Exhibit 99.1

LAZARD LTD REPORTS

SECOND-QUARTER AND FIRST-HALF 2020 RESULTS

NEW YORK, July 31, 2020 – Lazard Ltd (NYSE: LAZ) today reported operating revenue¹ of $543 million for the quarter ended June 30, 2020. Net income, as adjusted², was $75 million, or $0.67 per share (diluted) for the quarter. On a U.S. GAAP basis, second-quarter 2020 net income was $73 million, or $0.66 per share (diluted).

First-half 2020 net income, as adjusted, was $142 million, or $1.25 per share (diluted). On a U.S. GAAP basis, first-half 2020 net income was $137 million, or $1.22 per share (diluted).

“Lazard continues to perform well in a period of unprecedented uncertainty, reflecting the strength and resilience of our business model and the dedication of our people,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “Our broad array of Financial Advisory services, including our preeminent Restructuring franchise, mitigates the impact of a slowdown in global M&A markets. In Asset Management, the diversification of our investment platforms and global client base continue to be a solid foundation for long-term growth.”

Note: Endnotes are on page 6 of this release. A reconciliation of adjusted GAAP to U.S. GAAP begins on page 13.

1

COVID-19 ENVIRONMENT UPDATE

During the second quarter of 2020, the COVID-19 pandemic continued to have a negative impact on economic activity around the world. Governments and central banks have taken extraordinary measures to support local economies and capital markets, but the macroeconomic outlook remains uncertain while significant health risks persist.

Lazard’s offices around the world have continued to operate in the context of applicable local regulations and guidelines regarding business activity, and in the second quarter, the majority of our people worked from home, employing virtual and secure cloud-based systems to continue communicating, collaborating and conducting client business.

We continue to expect a challenging environment in the near-term due to elevated uncertainty, capital markets volatility and a downturn in global M&A activity. We believe that our strong financial position, the diversity of our business, and our consistent focus on cost discipline will enable us to weather the economic downturn.

OPERATING REVENUE

Operating revenue¹ was $543 million for the second quarter of 2020, and $1,106 million for the first half of 2020, down 14% and 12% for both periods from the respective 2019 periods.

Financial Advisory

Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.

For the second quarter of 2020, Financial Advisory operating revenue was $293 million, 11% lower than the second quarter of 2019. The decrease reflected lower M&A completions offset by higher Restructuring advisory fees.

For the first half of 2020, Financial Advisory operating revenue was $588 million, 11% lower than the first half of 2019.

During and since the second quarter of 2020, Lazard has been engaged in significant and complex M&A transactions and other advisory assignments globally, including the following (clients are in italics): Alfried Krupp von Bohlen und Halbach-Foundation in thyssenkrupp’s €17.2 billion sale of its Elevator Technology business to a consortium led by Advent, Cinven and RAG foundation; Anheuser-Busch InBev’s AUD 16.0 billion sale of Carlton & United Breweries to Asahi Group Holdings; Apergy in its combination with ChampionX, valuing the combined entity at $7.4 billion; Sempra Energy on its $3.6 billion sale of its equity interests in its Peruvian businesses to China Yangtze Power, and its $2.2 billion sale of its equity interests in its Chilean businesses to State Grid International Development; Visa’s $5.3 billion acquisition of Plaid; Arqiva’s £2.0 billion sale of its Telecoms division to Cellnex; and Teladoc Health’s $600 million acquisition of InTouch Health.

2

Lazard has one of the world’s preeminent restructuring practices, with a long track record of successfully advising businesses and governments. During and since the second quarter of 2020, we have been engaged in a broad range of highly visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: 24 Hour Fitness; CSM Bakery Solutions; Diamond Offshore Drilling; Foresight Energy; Gavilan Resources; Global Cloud Xchange; Hi-Crush; J.C. Penney; J.Crew; Libbey; Macy’s; Neiman Marcus; PG&E; Pioneer Energy Services; Premier Oil; Pyxus International; Technicolor; Trevi Finanziaria Industriale; and Valaris. Lazard was the global leader in announced restructurings by volume for the first half of 2020 (Source: Refinitiv).

Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.

For a list of publicly announced Financial Advisory transactions on which Lazard advised in the second quarter of 2020, or continued to advise or completed since June 30, 2020, please visit our website at www.lazard.com/businesses/transactions.

Asset Management

In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.

For the second quarter of 2020, Asset Management operating revenue was $245 million, 16% lower than the second quarter of 2019. For the first half of 2020, Asset Management operating revenue was $514 million, 11% lower than the first half of 2019.

For the second quarter of 2020, management fees and other revenue was $245 million, 14% lower than the second quarter of 2019, and 9% lower than the first quarter of 2020. For the first half of 2020, management fees and other revenue was $512 million, 10% lower than the first half of 2019.

Average assets under management (AUM) for the second quarter of 2020 was $208 billion, 12% lower than the second quarter of 2019, and 6% lower than the first quarter of 2020. Average AUM for the first half of 2020 was $215 billion, 8% lower than the first half of 2019.

