0001628280-23-035416 | 10-Q | XBRL Viewer

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INCENTIVE PLANS - Schedule of Activity Relating to PRSUs (Details) - PRSUs	Sep. 30, 2023 $ / shares shares
Units
Units beginning balance (in shares) \| shares	94,690
Units ending balance (in shares) \| shares	94,690
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share) \| $ / shares	$ 39.27
Weighted average grant date fair value, ending balance (in USD per share) \| $ / shares	$ 39.27

EMPLOYEE BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Schedule of of Net Periodic Benefit Cost

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, 2023 and 2022:


	Pension Plans
	Three Months Ended September 30,
	2023		2022
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	74	$	116
Interest cost	5,322		2,642
Expected return on plan assets	(6,068)		(5,808)
Amortization of:
Prior service cost	28		25
Net actuarial loss	1,926		1,370
Settlement loss	791		380
Net periodic benefit cost (credit)	$	2,073	$	(1,275)


	Pension Plans
	Nine Months Ended September 30,
	2023		2022
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	256	$	386
Interest cost	15,746		8,459
Expected return on plan assets	(17,916)		(18,627)
Amortization of:
Prior service cost	81		80
Net actuarial loss (gain)	4,970		3,484
Settlement loss	2,333		1,223
Net periodic benefit cost (credit)	$	5,470	$	(4,995)

ORGANIZATION AND BASIS OF PRESENTATION - Additional Information (Details)		1 Months Ended	9 Months Ended
	Feb. 23, 2023 USD ($)	Feb. 28, 2021 USD ($)	Sep. 30, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of business segments \| Segment			2
Redeemable noncontrolling interests			$ 81,781,000	$ 583,471,000
LGAC Warrants
Organization And Basis Of Presentation [Line Items]
Redemption rights and liquidating distributions relating to LGAC warrants			0
LGAC
Organization And Basis Of Presentation [Line Items]
Initial public offering (LGAC)		$ 575,000,000
Redeemable noncontrolling interests				$ 583,471,000
Assets held-in-trust, noncurrent	$ 585,891,000
LGAC \| Other Revenue
Organization And Basis Of Presentation [Line Items]
Losses on dissolution			17,929,000
LGAC \| Net Underwriting Fee
Organization And Basis Of Presentation [Line Items]
Net underwriting fee		8,500,000
LGAC \| Non-cash Deferred Underwriting Fees
Organization And Basis Of Presentation [Line Items]
Deferred costs		20,125,000	$ 20,125,000
LGAC \| Other Offering Cost
Organization And Basis Of Presentation [Line Items]
Other offering costs		$ 852,000
Lazard Group LLC
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held (as a percent)			100.00%	100.00%

FAIR VALUE MEASUREMENTS - Fair Value of Certain Investments Based on NAV (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 88,962	$ 64,968
Unfunded Commitments	5,547	5,455
Hedge funds
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 44,022	$ 29,259
Hedge funds \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	30 days	30 days
Hedge funds \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	60 days	60 days
Hedge funds \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	73.00%	68.00%
Hedge funds \| Quarterly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	27.00%	32.00%
Other
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 654	$ 615
Other \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	30 days	30 days
Other \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	30 days	30 days
Other \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	95.00%	95.00%
Other \| Daily
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	5.00%	5.00%
Debt
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 4	$ 4
Redemption Notice Period	30 days	30 days
Debt \| Daily
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	100.00%	100.00%
Equity
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 42	$ 40
Equity \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	30 days	30 days
Equity \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Redemption Notice Period	60 days	60 days
Equity \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	33.00%	35.00%
Equity \| Annually
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	67.00%	65.00%
Private equity \| Equity growth
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
NAV	$ 44,240	$ 35,050
Unfunded Commitments	$ 5,547	$ 5,455
Fair value not redeemable (as percent)	100.00%	100.00%
Private equity \| Consolidated But Not Owned
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 10,206	$ 8,003

COST-SAVING INITIATIVES

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

COST-SAVING INITIATIVES

The Company is conducting firm-wide cost-saving initiatives over the course of 2023.

