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

- Definition

The entire disclosure for commitments and contingencies.

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

MEMBERS' EQUITY

9 Months Ended

Sep. 30, 2012

MEMBERS' EQUITY

12.

MEMBERS’ EQUITY

Issuance of Class A Common Shares—During the third quarter of 2011, Lazard Ltd issued an aggregate of 3,682,116 Class A common shares (including 1,247,555 shares delivered from Class A common stock held by Lazard Group) in connection with certain prior year business acquisitions.

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

During the nine month periods ended September 30, 2012 and 2011, Lazard Group distributed the following amounts to subsidiaries of Lazard Ltd and LAZ-MD Holdings (none of which related to tax distributions):


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

Total	$	69,948	$	54,689

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

Exchange of Lazard Group Common Membership Interests— During the nine month periods ended September 30, 2012 and 2011, Lazard Ltd issued 191,701 and 738,655 shares of Class A common stock, respectively, in connection with the exchange of a like number of Lazard Group common membership interests (received from members of LAZ-MD Holdings in exchange for a like number of LAZ-MD Holdings exchangeable interests).

Share Repurchase Program—In February 2011, October 2011 and April 2012, the Board of Directors of Lazard Ltd authorized, on a cumulative basis, the repurchase of up to $250,000, $125,000 and $125,000, respectively, in aggregate cost of Class A common stock and Lazard Group common membership interests through December 31, 2012, December 31, 2013 and December 31, 2013, respectively. The Company’s prior share repurchase authorizations expired on December 31, 2009 and December 31, 2011. The Company expects that the share repurchase program, with respect to the Class A common stock, will continue to be used, among other ways, to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2005 Equity Incentive Plan (the “2005 Plan”) and the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”). Pursuant to such authorizations, purchases have been made in the open market or through privately negotiated transactions. During the nine month period ended September 30, 2012, Lazard Group and subsidiaries of Lazard Ltd purchased 8,235,306 shares of Class A common stock, at an aggregate cost of $222,679 (no Lazard Group common membership interests were purchased during such nine month period).

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

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

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

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


	September 30,			December 31,
	2012			2011
Currency translation adjustments	$	31,575		$	16,958
Interest rate hedge		(2,766	)		(3,557	)
Employee benefit plans		(98,140	)		(92,637	)

Total AOCI		(69,331	)		(79,236	)
Less amount attributable to noncontrolling interests		85			16

Total Lazard Group AOCI	$	(69,416	)	$	(79,252	)

Noncontrolling Interests—Noncontrolling interests principally represent interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own.

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2012 and 2011 and noncontrolling interests as of September 30, 2012 and December 31, 2011 as reflected in the Company’s accompanying condensed consolidated financial statements:


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
Edgewater	$	(1,704	)	$	587		$	2,168	$	7,492
Other		139			(362	)		93		(475	)

Total	$	(1,565	)	$	225		$	2,261	$	7,017


	Noncontrolling Interests As Of
	September 30, 2012		December 31, 2011
Edgewater	$	82,669	$	91,713
Other		941		12,210

Total	$	83,610	$	103,923

INCENTIVE PLANS

9 Months Ended

Sep. 30, 2012

INCENTIVE PLANS

13.

INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of Lazard Ltd’s 2005 Plan and 2008 Plan and activity with respect thereto during the nine month periods ended September 30, 2012 and 2011 is presented below.

Shares Available Under the 2005 Plan and 2008 Plan

The 2005 Plan authorizes the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock, restricted stock units and other equity-based awards. Each stock unit or similar award granted under the 2005 Plan represents a contingent right to receive one share of Class A common stock, at no cost to the recipient. The fair value of such awards is generally determined based on the closing market price of Class A common stock on the day prior to the date of grant.

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Share-based incentive awards:
RSUs	$	65,952	$	58,489		$211,271	$	200,899
Restricted stock		1,659		374		7,538		9,373
DSUs		39		35		683		597

Total	$	67,650	$	58,898		$219,492	$	210,869

The Company’s incentive plans are described below.

Restricted and Deferred Stock Units

RSUs generally require future service as a condition for the delivery of the underlying shares of Class A common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into Class A common stock on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods.

RSUs issued subsequent to December 31, 2005 generally include a dividend participation right that provides that during vesting periods each RSU is attributed additional RSUs (or fractions thereof) equivalent to any ordinary quarterly dividends paid on Class A common stock during such period. During the nine month periods ended September 30, 2012 and 2011, dividend participation rights required the issuance of 479,958 and 251,146 RSUs, respectively.

Non-Executive members of the Board of Directors of Lazard Group (who are the same Non-Executive Directors of Lazard Ltd) receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 49,982 and 26,859 DSUs granted during the nine month periods ended September 30, 2012 and 2011, respectively. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into Class A common stock at the time of cessation of service to the Board. DSUs include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock, and resulted in nominal cash payments for the nine month periods ended September 30, 2012 and 2011.

On May 9, 2006, the Board of Directors adopted the Directors’ Fee Deferral Unit Plan, which allows the Company’s Non-Executive Directors to elect to receive additional DSUs pursuant to the 2005 Plan in lieu of some or all of their cash fees. The number of DSUs that will be granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of Class A common stock on the date on which the foregone cash fees would otherwise have been paid. During the nine month periods ended September 30, 2012 and 2011, 7,988 and 5,371 DSUs, respectively, had been granted pursuant to such Plan.

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

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


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

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


Balance January 1, 2011		22,108,635		$	35.67		121,737		$	34.46
Granted (including 251,146 RSUs relating to dividend participation)		6,764,420		$	43.91		32,230		$	37.06
Forfeited		(287,975	)	$	37.73		–			–
Vested		(7,848,744	)	$	39.21		(16,120	)	$	34.76

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

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

As of September 30, 2012, unrecognized RSU compensation expense, adjusted for estimated forfeitures, was approximately $257,000, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.2 years subsequent to September 30, 2012. The ultimate amount of such expense is dependent upon the actual number of RSUs that vest. The Company periodically assesses the forfeiture rates used for such estimates. A change in estimated forfeiture rates would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described herein.

Restricted Stock

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


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

Balance, September 30, 2012		465,297		$	30.02


Balance, January 1, 2011		95,332		$	37.63
Granted		327,238		$	43.70
Vested		(327,238	)	$	43.70

Balance, September 30, 2011		95,332		$	37.63

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

The awards include a cash dividend participation right equivalent to any ordinary quarterly dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At September 30, 2012, unrecognized restricted stock expense was approximately $8,000, with such expense to be recognized over a weighted average period of approximately 1.8 years subsequent to September 30, 2012.

Lazard Fund Interests and Other Similar Deferred Compensation Arrangements

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

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


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

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

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

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


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

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

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2012

EMPLOYEE BENEFIT PLANS

14.

EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined contribution and defined benefit pension plans and other post-retirement plans. These plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense on the consolidated statements of operations.

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

On April 30, 2012, the Company and the Trustees of the U.K. pension plans concluded the December 31, 2010 triennial valuations of the plans. In connection with such valuations and a previously negotiated agreement with the Trustees, the Company and the Trustees agreed upon pension funding terms (the “agreement”) (which superseded the terms of an agreement reached in June 2009 with respect to the previous triennial valuation as of December 31, 2007) whereby the Company: (i) made a contribution in December 2011 to the plans of 2.3 million British pounds ($3,687 at December 31, 2011 exchange rates) from a previously established escrow account, (ii) will make contributions of 1 million British pounds during each year from 2012 through 2020 inclusive and (iii) amended the previous escrow arrangement into an account security arrangement covering 10.2 million British pounds, committing to make annual contributions of 1 million British pounds into such account security arrangement during each year from 2014 through 2020. It was further agreed that, to the extent that the value of the plans’ assets falls short of the funding target for June 1, 2020 that has been agreed upon with the Trustees, the assets from the account security arrangement would be released into the plans at that date. Additionally, the Company agreed to fund the expenses of administering the plans, including certain regulator levies and the cost of other professional advisors to the plans. The terms of the agreement are subject to adjustment based on the results of subsequent triennial valuations. The aggregate amount in the account security arrangement at September 30, 2012 of approximately $16,500 has been recorded in “cash deposited with clearing organizations and other segregated cash” on the accompanying condensed consolidated statement of financial condition. Income on the escrow balance accretes to the Company and is recorded in interest income.

During the nine month period ended September 30, 2012, the Company contributed 1 million British pounds ($1,577 at September 30, 2012 exchange rates) to these U.K. pension plans, and no contributions were made to other non-U.S. pension plans.

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


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

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


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

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

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

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References

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

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-Number 132R
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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2012

INCOME TAXES

15.

INCOME TAXES

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

The Company recorded income tax provisions of $10,769 and $26,138 for the three month and nine month periods ended September 30, 2012, respectively, and $12,880 and $36,986 for the three month and nine month periods ended September 30, 2011, respectively, representing effective tax rates of 22.7%, 20.8%, 14.2% and 14.5%, respectively. The difference between the U.S. federal statutory rate of 35.0% and the effective tax rates described above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S. and (ii) U.S. state and local taxes (primarily UBT), which are incremental to the U.S. federal statutory tax rate.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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+ Details

RELATED PARTIES

9 Months Ended

Sep. 30, 2012

RELATED PARTIES

16.

RELATED PARTIES

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


	September 30, 2012		December 31, 2011
Receivables
Lazard Ltd subsidiaries		$199,668		$186,239
LFCM Holdings		7,037		14,790
Other		3,865		3,711

Total		$210,570		$204,740

Payables
Lazard Ltd subsidiaries		$216,058		$126,875
LFCM Holdings		2,290		2,060
Other		747		1,225

Total		$219,095		$ 130,160

Lazard Ltd Subsidiaries

Lazard Group’s receivables from subsidiaries of Lazard Ltd at September 30, 2012 and December 31, 2011 include interest-bearing loans of $196,998 and $186,078, respectively, including accrued interest thereon. Interest income relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $2,960 and $8,420 for the three month and nine month periods ended September 30, 2012, respectively, and $1,911 and $5,641 for the three month and nine month periods ended September 30, 2011, respectively.

As of both September 30, 2012 and December 31, 2011, Lazard Group’s payables to subsidiaries of Lazard Ltd includes $3,695 in connection with Lazard Group’s prior year business acquisitions (see Note 7 of Notes to Condensed Consolidated Financial Statements). In addition, as of September 30, 2012 and December 31, 2011, Lazard Group’s payables to subsidiaries of Lazard Ltd include interest-bearing loans, plus accrued interest thereon, of approximately $212,000 and $123,000, respectively. Such amount at September 30, 2012 includes approximately $86,000 resulting from the sale in the first quarter of 2012 of an interest-bearing intercompany receivable due from a Lazard Group subsidiary to a Lazard Ltd subsidiary, which was sold at a discount to reflect arm’s-length terms, resulting in a loss to Lazard Group of $5,638. Interest expense relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $2,381 and $7,497 for the three month and nine month periods ended September 30, 2012, respectively, and $1,013 and $3,035 for the three month and nine month periods ended September 30, 2011, respectively.

LFCM Holdings

LFCM Holdings owns and operates the capital markets business and fund management activities, as well as other specified non-operating assets and liabilities, that were transferred to it by Lazard Group (referred to as the “separated businesses”) in May 2005 and is owned by various current and former working members, including certain of Lazard’s current and former managing directors (which also include the Company’s executive officers) who were or are also members of LAZ-MD Holdings. In addition to the master separation agreement dated as of May 10, 2005, by and among Lazard Ltd, Lazard Group, LAZ-MD Holdings and LFCM Holdings (the “master separation agreement”), which effected the separation and recapitalization that occurred in May 2005, LFCM Holdings entered into certain agreements that addressed various business matters associated with the separation, including agreements related to administrative and support services (the “administrative services agreement”), employee benefits, insurance matters and licensing. In addition, LFCM Holdings and Lazard Group entered into a business alliance agreement (the “business alliance agreement”). Certain of these agreements are described in more detail in the Company’s Form 10-K.

For the three month and nine month periods ended September 30, 2012, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $666 and $2,181, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $182 and $4,548, respectively. For the three month and nine month periods ended September 30, 2011, amounts recorded by Lazard Group relating to the administrative services agreement amounted to $596 and $1,788, respectively, and net referral fees for underwriting, private placement, M&A and restructuring transactions under the business alliance agreement amounted to $5,927 and $19,074, respectively. Amounts relating to the administrative services agreement are reported as reductions to operating expenses. Net referral fees for underwriting transactions under the business alliance agreement are reported in “revenue-other”. Net referral fees for private placement, M&A and restructuring transactions under the business alliance agreement are reported in advisory fee revenue.

Receivables from LFCM Holdings and its subsidiaries as of September 30, 2012 and December 31, 2011 include $2,363 and $11,862, respectively, related to administrative and support services, and other receivables which include sublease income and reimbursement of expenses incurred on behalf of LFCM Holdings, and $4,674 and $2,928, respectively, related to referral fees for underwriting and private placement transactions. Payables to LFCM Holdings and its subsidiaries at September 30, 2012 and December 31, 2011 consist of $2,290 and $2,060, respectively, principally relating to certain advances and referral fees for Financial Advisory transactions.

Other

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

LAZ-MD Holdings

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

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.4-08.(k))
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A

Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
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-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

REGULATORY AUTHORITIES

9 Months Ended

Sep. 30, 2012

REGULATORY AUTHORITIES

17.

REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $100, whichever is greater. At September 30, 2012, LFNY’s regulatory net capital was $123,097, which exceeded the minimum requirement by $119,424.

Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (the “U.K. Subsidiaries”) are regulated by the Financial Services Authority. At September 30, 2012, the aggregate regulatory net capital of the U.K. Subsidiaries was $107,795, which exceeded the minimum requirement by $89,602.

CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel for its banking activities conducted through its subsidiary, LFB. In addition, the investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG (asset management), are subject to regulation and supervision by the Autorité des Marchés Financiers. At September 30, 2012, the consolidated regulatory net capital of CFLF was $173,924, which exceeded the minimum requirement set for regulatory capital levels by $79,308.

Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At September 30, 2012, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $116,764, which exceeded the minimum required capital by an aggregate of $88,166.

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

Lazard Ltd had been subject to supervision by the SEC as a Supervised Investment Bank Holding Company (“SIBHC”). As a SIBHC, Lazard Ltd was subject to group-wide supervision, which required it to compute allowable capital and risk allowances on a consolidated basis. However, pursuant to Section 617 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the SEC’s SIBHC program was eliminated on July 21, 2011. Pursuant to relevant rules in the European Union, which we are examining, LFB, as a European credit institution, is required to be supervised on a consolidated basis by another regulatory body, either in the U.S., by the Board of Governors of the Federal Reserve, or the European Union. The Dodd-Frank Act and the rules and regulations that may be adopted thereunder (including regulations that have not yet been proposed) could have other effects on us. We continue to monitor the process as such rules are proposed and adopted.

- 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

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

+ Details

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2012

SEGMENT INFORMATION

18.

SEGMENT INFORMATION

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

The Company’s segment information for the three month and nine month periods ended September 30, 2012 and 2011 is prepared using the following methodology:

•

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

•

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

•

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

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

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

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


		Three Months Ended September 30,						Nine Months Ended September 30,
		2012			2011			2012			2011
Financial Advisory
	Net Revenue	$	219,973		$	253,585		$	739,793		$	731,621
	Operating Expenses		212,449			213,614			693,546			641,397

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


Asset Management
	Net Revenue	$	221,516		$	219,077		$	647,096		$	690,785
	Operating Expenses		160,883			156,709			477,989			466,827

	Operating Income	$	60,633		$	62,368		$	169,107		$	223,958


Corporate
	Net Revenue	$	(12,178	)	$	(7,339	)	$	(40,113	)	$	(41,158	)
	Operating Expenses		8,479			4,224			49,709			17,900

	Operating Loss	$	(20,657	)	$	(11,563	)	$	(89,822	)	$	(59,058	)


Total
	Net Revenue	$	429,311		$	465,323		$	1,346,776		$	1,381,248
	Operating Expenses		381,811			374,547			1,221,244			1,126,124

	Operating Income	$	47,500		$	90,776		$	125,532		$	255,124


	As Of
	September 30, 2012		December 31, 2011
Total Assets
Financial Advisory	$	760,366	$	767,699
Asset Management		487,635		583,524
Corporate		1,897,561		1,686,230

Total	$	3,145,562	$	3,037,453

- 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

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

+ Details

SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2012

SUBSEQUENT EVENT

19.

SUBSEQUENT EVENT

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

RECENT ACCOUNTING DEVELOPMENTS (Policies)	9 Months Ended
RECENT ACCOUNTING DEVELOPMENTS (Policies)	Sep. 30, 2012
Fair Value Measurements	Fair Value Measurements—In the first quarter of 2012, the Company adopted the amended fair value measurement guidance issued by the Financial Accounting Standards Board (the “FASB”), which the FASB stated was designed to achieve common fair value measurement and disclosure requirements between U.S. GAAP and International Financial Reporting Standards (“IFRS”). Although many of the changes for U.S. GAAP purposes are clarifications of existing guidance or wording changes to align with IFRS, additional disclosures about fair value measurements are required, including (i) a quantitative disclosure of the unobservable inputs and assumptions used in the measurement, (ii) the valuation processes used and the sensitivity of fair value measurements related to investments categorized within Level 3 of the hierarchy of fair value measurements to changes in unobservable inputs and the interrelationships between those unobservable inputs, if any, and (iii) the categorization by level of the fair value hierarchy for items that are not measured at fair value in the statement of financial condition but for which the fair value is required to be disclosed. The amended fair value measurement guidance became effective for interim and annual periods beginning after December 15, 2011 and is applied prospectively. The adoption of the amended fair value measurement guidance did not have a material impact on the Company’s consolidated financial statements, primarily because substantially all Level 3 assets are carried at net asset value (“NAV”) or its equivalent.
Other Comprehensive Income	Other Comprehensive Income—In the first quarter of 2012, the Company adopted the FASB’s amended guidance regarding the presentation of comprehensive income, which the FASB stated was designed to improve comparability, consistency and transparency. The amendment required that all changes in comprehensive income be presented either in (i) a single continuous statement of comprehensive income or in (ii) two separate but consecutive statements. The amendment was to be applied retrospectively and is effective with interim and annual periods beginning after December 15, 2011, with early adoption permitted. The Company elected the two-statement method.

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2012

Company's Investments and Securities Sold, Not Yet Purchased

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


	September 30,		December 31,
	2012		2011
Debt	$	25,744	$	24,068

Equities (a)		207,695		156,053

Other:
Interests in alternative asset management funds (a)		31,673		20,610
Fixed income funds (a)		38,592		21,008
Private equity		117,194		122,718
Equity method investments		6,736		11,053

		194,195		175,389

Total		427,634		355,510
Less:
Interest-bearing deposits (included in “debt” above)		552		2,834
Equity method investments		6,736		11,053

Investments, at fair value	$	420,346	$	341,623

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

(a)

Schedule of Trading Securities Gross Unrealized Investment Gains and Losses


	Three Month Period Ended September 30,				Nine Month Period Ended September 30,
	2012		2011		2012		2011
Gross unrealized investment gains	$	3,256	$	13	$	1,619	$	13
Gross unrealized investment losses	$	–	$	344	$	–	$	657

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2012

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



	September 30, 2012
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	21,877	$	3,315	$	–	$	25,192
Equities		170,043		37,456		196		207,695
Other (excluding equity method investments):
Interests in alternative asset management funds		–		28,238		3,435		31,673
Fixed income funds		35,460		3,132		–		38,592
Private equity		–		–		117,194		117,194
Derivatives		–		46		–		46

Total	$	227,380	$	72,187	$	120,825	$	420,392

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

Total	$	2,793	$	101,238	$	–	$	104,031


	December 31, 2011
	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Debt (excluding interest-bearing deposits)	$	17,110	$	4,124	$	–	$	21,234
Equities		115,380		37,332		3,341		156,053
Other (excluding equity method investments):
Interests in alternative asset management funds		–		13,569		7,041		20,610
Fixed income funds		17,689		3,319		–		21,008
Private equity		–		–		122,718		122,718
Derivatives		–		7,131		–		7,131

