0001564590-19-039982 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 25, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	LZD
Entity Registrant Name	LAZARD GROUP LLC
Entity Central Index Key	0001326141
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		0
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	333-126751
Entity Tax Identification Number	51-0278097
Entity Address, Address Line One	30 Rockefeller Plaza
Entity Address City Or Town	New York
Entity Address, Postal Zip Code	10112
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	632-6000
Subsidiaries of Lazard Ltd [Member]
Document Information [Line Items]
Managing Membership Interests Outstanding		2

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 928,439	$ 1,185,040
Deposits with banks and short-term investments	1,289,288	1,006,969
Cash deposited with clearing organizations and other segregated cash	40,280	38,379
Receivables (net of allowance for doubtful accounts of $31,238 and $40,115 at September 30, 2019 and December 31, 2018, respectively):
Fees	468,393	499,068
Customers and other	199,387	184,137
Lazard Ltd subsidiaries	32,834	21,103
Total receivables, net	700,614	704,308
Investments	535,848	575,148
Property (net of accumulated amortization and depreciation of $351,532 and $339,448 at September 30, 2019 and December 31, 2018, respectively)	215,935	211,713
Operating lease right-of-use assets	558,241
Goodwill and other intangible assets (net of accumulated amortization of $65,493 and $63,591 at September 30, 2019 and December 31, 2018, respectively)	347,597	354,463
Deferred tax assets	65,205	55,042
Other assets	313,181	258,413
Total Assets	4,994,628	4,389,475
Liabilities:
Deposits and other customer payables	1,405,836	1,154,208
Accrued compensation and benefits	416,969	583,730
Operating lease liabilities	652,113
Senior debt	1,678,921	1,434,260
Payable to Lazard Ltd subsidiaries	60,689	63,185
Deferred tax liabilities	1,979	5,539
Other liabilities	462,780	565,801
Total Liabilities	4,679,287	3,806,723
Commitments and contingencies
MEMBERS’ EQUITY
Members' equity (net of 23,112,777 and 16,737,000 shares of Lazard Ltd Class A common stock, at a cost of $922,283 and $729,910 at September 30, 2019 and December 31, 2018, respectively)	491,696	758,705
Accumulated other comprehensive loss, net of tax	(241,790)	(228,660)
Total Lazard Group LLC Members' Equity	249,906	530,045
Noncontrolling interests	65,435	52,707
Total Members’ Equity	315,341	582,752
Total Liabilities and Members’ Equity	$ 4,994,628	$ 4,389,475

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 31,238	$ 40,115
Property, accumulated amortization and depreciation	351,532	339,448
Other intangible assets, accumulated amortization	$ 65,493	$ 63,591
Lazard Ltd common stock, shares	23,112,777	16,737,000
Lazard Ltd common stock, cost	$ 922,283	$ 729,910

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
REVENUE
Interest income	$ 3,689	$ 3,075	$ 11,262	$ 8,018
Total revenue	608,894	640,233	1,902,975	2,177,123
Interest expense	20,876	15,221	60,805	44,211
Net revenue	588,018	625,012	1,842,170	2,132,912
OPERATING EXPENSES
Compensation and benefits	388,616	342,294	1,129,316	1,160,216
Occupancy and equipment	29,696	28,673	88,598	87,786
Marketing and business development	27,264	21,803	83,908	75,575
Technology and information services	34,039	36,368	104,852	102,098
Professional services	14,592	13,067	46,107	40,745
Fund administration and outsourced services	28,424	34,748	85,847	103,159
Amortization and other acquisition-related (benefits) costs	1,081	(1,109)	799	(1,025)
Other	11,488	14,436	33,449	50,860
Total operating expenses	535,200	490,280	1,572,876	1,619,414
OPERATING INCOME	52,818	134,732	269,294	513,498
Provision for income taxes	9,433	25,393	42,697	75,453
NET INCOME	43,385	109,339	226,597	438,045
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,492	1,652	8,662	5,037
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC	41,893	107,687	217,935	433,008
Investment Banking and Other Advisory Fees [Member]
REVENUE
Revenue	303,495	309,118	949,977	1,136,013
Asset Management Fees [Member]
REVENUE
Revenue	287,140	312,790	876,159	986,777
Other [Member]
REVENUE
Revenue	$ 14,570	$ 15,250	$ 65,577	$ 46,315

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 43,385	$ 109,339	$ 226,597	$ 438,045
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	(24,321)	(7,631)	(28,361)	(29,258)
Employee benefit plans:
Actuarial gain (net of tax expense (benefit) of $(1,607) and $214 for the three months ended September 30, 2019 and 2018, respectively, and $1,113 and $618 for the nine months ended September 30, 2019 and 2018, respectively)	9,050	863	11,911	4,149
Adjustment for items reclassified to earnings (net of tax expense of $172 and $264 for the three months ended September 30, 2019 and 2018, respectively, and $524 and $948 for the nine months ended September 30, 2019 and 2018, respectively)	1,074	949	3,319	2,788
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(14,197)	(5,819)	(13,131)	(22,321)
COMPREHENSIVE INCOME	29,188	103,520	213,466	415,724
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,491	1,653	8,661	5,037
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC	$ 27,697	$ 101,867	$ 204,805	$ 410,687

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Tax expense (benefit) on actuarial gain, employee benefit plans	$ (1,607)	$ 214	$ 1,113	$ 618
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 172	$ 264	$ 524	$ 948

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 226,597	$ 438,045
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	24,622	25,078
Noncash lease expense	40,181
Amortization of deferred expenses and share-based incentive compensation	315,726	293,027
Amortization and other acquisition-related (benefits) costs	799	(1,025)
Deferred tax benefit	(17,488)	(1,462)
Loss on extinguishment of debt	6,505	6,523
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net	(6,848)	(87,885)
Investments	43,559	(184,542)
Other assets	(126,207)	(144,895)
Accrued compensation and benefits and other liabilities	(208,236)	(42,867)
Net cash provided by operating activities	299,210	299,997
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(40,665)	(39,141)
Disposals of property	98	1,365
Net cash used in investing activities	(40,567)	(37,776)
Proceeds from:
Issuance of senior debt, net of expenses	492,032	490,970
Customer deposits, net	345,394	79,960
Contributions from noncontrolling interests	268	528
Other financing activities	925
Payments for:
Senior debt	(255,746)	(255,543)
Distributions to noncontrolling interests	(8,888)	(10,232)
Purchase of Class A common stock	(430,281)	(306,591)
Distributions to members	(178,935)	(364,751)
Settlement of share-based incentive compensation	(96,955)	(109,485)
Other financing activities	(6,170)	(5,541)
Net cash used in financing activities	(138,356)	(480,685)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(92,668)	(66,339)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	27,619	(284,803)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—January 1	2,230,388	2,441,266
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30	$ 2,258,007	$ 2,156,463

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
Cash and cash equivalents	$ 928,439	$ 1,185,040
Deposits with banks and short-term investments	1,289,288	1,006,969
Cash deposited with clearing organizations and other segregated cash	40,280	38,379
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$ 2,258,007	$ 2,230,388	$ 2,156,463	$ 2,441,266

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 LLC Members' Equity [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2017	$ 906,900	$ 1,043,574	$ (195,256)	$ 848,318	$ 58,582
Comprehensive income (loss):
Net income	438,045	433,008		433,008	5,037
Other comprehensive income (loss) - net of tax	(22,321)		(22,321)	(22,321)
Amortization of share-based incentive compensation	218,186	218,186		218,186
Distributions to members and noncontrolling interests, net	(374,455)	(364,751)		(364,751)	(9,704)
Purchase of Class A common stock	(306,591)	(306,591)		(306,591)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense/benefit	(109,657)	(109,657)		(109,657)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	278	278		278
Other	(5,345)	(5,345)		(5,345)
Balance at Sep. 30, 2018	745,040	908,702	(217,577)	691,125	53,915
Balance at Jun. 30, 2018	781,427	935,787	(211,757)	724,030	57,397
Comprehensive income (loss):
Net income	109,339	107,687		107,687	1,652
Other comprehensive income (loss) - net of tax	(5,819)		(5,820)	(5,820)	1
Amortization of share-based incentive compensation	48,356	48,356		48,356
Distributions to members and noncontrolling interests, net	(104,294)	(99,159)		(99,159)	(5,135)
Purchase of Class A common stock	(82,796)	(82,796)		(82,796)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense/benefit	(439)	(439)		(439)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	93	93		93
Other	(827)	(827)		(827)
Balance at Sep. 30, 2018	745,040	908,702	(217,577)	691,125	53,915
Balance at Dec. 31, 2018	582,752	758,705	(228,660)	530,045	52,707
Comprehensive income (loss):
Net income	226,597	217,935		217,935	8,662
Other comprehensive income (loss) - net of tax	(13,131)		(13,130)	(13,130)	(1)
Amortization of share-based incentive compensation	226,272	226,272		226,272
Distributions to members and noncontrolling interests, net	(187,555)	(178,935)		(178,935)	(8,620)
Purchase of Class A common stock	(430,281)	(430,281)		(430,281)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense/benefit	(96,855)	(96,855)		(96,855)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	158	158		158
Consolidation of VIEs	12,687				12,687
Other	(5,303)	(5,303)		(5,303)
Balance at Sep. 30, 2019	315,341	491,696	(241,790)	249,906	65,435
Balance at Jun. 30, 2019	301,665	465,436	(227,594)	237,842	63,823
Comprehensive income (loss):
Net income	43,385	41,893		41,893	1,492
Other comprehensive income (loss) - net of tax	(14,197)		(14,196)	(14,196)	(1)
Amortization of share-based incentive compensation	65,189	65,189		65,189
Distributions to members and noncontrolling interests, net	(1,102)				(1,102)
Purchase of Class A common stock	(78,569)	(78,569)		(78,569)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense/benefit	(865)	(865)		(865)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	53	53		53
Consolidation of VIEs	1,223				1,223
Other	(1,441)	(1,441)		(1,441)
Balance at Sep. 30, 2019	$ 315,341	$ 491,696	$ (241,790)	$ 249,906	$ 65,435

Condensed Consolidated Statements of Changes in Members' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Tax expense/benefit related to delivery of Class A Common Stock in connection with share-based incentive compensation	$ (1)	$ 173	$ (100)	$ 173

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

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 as “Lazard Group”, “we” or the “Company”). Lazard Group is a Delaware limited liability company, which is governed by an Amended and Restated Operating Agreement dated as of February 4, 2019 (the “Operating Agreement”).

Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “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, governments, institutions, partnerships and individuals.

Lazard Ltd indirectly held 100% of all outstanding Lazard Group common membership interests as of September 30, 2019 and December 31, 2018. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group.

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”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory, and

•

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

In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and assets and liabilities associated with Lazard Group’s Paris-based subsidiary Lazard Frères Banque SA (“LFB”).

Basis of Presentation

The accompanying condensed consolidated financial statements of Lazard Group have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Group’s Annual Report on Form 10-K for the year ended December 31, 2018. The accompanying December 31, 2018 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented.

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

The consolidated results of operations for the three month and nine month periods ended September 30, 2019 are not 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 Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries.

The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:

•

Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and

•

Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 21).

When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings, or (ii) elects the option to measure at fair value. Intercompany transactions and balances have been eliminated.

Certain prior period amounts have been reclassified to conform to the current period presentation.

Recent Accounting Developments

9 Months Ended

Sep. 30, 2019

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Developments

2.	RECENT ACCOUNTING DEVELOPMENTS

Leases—In February 2016, the Financial Accounting Standards Board (the “FASB”) issued updated guidance for leases. The guidance requires a lessee to (i) recognize a right-of-use asset and a lease liability that is initially measured at the present value of the lease payments, in the condensed consolidated statement of financial condition, (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis and (iii) classify operating lease related cash payments within operating activities and finance lease related principal cash payments within financing activities (with interest included in interest paid) in the condensed consolidated statement of cash flows.

The Company adopted the new guidance on January 1, 2019 using the optional transition method, which allows such guidance to be applied initially at the adoption date with a cumulative-effect adjustment and without restating comparative periods. Lazard elected the package of practical expedients, which allows the carry-forward of the prior conclusions on lease definition, classification and initial direct costs related to the existing leases as of the adoption date.

Substantially all of the Company’s existing lease arrangements are operating leases. The adoption of the new guidance on January 1, 2019 resulted in a recognition of $501,000 of operating lease right-of-use assets (“ROU assets”) and $581,000 of operating lease liabilities in the Company’s condensed consolidated statements of financial condition. The operating lease liabilities at January 1, 2019 reflect any remaining lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the remaining lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s existing operating leases. The operating lease ROU assets are lower than the operating lease liabilities primarily because lease incentives reduce the ROU assets (see Note 9).

Improvements to Nonemployee Share-Based Payment Accounting—In June 2018, the FASB issued updated guidance to simplify the accounting for nonemployee share-based payment transactions. The new guidance generally requires equity-classified nonemployee share-based payment awards to be measured at the grant date, which is the date at which a grantor and grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. This update generally aligns the accounting for equity-classified share-based payment awards to nonemployees with the measurement date required for employees. The Company adopted the new guidance on January 1, 2019 and its application did not have a material impact on the Company’s financial statements.

Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income—In February 2018, the FASB issued updated guidance on the tax effects of items in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Specifically, the new guidance will permit, but not require, a reclassification from AOCI to retained earnings for stranded tax effects resulting from the newly enacted federal corporate income tax rate under the Tax Cuts and Jobs Act of 2017. The amount of the reclassification would be the difference between the historical corporate income tax rate and the newly enacted 21% corporate income tax rate. The

Company adopted the new guidance on January 1, 2019 without reclassifying any amounts from AOCI to retained earnings. The application of the guidance did not have a material impact on the Company’s financial statements.

Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments—In June 2016, the FASB issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The new guidance is effective for annual and interim periods beginning after December 15, 2019 with early adoption permitted for fiscal years beginning after December 15, 2018. The new guidance is required to be applied using a modified retrospective approach. The Company is currently evaluating the new guidance.

Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment—In January 2017, the FASB issued updated guidance which eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The new guidance is effective for interim or annual goodwill impairment tests performed in fiscal years beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the new guidance.

Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract—In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. Upon adoption, the Company may elect to apply the new guidance on either a prospective or retrospective basis. The Company is currently evaluating the new guidance.