Expenses and losses associated with the cost-saving initiatives for the three month and nine month periods ended September 30, 2023 consisted of the following:


	Three Months Ended September 30, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	(21)	$	4,190	$	4,772	$	8,941
Technology asset impairments (included in "technology and information services")	56		515		-		571
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	2,164		-		2,483		4,647
Other	1,478		28		42		1,548
Total	$	3,677	$	4,733	$	7,297	$	15,707


	Nine Months Ended September 30, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	90,022	$	44,958	$	31,309	$	166,289
Technology asset impairments (included in "technology and information services")	144		7,812		-		7,956
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	2,164		-		2,483		4,647
Other	2,000		308		1,952		4,260
Total	$	94,330	$	53,078	$	35,744	$	183,152

Activity related to the obligations pursuant to the cost-saving initiatives during the nine month period ended September 30, 2023 was as follows:


	Accrued Compensation and Benefits		Other		Total
Balance, January 1, 2023	$	-	$	-	$	-
Total expenses	166,289		16,863		183,152
Less:
Noncash expenses (a)	31,073		10,726		41,799
Payments and settlements	73,511		4,834		78,345
Balance, September 30, 2023	$	61,705	$	1,303	$	63,008

___________________________________

(a)Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards. Noncash expenses reflected in “other” activity principally relates to technology asset impairments and certain foreign exchange related losses.

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Schedule of Share Repurchase Authorized by Board of Directors (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Expiration	Dec. 31, 2024
April 2021
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2022
February 2022
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2024
July 2022
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 500,000,000
Expiration	Dec. 31, 2024

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	$ 657,880	$ 683,496
Assets, fair value disclosure		$ 698,050
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets	$ 3,678	$ 14,554
Assets, fair value disclosure	661,558
Securities sold, not yet purchased	1,724	4,651
Contingent consideration liability	6,503
Derivative liabilities	342,483	327,160
Total of liabilities measured at fair value	350,710	331,811
Fair Value, Measurements, Recurring \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	4,481
Fair Value, Measurements, Recurring \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	40,659	43,889
Fair Value, Measurements, Recurring \| Alternative investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	60,210	56,947
Fair Value, Measurements, Recurring \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	183,790	178,556
Fair Value, Measurements, Recurring \| Equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	324,239	350,282
Fair Value, Measurements, Recurring \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	44,501	53,822
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	556,920	599,110
Securities sold, not yet purchased	1,724	4,651
Derivative liabilities		115
Total of liabilities measured at fair value	1,724	4,766
Fair Value, Measurements, Recurring \| Level 1 \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	3,524
Fair Value, Measurements, Recurring \| Level 1 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	40,119	43,243
Fair Value, Measurements, Recurring \| Level 1 \| Alternative investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	15,534	27,073
Fair Value, Measurements, Recurring \| Level 1 \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	173,546	178,552
Fair Value, Measurements, Recurring \| Level 1 \| Equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	324,197	350,242
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets	3,678	14,554
Assets, fair value disclosure	14,875	14,554
Derivative liabilities	342,483	327,045
Total of liabilities measured at fair value	342,483	327,045
Fair Value, Measurements, Recurring \| Level 2 \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	957
Fair Value, Measurements, Recurring \| Level 2 \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	10,240
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	801	19,418
Contingent consideration liability	6,503
Total of liabilities measured at fair value	6,503
Fair Value, Measurements, Recurring \| Level 3 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	540	646
Fair Value, Measurements, Recurring \| Level 3 \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	261	18,772
Fair Value, Measurements, Recurring \| NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	88,962	64,968
Fair Value, Measurements, Recurring \| NAV \| Alternative investments
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	44,676	29,874
Fair Value, Measurements, Recurring \| NAV \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	4	4
Fair Value, Measurements, Recurring \| NAV \| Equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	42	40
Fair Value, Measurements, Recurring \| NAV \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	$ 44,240	$ 35,050

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 6,774	$ 122,792	$ (128,801)	$ 335,418
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments before reclassification	(19,935)	(54,439)	(2,946)	(134,129)
Adjustment for items reclassified to earnings	2,129	138	2,157	265
Employee benefit plans:
Actuarial gain (loss) (net of tax expense of $1,195 and $1,832 for the three months ended September 30, 2023 and 2022, respectively, and $121 and $4,436 for the nine months ended September 30, 2023 and 2022, respectively)	5,054	8,786	(332)	20,512
Adjustment for items reclassified to earnings (net of tax expense of $374 and $233 for the three months ended September 30, 2023 and 2022, respectively, and $1,135 and $748 for the nine months ended September 30, 2023 and 2022, respectively)	1,580	1,162	3,916	2,816
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(11,172)	(44,353)	2,795	(110,536)
COMPREHENSIVE INCOME (LOSS)	(4,398)	78,439	(126,006)	224,882
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(364)	16,995	10,245	20,264
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ (4,034)	$ 61,444	$ (136,251)	$ 204,618