Total	$	150,179	$	65,475	$	133,100	$	348,754

Liabilities:
Securities sold, not yet purchased	$	4,282	$	–	$	–	$	4,282
Derivatives		–		30,572		–		30,572

Total	$	4,282	$	30,572	$	–	$	34,854

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

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets for the three month and nine month periods ended September 30, 2012 and 2011:


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

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


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

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


	Three Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)			Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
	Beginning Balance					Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments			Ending Balance
Investments:
Equities	$	135	$	–		$	–	$	–		$	(9	)	$	126
Interests in alternative asset management funds		–		–			8,528		–			–			8,528
Private equity		174,704		(963	)		17,158		(45,058	)(b)		(3,063	)		142,778

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


	Nine Months Ended September 30, 2011
	Beginning Balance		Net Unrealized/ Realized Gains (Losses) Included In Revenue- Other (a)		Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
	Beginning Balance				Purchases/ Acquisitions		Sales/ Dispositions			Foreign Currency Translation Adjustments		Ending Balance
Investments:
Equities	$	316	$	3	$	–	$	(195	)	$	2	$	126
Interests in alternative asset management funds		–		–		8,528		–			–		8,528
Private equity		163,482		2,861		30,233		(54,218	)(b)		420		142,778

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

Fair Value of Certain Investments Based on NAV


	September 30, 2012
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	36,559	$	–		1	%		0	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		31,673		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,132		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		115,571		34,047		100	%		23	%		35	%		42	%	NA	NA

Total	$	186,935	$	34,047

	December 31, 2011
					% of			Estimated Liquidation Period of Investments Not Redeemable									Investments Redeemable
	Fair Value		Unfunded Commitments		Fair Value Not Redeemable			% Next 5 Years			% 5-10 Years			% Thereafter			Redemption Frequency	Redemption Notice Period
Equities	$	40,512	$	–		2	%		1	%		0	%		1	%	Quarterly	60 Days
Interests in alternative asset management funds		20,600		–		0	%		0	%		0	%		0	%	Quarterly	>90 Days
Fixed income funds		3,319		–		0	%		0	%		0	%		0	%	Monthly	60 Days
Private equity		121,276		52,197		100	%		33	%		28	%		39	%	NA	NA

Total	$	185,707	$	52,197

- Definition

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

+ References + Details

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition


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

Total	$	46	$	7,131

Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	5,089	$	304
Interest rate swaps		242		277
Equity and fixed income swaps		4,854		91
Lazard Fund Interests and other similar deferred compensation arrangements		91,053		29,900

Total	$	101,238	$	30,572

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Forward foreign currency exchange rate contracts	$	(3,377)	$	6,541	$	(1,248)	$	(2,856)
Lazard Fund Interests and other similar deferred compensation arrangements		(4,728)		3,961		(4,639)		3,961
Equity and fixed income swaps and other		(6,710)		11,917		(12,654)		9,598

Total	$	(14,815)	$	22,419	$	(18,541)	$	10,703

PROPERTY-NET (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Property-Net

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


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

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

Property-net			$	216,412	$	168,429

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2012

Components of Goodwill and Other Intangible Assets

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


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

Total	$	395,442	$	393,099

Changes in Carrying Amount of Goodwill

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


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

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

Gross Cost and Accumulated Amortization of Other Intangible Assets

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


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

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

Estimated Future Amortization Expense


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

Total	$	30,681

(a)

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

- Definition

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

+ References + Details

SENIOR AND SUBORDINATED DEBT (Tables)

9 Months Ended

Sep. 30, 2012

Senior Debt

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


	Initial Principal Amount				Annual Interest Rate			Outstanding As Of
			Maturity Date					September 30, 2012		December 31, 2011
			Maturity Date					September 30, 2012		December 31, 2011
Lazard Group 7.125% Senior Notes	$	550,000		5/15/15		7.125	%	$	528,500	$	528,500
Lazard Group 6.85% Senior Notes		600,000		6/15/17		6.85	%		548,350		548,350
Lazard Group Credit Facility		150,000		9/25/15		0.90	%		–		–

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

MEMBERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2012

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


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

Total	$	69,948	$	54,689

Accumulated Other Comprehensive Income (Loss), Net of Tax

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


	September 30,			December 31,
	2012			2011
Currency translation adjustments	$	31,575		$	16,958
Interest rate hedge		(2,766	)		(3,557	)
Employee benefit plans		(98,140	)		(92,637	)

Total AOCI		(69,331	)		(79,236	)
Less amount attributable to noncontrolling interests		85			16

Total Lazard Group AOCI	$	(69,416	)	$	(79,252	)

Net Income Attributable to Noncontrolling Interests


	Net Income (Loss) Attributable To Noncontrolling Interests
	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012		2011
Edgewater	$	(1,704	)	$	587		$	2,168	$	7,492
Other		139			(362	)		93		(475	)

Total	$	(1,565	)	$	225		$	2,261	$	7,017


	Noncontrolling Interests As Of
	September 30, 2012		December 31, 2011
Edgewater	$	82,669	$	91,713
Other		941		12,210

Total	$	83,610	$	103,923

INCENTIVE PLANS (Tables)

9 Months Ended

Sep. 30, 2012

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Share-based incentive awards:
RSUs	$	65,952	$	58,489		$211,271	$	200,899
Restricted stock		1,659		374		7,538		9,373
DSUs		39		35		683		597

Total	$	67,650	$	58,898		$219,492	$	210,869

Schedule of Activity Relating to RSUs and DSUs

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


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

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


Balance January 1, 2011		22,108,635		$	35.67		121,737		$	34.46
Granted (including 251,146 RSUs relating to dividend participation)		6,764,420		$	43.91		32,230		$	37.06
Forfeited		(287,975	)	$	37.73		–			–
Vested		(7,848,744	)	$	39.21		(16,120	)	$	34.76

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

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

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


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

Balance, September 30, 2012		465,297		$	30.02


Balance, January 1, 2011		95,332		$	37.63
Granted		327,238		$	43.70
Vested		(327,238	)	$	43.70

Balance, September 30, 2011		95,332		$	37.63

Summary of Fund Interests and Other Similar Deferred Compensation Arrangements

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


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

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

Summary of Impact of Fund Interests and Other Similar Deferred Compensation


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

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

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2012

Components of Net Benefit Cost (Credit)

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


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

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


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

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

RELATED PARTIES (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Amounts Receivable from and Payable to Related Parties

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


	September 30, 2012		December 31, 2011
Receivables
Lazard Ltd subsidiaries		$199,668		$186,239
LFCM Holdings		7,037		14,790
Other		3,865		3,711