Related Party Guidance for Variable Interest Entities—In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The new guidance is effective for fiscal years and interim periods beginning after December 15, 2019, with early adoption permitted. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company is currently evaluating the new guidance.

Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement—In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. With certain exceptions, the guidance is required to be applied retrospectively. The Company is currently evaluating the new guidance.

Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans—In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain currently required disclosures and includes additional requirements. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020, with early adoption permitted. A retrospective application is required. The Company is currently evaluating the new guidance.

Revenue Recognition

9 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Revenue Recognition

3.	REVENUE RECOGNITION

Investment Banking and Other Advisory Fees—Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of

the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees.

Asset Management Fees—Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees.

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

For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned.

For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period.

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

The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net Revenue:
Financial Advisory (a)	$	304,174	$	309,846	$	953,863	$	1,137,781

Asset Management:
Management Fees and Other (b)	$	298,752	$	323,283	$	910,321	$	1,012,127
Incentive Fees (c)		1,263		1,957		7,118		19,984
Total Asset Management	$	300,015	$	325,240	$	917,439	$	1,032,111

(a)

Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which

the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.

(b)

Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.

(c)

Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.

In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients.

With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when applying the practical expedients, amounts related to remaining performance obligations are not material to the Company’s financial statements.

Receivables

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Receivables

4.	RECEIVABLES

The Company’s receivables represent fee receivables, amounts due from customers and other receivables, and amounts due from Lazard Ltd subsidiaries.

Receivables are stated net of an estimated allowance for doubtful accounts, for past due amounts and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute.

Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2019 and 2018 was as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Beginning Balance	$	33,484		$	34,906		$	40,115		$	23,692
Bad debt expense, net of recoveries		(546	)		1,488			(6,097	)		18,106
Charge-offs, foreign currency translation and other adjustments		(1,700	)		(1,922	)		(2,780	)		(7,326	)
Ending Balance	$	31,238		$	34,472		$	31,238		$	34,472

Bad debt expense, net of recoveries is included in “operating expenses—other” on the condensed consolidated statements of operations.

At September 30, 2019 and December 31, 2018, the Company had receivables past due or deemed uncollectible of $37,682 and $42,260, respectively.

Of the Company’s fee receivables at September 30, 2019 and December 31, 2018, $77,304 and $90,966, respectively, represented interest-bearing financing receivables. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of past due or uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables.

The aggregate carrying amount of our non-interest bearing receivables of $623,310 and $613,342 at September 30, 2019 and December 31, 2018, respectively, approximates fair value.

Investments

9 Months Ended

Sep. 30, 2019

Schedule Of Investments [Abstract]

Investments

5.	INVESTMENTS

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2019 and December 31, 2018:

	September 30,		December 31,
	2019		2018
Interest-bearing deposits	$	495	$	510
Debt		99,535		202,874
Equities		38,114		32,261
Funds:
Alternative investments (a)		27,124		17,752
Debt (a)		112,258		90,320
Equity (a)		215,821		175,088
Private equity		42,501		56,343
		397,704		339,503
Total investments		535,848		575,148
Less:
Interest-bearing deposits		495		510
Investments, at fair value	$	535,353	$	574,638
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	1,555	$	3,929

(a)

Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $9,330, $72,790 and $168,553, respectively, at September 30, 2019 and $9,741, $60,081 and $132,038, respectively, at December 31, 2018, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 14).

Interest-bearing deposits have original maturities of greater than three months but equal to or less than one year and are carried at cost that approximates fair value due to their short-term maturities.

Debt primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year.

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

Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above.

Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund.

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

Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a fund targeting significant noncontrolling-stake investments in established private companies.

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”).

During the three month and nine month periods ended September 30, 2019 and 2018, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019		2018
Net unrealized investment gains (losses)	$	(590	)	$	1,972	$	26,562	$	(13,183	)

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

6.	FAIR VALUE MEASUREMENTS

Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—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, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.

Level 3.

Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis.

The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity securities in private companies are generally classified as Level 3.

The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund.

The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of September 30, 2019.

The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities

when assessing certain performance thresholds for the relevant periods. Any change in the fair value is recognized in “amortization and other acquisition-related (benefits) costs” in the condensed consolidated statement of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The contingent consideration liability is initially recorded at fair value of the contingent payments on the acquisition date and is included in “other liabilities” on the condensed consolidated statements of financial condition. See Note 12.

The fair value of derivatives entered into by the Company is classified as Level 2 and is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7.

Investments Measured at Net Asset Value (“NAV”)—As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.

The following tables present, as of September 30, 2019 and December 31, 2018, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:

	September 30, 2019
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	99,535	$	-	$	-	$	-	$	99,535
Equities		36,390		-		1,724		-		38,114
Funds:
Alternative investments		16,930		-		-		10,194		27,124
Debt		112,251		-		-		7		112,258
Equity		215,782		-		-		39		215,821
Private equity		-		-		2,146		40,355		42,501
Derivatives		-		3,278		-		-		3,278
Total	$	480,888	$	3,278	$	3,870	$	50,595	$	538,631
Liabilities:
Securities sold, not yet purchased	$	1,555	$	-	$	-	$	-	$	1,555
Contingent consideration liability		-		-		207		-		207
Derivatives		-		228,116		-		-		228,116
Total	$	1,555	$	228,116	$	207	$	-	$	229,878

	December 31, 2018
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	202,874	$	-	$	-	$	-	$	202,874
Equities		30,639		-		1,622		-		32,261
Funds:
Alternative investments		16,863		-		-		889		17,752
Debt		90,313		-		-		7		90,320
Equity		175,054		-		-		34		175,088
Private equity		-		-		-		56,343		56,343
Derivatives		-		11,967		-		-		11,967
Total	$	515,743	$	11,967	$	1,622	$	57,273	$	586,605
Liabilities:
Securities sold, not yet purchased	$	3,929	$	-	$	-	$	-	$	3,929
Contingent consideration liability		-		-		1,309		-		1,309
Derivatives		-		188,962		-		-		188,962
Total	$	3,929	$	188,962	$	1,309	$	-	$	194,200

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended September 30, 2019
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Acquisitions/ Transfers		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,606	$	148	$	-	$	-	$	(30	)	$	1,724
Private equity funds		2,131		15		-		-		-			2,146
Total Level 3 Assets	$	3,737	$	163	$	-	$	-	$	(30	)	$	3,870

Liabilities:
Contingent consideration liability	$	203	$	4	$	-	$	-	$	-		$	207
Total Level 3 Liabilities	$	203	$	4	$	-	$	-	$	-		$	207

	Nine Months Ended September 30, 2019
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions/ Transfers (b)		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,622	$	134		$	-	$	-	$	(32	)	$	1,724
Private equity funds		-		15			2,131		-		-			2,146
Total Level 3 Assets	$	1,622	$	149		$	2,131	$	-	$	(32	)	$	3,870

Liabilities:
Contingent consideration liability	$	1,309	$	(1,102	)	$	-	$	-	$	-		$	207
Total Level 3 Liabilities	$	1,309	$	(1,102	)	$	-	$	-	$	-		$	207

	Three Months Ended September 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,629	$	-		$	-	$	-	$	(1	)	$	1,628
Total Level 3 Assets	$	1,629	$	-		$	-	$	-	$	(1	)	$	1,628

Liabilities:
Contingent consideration liability	$	3,470	$	(1,763	)	$	-	$	-	$	-		$	1,707
Total Level 3 Liabilities	$	3,470	$	(1,763	)	$	-	$	-	$	-		$	1,707

	Nine Months Ended September 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,592	$	61		$	1	$	-	$	(26	)	$	1,628
Total Level 3 Assets	$	1,592	$	61		$	1	$	-	$	(26	)	$	1,628

Liabilities:
Contingent consideration liability	$	4,656	$	(2,949	)	$	-	$	-	$	-		$	1,707
Total Level 3 Liabilities	$	4,656	$	(2,949	)	$	-	$	-	$	-		$	1,707

(a)

Earnings recorded in “other revenue” for investments in equities for the three month and nine month periods ended September 30, 2019 and the three month and nine month periods ended September 30, 2018 include net unrealized gains (losses) of $163, $149, $0 and $61, respectively. Earnings recorded in “amortization and other acquisition-related (benefits) costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2019 and the three month and nine month periods ended September 30, 2018 include unrealized (gains) losses of $4, $(1,102), $(1,763) and $(2,949), respectively.

(b)	Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the nine month period ended September 30, 2019 as these investments are valued based on a potential transaction value that differs from NAV.

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, 2019 and 2018.

The following tables present, at September 30, 2019 and December 31, 2018, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2019

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

9,578

(a)

30-60 days

Funds of funds

(b)

>90 days

Other

592

(c)

<30-30 days

Debt funds

(d)

<30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

40,355

8,264

(f)

100

Total

50,595

8,264

(a)	monthly (99%) and quarterly (1%)

(b)	quarterly (100%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (24%), monthly (71%) and annually (5%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $13,400 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2018

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

299

(a)

30-60 days

Funds of funds

(b)

>90 days

Other

567

(c)

<30-30 days

Debt funds

(d)

<30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

56,343

8,338

(f)

100

Total

57,273

8,338

(a)	monthly (100%)

(b)	quarterly (100%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (25%), monthly (70%) and annually (5%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $14,437 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

Investment Capital Funding Commitments—At September 30, 2019, the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $7,602. The investment period for EGCP III ended on October 12, 2016, after which point the Company’s obligation to fund capital contributions for new investments in EGCP III expired. The Company remains obligated until October 12, 2023 (or any earlier liquidation of EGCP III) to make capital contributions necessary to fund follow-on investments and to pay for fund expenses.

Derivatives

9 Months Ended

Sep. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivatives

7.	DERIVATIVES

The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the condensed consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the condensed consolidated statements of operations.

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

The table below presents the fair value 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 LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 14) on the accompanying condensed consolidated statements of financial condition as of September 30, 2019 and December 31, 2018:

	September 30,		December 31,
	2019		2018
Derivative Assets:
Forward foreign currency exchange rate contracts	$	3,278	$	1,543
Total return swaps and other (a)		-		10,424
	$	3,278	$	11,967
Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	2,371	$	939
Total return swaps and other (a)		3,719		1
LFI and other similar deferred compensation arrangements		222,026		188,022
	$	228,116	$	188,962

(a)

For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $518 and $4,237 as of September 30, 2019, respectively, and $10,792 and $369 as of December 31, 2018, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets”, with receivables for net cash collateral under such contracts of $5,580 as of September 30, 2019.

Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2019 and 2018, were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Forward foreign currency exchange rate contracts	$	3,969		$	1,431		$	5,065		$	5,184
LFI and other similar deferred compensation arrangements		(1,764	)		(3,647	)		(22,118	)		(1,712	)
Total return swaps and other		1,324			(1,847	)		(8,309	)		599
Total	$	3,529		$	(4,063	)	$	(25,362	)	$	4,071

Property

9 Months Ended

Sep. 30, 2019

Property Plant And Equipment [Abstract]

Property

PROPERTY

At September 30, 2019 and December 31, 2018, property consisted of the following:

	Estimated Depreciable		September 30,		December 31,
	Life in Years		2019		2018
Buildings		33	$	137,928	$	145,034
Leasehold improvements	3-20			192,320		187,930
Furniture and equipment	3-10			205,291		204,057
Construction in progress				31,928		14,140
Total				567,467		551,161
Less - Accumulated depreciation and amortization				351,532		339,448
Property			$	215,935	$	211,713

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

LEASES

The Company adopted the new lease accounting guidance as of January 1, 2019, which resulted in recognition of ROU assets and lease liabilities related to operating leases on the condensed consolidated statements of financial condition. The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease ROU assets represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease.

The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2033. Substantially all of these arrangements are operating leases relating to office space. Certain leases have renewal options that can be exercised at the discretion of the Company. The Company only includes renewal options in the lease term when it is reasonably certain to exercise the option. The Company does not record leases with a lease term of 12 months or less on the condensed consolidated statements of financial condition; lease expense for these leases is recognized over the lease term on a straight-line basis.

For leases commencing on January 1, 2019 or thereafter that are recognized on the condensed consolidated statements of financial condition, the Company applies its estimated Discount. The Company bases this Discount on the information available at the lease commencement date. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available data for instruments with similar characteristics.

For leases commencing on January 1, 2019 or thereafter that relate to office space and equipment, the Company accounts for the lease and non-lease components as a single lease component.

In addition to rent payments, operating leases for office space generally contain payments for real estate taxes, insurance costs, common area maintenance, and utilities that are not fixed. The Company accounts for these costs as variable payments and does not include them in the lease component. There are certain office leases outside of the U.S. that have annual rent increases that are also accounted for as variable payments and are excluded from the lease component.

The following table summarizes the components of operating lease expense reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2019:

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Operating lease cost	$	19,904	$	58,697
Variable lease cost		4,610		13,581
Less - sublease income		1,621		5,083
Total	$	22,893	$	67,195

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the nine month period ended September 30, 2019:

	Nine Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	61,935

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	602,715

Weighted average remaining lease term	12 years

Weighted average discount rate		3.6	%

Maturities of the operating lease liabilities outstanding at September 30, 2019 for each of the years in the period ending December 31, 2024 and thereafter are set forth in the table below.

Year Ending December 31,
2019 (October 1 through December 31)	$	22,394
2020		86,668
2021		82,461
2022		66,435
2023		62,065
2024		60,898
Thereafter		426,209
Total lease payments		807,130
Less - Discount		155,017
Operating lease liabilities	$	652,113

In August 2018, the Company entered into a lease agreement for additional office facilities, which are currently under construction. The lease commenced in the third quarter of 2019 when the facilities were delivered to the Company. The Company recognized the related operating lease right-of-use assets and the operating lease liability on the lease commencement date.

Prior to the adoption of the new lease accounting guidance, the minimum rental commitments under non-cancelable operating leases at December 31, 2018, net of sublease income, were approximately as follows:

Year Ending December 31,
2019	$	86,664
2020		89,260
2021		83,517
2022		70,611
2023		59,973
Thereafter		488,612
Total minimum rental commitments		878,637
Less - sublease proceeds		26,941
Net rental commitments	$	851,696

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

10.	GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets at September 30, 2019 and December 31, 2018 are presented below:

	September 30,		December 31,
	2019		2018
Goodwill	$	345,564	$	350,829
Other intangible assets (net of accumulated amortization)		2,033		3,634
	$	347,597	$	354,463

At September 30, 2019 and December 31, 2018, goodwill of $281,023 and $286,288, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment.