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

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

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Financial Advisory	Net Revenue	$	266,048	$	456,521	$	896,099	$	1,254,621
	Operating Expenses	295,609		341,578		1,063,789		956,410
	Operating Income (Loss)	$	(29,561)	$	114,943	$	(167,690)	$	298,211
Asset Management	Net Revenue	$	284,855	$	298,797	$	857,212	$	926,449
	Operating Expenses	232,011		233,614		749,281		707,676
	Operating Income	$	52,844	$	65,183	$	107,931	$	218,773
Corporate	Net Revenue (Loss)	$	(26,985)	$	(28,574)	$	(43,843)	$	(119,888)
	Operating Expenses (Credit)	1,155		(6,590)		48,252		(46,612)
	Operating Loss	$	(28,140)	$	(21,984)	$	(92,095)	$	(73,276)
Total	Net Revenue	$	523,918	$	726,744	$	1,709,468	$	2,061,182
	Operating Expenses	528,775		568,602		1,861,322		1,617,474
	Operating Income (Loss)	$	(4,857)	$	158,142	$	(151,854)	$	443,708


	As Of
	September 30, 2023		December 31, 2022
Total Assets
Financial Advisory	$	1,036,825	$	1,099,921
Asset Management	828,890		978,083
Corporate	2,429,791		3,774,557
Total	$	4,295,506	$	5,852,561

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments and Securities Sold, not yet Purchased

The Company’s investments consist of the following at September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Debt	$	4,481	$	-
Equities	40,659		43,889
Funds:
Alternative investments (a)	60,210		56,947
Debt (a)	183,790		178,556
Equity (a)	324,239		350,282
Private equity	44,501		53,822
	612,740		639,607
Investments, at fair value	657,880		683,496
Equity method investments	-		15,481
Total investments	$	657,880	$	698,977

___________________________________

(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 20), with fair values of $27,145, $168,624 and $262,223, respectively, at September 30, 2023 and $24,137, $142,632 and $266,528, respectively, at December 31, 2022, held in order to satisfy the Company’s obligation 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 interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 6 and 12).

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

During the three month and nine month periods ended September 30, 2023 and 2022, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net unrealized investment gains (losses)	$	(23,879)	$	(31,093)	$	14,551	$	(134,091)

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	$ 1,195	$ 1,832	$ 121	$ 4,436
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 374	$ 233	$ 1,135	$ 748

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUE
Interest income	$ 11,543	$ 8,148	$ 35,096	$ 13,971
Other	713	4,988	40,761	(2,926)
Total revenue	543,170	746,431	1,767,399	2,123,233
Interest expense	19,252	19,687	57,931	62,051
Net revenue	523,918	726,744	1,709,468	2,061,182
OPERATING EXPENSES
Compensation and benefits	364,605	420,937	1,386,803	1,181,608
Occupancy and equipment	33,108	30,696	97,681	91,344
Marketing and business development	20,754	19,633	72,098	56,429
Technology and information services	46,897	44,579	142,307	124,577
Professional services	20,451	15,665	66,179	48,243
Fund administration and outsourced services	27,884	27,110	83,428	85,364
Amortization and other acquisition-related costs	96	15	239	45
Benefit pursuant to tax receivable agreement	0	0	(40,435)	0
Other	14,980	9,967	53,022	29,864
Total operating expenses	528,775	568,602	1,861,322	1,617,474
OPERATING INCOME (LOSS)	(4,857)	158,142	(151,854)	443,708
Provision (benefit) for income taxes	(11,631)	35,350	(23,053)	108,290
NET INCOME (LOSS)	6,774	122,792	(128,801)	335,418
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(365)	16,995	10,245	20,265
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ 7,139	$ 105,797	$ (139,046)	$ 315,153
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	89,425,900	93,275,631	88,582,468	98,161,027
Diluted (in shares)	94,309,224	98,865,156	88,582,468	103,268,378
NET INCOME (LOSS) PER SHARE OF COMMON STOCK:
Basic (in USD per share)	$ 0.07	$ 1.11	$ (1.60)	$ 3.16
Diluted (in USD per share)	$ 0.06	$ 1.06	$ (1.60)	$ 3.03
Investment banking and other advisory fees
REVENUE
Revenue	$ 265,314	$ 454,255	$ 892,826	$ 1,249,085
Asset management fees
REVENUE
Revenue	$ 265,600	$ 279,040	$ 798,716	$ 863,103