Total		$210,570		$204,740

Payables
Lazard Ltd subsidiaries		$216,058		$126,875
LFCM Holdings		2,290		2,060
Other		747		1,225

Total		$219,095		$ 130,160

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2012

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


		Three Months Ended September 30,						Nine Months Ended September 30,
		2012			2011			2012			2011
Financial Advisory
	Net Revenue	$	219,973		$	253,585		$	739,793		$	731,621
	Operating Expenses		212,449			213,614			693,546			641,397

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


Asset Management
	Net Revenue	$	221,516		$	219,077		$	647,096		$	690,785
	Operating Expenses		160,883			156,709			477,989			466,827

	Operating Income	$	60,633		$	62,368		$	169,107		$	223,958


Corporate
	Net Revenue	$	(12,178	)	$	(7,339	)	$	(40,113	)	$	(41,158	)
	Operating Expenses		8,479			4,224			49,709			17,900

	Operating Loss	$	(20,657	)	$	(11,563	)	$	(89,822	)	$	(59,058	)


Total
	Net Revenue	$	429,311		$	465,323		$	1,346,776		$	1,381,248
	Operating Expenses		381,811			374,547			1,221,244			1,126,124

	Operating Income	$	47,500		$	90,776		$	125,532		$	255,124


	As Of
	September 30, 2012		December 31, 2011
Total Assets
Financial Advisory	$	760,366	$	767,699
Asset Management		487,635		583,524
Corporate		1,897,561		1,686,230

Total	$	3,145,562	$	3,037,453

- Definition

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

+ References + Details

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

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

INVESTMENTS - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Debt	$ 25,744	$ 24,068
Equities	207,695	156,053
Other:
Other	194,195	175,389
Total investments	427,634	355,510
Interest-bearing deposits (included in "debt" above)	552	2,834
Investments, at fair value	420,346	341,623
Securities sold, not yet purchased, at fair value (included in "other liabilities")	2,793	4,282
Interests in alternative asset management funds [Member]
Other:
Other	31,673	20,610
Fixed income funds [Member]
Other:
Other	38,592	21,008
Private equity [Member]
Other:
Other	117,194	122,718
Equity method investments [Member]
Other:
Other	$ 6,736	$ 11,053

INVESTMENTS - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Schedule of Investments [Line Items]
Lazard Fund Interests in fixed income funds	$ 21,856	$ 5,212
Lazard Fund Interests in equities	76,280	19,857
Lazard Fund Interests in alternative asset management funds	$ 3,577	$ 2,256

INVESTMENTS - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Investment [Line Items]
Economic interests that are owned by the management team and other investors in the Edgewater	$ 19,734	$ 18,502

INVESTMENTS - Schedule of Trading Securities Gross Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Unrealized Losses On Short Term And Long Term Investments [Line Items]
Gross unrealized investment gains	$ 3,256	$ 13	$ 1,619	$ 13
Gross unrealized investment losses		$ 344		$ 657

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=16383099&loc=d3e24584-111560

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=16383099&loc=d3e24584-111560

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 9
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=6872113&loc=d3e27357-111563

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 12
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 21
-Subparagraph e
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

FAIR VALUE MEASUREMENTS - Categorization of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Assets:
Equities	$ 207,695	$ 156,053
Derivatives	46	7,131
Liabilities:
Securities sold, not yet purchased	2,793	4,282
Fair value on recurring basis [Member]
Assets:
Derivatives	46	7,131
Total Assets	420,392	348,754
Liabilities:
Securities sold, not yet purchased	2,793	4,282
Derivatives	101,238	30,572
Total Liabilities	104,031	34,854
Debt [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	25,192	21,234
Equities [Member] \| Fair value on recurring basis [Member]
Assets:
Equities	207,695	156,053
Interests in alternative asset management funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	31,673	20,610
Fixed income funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	38,592	21,008
Private equity [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	117,194	122,718
Level 1 [Member] \| Fair value on recurring basis [Member]
Assets:
Total Assets	227,380	150,179
Liabilities:
Securities sold, not yet purchased	2,793	4,282
Total Liabilities	2,793	4,282
Level 1 [Member] \| Debt [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	21,877	17,110
Level 1 [Member] \| Equities [Member] \| Fair value on recurring basis [Member]
Assets:
Equities	170,043	115,380
Level 1 [Member] \| Fixed income funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	35,460	17,689
Level 2 [Member] \| Fair value on recurring basis [Member]
Assets:
Derivatives	46	7,131
Total Assets	72,187	65,475
Liabilities:
Derivatives	101,238	30,572
Total Liabilities	101,238	30,572
Level 2 [Member] \| Debt [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	3,315	4,124
Level 2 [Member] \| Equities [Member] \| Fair value on recurring basis [Member]
Assets:
Equities	37,456	37,332
Level 2 [Member] \| Interests in alternative asset management funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	28,238	13,569
Level 2 [Member] \| Fixed income funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	3,132	3,319
Level 3 [Member] \| Fair value on recurring basis [Member]
Assets:
Total Assets	120,825	133,100
Level 3 [Member] \| Equities [Member] \| Fair value on recurring basis [Member]
Assets:
Equities	196	3,341
Level 3 [Member] \| Interests in alternative asset management funds [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	3,435	7,041
Level 3 [Member] \| Private equity [Member] \| Fair value on recurring basis [Member]
Assets:
Investments	$ 117,194	$ 122,718

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Company's Level 3 Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	$ 118,798	$ 174,839	$ 133,100	$ 163,798
Net Unrealized/Realized Gains (Losses) Included In Revenue- Other	(504)	(963)	11,940	2,864
Purchases/Acquisitions	2,945	25,686	5,717	38,761
Sales/Dispositions	(1,547)	(45,058)	(29,976)	(54,413)
Foreign Currency Translation Adjustments	1,133	(3,072)	44	422
Ending Balance	120,825	151,432	120,825	151,432
Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	191	135	3,341	316
Net Unrealized/Realized Gains (Losses) Included In Revenue- Other			5	3
Purchases/Acquisitions			10
Sales/Dispositions			(3,160)	(195)
Foreign Currency Translation Adjustments	5	(9)		2
Ending Balance	196	126	196	126
Interests in alternative asset management funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	4,616		7,041
Net Unrealized/Realized Gains (Losses) Included In Revenue- Other	18		107
Purchases/Acquisitions		8,528	10	8,528
Sales/Dispositions	(1,199)		(3,723)
Ending Balance	3,435	8,528	3,435	8,528
Private equity [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	113,991	174,704	122,718	163,482
Net Unrealized/Realized Gains (Losses) Included In Revenue- Other	(522)	(963)	11,828	2,861
Purchases/Acquisitions	2,945	17,158	5,697	30,233
Sales/Dispositions	(348)	(45,058)	(23,093)	(54,218)
Foreign Currency Translation Adjustments	1,128	(3,063)	44	420
Ending Balance	$ 117,194	$ 142,778	$ 117,194	$ 142,778