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2019 and 2018 are as follows:

	Nine Months Ended
	September 30,
	2019			2018
Balance, January 1	$	350,829		$	362,760
Foreign currency translation adjustments		(5,265	)		(9,479	)
Balance, September 30	$	345,564		$	353,281

All changes in the carrying amount of goodwill for the nine month periods ended September 30, 2019 and 2018 are attributable to the Company’s Financial Advisory segment.

The gross cost and accumulated amortization of other intangible assets as of September 30, 2019 and December 31, 2018, by major intangible asset category, are as follows:

	September 30, 2019						December 31, 2018
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/incentive fees	$	33,040	$	31,292	$	1,748	$	33,040	$	30,043	$	2,997
Management fees, customer relationships and non-compete agreements		34,486		34,201		285		34,185		33,548		637
	$	67,526	$	65,493	$	2,033	$	67,225	$	63,591	$	3,634

Amortization expense of intangible assets, included in “amortization and other acquisition-related (benefits) costs” in the condensed consolidated statements of operations, for the three month and nine month periods ended September 30, 2019 was $1,077 and $1,901, respectively, and for the three month and nine month periods ended September 30, 2018 was $654 and $1,924, respectively. Estimated future amortization expense is as follows:

Year Ending December 31,	Amortization Expense
2019 (October 1 through December 31)	$	265
2020		1,558
2021		60
2022		60
2023		60
Thereafter		30
Total amortization expense	$	2,033

Senior Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Senior Debt

11.	SENIOR DEBT

Senior debt is comprised of the following as of September 30, 2019 and December 31, 2018:

							Outstanding as of
	Initial			Annual			September 30, 2019						December 31, 2018
	Principal Amount		Maturity Date	Interest Rate(b)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2020 Senior Notes (a)	$	500,000	11/14/20		4.25	%	$	-	$	-	$	-	$	250,000	$	863	$	249,137
Lazard Group 2025 Senior Notes		400,000	2/13/25		3.75	%		400,000		2,534		397,466		400,000		2,888		397,112
Lazard Group 2027 Senior Notes		300,000	3/1/27		3.625	%		300,000		2,920		297,080		300,000		3,215		296,785
Lazard Group 2028 Senior Notes (a)		500,000	9/19/28		4.50	%		500,000		8,038		491,962		500,000		8,774		491,226
Lazard Group 2029 Senior Notes (a)		500,000	3/11/29		4.375	%		500,000		7,587		492,413		-		-		-
Total							$	1,700,000	$	21,079	$	1,678,921	$	1,450,000	$	15,740	$	1,434,260

(a)

During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019.

During September 2018, Lazard Group completed an offering of $500,000 aggregate principal amount of the 2028 Notes. Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019. Lazard Group used a portion of the net proceeds of the 2028 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 2020 Notes.

(b)

The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54% respectively.

On September 25, 2015, Lazard Group entered into an Amended and Restated Credit Agreement for a five-year $150,000 senior revolving credit facility with a group of lenders (the “Amended and Restated Credit Agreement”), which expires in September 2020. The Amended and Restated Credit Agreement amended and restated the previous credit agreement dated September 25, 2012. Borrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. At September 30, 2019 and December 31, 2018, no amounts were outstanding under the Amended and Restated Credit Agreement.

The Amended and Restated Credit Agreement, the indenture and the supplemental indentures relating to Lazard Group’s senior notes contain certain covenants, events of default and other customary provisions, including a customary make-whole provision in the event of early redemption, where applicable. As of September 30, 2019, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

As of September 30, 2019, the Company had approximately $167,000 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement and unused lines of credit available to LFB of approximately $16,000.

The Company’s senior debt at September 30, 2019 and December 31, 2018 is carried at historical amounts of $1,678,921 and $1,434,260, respectively. At those dates, the fair value of such senior debt was approximately $1,817,000 and $1,429,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

12.	COMMITMENTS AND CONTINGENCIES

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, 2019, LFB had $2,422 of such indemnifications and held $2,422 of collateral/counter-guarantees to secure these commitments. The Company believes the likelihood of loss with respect to these indemnities is remote. Accordingly, no liability is recorded in the condensed consolidated statement of financial condition.

Business Acquisitions—For a business acquired in 2016, the remaining consideration consists of (i) 40,585 shares of Class A common stock subject to non-compete provisions and employment conditions, and (ii) up to 210,431 additional shares of Class A common stock that are subject to certain performance thresholds. During the nine month period ended September 30, 2019, none of the contingent shares were earned.

Other Commitments—The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, each of LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At September 30, 2019, LFB and LFNY had no such underwriting commitments.

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

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

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

Members' Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Members' Equity

13.	MEMBERS’ EQUITY

Lazard Group Distributions—Distributions in respect of Lazard Group’s common membership interests are allocated to the holders of such interests in accordance with the provisions of the Operating Agreement. Such distributions primarily represent amounts necessary to fund (i) any dividends Lazard Ltd may declare on its Class A common stock and (ii) tax distributions in respect of income taxes that Lazard Ltd’s subsidiaries incur.

During the nine month periods ended September 30, 2019 and 2018, Lazard Group distributed $178,935 and $364,751, respectively, to the subsidiaries of Lazard Ltd.

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

On October 31, 2019, Lazard Group distributed to its managing members, which are subsidiaries of Lazard Ltd, 17,000,000 shares of Class A common stock that were held by Lazard Group. These shares were ultimately received by Lazard Ltd and cancelled. There was no impact on total members' equity as a result of this distribution.

Share Repurchase Program—During the nine month period ended September 30, 2019 and since 2017, the Board of Directors of Lazard authorized the repurchase of Class A common stock as set forth in the table below:

Date	Repurchase Authorization		Expiration
October 2017	$	200,000	December 31, 2019
April 2018	$	300,000	December 31, 2020
October 2018	$	300,000	December 31, 2020
February 2019	$	300,000	December 31, 2020

The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. Purchases with respect to such program are set forth in the table below:

Nine Months Ended September 30:

Number of

Purchased

Average

Price Per

2018

5,797,789

52.88

2019

11,946,943

36.01

During the nine month periods ended September 30, 2019 and 2018, certain of our executive officers received Class A common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of Class A common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the nine month period ended September 30, 2018, the Company purchased shares of Class A common stock from certain of our executive officers. The aggregate value of all such purchases during the nine month periods ended September 30, 2019 and 2018 was approximately $14,600 and $16,400, respectively. Such shares of Class A common stock are reported at cost.

As of September 30, 2019, a total of $165,231 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, all of which will expire on December 31, 2020.

In addition, on October 30, 2019, the Board of Directors of Lazard authorized the repurchase of up to $300,000 of additional shares of Class A common stock, which authorization will expire on December 31, 2021, bringing the total available share repurchase authorization as of October 30, 2019 to approximately $437,000.

During the nine month period ended September 30, 2019, Lazard Ltd had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.

Accumulated Other Comprehensive Income (Loss), Net of Tax—The tables below reflect the balances of each component of AOCI at September 30, 2019 and 2018 and activity during the three month and nine month periods then ended:

	Three Months Ended September 30, 2019
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, July 1, 2019	$	(86,869	)	$	(140,725	)	$	(227,594	)	$	-		$	(227,594	)
Activity:
Other comprehensive income (loss) before reclassifications		(24,321	)		9,050			(15,271	)		(1	)		(15,270	)
Adjustments for items reclassified to earnings, net of tax		-			1,074			1,074			-			1,074
Net other comprehensive income (loss)		(24,321	)		10,124			(14,197	)		(1	)		(14,196	)
Balance, September 30, 2019	$	(111,190	)	$	(130,601	)	$	(241,791	)	$	(1	)	$	(241,790	)

	Nine Months Ended September 30, 2019
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, January 1, 2019	$	(82,829	)	$	(145,831	)	$	(228,660	)	$	-		$	(228,660	)
Activity:
Other comprehensive income (loss) before reclassifications		(28,361	)		11,911			(16,450	)		(1	)		(16,449	)
Adjustments for items reclassified to earnings, net of tax		-			3,319			3,319			-			3,319
Net other comprehensive income (loss)		(28,361	)		15,230			(13,131	)		(1	)		(13,130	)
Balance, September 30, 2019	$	(111,190	)	$	(130,601	)	$	(241,791	)	$	(1	)	$	(241,790	)

	Three Months Ended September 30, 2018
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, July 1, 2018	$	(65,417	)	$	(146,341	)	$	(211,758	)	$	(1	)	$	(211,757	)
Activity:
Other comprehensive income (loss) before reclassifications		(7,631	)		863			(6,768	)		1			(6,769	)
Adjustments for items reclassified to earnings, net of tax		-			949			949			-			949
Net other comprehensive income (loss)		(7,631	)		1,812			(5,819	)		1			(5,820	)
Balance, September 30, 2018	$	(73,048	)	$	(144,529	)	$	(217,577	)	$	-		$	(217,577	)

	Nine Months Ended September 30, 2018
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests		Total Lazard Group AOCI
Balance, January 1, 2018	$	(43,790	)	$	(151,466	)	$	(195,256	)	$	-	$	(195,256	)
Activity:
Other comprehensive income (loss) before reclassifications		(29,258	)		4,149			(25,109	)		-		(25,109	)
Adjustments for items reclassified to earnings, net of tax		-			2,788			2,788			-		2,788
Net other comprehensive income (loss)		(29,258	)		6,937			(22,321	)		-		(22,321	)
Balance, September 30, 2018	$	(73,048	)	$	(144,529	)	$	(217,577	)	$	-	$	(217,577	)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Amortization relating to employee benefit plans (a)	$	1,246	$	1,213	$	3,843	$	3,736
Less - related income taxes		172		264		524		948
Total reclassifications, net of tax	$	1,074	$	949	$	3,319	$	2,788

(a)	Included in the computation of net periodic benefit cost (see Note 15). Such amounts are included in “operating expenses—other” on the condensed consolidated statements of operations.

Noncontrolling Interests—Noncontrolling interests principally represent (i) interests held in Edgewater’s management vehicles that the Company is deemed to control, but does not own, and (ii) consolidated VIE interests held by employees (see Note 21).

The tables below summarize net income attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2019 and 2018 and noncontrolling interests as of September 30, 2019 and December 31, 2018 in the Company’s condensed consolidated financial statements:

	Net Income Attributable to Noncontrolling Interests
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Edgewater	$	1,302	$	1,651	$	8,237	$	5,034
Consolidated VIEs		189		-		423		-
Other		1		1		2		3
Total	$	1,492	$	1,652	$	8,662	$	5,037

	Noncontrolling Interests as of
	September 30,		December 31,
	2019		2018
Edgewater	$	52,311	$	52,695
Consolidated VIEs		13,110		-
Other		14		12
Total	$	65,435	$	52,707

Incentive Plans

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Incentive Plans

14.	INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the three month and nine month periods ended September 30, 2019 and 2018 is presented below.

Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan

The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights and other share-based awards.

The 2008 Plan authorized the issuance of shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. Under the 2008 Plan, the maximum number of shares available was based on a formula that limited the aggregate number of shares that could, at any time, be subject to awards that were considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of Class A common stock. The 2008 Plan was terminated on April 24, 2018, and no additional awards have been or will be granted under the 2008 Plan after its termination, although outstanding awards granted under the 2008 Plan before its termination continue to be subject to its terms.

The 2005 Plan authorized the issuance of up to 25,000,000 shares of Class A common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other share-based awards. The 2005 Plan expired in the second quarter of 2015, although outstanding deferred stock unit (“DSU”) awards granted under the 2005 Plan before its expiration continue to be subject to its terms.

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Share-based incentive awards:
RSUs	$	37,206	$	38,121	$	140,597	$	154,643
PRSUs		14,291		3,107		16,540		31,125
Restricted Stock		7,274		6,950		24,871		30,323
Profits interest participation rights		6,224		-		42,105		-
DSUs		97		89		1,079		1,048
Total	$	65,092	$	48,267	$	225,192	$	217,139

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

The Company’s share-based incentive plans and awards are described below.

RSUs and DSUs

RSUs generally require future service as a condition for the delivery of the underlying shares of Class A common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into shares of Class A common stock

on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods (generally one-third after two years, and the remaining two-thirds after the third year), and is adjusted for actual forfeitures over such period.

RSUs generally include a dividend participation right that provides that during vesting periods each RSU is attributed additional RSUs (or fractions thereof) equivalent to any dividends paid on Class A common stock during such period. During the nine month period ended September 30, 2019, dividend participation rights required the issuance of 725,197 RSUs.

Non-executive members of the Board of Directors of Lazard Group, who are the same Non-Executive Directors of Lazard Ltd (“Non-Executive Directors”), receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 51,379 DSUs granted during the nine month period ended September 30, 2019. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into shares of Class A common stock at the time of cessation of service to the Board of Directors. DSUs include a cash dividend participation right equivalent to dividends paid on Class A common stock.

Lazard Ltd’s Directors’ Fee Deferral Unit Plan permits the Non-Executive Directors to elect to receive additional DSUs in lieu of some or all of their cash fees. The number of DSUs granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of Class A common stock on the date immediately preceding the date of the grant. During the nine month period ended September 30, 2019, 16,103 DSUs 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 period ended September 30, 2019:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		11,362,306		$	43.78		323,546	$	39.27
Granted (including 725,197 RSUs relating to dividend participation)		5,729,741		$	38.51		67,482	$	31.99
Forfeited		(673,873	)	$	43.40		-		-
Settled		(5,857,462	)	$	37.09		-		-
Balance, September 30, 2019		10,560,712		$	44.66		391,028	$	38.01

In connection with RSUs that settled during the nine month period ended September 30, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 2,047,117 shares of Class A common stock during such nine month period. Accordingly, 3,810,345 shares of Class A common stock held by the Company were delivered during the nine month period ended September 30, 2019.

As of September 30, 2019, estimated unrecognized RSU compensation expense was $147,308, with such expense expected to be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2019.