AUM as of June 30, 2020, was $215 billion, down 10% from June 30, 2019, and up 11% from March 31, 2020. The sequential increase was primarily driven by market appreciation of $25 billion and foreign exchange appreciation of $2.4 billion, partially offset by $6 billion in net outflows.

For the second quarter of 2020, incentive fees were $1 million, compared to $5 million for the second quarter of 2019. For the first half of 2020, incentive fees were $2 million, compared to $6 million for the first half of 2019.

3

OPERATING EXPENSES

Compensation and Benefits

In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges), a non-GAAP measure. We believe annual awarded compensation is an appropriate measure to assess actual annual compensation cost when also presented with the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.

For the second quarter of 2020, we accrued compensation and benefits expense¹ at an adjusted compensation¹ ratio of 60%. This resulted in $326 million of adjusted compensation and benefits expense, compared to $362 million for the second quarter of 2019.

For the first half of 2020, adjusted compensation and benefits expense¹ was $663 million, compared to $719 million for the first half of 2019.

We manage our compensation and benefits expense based on awarded compensation with a consistent deferral policy. We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.

Non-Compensation Expense

Adjusted non-compensation expense¹ for the second quarter of 2020 was $100 million, 22% lower than the second quarter of 2019. The decrease primarily reflects lower marketing and business development expenses, including travel. The ratio of adjusted non-compensation expense to operating revenue for the second quarter of 2020 was 18.3%, compared to 20.3% for the second quarter of 2019.

Adjusted non-compensation expense¹ for the first half of 2020 was $212 million, 13% lower than the first half of 2019. The ratio of adjusted non-compensation expense to operating revenue for the first half of 2020 was 19.2%, compared to 19.5% for the first half of 2019.

Our goal remains to achieve an adjusted non-compensation expense-to-operating revenue ratio over the cycle of 16% to 20%.    

TAXES

The provision for taxes, on an adjusted basis¹, was $24 million for the second quarter of 2020 and $50 million for the first half of 2020. The effective tax rate on the same basis was 23.9% for the second quarter and 26.3% for the first half of 2020, compared to 28.8% and 23.9% for the respective 2019 periods.

4

CAPITAL MANAGEMENT AND BALANCE SHEET

Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.

For the second quarter of 2020, Lazard returned $53 million to shareholders, which included: $49 million in dividends and $4 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

For the first half of 2020, Lazard returned $264 million to shareholders, which included: $98 million in dividends; $95 million in share repurchases of our Class A common stock; and $71 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

During the first half of 2020, we repurchased 2.9 million shares at an average price of $32.70 per share. As of June 30, 2020, our remaining share repurchase authorization was $306 million.

On July 29, 2020, Lazard declared a quarterly dividend of $0.47 per share on its outstanding common stock. The dividend is payable on August 21, 2020, to stockholders of record on August 10, 2020.

Lazard’s financial position remains strong. As of June 30, 2020, our cash and cash equivalents were $897 million, and stockholders’ equity related to Lazard’s interests was $601 million.

***

CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. EDT on July 31, 2020, to discuss the company’s financial results for the second quarter and first half of 2020. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing 1 (800) 458-4148 (U.S. and Canada) or +1 (323) 794-2093 (outside of the U.S. and Canada), 15 minutes prior to the start of the call.

A replay of the conference call will be available by 10:00 a.m. EDT on July 31, 2020, via the Lazard Investor Relations website, or by dialing 1 (888) 203-1112 (U.S. and Canada) or +1 (719) 457-0820 (outside of the U.S. and Canada). The replay access code is 1611226.

ABOUT LAZARD

Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from more than 40 cities across 25 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

***

5

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

***

ENDNOTES

¹ A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis in addition to the U.S. GAAP results is a meaningful and useful basis to compare our operating results across periods.

² Second-quarter and first-half 2020 adjusted results¹ exclude pre-tax charges of $2.5 million and $6.2 million, respectively, of costs relating to an office space reorganization. On a U.S. GAAP basis, these resulted in a net charge of $1.7 million, or $0.02 (diluted) per share, for the second quarter, and a net charge of $4.2 million, or $0.04 (diluted) per share, for the first half of 2020.

LAZ-EPE

###

6

LAZARD LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(U.S. GAAP)

7

LAZARD LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(U.S. GAAP)

8

LAZARD LTD

UNAUDITED CONDENSED CONSOLIDATED

STATEMENT OF FINANCIAL CONDITION

(U.S. GAAP)

9

LAZARD LTD

SELECTED SUMMARY FINANCIAL INFORMATION (a)

(Non-GAAP - unaudited)

This presentation includes non-U.S. GAAP (“non-GAAP”) measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

10

LAZARD LTD

SELECTED SUMMARY FINANCIAL INFORMATION (a)

(Non-GAAP - unaudited)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

11

LAZARD LTD

ASSETS UNDER MANAGEMENT (“AUM”)

(unaudited)

($ in millions)

Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.

12

LAZARD LTD

RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL INFORMATION (a)

(unaudited)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

13

LAZARD LTD

RECONCILIATION OF NON-COMPENSATION U.S. GAAP TO ADJUSTED (a)

(unaudited)

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

14

LAZARD LTD

Notes to Financial Schedules

15