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Company's Level 3 Assets (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net unrealized gain (losses)	$ (460)	$ (829)	$ 9,103	$ 2,988
Sales/dispositions of private equity investments	$ 1,547	45,058	$ 29,976	54,413
Edgewater [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Sales/dispositions of private equity investments		$ 42,800		$ 49,500

FAIR VALUE MEASUREMENTS - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 186,935	$ 185,707
Unfunded Commitments	34,047	52,197
Equities [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	36,559	40,512
Unfunded Commitments
% of Fair Value Not Redeemable	1.00%	2.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	1.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	1.00%	1.00%
Investments Redeemable, Redemption Frequency	Quarterly	Quarterly
Investments Redeemable, Redemption Notice Period	60 Days	60 Days
Interests in alternative asset management funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 31,673	$ 20,600
Unfunded Commitments
% of Fair Value Not Redeemable	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	0.00%	0.00%
Investments Redeemable, Redemption Frequency	Quarterly	Quarterly
Investments Redeemable, Redemption Notice Period	>90 Days	>90 Days
Fixed income funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 3,132	$ 3,319
Unfunded Commitments
% of Fair Value Not Redeemable	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	0.00%	0.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	0.00%	0.00%
Investments Redeemable, Redemption Frequency	Monthly	Monthly
Investments Redeemable, Redemption Notice Period	60 Days	60 Days
Private equity [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 115,571	$ 121,276
Unfunded Commitments	$ 34,047	$ 52,197
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	23.00%	33.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	35.00%	28.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	42.00%	39.00%
Investments Redeemable, Redemption Frequency	NA	NA
Investments Redeemable, Redemption Notice Period	NA	NA

FAIR VALUE MEASUREMENTS - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 34,047	$ 52,197
Private equity [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 34,047	$ 52,197
Cp II [Member] \| Private equity [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
End of the investment period	Feb. 25, 2017
EGCP III [Member] \| Private equity [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
End of the investment period	Oct. 12, 2016
Remaining commitment date	Oct. 12, 2023
Maximum [Member] \| Cp II [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 2,124
Maximum [Member] \| EGCP III [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	23,776
Maximum [Member] \| COF 2 [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 8,147
Remaining commitment date	Nov. 11, 2019
Minimum [Member] \| COF 2 [Member]
Fair Value, Option, Quantitative Disclosures [Line Items]
End of the investment period	Nov. 11, 2016

DERIVATIVES - Fair Value of Derivatives Reported on Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Derivative [Line Items]
Derivative Assets	$ 46	$ 7,131
Derivative Liabilities	101,238	30,572
Forward foreign currency exchange rate contracts [Member]
Derivative [Line Items]
Derivative Assets	2	4,245
Derivative Liabilities	5,089	304
Equity and fixed income swaps and other [Member]
Derivative [Line Items]
Derivative Assets	44	2,886
Interest rate swaps [Member]
Derivative [Line Items]
Derivative Liabilities	242	277
Equity and fixed income swaps [Member]
Derivative [Line Items]
Derivative Liabilities	4,854	91
Lazard Fund Interests and other similar deferred compensation arrangements [Member]
Derivative [Line Items]
Derivative Liabilities	$ 91,053	$ 29,900

- Definition

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

+ References + Details

- Definition

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

+ References + Details

DERIVATIVES - Net Gains (Losses) With Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (14,815)	$ 22,419	$ (18,541)	$ 10,703
Forward foreign currency exchange rate contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(3,377)	6,541	(1,248)	(2,856)
Lazard Fund Interests and other similar deferred compensation arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(4,728)	3,961	(4,639)	3,961
Equity and fixed income swaps and other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (6,710)	$ 11,917	$ (12,654)	$ 9,598

BUSINESS ACQUISITIONS - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011	Sep. 30, 2012	Dec. 31, 2011	Jul. 15, 2009
Business Acquisition [Line Items]
Aggregate fair value of the consideration recognized at the acquisition date					$ 61,624
Recorded related party payables	$ 56,210	$ 56,210	$ 3,695	$ 3,695
Earnout Shares [Member]
Business Acquisition [Line Items]
Business acquisition number of common stock issued subject to earnout criteria and payable over time					1,142,857
Business acquisition, shares unrestricted or delivered				57,287
Class A common stock [Member]
Business Acquisition [Line Items]
Shares of Class A common stock issued					1,142,857
Business acquisition, shares unrestricted or delivered				285,715
Issuance of common stock	3,682,116	3,682,116
Lazard [Member]
Business Acquisition [Line Items]
Issuance of common stock	1,247,555	1,247,555

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

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

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6388280&loc=d3e13770-109266

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 68
-Subparagraph l
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010
Goodwill [Line Items]
Goodwill	$ 364,761	$ 356,657	$ 350,921	$ 313,229
Financial Advisory segment [Member]
Goodwill [Line Items]
Goodwill	300,220	292,116
Asset Management segment [Member]
Goodwill [Line Items]
Goodwill	$ 64,541	$ 64,541

- Definition

+ References

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Balance, January 1	$ 356,657	$ 313,229
Business acquisitions, including, in the 2011 period, $39,654 of additional contingent consideration earned relating to prior year business acquisitions	4,272	42,566
Foreign currency translation adjustments	3,832	(4,874)
Balance, September 30	$ 364,761	$ 350,921

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 72
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e
-Clause 6
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2011 USD ($)
Additional contingent consideration earned	$ 39,654

GOODWILL AND OTHER INTANGIBLE ASSETS - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 63,775		$ 63,775		$ 63,364
Other intangible assets, Accumulated Amortization	33,094		33,094		26,922
Other intangible assets, Net Carrying Amount	30,681		30,681		36,442
Amortization of intangible assets	2,494	$ 1,716	6,172	$ 4,896
Success/performance fees [Member]
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	30,740		30,740		30,740
Other intangible assets, Accumulated Amortization	9,882		9,882		7,122
Other intangible assets, Net Carrying Amount	20,858		20,858		23,618
Management fees, customer relationships and non-compete agreements [Member]
Intangible Assets [Line Items]
Other intangible assets, Gross Cost	33,035		33,035		32,624
Other intangible assets, Accumulated Amortization	23,212		23,212		19,800
Other intangible assets, Net Carrying Amount	$ 9,823		$ 9,823		$ 12,824

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2012 USD ($)
2012 (October 1 through December 31)	$ 1,487
2013	9,029
2014	8,477
2015	6,642
2016	5,046
Total Future Amortization Expense	$ 30,681

GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated Future Amortization Expense (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2012
Intangible asset amortization attributable to noncontrolling interest, percentage	45.00%