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 period ended September 30, 2019:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,541,058		$	43.16
Granted		1,039,736		$	35.32
Forfeited		(230,787	)	$	40.59
Settled		(1,165,568	)	$	38.38
Balance, September 30, 2019		1,184,439		$	41.48

In connection with shares of restricted Class A common stock that settled during the nine month period ended September 30, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 372,792 shares of Class A common stock during such nine month period. Accordingly, 792,776 shares of Class A common stock held by the Company were delivered during the nine month period ended September 30, 2019.

The restricted stock awards include a cash dividend participation right equivalent to dividends paid on Class A common stock during the period, which will vest concurrently with the underlying restricted stock award. At September 30, 2019, estimated unrecognized restricted stock expense was $20,080, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2019.

PRSUs

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

The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2019:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,771,795		$	38.66
Settled		(1,171,081	)	$	32.44
Balance, September 30, 2019		600,714		$	50.78

In connection with certain PRSUs that settled during the nine month period ended September 30, 2019, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 203,036 shares of Class A common stock during such nine month period. Accordingly, 968,045 shares of Class A common stock held by the Company were delivered during the nine month period ended September 30, 2019.

Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of Class A common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2019, the total estimated unrecognized compensation expense was $4,465, and the Company expects to amortize such expense over a weighted-average period of approximately 0.7 years subsequent to September 30, 2019.

Profits Interest Participation Rights

In early 2019, the Company established a new long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of Class A common stock pursuant to the 2018 Plan. Pursuant to the program, in February 2019, the Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, which we refer to as performance-based restricted participation units (“PRPUs”), to each of the Company’s NEOs, and profits interest participation rights subject to service-based vesting criteria and other conditions to a limited number of other senior employees, pursuant to profits interest participation right agreements. Profits interest participation rights generally provide for vesting approximately three years following the grant date, so long as applicable conditions have been satisfied.

Profits interest participation rights are a class of membership interests in the Company that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded within members’ equity in the Company’s condensed consolidated statements of financial condition. The profits interest participation rights generally allow the recipient to realize value only to the extent that both (i) the service-based vesting conditions and, if applicable, the performance conditions, are satisfied, and (ii) an amount of economic appreciation in the assets of the Company occurs as necessary to satisfy certain partnership tax rules (referred to as the "Minimum Value Condition") before the fifth anniversary of the grant date, otherwise the profits interest participation rights will be forfeited. Upon satisfaction of such conditions, profits interest participation rights that are in parity with the value of Class A common stock will be exchanged on a one-for-one basis for shares of Class A common stock. If forfeited based solely on failing to meet the Minimum Value Condition, the associated compensation expense would not be reversed.

Like outstanding RSUs and similar awards, profits interest participation rights will be subject to continued employment and other conditions and restrictions and will be forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation rights will be subject to compliance with restrictive covenants including non-compete, non-solicitation of clients, no hire of employees and confidentiality, which are similar to those applicable to PRSUs and RSUs. In addition, profits interest participation rights must satisfy the Minimum Value Condition. PRPUs, like outstanding PRSUs, will be subject to the achievement of incremental pre-established performance conditions and financial metrics and will only result in value to the recipient to the extent the conditions are satisfied.

The number of shares of Class A common stock that a recipient will receive upon the exchange of a PRPU award will be calculated by reference to applicable financial metrics. The target number of shares of Class A common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of Class A common stock that may be received in connection with each PRPU award will range from zero to two times the target number. Unless applicable performance conditions are satisfied during the three year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all PRPUs will be forfeited, and the recipients will not be entitled to any such awards.

In addition, the performance metrics applicable to each PRPU will be evaluated on an annual basis at the end of each fiscal year during the performance period, and, if Lazard Ltd has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of PRPUs will no longer be at risk of forfeiture based on the achievement of performance criteria. Profits interest participation rights are allocated income, subject to vesting and settled in cash, in respect of dividends paid on Class A common stock.

The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2019:

	Profits Interest Participation Rights		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		-		-
Granted (a)		1,462,702	$	38.65
Balance, September 30, 2019		1,462,702	$	38.65

(a)	Table includes the target number of PRPUs assuming the achievement of applicable performance conditions at the target level.

Compensation expense recognized for profits interest participation rights, including PRPUs, is determined by multiplying the number of shares of Class A common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2019, the total estimated unrecognized compensation expense was $19,831, and the Company expects to amortize such expense over a weighted-average period of approximately 1.2 years subsequent to September 30, 2019.

LFI and Other Similar Deferred Compensation Arrangements

Commencing in February 2011, the Company granted LFI to eligible employees. In connection with LFI and other similar deferred compensation arrangements, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods (which are generally similar to the comparable periods for RSUs), and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statement of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2019:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2019	$	76,362		$	188,022
Granted		101,552			101,529
Settled		-			(89,140	)
Forfeited		(1,571	)		(3,107	)
Amortization		(83,301	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			22,118
Adjustment for estimated forfeitures		-			3,704
Other		(990	)		(1,100	)
Balance, September 30, 2019	$	92,052		$	222,026

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2019.

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Amortization, net of forfeitures	$	23,325	$	19,145	$	85,469	$	71,274
Change in the fair value of underlying investments		1,764		3,647		22,118		1,712
Total	$	25,089	$	22,792	$	107,587	$	72,986

Employee Benefit Plans

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Employee Benefit Plans

15.	EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension 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 for the service cost component, and “operating expenses—other” for the other components of benefit costs on the condensed consolidated statements of operations.

Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.

The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended September 30,
	2019			2018
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	223		$	217
Interest cost		3,716			3,822
Expected return on plan assets		(6,697	)		(7,315	)
Amortization of:
Prior service cost		26			-
Net actuarial loss (gain)		1,220			1,213
Settlement loss		2,280			-
Net periodic benefit cost (credit)	$	768		$	(2,063	)

	Nine Months Ended September 30,
	2019			2018
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	635		$	670
Interest cost		11,476			11,861
Expected return on plan assets		(20,596	)		(22,681	)
Amortization of:
Prior service cost		82			-
Net actuarial loss (gain)		3,761			3,736
Settlement loss		5,802
Net periodic benefit cost (credit)	$	1,160		$	(6,414	)

Business Realignment

9 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Business Realignment

16.	BUSINESS REALIGNMENT

The Company conducted a review of our business, which resulted in a realignment that included employee reductions and the closing of subscale offices and investment strategies, most of which were completed during the third quarter of 2019.

Expenses associated with business realignment for the three month and nine month periods ended September 30, 2019 were as follows:

	Financial		Asset
	Advisory		Management		Corporate		Total
Compensation and benefits	$	35,658	$	13,144	$	317	$	49,119
Other		-		1,335		1,000		2,335
Total	$	35,658	$	14,479	$	1,317	$	51,454

Activity related to the obligations pursuant to business realignment during the three month period ended September 30, 2019 was as follows:

	Accrued
	Compensation			Other
	and Benefits			Liabilities			Total
Balance, July 1, 2019	$	-		$	-		$	-
New charges		49,119			2,335			51,454
Less:		-			-			-
Non-cash charges		(15,447	)		(1,335	)		(16,782	)
Payments		(1,193	)		-			(1,193	)
Balance, September 30, 2019	$	32,479		$	1,000		$	33,479

Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

17.	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 a result, Lazard Group’s income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to its partners. Lazard Group, through its subsidiaries, is subject to state and local taxes on its income apportioned to various state and local jurisdictions. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City.

The Company recorded income tax provisions of $9,433 and $42,697 for the three month and nine month periods ended September 30, 2019, respectively, and $25,393 and $75,453 for the three month and nine month periods ended September 30, 2018, respectively, representing effective tax rates of 17.9%, 15.9%, 18.8% and 14.7%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S., (ii) taxes payable to foreign jurisidictions, (iii) excess net tax benefit for share-based incentive compensation and other discrete items, (iv) change in the valuation allowance affecting the provision for income taxes, (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate, and (vi) impact of U.S. tax reform, including base erosion and anti-abuse tax.

Related Parties

9 Months Ended

Sep. 30, 2019

Related Parties

18.	RELATED PARTIES

Receivables from and Payables to Lazard Ltd Subsidiaries

Interest income relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $89 for the nine month period ended September 30, 2019 and $230 and $451 for the three month and nine month periods ended September 30, 2018, respectively.

Lazard Group’s payables to subsidiaries of Lazard Ltd at September 30, 2019 and December 31, 2018 included interest-bearing loans, including interest thereon, of $54,955 and $60,875, respectively. Interest expense relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $872 and $2,688 for the three month and nine month periods ended September 30, 2019, respectively, and $901 and $2,803 for the three month and nine month periods ended September 30, 2018, respectively.

Sponsored Funds

The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services. Investment advisory fees relating to such services were $141,365 and $438,733 for the three month and nine month periods ended September 30, 2019, respectively, and $158,425 and $510,414 for the three month and nine month periods ended September 30, 2018, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $55,714 and $59,304 remained as receivables at September 30, 2019 and December 31, 2018, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition.

Other

During the nine month period ended September 30, 2019, the Company recognized approximately $9,000 of investment banking and other advisory fees pertaining to financial advisory services provided to clients of which a member of the Company’s Board of Directors also served as a member of the client’s board of directors or in a management capacity. The engagement terms were negotiated in the ordinary course of business on an arms-length basis.

See Note 13 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

Regulatory Authorities

9 Months Ended

Sep. 30, 2019

Regulatory Capital Requirements [Abstract]

Regulatory Authorities

19.	REGULATORY AUTHORITIES

LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 ²/₃%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $100, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At September 30, 2019, LFNY’s regulatory net capital was $133,716, which exceeded the minimum requirement by $128,376. LFNY’s aggregate indebtedness to net capital ratio was 0.60:1 as of September 30, 2019.

Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At September 30, 2019, the aggregate regulatory net capital of the U.K. Subsidiaries was $148,962, which exceeded the minimum requirement by $132,957.

CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At September 30, 2019, the consolidated regulatory net capital of CFLF was $161,499, which exceeded the minimum requirement set for regulatory capital levels by $106,159. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-Financial Advisory European subsidiaries of the Company (referred to herein, on a

combined basis, as the “combined European regulated group”) under such rules. Under this supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital to be reported on a quarterly basis and satisfy periodic financial and other reporting obligations. At June 30, 2019, the regulatory net capital of the combined European regulated group was $211,440, which exceeded the minimum requirement set for regulatory capital levels by $107,119. Additionally, the combined European regulated group, together with our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure.

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, 2019, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $153,873, which exceeded the minimum required capital by $125,826.

At September 30, 2019, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

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

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

20.	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 its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, 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, 2019 and 2018 is prepared using the following methodology:

•

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

•

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

•

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

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

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

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

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2019			2018			2019			2018
Financial Advisory	Net Revenue	$	304,174		$	309,846		$	953,863		$	1,137,781
	Operating Expenses (a)		303,966			253,602			847,322			900,397
	Operating Income	$	208		$	56,244		$	106,541		$	237,384
Asset Management	Net Revenue	$	300,015		$	325,240		$	917,439		$	1,032,111
	Operating Expenses (a)		225,819			211,564			652,188			670,794
	Operating Income	$	74,196		$	113,676		$	265,251		$	361,317
Corporate	Net Revenue	$	(16,171	)	$	(10,074	)	$	(29,132	)	$	(36,980	)
	Operating Expenses (a)		5,415			25,114			73,366			48,223
	Operating Loss	$	(21,586	)	$	(35,188	)	$	(102,498	)	$	(85,203	)
Total	Net Revenue	$	588,018		$	625,012		$	1,842,170		$	2,132,912
	Operating Expenses (a)		535,200			490,280			1,572,876			1,619,414
	Operating Income	$	52,818		$	134,732		$	269,294		$	513,498

(a) See Note 16 for information regarding business realignment.

	As Of
	September 30, 2019		December 31, 2018
Total Assets
Financial Advisory	$	1,044,961	$	829,898
Asset Management		703,744		728,220
Corporate		3,245,923		2,831,357
Total	$	4,994,628	$	4,389,475

Consolidated VIEs

9 Months Ended

Sep. 30, 2019

Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract]

Consolidated VIEs

21.	CONSOLIDATED VIEs

The Company’s consolidated VIEs as of September 30, 2019 include certain funds that were recently established for the benefit of employees participating in the Company’s existing LFI deferred compensation arrangement. Lazard invests in these funds and is the investment manager and is therefore deemed to have both the power to direct the most significant activities of the funds and the right to receive benefits (or the obligation to absorb losses) that could potentially be significant to these funds. The Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2019:

ASSETS
Cash and cash equivalents	$	3,377
Customers and other receivables		519
Investments (a)		89,333
Other assets		769
Total Assets	$	93,998

LIABILITIES
Deposits and other customer payables	$	462
Other liabilities		477
Total Liabilities	$	939

(a)	Includes $79,791 of LFI held by Lazard Group which is eliminated in the condensed consolidated statements of financial condition.

Organization and Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

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

•

Basis of Presentation

The consolidated results of operations for the three month and nine month periods ended September 30, 2019 are not indicative of the results to be expected for any future interim or annual period.

The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:

•

Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and

•

Certain prior period amounts have been reclassified to conform to the current period presentation.

Recent Accounting Developments

Revenue Recognition Policy

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

Fair Value Measurement Policy

Level 1.

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

Level 2.

Level 3.

The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of September 30, 2019.

The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets.

Derivative Instruments

Share-Based Incentive Plan Awards

Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan

Employer Contributions to Pension Plans

- Definition

Disclosure of accounting policy for pension and other postretirement benefit plans. This accounting policy may address (1) the types of plans sponsored by the entity, and the benefits provided by each plan (2) groups that participate in (or are covered by) each plan (3) how plan assets, liabilities and expenses are measured, including the use of any actuaries and (4) significant assumptions used by the entity to value plan assets and liabilities and how such assumptions are derived.

+ References + Details

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2019

Revenue Recognition [Abstract]

Revenue Based on Business Segment Results

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Net Revenue:
Financial Advisory (a)	$	304,174	$	309,846	$	953,863	$	1,137,781

Asset Management:
Management Fees and Other (b)	$	298,752	$	323,283	$	910,321	$	1,012,127
Incentive Fees (c)		1,263		1,957		7,118		19,984
Total Asset Management	$	300,015	$	325,240	$	917,439	$	1,032,111

(a)

(b)

(c)

Receivables (Tables)

9 Months Ended

Sep. 30, 2019

Receivables [Abstract]

Schedule of Activity in Allowance for Doubtful Accounts

Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2019 and 2018 was as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Beginning Balance	$	33,484		$	34,906		$	40,115		$	23,692
Bad debt expense, net of recoveries		(546	)		1,488			(6,097	)		18,106
Charge-offs, foreign currency translation and other adjustments		(1,700	)		(1,922	)		(2,780	)		(7,326	)
Ending Balance	$	31,238		$	34,472		$	31,238		$	34,472

Investments (Tables)

9 Months Ended

Sep. 30, 2019

Schedule Of Investments [Abstract]

Company's Investments and Securities Sold, Not Yet Purchased

The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2019 and December 31, 2018:

	September 30,		December 31,
	2019		2018
Interest-bearing deposits	$	495	$	510
Debt		99,535		202,874
Equities		38,114		32,261
Funds:
Alternative investments (a)		27,124		17,752
Debt (a)		112,258		90,320
Equity (a)		215,821		175,088
Private equity		42,501		56,343
		397,704		339,503
Total investments		535,848		575,148
Less:
Interest-bearing deposits		495		510
Investments, at fair value	$	535,353	$	574,638
Securities sold, not yet purchased, at fair value (included in “other liabilities”)	$	1,555	$	3,929

(a)

Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2019			2018		2019		2018
Net unrealized investment gains (losses)	$	(590	)	$	1,972	$	26,562	$	(13,183	)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

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

	September 30, 2019
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	99,535	$	-	$	-	$	-	$	99,535
Equities		36,390		-		1,724		-		38,114
Funds:
Alternative investments		16,930		-		-		10,194		27,124
Debt		112,251		-		-		7		112,258
Equity		215,782		-		-		39		215,821
Private equity		-		-		2,146		40,355		42,501
Derivatives		-		3,278		-		-		3,278
Total	$	480,888	$	3,278	$	3,870	$	50,595	$	538,631
Liabilities:
Securities sold, not yet purchased	$	1,555	$	-	$	-	$	-	$	1,555
Contingent consideration liability		-		-		207		-		207
Derivatives		-		228,116		-		-		228,116
Total	$	1,555	$	228,116	$	207	$	-	$	229,878

	December 31, 2018
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	202,874	$	-	$	-	$	-	$	202,874
Equities		30,639		-		1,622		-		32,261
Funds:
Alternative investments		16,863		-		-		889		17,752
Debt		90,313		-		-		7		90,320
Equity		175,054		-		-		34		175,088
Private equity		-		-		-		56,343		56,343
Derivatives		-		11,967		-		-		11,967
Total	$	515,743	$	11,967	$	1,622	$	57,273	$	586,605
Liabilities:
Securities sold, not yet purchased	$	3,929	$	-	$	-	$	-	$	3,929
Contingent consideration liability		-		-		1,309		-		1,309
Derivatives		-		188,962		-		-		188,962
Total	$	3,929	$	188,962	$	1,309	$	-	$	194,200

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

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended September 30, 2019
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Acquisitions/ Transfers		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,606	$	148	$	-	$	-	$	(30	)	$	1,724
Private equity funds		2,131		15		-		-		-			2,146
Total Level 3 Assets	$	3,737	$	163	$	-	$	-	$	(30	)	$	3,870

Liabilities:
Contingent consideration liability	$	203	$	4	$	-	$	-	$	-		$	207
Total Level 3 Liabilities	$	203	$	4	$	-	$	-	$	-		$	207

	Nine Months Ended September 30, 2019
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions/ Transfers (b)		Sales/ Dispositions/ Settlements		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,622	$	134		$	-	$	-	$	(32	)	$	1,724
Private equity funds		-		15			2,131		-		-			2,146
Total Level 3 Assets	$	1,622	$	149		$	2,131	$	-	$	(32	)	$	3,870

Liabilities:
Contingent consideration liability	$	1,309	$	(1,102	)	$	-	$	-	$	-		$	207
Total Level 3 Liabilities	$	1,309	$	(1,102	)	$	-	$	-	$	-		$	207

	Three Months Ended September 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,629	$	-		$	-	$	-	$	(1	)	$	1,628
Total Level 3 Assets	$	1,629	$	-		$	-	$	-	$	(1	)	$	1,628

Liabilities:
Contingent consideration liability	$	3,470	$	(1,763	)	$	-	$	-	$	-		$	1,707
Total Level 3 Liabilities	$	3,470	$	(1,763	)	$	-	$	-	$	-		$	1,707

	Nine Months Ended September 30, 2018
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)			Purchases/ Acquisitions		Sales/ Dispositions		Foreign Currency Translation Adjustments			Ending Balance
Assets:
Investments:
Equities	$	1,592	$	61		$	1	$	-	$	(26	)	$	1,628
Total Level 3 Assets	$	1,592	$	61		$	1	$	-	$	(26	)	$	1,628

Liabilities:
Contingent consideration liability	$	4,656	$	(2,949	)	$	-	$	-	$	-		$	1,707
Total Level 3 Liabilities	$	4,656	$	(2,949	)	$	-	$	-	$	-		$	1,707

(a)

(b)	Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the nine month period ended September 30, 2019 as these investments are valued based on a potential transaction value that differs from NAV.

Fair Value of Certain Investments Based on NAV

The following tables present, at September 30, 2019 and December 31, 2018, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2019

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

9,578

(a)

30-60 days

Funds of funds

(b)

>90 days

Other

592

(c)

<30-30 days

Debt funds

(d)

<30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

40,355

8,264

(f)

100

Total

50,595

8,264

(a)	monthly (99%) and quarterly (1%)

(b)	quarterly (100%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (24%), monthly (71%) and annually (5%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $13,400 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

December 31, 2018

Estimated Liquidation Period of

Investments Not Redeemable

Investments Redeemable

Fair Value

Unfunded

Commitments

% of

Fair Value

Not

Redeemable

5 Years

5-10

Years

Thereafter

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

299

(a)

30-60 days

Funds of funds

(b)

>90 days

Other

567

(c)

<30-30 days

Debt funds

(d)

<30 days

Equity funds

(e)

<30-90 days

Private equity funds:

Equity growth

56,343

8,338

(f)

100

Total

57,273

8,338

(a)	monthly (100%)

(b)	quarterly (100%)

(c)	daily (6%) and monthly (94%)

(d)	daily (100%)

(e)	daily (25%), monthly (70%) and annually (5%)

(f)	Unfunded commitments to private equity investments consolidated but not owned by Lazard of $14,437 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

Derivatives (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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

	September 30,		December 31,
	2019		2018
Derivative Assets:
Forward foreign currency exchange rate contracts	$	3,278	$	1,543
Total return swaps and other (a)		-		10,424
	$	3,278	$	11,967
Derivative Liabilities:
Forward foreign currency exchange rate contracts	$	2,371	$	939
Total return swaps and other (a)		3,719		1
LFI and other similar deferred compensation arrangements		222,026		188,022
	$	228,116	$	188,962

(a)

Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
Forward foreign currency exchange rate contracts	$	3,969		$	1,431		$	5,065		$	5,184
LFI and other similar deferred compensation arrangements		(1,764	)		(3,647	)		(22,118	)		(1,712	)
Total return swaps and other		1,324			(1,847	)		(8,309	)		599
Total	$	3,529		$	(4,063	)	$	(25,362	)	$	4,071

Property (Tables)

9 Months Ended

Sep. 30, 2019

Property Plant And Equipment [Abstract]

Components of Property

At September 30, 2019 and December 31, 2018, property consisted of the following:

	Estimated Depreciable		September 30,		December 31,
	Life in Years		2019		2018
Buildings		33	$	137,928	$	145,034
Leasehold improvements	3-20			192,320		187,930
Furniture and equipment	3-10			205,291		204,057
Construction in progress				31,928		14,140
Total				567,467		551,161
Less - Accumulated depreciation and amortization				351,532		339,448
Property			$	215,935	$	211,713

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Summary of Components of Operating Lease Expense

	Three Months Ended		Nine Months Ended
	September 30, 2019		September 30, 2019
Operating lease cost	$	19,904	$	58,697
Variable lease cost		4,610		13,581
Less - sublease income		1,621		5,083
Total	$	22,893	$	67,195

Summary of Supplemental Cash Flow Information And Certain Other Information Related to Operating Leases

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the nine month period ended September 30, 2019:

	Nine Months Ended
	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	61,935

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	602,715

Weighted average remaining lease term	12 years

Weighted average discount rate		3.6	%

Summary of Maturities of Operating Lease Liabilities Outstanding

Maturities of the operating lease liabilities outstanding at September 30, 2019 for each of the years in the period ending December 31, 2024 and thereafter are set forth in the table below.

Year Ending December 31,
2019 (October 1 through December 31)	$	22,394
2020		86,668
2021		82,461
2022		66,435
2023		62,065
2024		60,898
Thereafter		426,209
Total lease payments		807,130
Less - Discount		155,017
Operating lease liabilities	$	652,113

Schedule of Prior Adoption For Future Minimum Rental Payment for Operating Leases

Year Ending December 31,
2019	$	86,664
2020		89,260
2021		83,517
2022		70,611
2023		59,973
Thereafter		488,612
Total minimum rental commitments		878,637
Less - sublease proceeds		26,941
Net rental commitments	$	851,696

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Components of Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets at September 30, 2019 and December 31, 2018 are presented below:

	September 30,		December 31,
	2019		2018
Goodwill	$	345,564	$	350,829
Other intangible assets (net of accumulated amortization)		2,033		3,634
	$	347,597	$	354,463

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2019 and 2018 are as follows:

	Nine Months Ended
	September 30,
	2019			2018
Balance, January 1	$	350,829		$	362,760
Foreign currency translation adjustments		(5,265	)		(9,479	)
Balance, September 30	$	345,564		$	353,281

Gross Cost and Accumulated Amortization of Other Intangible Assets

The gross cost and accumulated amortization of other intangible assets as of September 30, 2019 and December 31, 2018, by major intangible asset category, are as follows:

	September 30, 2019						December 31, 2018
	Gross Cost		Accumulated Amortization		Net Carrying Amount		Gross Cost		Accumulated Amortization		Net Carrying Amount
Success/incentive fees	$	33,040	$	31,292	$	1,748	$	33,040	$	30,043	$	2,997
Management fees, customer relationships and non-compete agreements		34,486		34,201		285		34,185		33,548		637
	$	67,526	$	65,493	$	2,033	$	67,225	$	63,591	$	3,634

Estimated Future Amortization Expense

Estimated future amortization expense is as follows:

Year Ending December 31,	Amortization Expense
2019 (October 1 through December 31)	$	265
2020		1,558
2021		60
2022		60
2023		60
Thereafter		30
Total amortization expense	$	2,033

Senior Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Senior Debt

Senior debt is comprised of the following as of September 30, 2019 and December 31, 2018:

							Outstanding as of
	Initial			Annual			September 30, 2019						December 31, 2018
	Principal Amount		Maturity Date	Interest Rate(b)			Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2020 Senior Notes (a)	$	500,000	11/14/20		4.25	%	$	-	$	-	$	-	$	250,000	$	863	$	249,137
Lazard Group 2025 Senior Notes		400,000	2/13/25		3.75	%		400,000		2,534		397,466		400,000		2,888		397,112
Lazard Group 2027 Senior Notes		300,000	3/1/27		3.625	%		300,000		2,920		297,080		300,000		3,215		296,785
Lazard Group 2028 Senior Notes (a)		500,000	9/19/28		4.50	%		500,000		8,038		491,962		500,000		8,774		491,226
Lazard Group 2029 Senior Notes (a)		500,000	3/11/29		4.375	%		500,000		7,587		492,413		-		-		-
Total							$	1,700,000	$	21,079	$	1,678,921	$	1,450,000	$	15,740	$	1,434,260

(a)

(b)

Members' Equity (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of Share Repurchase Authorized by Board of Directors

Date	Repurchase Authorization		Expiration
October 2017	$	200,000	December 31, 2019
April 2018	$	300,000	December 31, 2020
October 2018	$	300,000	December 31, 2020
February 2019	$	300,000	December 31, 2020

Schedule of Shares Repurchased Under the Share Repurchase Program

Nine Months Ended September 30:

Number of

Purchased

Average

Price Per

2018

5,797,789

52.88

2019

11,946,943

36.01

Accumulated Other Comprehensive Income (Loss), Net of Tax

	Three Months Ended September 30, 2019
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, July 1, 2019	$	(86,869	)	$	(140,725	)	$	(227,594	)	$	-		$	(227,594	)
Activity:
Other comprehensive income (loss) before reclassifications		(24,321	)		9,050			(15,271	)		(1	)		(15,270	)
Adjustments for items reclassified to earnings, net of tax		-			1,074			1,074			-			1,074
Net other comprehensive income (loss)		(24,321	)		10,124			(14,197	)		(1	)		(14,196	)
Balance, September 30, 2019	$	(111,190	)	$	(130,601	)	$	(241,791	)	$	(1	)	$	(241,790	)

	Nine Months Ended September 30, 2019
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, January 1, 2019	$	(82,829	)	$	(145,831	)	$	(228,660	)	$	-		$	(228,660	)
Activity:
Other comprehensive income (loss) before reclassifications		(28,361	)		11,911			(16,450	)		(1	)		(16,449	)
Adjustments for items reclassified to earnings, net of tax		-			3,319			3,319			-			3,319
Net other comprehensive income (loss)		(28,361	)		15,230			(13,131	)		(1	)		(13,130	)
Balance, September 30, 2019	$	(111,190	)	$	(130,601	)	$	(241,791	)	$	(1	)	$	(241,790	)

	Three Months Ended September 30, 2018
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests			Total Lazard Group AOCI
Balance, July 1, 2018	$	(65,417	)	$	(146,341	)	$	(211,758	)	$	(1	)	$	(211,757	)
Activity:
Other comprehensive income (loss) before reclassifications		(7,631	)		863			(6,768	)		1			(6,769	)
Adjustments for items reclassified to earnings, net of tax		-			949			949			-			949
Net other comprehensive income (loss)		(7,631	)		1,812			(5,819	)		1			(5,820	)
Balance, September 30, 2018	$	(73,048	)	$	(144,529	)	$	(217,577	)	$	-		$	(217,577	)

	Nine Months Ended September 30, 2018
	Currency Translation Adjustments			Employee Benefit Plans			Total AOCI			Amount Attributable to Noncontrolling Interests		Total Lazard Group AOCI
Balance, January 1, 2018	$	(43,790	)	$	(151,466	)	$	(195,256	)	$	-	$	(195,256	)
Activity:
Other comprehensive income (loss) before reclassifications		(29,258	)		4,149			(25,109	)		-		(25,109	)
Adjustments for items reclassified to earnings, net of tax		-			2,788			2,788			-		2,788
Net other comprehensive income (loss)		(29,258	)		6,937			(22,321	)		-		(22,321	)
Balance, September 30, 2018	$	(73,048	)	$	(144,529	)	$	(217,577	)	$	-	$	(217,577	)

Adjustments for Items Reclassified Out of AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2019 and 2018:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Amortization relating to employee benefit plans (a)	$	1,246	$	1,213	$	3,843	$	3,736
Less - related income taxes		172		264		524		948
Total reclassifications, net of tax	$	1,074	$	949	$	3,319	$	2,788

(a)	Included in the computation of net periodic benefit cost (see Note 15). Such amounts are included in “operating expenses—other” on the condensed consolidated statements of operations.