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

SENIOR AND SUBORDINATED DEBT - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2011	Sep. 30, 2012	Dec. 31, 2011	Sep. 25, 2012	Jul. 22, 2011
Debt Instrument [Line Items]
Senior revolving credit facility over next three years				$ 150,000
Unused lines of credit available		$ 301,000
Fair value of senior debt		1,208,000	$ 1,138,000
Fair value of senior debt in excess of the aggregate carrying value		131,000	$ 61,000
Subordinated promissory note [Member]
Debt Instrument [Line Items]
Subordinated promissory note repurchased					$ 150,000
Repurchased subordinated promissory note, at cost, excluding accrued interest					$ 131,829
Pre-tax gain on repurchase of debt	$ 18,171
LFB [Member]
Debt Instrument [Line Items]
Unused lines of credit available		91,000
Edgewater [Member]
Debt Instrument [Line Items]
Unused lines of credit available		$ 55,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Revolving Credit Facility annual interest rate		0.90%

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

MEMBERS' EQUITY - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended	9 Months Ended
	Oct. 24, 2012	Apr. 30, 2012	Oct. 31, 2011	Feb. 28, 2011	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Schedule of Capitalization, Equity [Line Items]
Stock/membership interest repurchase program authorized amount			$ 125,000	$ 250,000
Subsequent Event [Member]
Schedule of Capitalization, Equity [Line Items]
Share repurchase amount unused	$ 200,000
Class A common stock [Member]
Schedule of Capitalization, Equity [Line Items]
Issuance of common stock					3,682,116		3,682,116
Shares in exchange of like number of common membership interests						191,701	738,655
Aggregate cost of shares/common membership interests purchased						$ 222,679
Share repurchase amount unused						$ 114,463
Class A common stock [Member] \| Subsequent Event [Member]
Schedule of Capitalization, Equity [Line Items]
Aggregate cost of shares/common membership interests purchased	97,858
Repurchase of additional aggregate cost	200,000
Additional repurchase of shares	216,605
Class A common stock [Member] \| Subsequent Event [Member] \| Share Repurchase Program Expires on December 31, 2013 [Member]
Schedule of Capitalization, Equity [Line Items]
Share repurchase amount unused	$ 16,605
Class A common stock [Member] \| Lazard Ltd [Member]
Schedule of Capitalization, Equity [Line Items]
Stock/membership interest repurchase program authorized amount		$ 125,000
Number of shares/common membership interests purchased						8,235,306
Aggregate cost of shares/common membership interests purchased						$ 0
Class A common stock [Member] \| Lazard Ltd [Member] \| Subsequent Event [Member]
Schedule of Capitalization, Equity [Line Items]
Number of shares/common membership interests purchased	3,374,308
Lazard [Member]
Schedule of Capitalization, Equity [Line Items]
Issuance of common stock					1,247,555		1,247,555

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

MEMBERS' EQUITY - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Accumulated Other Comprehensive Income Loss [Line Items]
Currency translation adjustments	$ 31,575	$ 16,958
Interest rate hedge	(2,766)	(3,557)
Employee benefit plans	(98,140)	(92,637)
Total AOCI	(69,331)	(79,236)
Less amount attributable to noncontrolling interests	85	16
Total Lazard Group AOCI	$ (69,416)	$ (79,252)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 10A
-Subparagraph (j-k)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 45
-Paragraph 14
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=21915506&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 10A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669646-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 830
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-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6915805&loc=d3e32022-110900

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6450520&loc=d3e32583-110901

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 12, 13
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 31
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 17, 18, 19, 22, 23, 24, 25, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Paragraph 14A
-URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669686-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

MEMBERS' EQUITY - Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests	$ (1,565)	$ 225	$ 2,261	$ 7,017
Noncontrolling interests	83,610		83,610		$ 103,923
Edgewater [Member]
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests	(1,704)	587	2,168	7,492
Noncontrolling interests	82,669		82,669		91,713
Other Noncontrolling Interests [Member]
Noncontrolling Interest [Line Items]
Net income attributable to noncontrolling interests	139	$ (362)	93	$ (475)
Noncontrolling interests	$ 941		$ 941		$ 12,210

- Definition

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

+ References + Details

INCENTIVE PLANS - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($) yr shares	Sep. 30, 2011 shares
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend participation rights	479,958	251,146
Company satisfied employees' tax obligations in lieu of issuing vested stock	1,331,812	2,302,798
Unrecognized compensation expense \| $	$ 257,000
Unrecognized compensation expense, years \| yr	1.2
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $	$ 8,000
Unrecognized compensation expense, years \| yr	1.8
Company satisfied employees' withholding taxes in lieu delivering , shares	28,129	68,866
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Portion of annual compensation to be paid in DSUs	49,982	26,859
DSUs received under the Directors Fee Deferral Unit Plan	7,988	5,371
Non-Executive Members [Member] \| DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual compensation received by directors in the form of DSUs	55.00%
Lazard fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization of prepaid compensation asset, weighted average recognition period, years \| yr	1.8
2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Outstanding Class Common Stock	30.00%
Class A common stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements, 2005 Plan	25,000,000
Common stock forfeited	42,432
Class A common stock [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A common stock delivered during the period	3,093,722	5,545,946
Class A common stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Class A common stock delivered during the period	158,051	258,372

INCENTIVE PLANS - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive compensation	$ 67,650	$ 58,898	$ 219,492	$ 210,869
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive compensation	65,952	58,489	211,271	200,899
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive compensation	1,659	374	7,538	9,373
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive compensation	$ 39	$ 35	$ 683	$ 597

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

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

INCENTIVE PLANS - Summary of Fund Interests and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Prepaid Compensation Asset, Balance, January 1, 2012			$ 17,782
Prepaid Compensation Asset, Granted			64,658
Prepaid Compensation Asset, Settled
Prepaid Compensation Asset, Forfeited			(1,607)
Prepaid Compensation Asset, Amortization (including grants of awards to retirement-eligible recipients)			(24,508)
Prepaid Compensation Asset, Change in fair value of underlying investments
Prepaid Compensation Asset, Adjustment for estimated forfeitures
Prepaid Compensation Asset, Other			101
Prepaid Compensation Asset, Balance, September 30, 2012	$ 56,426		56,426
Compensation Liability, Balance, January 1, 2012			29,900
Compensation Liability, Granted			64,658
Compensation Liability, Settled			(8,640)
Compensation Liability, Forfeited			(1,706)
Compensation Liability, Amortization (including grants of awards to retirement-eligible recipients)
Compensation Liability, Change in fair value of underlying investments	4,728	$ (3,961)	4,639	$ (3,961)
Compensation Liability, Adjustment for estimated forfeitures			2,202
Compensation Liability, Other
Compensation Liability, Balance, September 30, 2012	$ 91,053		$ 91,053