Net Income Attributable to Noncontrolling Interests

	Net Income Attributable to Noncontrolling Interests
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Edgewater	$	1,302	$	1,651	$	8,237	$	5,034
Consolidated VIEs		189		-		423		-
Other		1		1		2		3
Total	$	1,492	$	1,652	$	8,662	$	5,037

	Noncontrolling Interests as of
	September 30,		December 31,
	2019		2018
Edgewater	$	52,311	$	52,695
Consolidated VIEs		13,110		-
Other		14		12
Total	$	65,435	$	52,707

Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2019

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Share-based incentive awards:
RSUs	$	37,206	$	38,121	$	140,597	$	154,643
PRSUs		14,291		3,107		16,540		31,125
Restricted Stock		7,274		6,950		24,871		30,323
Profits interest participation rights		6,224		-		42,105		-
DSUs		97		89		1,079		1,048
Total	$	65,092	$	48,267	$	225,192	$	217,139

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2019:

	Prepaid Compensation Asset			Compensation Liability
Balance, January 1, 2019	$	76,362		$	188,022
Granted		101,552			101,529
Settled		-			(89,140	)
Forfeited		(1,571	)		(3,107	)
Amortization		(83,301	)		-
Change in fair value related to:
Increase in fair value of underlying investments		-			22,118
Adjustment for estimated forfeitures		-			3,704
Other		(990	)		(1,100	)
Balance, September 30, 2019	$	92,052		$	222,026

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Amortization, net of forfeitures	$	23,325	$	19,145	$	85,469	$	71,274
Change in the fair value of underlying investments		1,764		3,647		22,118		1,712
Total	$	25,089	$	22,792	$	107,587	$	72,986

Restricted Stock Units and Deferred Stock Units [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2019:

	RSUs					DSUs
	Units			Weighted Average Grant Date Fair Value		Units		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		11,362,306		$	43.78		323,546	$	39.27
Granted (including 725,197 RSUs relating to dividend participation)		5,729,741		$	38.51		67,482	$	31.99
Forfeited		(673,873	)	$	43.40		-		-
Settled		(5,857,462	)	$	37.09		-		-
Balance, September 30, 2019		10,560,712		$	44.66		391,028	$	38.01

Restricted Stock Awards Class A [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to shares of restricted Class A common stock associated with compensation arrangements during the nine month period ended September 30, 2019:

	Restricted Shares			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,541,058		$	43.16
Granted		1,039,736		$	35.32
Forfeited		(230,787	)	$	40.59
Settled		(1,165,568	)	$	38.38
Balance, September 30, 2019		1,184,439		$	41.48

PRSUs [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2019:

	PRSUs			Weighted Average Grant Date Fair Value
Balance, January 1, 2019		1,771,795		$	38.66
Settled		(1,171,081	)	$	32.44
Balance, September 30, 2019		600,714		$	50.78

Profits Interest Participation Rights [Member]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2019:

	Profits Interest Participation Rights		Weighted Average Grant Date Fair Value
Balance, January 1, 2019		-		-
Granted (a)		1,462,702	$	38.65
Balance, September 30, 2019		1,462,702	$	38.65

(a)	Table includes the target number of PRPUs assuming the achievement of applicable performance conditions at the target level.

- Definition

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

+ References + Details

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2019

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Benefit Cost (Credit)

	Three Months Ended September 30,
	2019			2018
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	223		$	217
Interest cost		3,716			3,822
Expected return on plan assets		(6,697	)		(7,315	)
Amortization of:
Prior service cost		26			-
Net actuarial loss (gain)		1,220			1,213
Settlement loss		2,280			-
Net periodic benefit cost (credit)	$	768		$	(2,063	)

	Nine Months Ended September 30,
	2019			2018
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	635		$	670
Interest cost		11,476			11,861
Expected return on plan assets		(20,596	)		(22,681	)
Amortization of:
Prior service cost		82			-
Net actuarial loss (gain)		3,761			3,736
Settlement loss		5,802
Net periodic benefit cost (credit)	$	1,160		$	(6,414	)

Business Realignment (Tables)

9 Months Ended

Sep. 30, 2019

Restructuring And Related Activities [Abstract]

Expenses Associated with Business Realignment Activity

Expenses associated with business realignment for the three month and nine month periods ended September 30, 2019 were as follows:

	Financial		Asset
	Advisory		Management		Corporate		Total
Compensation and benefits	$	35,658	$	13,144	$	317	$	49,119
Other		-		1,335		1,000		2,335
Total	$	35,658	$	14,479	$	1,317	$	51,454

Activity related to the obligations pursuant to business realignment during the three month period ended September 30, 2019 was as follows:

	Accrued
	Compensation			Other
	and Benefits			Liabilities			Total
Balance, July 1, 2019	$	-		$	-		$	-
New charges		49,119			2,335			51,454
Less:		-			-			-
Non-cash charges		(15,447	)		(1,335	)		(16,782	)
Payments		(1,193	)		-			(1,193	)
Balance, September 30, 2019	$	32,479		$	1,000		$	33,479

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

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

		Three Months Ended						Nine Months Ended
		September 30,						September 30,
		2019			2018			2019			2018
Financial Advisory	Net Revenue	$	304,174		$	309,846		$	953,863		$	1,137,781
	Operating Expenses (a)		303,966			253,602			847,322			900,397
	Operating Income	$	208		$	56,244		$	106,541		$	237,384
Asset Management	Net Revenue	$	300,015		$	325,240		$	917,439		$	1,032,111
	Operating Expenses (a)		225,819			211,564			652,188			670,794
	Operating Income	$	74,196		$	113,676		$	265,251		$	361,317
Corporate	Net Revenue	$	(16,171	)	$	(10,074	)	$	(29,132	)	$	(36,980	)
	Operating Expenses (a)		5,415			25,114			73,366			48,223
	Operating Loss	$	(21,586	)	$	(35,188	)	$	(102,498	)	$	(85,203	)
Total	Net Revenue	$	588,018		$	625,012		$	1,842,170		$	2,132,912
	Operating Expenses (a)		535,200			490,280			1,572,876			1,619,414
	Operating Income	$	52,818		$	134,732		$	269,294		$	513,498

(a) See Note 16 for information regarding business realignment.

	As Of
	September 30, 2019		December 31, 2018
Total Assets
Financial Advisory	$	1,044,961	$	829,898
Asset Management		703,744		728,220
Corporate		3,245,923		2,831,357
Total	$	4,994,628	$	4,389,475

Consolidated VIEs (Tables)

9 Months Ended

Sep. 30, 2019

Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract]

Summary of Consolidated VIE Assets and Liabilities

The Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2019:

ASSETS
Cash and cash equivalents	$	3,377
Customers and other receivables		519
Investments (a)		89,333
Other assets		769
Total Assets	$	93,998

LIABILITIES
Deposits and other customer payables	$	462
Other liabilities		477
Total Liabilities	$	939

(a)	Includes $79,791 of LFI held by Lazard Group which is eliminated in the condensed consolidated statements of financial condition.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Organization and Basis of Presentation - Additional Information (Detail) - Segment		9 Months Ended
	Feb. 04, 2019	Sep. 30, 2019	Dec. 31, 2018
Organization And Basis Of Presentation [Line Items]
Governing operating agreement, date	Feb. 04, 2019
Number of business segments		2
Lazard Group LLC [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held		100.00%	100.00%

Recent Accounting Developments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Jan. 01, 2019
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Operating lease right-of-use assets	$ 558,241	$ 558,241	$ 501,000
Operating lease liability	$ 652,113	$ 652,113	$ 581,000
U.S. federal statutory income tax rate	21.00%	21.00%

Revenue Recognition - Representation of Performance Obligations Relate to Nature, Amount, Timing and Uncertainty of Revenue and Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Financial Advisory Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	$ 304,174	$ 309,846	$ 953,863	$ 1,137,781
Asset Management Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	300,015	325,240	917,439	1,032,111
Asset Management Segment [Member] \| Management Fees and Other [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	298,752	323,283	910,321	1,012,127
Asset Management Segment [Member] \| Incentive Fees [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	$ 1,263	$ 1,957	$ 7,118	$ 19,984

Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Allowance For Doubtful Accounts Receivable Rollforward
Allowance for doubtful accounts receivables, Beginning balance	$ 33,484	$ 34,906	$ 40,115	$ 23,692
Bad debt expense, net of recoveries	(546)	1,488	(6,097)	18,106
Charge-offs, foreign currency translation and other adjustments	(1,700)	(1,922)	(2,780)	(7,326)
Allowance for doubtful accounts receivables, Ending balance	$ 31,238	$ 34,472	$ 31,238	$ 34,472

Receivables - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables past due or deemed uncollectible	$ 37,682,000		$ 42,260,000
Interest-bearing financing fee receivables	77,304,000		90,966,000
Allowance for doubtful accounts receivables	31,238,000	$ 33,484,000	40,115,000	$ 34,472,000	$ 34,906,000	$ 23,692,000
Aggregate carrying amount of non-interest bearing receivables	623,310,000		613,342,000
Financing Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivables	$ 0		$ 0

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Total investments	$ 535,848	$ 575,148
Investments, at fair value	535,353	574,638
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,555	3,929
Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Total investments	495	510
Debt [Member]
Schedule of Investments [Line Items]
Total investments	99,535	202,874
Investments, at fair value	99,535	202,874
Equities [Member]
Schedule of Investments [Line Items]
Total investments	38,114	32,261
Investments, at fair value	38,114	32,261
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Total investments	27,124	17,752
Investments, at fair value	27,124	17,752
Debt Funds [Member]
Schedule of Investments [Line Items]
Total investments	112,258	90,320
Investments, at fair value	112,258	90,320
Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments	215,821	175,088
Investments, at fair value	215,821	175,088
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments	42,501	56,343
Investments, at fair value	42,501	56,343
Funds Total [Member]
Schedule of Investments [Line Items]
Total investments	$ 397,704	$ 339,503

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule of Investments [Line Items]
Investments	$ 535,848	$ 575,148
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Investments	27,124	17,752
Alternative Investment Funds [Member] \| Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	9,330	9,741
Debt Funds [Member]
Schedule of Investments [Line Items]
Investments	112,258	90,320
Debt Funds [Member] \| Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	72,790	60,081
Equity Funds [Member]
Schedule of Investments [Line Items]
Investments	215,821	175,088
Equity Funds [Member] \| Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	$ 168,553	$ 132,038

Investments - Additional Information (Detail)	9 Months Ended
Investments - Additional Information (Detail)	Sep. 30, 2019
Minimum [Member] \| Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Deposits maturity period	3 months
Minimum [Member] \| Debt [Member] \| U.S. Treasury Securities [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period	3 months
Maximum [Member] \| Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Deposits maturity period	1 year
Maximum [Member] \| Debt [Member] \| U.S. Treasury Securities [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period	1 year

Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract]
Net unrealized investment gains (losses)	$ (590)	$ 1,972	$ 26,562	$ (13,183)

Fair Value Measurements - Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	$ 535,353	$ 574,638
Total Derivative Assets	3,278	11,967
Total investments measured at fair value	538,631	586,605
Securities sold, not yet purchased	1,555	3,929
Contingent consideration liability	207	1,309
Total Derivative Liabilities	228,116	188,962
Total of Liabilities Measured at Fair Value	229,878	194,200
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	480,888	515,743
Securities sold, not yet purchased	1,555	3,929
Total of Liabilities Measured at Fair Value	1,555	3,929
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Derivative Assets	3,278	11,967
Total investments measured at fair value	3,278	11,967
Total Derivative Liabilities	228,116	188,962
Total of Liabilities Measured at Fair Value	228,116	188,962
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	3,870	1,622
Contingent consideration liability	207	1,309
Total of Liabilities Measured at Fair Value	207	1,309
NAV [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	50,595	57,273
Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	99,535	202,874
Debt [Member] \| Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	99,535	202,874
Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	38,114	32,261
Equities [Member] \| Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	36,390	30,639
Equities [Member] \| Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	1,724	1,622
Alternative Investment Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	27,124	17,752
Alternative Investment Funds [Member] \| Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	16,930	16,863
Alternative Investment Funds [Member] \| NAV [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	10,194	889
Debt Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	112,258	90,320
Debt Funds [Member] \| Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	112,251	90,313
Debt Funds [Member] \| NAV [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	7	7
Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	215,821	175,088
Equity Funds [Member] \| Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	215,782	175,054
Equity Funds [Member] \| NAV [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	39	34
Private Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	42,501	56,343
Private Equity Funds [Member] \| Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	2,146
Private Equity Funds [Member] \| NAV [Member] \| Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	$ 40,355	$ 56,343

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Assets:
Beginning Balance	$ 3,737	$ 1,629	$ 1,622	$ 1,592
Net Unrealized/Realized Gains/Losses Included In Earnings	163	0	149	61
Purchases/Acquisitions/Transfers	0	0	2,131	1
Sales/ Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	(30)	(1)	(32)	(26)
Ending Balance	3,870	1,628	3,870	1,628
Liabilities:
Beginning Balance	203	3,470	1,309	4,656
Net Unrealized/Realized Gains/Losses Included In Earnings	4	(1,763)	(1,102)	(2,949)
Purchases/Acquisitions/ Transfers	0	0	0	0
Sales/ Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	0	0	0	0
Ending Balance	207	1,707	207	1,707
Contingent Consideration Liability [Member]
Liabilities:
Beginning Balance	203	3,470	1,309	4,656
Net Unrealized/Realized Gains/Losses Included In Earnings	4	(1,763)	(1,102)	(2,949)
Purchases/Acquisitions/ Transfers	0	0	0	0
Sales/ Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	0	0	0	0
Ending Balance	207	1,707	207	1,707
Equities [Member]
Assets:
Beginning Balance	1,606	1,629	1,622	1,592
Net Unrealized/Realized Gains/Losses Included In Earnings	148	0	134	61
Purchases/Acquisitions/Transfers	0	0	0	1
Sales/ Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	(30)	(1)	(32)	(26)
Ending Balance	1,724	$ 1,628	1,724	$ 1,628
Private Equity Funds [Member]
Assets:
Beginning Balance	2,131		0
Net Unrealized/Realized Gains/Losses Included In Earnings	15		15
Purchases/Acquisitions/Transfers	0		2,131
Sales/ Dispositions/Settlements	0		0
Foreign Currency Translation Adjustments	0		0
Ending Balance	$ 2,146		$ 2,146

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equities [Member]
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses)	$ 163	$ 0	$ 149	$ 61
Contingent Consideration Liability [Member]
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Net unrealized (gains) losses	$ 4	$ (1,763)	$ (1,102)	$ (2,949)

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value Option Quantitative Disclosures [Line Items]
Transfers between Level 1, 2 and 3 in fair value measurement hierarchy	$ 0	$ 0	$ 0	$ 0
Unfunded Commitments	8,264,000		8,264,000		$ 8,338,000
EGCP III [Member]
Fair Value Option Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 7,602,000		$ 7,602,000
End of the investment period			Oct. 12, 2016
Remaining obligation date			Oct. 12, 2023

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 50,595	$ 57,273
Unfunded Commitments	8,264	8,338
Hedge Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 9,578	$ 299
Hedge Funds [Member] \| Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	99.00%	100.00%
Hedge Funds [Member] \| Quarterly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	1.00%
Hedge Funds [Member] \| Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Hedge Funds [Member] \| Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Funds of Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 24	$ 23
Investments Redeemable, Redemption Notice Period	90 days	90 days
Funds of Funds [Member] \| Quarterly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	100.00%	100.00%
Other [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 592	$ 567
Other [Member] \| Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	6.00%	6.00%
Other [Member] \| Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	94.00%	94.00%
Other [Member] \| Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Other [Member] \| Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 7	$ 7
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt Funds [Member] \| Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	100.00%	100.00%
Equity Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 39	$ 34
Equity Funds [Member] \| Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	24.00%	25.00%
Equity Funds [Member] \| Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	71.00%	70.00%
Equity Funds [Member] \| Annually [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	5.00%	5.00%
Equity Funds [Member] \| Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Equity Funds [Member] \| Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	90 days	90 days
Private Equity Funds [Member] \| Equity Growth [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 40,355	$ 56,343
Unfunded Commitments	$ 8,264	$ 8,338
% of Fair Value Not Redeemable	100.00%	100.00%
Estimated Liquidation Period of Investments Not Redeemable, % Next 5 Years	20.00%	14.00%
Estimated Liquidation Period of Investments Not Redeemable, % 5-10 Years	14.00%	34.00%
Estimated Liquidation Period of Investments Not Redeemable, % Thereafter	66.00%	52.00%

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 8,264	$ 8,338
Private Equity Funds [Member] \| Consolidated But Not Owned [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 13,400	$ 14,437

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 3,278	$ 11,967
Derivative Liabilities	228,116	188,962
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	3,278	1,543
Derivative Liabilities	2,371	939
Total Return Swaps and Other [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		10,424
Derivative Liabilities	3,719	1
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 222,026	$ 188,022

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Parenthetical) (Detail) - Total Return Swaps [Member] - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Gross derivative assets	$ 518	$ 10,792
Gross derivative liability	4,237	$ 369
Cash collateral pledged for total return swaps	$ 5,580

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments	$ 3,529	$ (4,063)	$ (25,362)	$ 4,071
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	3,969	1,431	5,065	5,184
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(1,764)	(3,647)	(22,118)	(1,712)
Total Return Swaps and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ 1,324	$ (1,847)	$ (8,309)	$ 599

Property - Components of Property (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 567,467	$ 551,161
Less - Accumulated depreciation and amortization	351,532	339,448
Property	215,935	211,713
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 137,928	145,034
Property, plant and equipment, useful life	33 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 192,320	187,930
Leasehold Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 205,291	204,057
Furniture and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 31,928	$ 14,140

Leases - Summary of Components of Operating Lease Expense (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Leases [Abstract]
Operating lease cost	$ 19,904	$ 58,697
Variable lease cost	4,610	13,581
Less - sublease income	1,621	5,083
Total	$ 22,893	$ 67,195

Leases - Summary of Supplemental Cash Flow Information And Certain Other Information Related to Operating Leases (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 61,935
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 602,715
Weighted average remaining lease term	12 years
Weighted average discount rate	3.60%

Leases - Summary of Maturities of Operating Lease Liabilities Outstanding (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019 (October 1 through December 31)	$ 22,394
2020	86,668
2021	82,461
2022	66,435
2023	62,065
2024	60,898
Thereafter	426,209
Total lease payments	807,130
Less - Discount	155,017
Operating lease liabilities	$ 652,113	$ 581,000

Leases - Schedule of Prior Adoption For Future Minimum Rental Payment for Operating Leases (Detail) $ in Thousands	Dec. 31, 2018 USD ($)
Leases [Abstract]
Minimum Rental Commitments Operating - 2019	$ 86,664
Minimum Rental Commitments Operating - 2020	89,260
Minimum Rental Commitments Operating - 2021	83,517
Minimum Rental Commitments Operating - 2022	70,611
Minimum Rental Commitments Operating - 2023	59,973
Minimum Rental Commitments Operating - Thereafter	488,612
Total minimum rental commitments	878,637
Less - sublease proceeds	26,941
Net rental commitments	$ 851,696

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 345,564	$ 350,829	$ 353,281	$ 362,760
Other intangible assets (net of accumulated amortization)	2,033	3,634
Goodwill and other intangible assets, Total	$ 347,597	$ 354,463

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 345,564	$ 353,281	$ 345,564	$ 353,281	$ 350,829	$ 362,760
Amortization of intangible assets	1,077	$ 654	1,901	$ 1,924
Financial Advisory Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	281,023		281,023		286,288
Asset Management Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 64,541		$ 64,541		$ 64,541

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 350,829	$ 362,760
Foreign currency translation adjustments	(5,265)	(9,479)
Ending Balance	$ 345,564	$ 353,281

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 67,526	$ 67,225
Other intangible assets, Accumulated Amortization	65,493	63,591
Other intangible assets, Net Carrying Amount	2,033	3,634
Success/Incentive Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	33,040	33,040
Other intangible assets, Accumulated Amortization	31,292	30,043
Other intangible assets, Net Carrying Amount	1,748	2,997
Management Fees, Customer Relationships and Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	34,486	34,185
Other intangible assets, Accumulated Amortization	34,201	33,548
Other intangible assets, Net Carrying Amount	$ 285	$ 637

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2019 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2019 (October 1 through December 31)	$ 265
2020	1,558
2021	60
2022	60
2023	60
Thereafter	30
Total amortization expense	$ 2,033

Senior Debt - Senior Debt (Detail) - USD ($)	9 Months Ended
Senior Debt - Senior Debt (Detail) - USD ($)	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Senior Debt, Outstanding Principal	$ 1,700,000,000		$ 1,450,000,000
Senior Debt, Outstanding Unamortized Debt Costs	21,079,000		15,740,000
Senior Debt, Outstanding Carrying Value	1,678,921,000		1,434,260,000
Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 500,000,000
Senior Debt, Maturity Date	Nov. 14, 2020
Senior Debt, Annual Interest Rate	4.25%
Senior Debt, Outstanding Principal			250,000,000
Senior Debt, Outstanding Unamortized Debt Costs			863,000
Senior Debt, Outstanding Carrying Value			249,137,000
Lazard Group 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 400,000,000
Senior Debt, Maturity Date	Feb. 13, 2025
Senior Debt, Annual Interest Rate	3.75%
Senior Debt, Outstanding Principal	$ 400,000,000		400,000,000
Senior Debt, Outstanding Unamortized Debt Costs	2,534,000		2,888,000
Senior Debt, Outstanding Carrying Value	397,466,000		397,112,000
Lazard Group 3.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 300,000,000
Senior Debt, Maturity Date	Mar. 01, 2027
Senior Debt, Annual Interest Rate	3.625%
Senior Debt, Outstanding Principal	$ 300,000,000		300,000,000
Senior Debt, Outstanding Unamortized Debt Costs	2,920,000		3,215,000
Senior Debt, Outstanding Carrying Value	297,080,000		296,785,000
Lazard Group 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 500,000,000			$ 500,000,000
Senior Debt, Maturity Date	Sep. 19, 2028
Senior Debt, Annual Interest Rate	4.50%
Senior Debt, Outstanding Principal	$ 500,000,000		500,000,000
Senior Debt, Outstanding Unamortized Debt Costs	8,038,000		8,774,000
Senior Debt, Outstanding Carrying Value	491,962,000		$ 491,226,000
Lazard Group 4.375% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 500,000,000	$ 500,000,000
Senior Debt, Maturity Date	Mar. 11, 2029
Senior Debt, Annual Interest Rate	4.375%	4.375%
Senior Debt, Outstanding Principal	$ 500,000,000
Senior Debt, Outstanding Unamortized Debt Costs	7,587,000
Senior Debt, Outstanding Carrying Value	$ 492,413,000

Senior Debt - Senior Debt (Parenthetical) (Detail) - USD ($)	1 Months Ended			3 Months Ended	9 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Mar. 31, 2019	Sep. 30, 2019
Lazard Group 4.375% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount		$ 500,000,000		$ 500,000,000	$ 500,000,000
Interest rate, payment terms					Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019
Senior notes interest rate		4.375%		4.375%	4.375%
Original Maturity Date					Mar. 11, 2029
Effective interest rates of senior notes					4.54%
Lazard Group 4.25% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount					$ 500,000,000
Senior notes interest rate					4.25%
Redemption of senior debt aggregate principal amount	$ 82,057,000	$ 167,943,000	$ 250,000,000	$ 250,000,000
Original Maturity Date					Nov. 14, 2020
Lazard Group 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount			$ 500,000,000		$ 500,000,000
Interest rate, payment terms					Interest on the 2028 Notes is payable semi-annually on March 19 and September 19 of each year, beginning March 19, 2019
Senior notes interest rate					4.50%
Original Maturity Date					Sep. 19, 2028
Effective interest rates of senior notes					4.68%
Lazard Group 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount					$ 400,000,000
Senior notes interest rate					3.75%
Original Maturity Date					Feb. 13, 2025
Effective interest rates of senior notes					3.87%
Lazard Group 3.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount					$ 300,000,000
Senior notes interest rate					3.625%
Original Maturity Date					Mar. 01, 2027
Effective interest rates of senior notes					3.76%

Senior Debt - Additional Information (Detail) - USD ($)	Sep. 25, 2015	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Senior debt		$ 1,678,921,000	$ 1,434,260,000
Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Unused lines of credit		167,000,000
Senior Debt [Member]
Debt Instrument [Line Items]
Senior debt		1,678,921,000	1,434,260,000
Fair value of senior debt		1,817,000,000	1,429,000,000
LFB [Member] \| Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Unused lines of credit		16,000,000
Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Senior revolving credit facility	$ 150,000,000
Duration of senior revolving credit facility, in years	5 years
Expiration of credit facility	2020-09
Outstanding credit facility		$ 0	$ 0

Commitments and Contingencies - Additional Information (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2016
Business Acquisitions [Member]
Other Commitments [Line Items]
Number of contingent additional shares earned including dividend equivalent amount	0
Business Acquisitions [Member] \| Class A Common Stock [Member]
Other Commitments [Line Items]
Common stock issued and issuable		40,585
Business Acquisitions [Member] \| Class A Common Stock [Member] \| Maximum [Member]
Other Commitments [Line Items]
Contingent shares issuable upon satisfaction of performance thresholds		210,431
LFB [Member]
Other Commitments [Line Items]
Guarantees indemnifications	$ 2,422,000
Collateral/counter-guarantees	2,422,000
Other commitments	0
LFNY [Member]
Other Commitments [Line Items]
Other commitments	$ 0

Members' Equity - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Oct. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Oct. 31, 2019
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased		$ 78,569,000	$ 82,796,000	$ 430,281,000	$ 306,591,000
Share repurchase remaining authorization		$ 165,231,000		$ 165,231,000
April and October, 2018 and February, 2019 [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase authorization expiration date				Dec. 31, 2020
Subsequent Event [Member] \| 30 October, 2019 [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase remaining authorization	$ 437,000,000
Share repurchase authorization expiration date	Dec. 31, 2021
Share repurchase authorization	$ 300,000,000
Lazard Ltd Subsidiaries [Member]
Schedule Of Stockholders Equity [Line Items]
Distribution to members				$ 178,935,000	364,751,000
Lazard Ltd Subsidiaries [Member] \| Subsequent Event [Member] \| Class A Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Shares distribution to members						17,000,000
Executive Officers [Member] \| Class A Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased				$ 14,600,000	$ 16,400,000

Members' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail)	9 Months Ended
	Sep. 30, 2019 USD ($)
October, 2017 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 200,000,000
Expiration	Dec. 31, 2019
April, 2018 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020
October, 2018 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020
February, 2019 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020

Members' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share Repurchase Program [Abstract]
Number of Shares Purchased	11,946,943	5,797,789
Average Price Per Share	$ 36.01	$ 52.88