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

EMPLOYEE BENEFIT PLANS - Additional Information (Detail) £ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)	Sep. 30, 2012 GBP (£)	Sep. 30, 2012 GBP (£)	Dec. 31, 2011 USD ($)	Dec. 31, 2011 GBP (£)
Defined Benefit Plan Disclosure [Line Items]
Employer contribution in current fiscal year	$ 1,577,000			$ 3,687,000	£ 2.3
Contribution each year from 2012 through 2020		£ 1.0
Account security arrangement \| $	16,500,000
Pension plans contributions \| $	0
Payments from 2014 through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Amend and Extend Existing Escrow					£ 10.2
Annual contributions to account security arrangement		£ 1.0
U.S. pension plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension contributions \| $	$ 700,000
Payments From 2012 Through 2020 [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer contribution in current fiscal year			£ 1.0

EMPLOYEE BENEFIT PLANS - Components of Net Benefit Cost (Credit) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Pension Plans [Member]
Components of Net Periodic Benefit Cost:
Service cost	$ 166	$ 163	$ 504	$ 495
Interest cost	6,862	7,242	20,649	21,401
Expected return on plan assets	(6,637)	(7,763)	(19,931)	(23,029)
Amortization of:
Prior service cost	668	756	2,056	2,258
Net actuarial loss	412	65	1,243	194
Settlement loss			886
Net periodic benefit cost	1,471	463	5,407	1,319
Post-Retirement Medical Plans [Member]
Components of Net Periodic Benefit Cost:
Service cost	15	18	45	52
Interest cost	53	70	158	209
Amortization of:
Net periodic benefit cost	$ 68	$ 88	$ 203	$ 261

EMPLOYEE BENEFIT PLANS - Components of Net Benefit Cost (Credit) (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2012 USD ($)
Actuarial loss	$ 1,935
Settlement loss	886
Other comprehensive income	$ 1,049

INCOME TAXES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Taxes [Line Items]
Provision for income taxes	$ 10,769	$ 12,880	$ 26,138	$ 36,986
Income tax provisions, effective tax rates	22.70%	14.20%	20.80%	14.50%
U.S. federal statutory rate			35.00%

RELATED PARTIES - Schedule of Amounts Receivable from and Payable to Related Parties (Detail) - USD ($) $ in Thousands	Sep. 30, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Amounts receivables from related parties	$ 210,570	$ 204,740
Amounts payables to related parties	219,095	130,160
Lazard Ltd Subsidiaries [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	199,668	186,239
Amounts payables to related parties	216,058	126,875
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	7,037	14,790
Amounts payables to related parties	2,290	2,060
Other [Member]
Related Party Transaction [Line Items]
Amounts receivables from related parties	3,865	3,711
Amounts payables to related parties	$ 747	$ 1,225

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.3)
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k)(1))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.10(3))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

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

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 46R
-Paragraph 16, 17
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

+ Details

- Definition

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

+ References + Details

RELATED PARTIES - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Related Party Transaction [Line Items]
Percentage of ownership interest	50.00%		50.00%		50.00%
LFCM Holdings [Member]
Related Party Transaction [Line Items]
Amounts recorded relating to the administrative services agreement	$ 666	$ 596	$ 2,181	$ 1,788
Amounts recorded relating to net referral fees for underwriting, private placement, M&A and restructuring transactions	182	5,927	4,548	19,074
Amount receivables related to administrative and support services, and other receivables which include sublease income and reimbursement of expenses			2,363		$ 11,862
Amount receivable related to referral fees for underwriting and private placement transactions	4,674		4,674		2,928
Payables relating to certain advances and referral fees			2,290		2,060
LAZ-MD Holdings [Member]
Related Party Transaction [Line Items]
Revenue from administrative services	188	188	563	563
Lazard Ltd Subsidiaries [Member]
Related Party Transaction [Line Items]
Notes receivable related parties	196,998		196,998		186,078
Interest income related to interest-bearing loans	2,960	1,911	8,420	5,641
Due to related party, business acquisition	3,695		3,695		3,695
Notes payable related parties current and noncurrent	212,000		212,000		$ 123,000
Loss on sales of intercompany receivables to related party			5,638
Interest expense relating to interest-bearing loans with subsidiaries	2,381	$ 1,013	7,497	$ 3,035
Payable to related party, sales of intercompany receivables	$ 86,000		$ 86,000

REGULATORY AUTHORITIES - Additional Information (Detail) $ in Thousands	Sep. 30, 2012 USD ($)
Regulatory Authorities [Line Items]
Minimum capital requirement is defined as -A fixed percentage of total aggregate indebtedness recorded in the FOCUS report or $100 whichever is greater	$ 100
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Authorities [Line Items]
Regulatory net capital	116,764
Regulatory capital in excess of minimum requirement	88,166
U.K. Subsidiaries [Member]
Regulatory Authorities [Line Items]
Regulatory net capital	107,795
Regulatory capital in excess of minimum requirement	89,602
CFLF [Member]
Regulatory Authorities [Line Items]
Regulatory net capital	173,924
Regulatory capital in excess of minimum requirement	79,308
LFNY [Member]
Regulatory Authorities [Line Items]
Regulatory net capital	123,097
Regulatory capital in excess of minimum requirement	$ 119,424

SEGMENT INFORMATION - Schedule of Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Segment Reporting Information [Line Items]
Net Revenue	$ 429,311	$ 465,323	$ 1,346,776	$ 1,381,248
Operating Expenses	381,811	374,547	1,221,244	1,126,124
Operating Income	47,500	90,776	125,532	255,124
Total Assets	3,145,562		3,145,562		$ 3,037,453
Financial Advisory [Member]
Segment Reporting Information [Line Items]
Net Revenue	219,973	253,585	739,793	731,621
Operating Expenses	212,449	213,614	693,546	641,397
Operating Income	7,524	39,971	46,247	90,224
Total Assets	760,366		760,366		767,699
Asset Management [Member]
Segment Reporting Information [Line Items]
Net Revenue	221,516	219,077	647,096	690,785
Operating Expenses	160,883	156,709	477,989	466,827
Operating Income	60,633	62,368	169,107	223,958
Total Assets	487,635		487,635		583,524
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue	(12,178)	(7,339)	(40,113)	(41,158)
Operating Expenses	8,479	4,224	49,709	17,900
Operating Income	(20,657)	$ (11,563)	(89,822)	$ (59,058)
Total Assets	$ 1,897,561		$ 1,897,561		$ 1,686,230

SUBSEQUENT EVENT - Additional Information (Detail)	9 Months Ended
SUBSEQUENT EVENT - Additional Information (Detail)	Sep. 30, 2012 USD ($)
Subsequent Event [Line Items]
Percentage of implementation expenses paid in cash	75.00%
Minimum [Member]
Subsequent Event [Line Items]
Pre-tax implementation expenses	$ 110,000
Maximum [Member]
Subsequent Event [Line Items]
Pre-tax implementation expenses	$ 130,000