Members' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss) before reclassifications	$ (15,271)	$ (6,768)	$ (16,450)	$ (25,109)
Adjustments for items reclassified to earnings, net of tax	1,074	949	3,319	2,788
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(14,197)	(5,819)	(13,131)	(22,321)
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(86,869)	(65,417)	(82,829)	(43,790)
Other comprehensive income (loss) before reclassifications	(24,321)	(7,631)	(28,361)	(29,258)
Adjustments for items reclassified to earnings, net of tax	0	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(24,321)	(7,631)	(28,361)	(29,258)
Balance	(111,190)	(73,048)	(111,190)	(73,048)
Employee Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(140,725)	(146,341)	(145,831)	(151,466)
Other comprehensive income (loss) before reclassifications	9,050	863	11,911	4,149
Adjustments for items reclassified to earnings, net of tax	1,074	949	3,319	2,788
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	10,124	1,812	15,230	6,937
Balance	(130,601)	(144,529)	(130,601)	(144,529)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(1)
Other comprehensive income (loss) before reclassifications	(1)	1	(1)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(1)	1	(1)
Balance	(1)		(1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(227,594)	(211,757)	(228,660)	(195,256)
Other comprehensive income (loss) before reclassifications	(15,270)	(6,769)	(16,449)	(25,109)
Adjustments for items reclassified to earnings, net of tax	1,074	949	3,319	2,788
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(14,196)	(5,820)	(13,130)	(22,321)
Balance	(241,790)	(217,577)	(241,790)	(217,577)
Total AOCI [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(227,594)	(211,758)	(228,660)	(195,256)
Balance	$ (241,791)	$ (217,577)	$ (241,791)	$ (217,577)

Members' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	$ 1,074	$ 949	$ 3,319	$ 2,788
Accumulated Defined Benefit Plans Adjustment [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization relating to employee benefit plans	1,246	1,213	3,843	3,736
Less - related income taxes	172	264	524	948
Total reclassifications, net of tax	$ 1,074	$ 949	$ 3,319	$ 2,788

Members' Equity - Net Income Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Minority Interest [Line Items]
Net Income Attributable to Noncontrolling Interests	$ 1,492	$ 1,652	$ 8,662	$ 5,037
Noncontrolling Interests	65,435		65,435		$ 52,707
Edgewater [Member]
Minority Interest [Line Items]
Net Income Attributable to Noncontrolling Interests	1,302	1,651	8,237	5,034
Noncontrolling Interests	52,311		52,311		52,695
Other [Member]
Minority Interest [Line Items]
Net Income Attributable to Noncontrolling Interests	1	$ 1	2	$ 3
Noncontrolling Interests	14		14		$ 12
Consolidated VIEs [Member]
Minority Interest [Line Items]
Net Income Attributable to Noncontrolling Interests	189		423
Noncontrolling Interests	$ 13,110		$ 13,110

Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Apr. 24, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend participation rights required the issuance of RSUs	725,197
Lazard Fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years	10 months 24 days
Non-Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual compensation received by directors in the form of DSUs	55.00%
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis	one-for-one
Grant date fair value, amortized periods	generally one-third after two years, and the remaining two-thirds after the third year
Unrecognized compensation expense	$ 147,308
Unrecognized compensation expense, years	10 months 24 days
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation paid in DSUs	51,379
Units granted under the directors deferred unit plan	16,103
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 20,080
Unrecognized compensation expense, years	10 months 24 days
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 4,465
Unrecognized compensation expense, years	8 months 12 days
Percentage of target number of shares subject to each PRSU no longer subject to forfeiture due to threshold level of performance being achieved	25.00%
Descriptions of vesting period	PRSUs will vest on a single date approximately three years following the date of the grant
Vesting period	3 years
PRSUs target share distribution for Class A common stock, description	The target number of shares of Class A common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of Class A common stock that may be received in connection with each PRSU generally can range from zero to two times the target number.
Profits Interest Participation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis	one-for-one
Unrecognized compensation expense	$ 19,831
Unrecognized compensation expense, years	1 year 2 months 12 days
Descriptions of vesting period	Profits interest participation rights generally provide for vesting approximately three years following the grant date
Vesting period	3 years
PRSUs target share distribution for Class A common stock, description	The target number of shares of Class A common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of Class A common stock that may be received in connection with each PRPU award will range from zero to two times the target number.
Percentage of target number of shares subject to the applicable units no longer subject to forfeiture due to threshold level of performance being achieved	25.00%
Class A Common Stock [Member] \| RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery	2,047,117
Delivery of common stock associated with stock awards	3,810,345
Class A Common Stock [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery	372,792
Delivery of common stock associated with stock awards	792,776
Class A Common Stock [Member] \| PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery	203,036
Delivery of common stock associated with stock awards	968,045
Class A Common Stock [Member] \| 2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements		30,000,000
Class A Common Stock [Member] \| Awarded Under 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding Class A common stock available under the plan	30.00%
Compensation plan expiration period	Apr. 24, 2018
Class A Common Stock [Member] \| 2005 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements	25,000,000

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based incentive awards:
Share-based incentive awards	$ 65,092	$ 48,267	$ 225,192	$ 217,139
RSUs [Member]
Share-based incentive awards:
Share-based incentive awards	37,206	38,121	140,597	154,643
PRSUs [Member]
Share-based incentive awards:
Share-based incentive awards	14,291	3,107	16,540	31,125
Restricted Stock [Member]
Share-based incentive awards:
Share-based incentive awards	7,274	6,950	24,871	30,323
Profits Interest Participation Rights [Member]
Share-based incentive awards:
Share-based incentive awards	6,224		42,105
DSUs [Member]
Share-based incentive awards:
Share-based incentive awards	$ 97	$ 89	$ 1,079	$ 1,048

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail)	9 Months Ended
	Sep. 30, 2019 $ / shares shares
RSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance \| shares	11,362,306
Units, Granted \| shares	5,729,741
Units, Forfeited \| shares	(673,873)
Units, Settled \| shares	(5,857,462)
Units, Ending Balance \| shares	10,560,712
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 43.78
Weighted Average Grant Date Fair Value, Granted \| $ / shares	38.51
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	43.40
Weighted Average Grant Date Fair Value, Settled \| $ / shares	37.09
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 44.66
DSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance \| shares	323,546
Units, Granted \| shares	67,482
Units, Ending Balance \| shares	391,028
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 39.27
Weighted Average Grant Date Fair Value, Granted \| $ / shares	31.99
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 38.01

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2019 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Dividend participation rights	725,197

Incentive Plans - Summary of Activity Related to Shares of Restricted Class A Common Stock (Detail) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance \| shares	1,541,058
Units, Granted \| shares	1,039,736
Units, Forfeited \| shares	(230,787)
Units, Settled \| shares	(1,165,568)
Units, Ending Balance \| shares	1,184,439
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 43.16
Weighted Average Grant Date Fair Value, Granted \| $ / shares	35.32
Weighted Average Grant Date Fair Value, Forfeited \| $ / shares	40.59
Weighted Average Grant Date Fair Value, Settled \| $ / shares	38.38
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 41.48

Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance \| shares	1,771,795
Units, Settled \| shares	(1,171,081)
Units, Ending Balance \| shares	600,714
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 38.66
Weighted Average Grant Date Fair Value, Settled \| $ / shares	32.44
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 50.78

Incentive Plans - Summary of Activity Relating to PIPRs , including PRPUs (Detail) - Profits Interest Participation Rights [Member]	9 Months Ended
	Sep. 30, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Granted \| shares	1,462,702
Units, Ending Balance \| shares	1,462,702
Weighted Average Grant Date Fair Value, Granted \| $ / shares	$ 38.65
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 38.65

Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Compensation Liability, Beginning Balance	$ 188,962
Compensation Liability, Ending Balance	228,116
LFI and Other Similar Deferred Compensation Arrangements [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Prepaid Compensation Asset, Beginning Balance	76,362
Prepaid Compensation Asset, Granted	101,552
Prepaid Compensation Asset, Forfeited	(1,571)
Prepaid Compensation Asset, Amortization	(83,301)
Prepaid Compensation Asset, Other	(990)
Prepaid Compensation Asset, Ending Balance	92,052
Compensation Liability, Beginning Balance	188,022
Compensation Liability, Granted	101,529
Compensation Liability, Settled	(89,140)
Compensation Liability, Forfeited	(3,107)
Compensation Liability, Increase (decrease) in fair value of underlying investments	22,118
Compensation Liability, Adjustment for estimated forfeitures	3,704
Compensation Liability, Other	(1,100)
Compensation Liability, Ending Balance	$ 222,026

Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation [Abstract]
Amortization, net of forfeitures	$ 23,325	$ 19,145	$ 85,469	$ 71,274
Change in the fair value of underlying investments	1,764	3,647	22,118	1,712
Total	$ 25,089	$ 22,792	$ 107,587	$ 72,986

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 223	$ 217	$ 635	$ 670
Interest cost	3,716	3,822	11,476	11,861
Expected return on plan assets	(6,697)	(7,315)	(20,596)	(22,681)
Amortization of:
Prior service cost	26		82
Net actuarial loss (gain)	1,220	1,213	3,761	3,736
Settlement loss	2,280		5,802
Net periodic benefit cost (credit)	$ 768	$ (2,063)	$ 1,160	$ (6,414)

Business Realignment Activities - Expenses Associated with Business Realignment Activity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Compensation and benefits	$ 49,119	$ 49,119
Other	2,335	2,335
Total	51,454	51,454
Financial Advisory Segment [Member]
Compensation and benefits	35,658	35,658
Total	35,658	35,658
Asset Management Segment [Member]
Compensation and benefits	13,144	13,144
Other	1,335	1,335
Total	14,479	14,479
Corporate Segment [Member]
Compensation and benefits	317	317
Other	1,000	1,000
Total	$ 1,317	$ 1,317

Business Realignment Activities - Activity Related to the Obligations Pursuant to Business Realignment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
New charges	$ 51,454	$ 51,454
Non-cash charges	(16,782)
Payments	(1,193)
Balance, September 30, 2019	33,479	33,479
Accrued Compensation and Benefits [Member]
New charges	49,119
Non-cash charges	(15,447)
Payments	(1,193)
Balance, September 30, 2019	32,479	32,479
Other Liabilities [Member]
New charges	2,335
Non-cash charges	(1,335)
Balance, September 30, 2019	$ 1,000	$ 1,000

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income tax provisions	$ 9,433	$ 25,393	$ 42,697	$ 75,453
Effective income tax rates	17.90%	18.80%	15.90%	14.70%
U.S. federal statutory income tax rate	21.00%		21.00%

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Fees receivable	$ 468,393		$ 468,393		$ 499,068
Investment Banking and Other Advisory Fees [Member]
Related Party Transaction [Line Items]
Revenue	303,495	$ 309,118	949,977	$ 1,136,013
Investment Banking and Other Advisory Fees [Member] \| Board Of Directors Or Management Capacity [Member]
Related Party Transaction [Line Items]
Revenue			9,000
Lazard Ltd Subsidiaries [Member]
Related Party Transaction [Line Items]
Interest income related to interest-bearing loans		230	89	451
Notes payable related parties current and noncurrent	54,955		54,955		60,875
Interest expense related to interest-bearing loans with subsidiaries	872	901	2,688	2,803
Sponsored Funds [Member]
Related Party Transaction [Line Items]
Revenue	$ 141,365	$ 158,425	$ 438,733	$ 510,414
Type of Revenue [Extensible List]	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member
Fees receivable	$ 55,714		$ 55,714		$ 59,304

Regulatory Authorities - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Jun. 30, 2019
LFNY [Member]
Regulatory Requirements [Line Items]
Specified fixed percentage, minimum required capital	6.67%
Minimum net capital requirement as defined under exchange act	$ 100,000
Regulatory capital	133,716,000
Regulatory capital in excess of minimum requirement	$ 128,376,000
Aggregate indebtedness to net capital ratio	0.60
LFNY [Member] \| Maximum [Member]
Regulatory Requirements [Line Items]
Aggregate indebtedness to net capital ratio	15
U.K. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	$ 148,962,000
Regulatory capital in excess of minimum requirement	132,957,000
CFLF [Member]
Regulatory Requirements [Line Items]
Regulatory capital	161,499,000
Regulatory capital in excess of minimum requirement	106,159,000
Combined European Regulated Group [Member]
Regulatory Requirements [Line Items]
Regulatory capital		$ 211,440,000
Regulatory capital in excess of minimum requirement		$ 107,119,000
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	153,873,000
Regulatory capital in excess of minimum requirement	$ 125,826,000

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net Revenue	$ 588,018	$ 625,012	$ 1,842,170	$ 2,132,912
Operating Expenses	535,200	490,280	1,572,876	1,619,414
Operating Income (Loss)	52,818	134,732	269,294	513,498
Total Assets	4,994,628		4,994,628		$ 4,389,475
Operating Segments [Member] \| Financial Advisory Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue	304,174	309,846	953,863	1,137,781
Operating Expenses	303,966	253,602	847,322	900,397
Operating Income (Loss)	208	56,244	106,541	237,384
Total Assets	1,044,961		1,044,961		829,898
Operating Segments [Member] \| Asset Management Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue	300,015	325,240	917,439	1,032,111
Operating Expenses	225,819	211,564	652,188	670,794
Operating Income (Loss)	74,196	113,676	265,251	361,317
Total Assets	703,744		703,744		728,220
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue	(16,171)	(10,074)	(29,132)	(36,980)
Operating Expenses	5,415	25,114	73,366	48,223
Operating Income (Loss)	(21,586)	$ (35,188)	(102,498)	$ (85,203)
Total Assets	$ 3,245,923		$ 3,245,923		$ 2,831,357

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	$ 928,439	$ 1,185,040
Customers and other receivables	199,387	184,137
Investments	535,848	575,148
Other assets	313,181	258,413
LIABILITIES
Deposits and other customer payables	1,405,836	1,154,208
Other liabilities	462,780	$ 565,801
Variable Interest Entity, Primary Beneficiary [Member]
ASSETS
Cash and cash equivalents	3,377
Customers and other receivables	519
Investments	89,333
Other assets	769
Total Assets	93,998
LIABILITIES
Deposits and other customer payables	462
Other liabilities	477
Total Liabilities	$ 939

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Investments	$ 535,848	$ 575,148
Lazard Fund Interests [Member] \| Lazard Group LLC [Member]
Variable Interest Entity [Line Items]
Investments	$ 79,791