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS)	$ (128,801)	$ 335,418
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	32,177	31,895
Noncash lease expense	47,641	46,046
Currency translation adjustment reclassification	2,157	265
Amortization of deferred expenses and share-based incentive compensation	353,698	333,100
Amortization and other acquisition-related costs	239	45
Deferred tax provision (benefit)	(100,744)	55,725
Benefit pursuant to tax receivable agreement	(40,435)	0
Impairment of equity method investments and other receivables	22,981	0
Impairment of assets associated with cost-saving initiatives	8,561	0
Loss on LGAC liquidation	17,929	0
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net	18,470	43,233
Investments	(100,714)	236,275
Other assets	(25,157)	(72,312)
Accrued compensation and benefits and other liabilities	(284,936)	(490,029)
Net cash provided by (used in) operating activities	(176,934)	519,661
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(19,505)	(24,986)
Disposals of property	352	272
Acquisition of business, net of cash acquired	(10,516)	0
Other investing activities	0	(7,500)
Net cash used in investing activities	(29,669)	(32,214)
Proceeds from:
Customer deposits, net	0	281,360
Contributions from noncontrolling interests	1,248	388
Payments for:
Customer deposits, net	(466,658)	0
Distributions to noncontrolling interests	(5,068)	(27,062)
Tax receivable agreement	(32,208)	(21,035)
Distribution to redeemable noncontrolling interests in connection with LGAC redemption	(585,891)	0
Purchase of Class A common stock	(102,051)	(612,175)
Class A common stock dividends	(129,367)	(138,914)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements	(53,924)	(61,257)
LFI Consolidated Funds redemptions	(36,816)	(11,296)
Other financing activities	(10,186)	(10,841)
Net cash used in financing activities	(1,420,921)	(600,832)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(5,101)	(353,914)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(1,632,625)	(467,299)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1	2,639,400	3,430,014
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH—September 30	$ 1,006,775	$ 2,962,715

GOODWILL AND OTHER INTANGIBLE ASSETS - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill [Roll Forward]
Beginning Balance	$ 377,240	$ 379,421
Acquisition of business	16,729	0
Foreign currency translation adjustments	80	(3,637)
Ending Balance	$ 394,049	$ 375,784

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

INCENTIVE PLANS - Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Details)) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	$ 58,362	$ 74,916	$ 209,630	$ 201,102
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	41,085	37,061	136,772	98,012
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	569	498	1,920	1,387
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	5,742	6,420	21,117	19,197
Profits interest participation rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	10,815	30,762	48,077	80,454
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based incentive awards	$ 151	$ 175	$ 1,744	$ 2,052

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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+ Details

DERIVATIVES - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 6,027	$ 14,783
Derivative assets, amounts not netted: cash collateral	0	0
Derivative assets, amounts not netted: securities collateral	0	0
Derivative assets, fair value, total	3,678	14,554
Derivative assets, notional amount	231,252	325,129
Derivative liabilities, fair value	344,832	327,390
Derivative liabilities, amounts not netted: cash collateral	(1,692)	0
Derivative liabilities, amounts not netted: securities collateral	0	0
Derivative liabilities, fair value, total	340,792	327,160
Derivative liabilities, notional	619,445	479,122
Forward foreign currency exchange rate contracts
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1,985	1,356
Derivative assets fair value counterparty and cash collateral netting	(79)	(157)
Derivative assets, notional amount	151,496	170,103
Derivative liabilities, fair value	1,979	921
Derivative liabilities, fair value, counterparty and cash collateral netting	(83)	(158)
Derivative liabilities, notional	207,558	128,098
Total return swaps and other
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	4,042	13,427
Derivative assets fair value counterparty and cash collateral netting	(2,270)	(72)
Derivative assets, notional amount	79,756	155,026
Derivative liabilities, fair value	2,270	72
Derivative liabilities, fair value, counterparty and cash collateral netting	(2,265)	(72)
Derivative liabilities, notional	54,754	1,398
LGAC Warrants
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		0
Derivative assets, notional amount		0
Derivative liabilities, fair value		115
Derivative liabilities, notional		11,500
LFI and other similar deferred compensation arrangements
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0	0
Derivative assets, notional amount	0	0
Derivative liabilities, fair value	340,583	326,282
Derivative liabilities, notional	357,133	338,126
Net derivatives in "other assets" and "other liabilities"
Derivatives, Fair Value [Line Items]
Derivative assets, net derivatives	3,678	14,554
Derivative liabilities, net derivatives	$ 342,484	$ 327,160

DERIVATIVES

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVES

The tables below present 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 12) on the accompanying condensed consolidated statements of financial condition as of September 30, 2023 and December 31, 2022. Notional amounts provide an indication of the volume of the Company's derivative activity.

Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the condensed consolidated statements of financial condition where the Company has obtained an appropriate legal opinion with respect to the master netting agreement. Where such a legal opinion has not been either sought or obtained, amounts are not eligible for netting on the condensed consolidated statements of financial condition, and those derivative assets and liabilities are shown separately in the table below.

In addition to the cash collateral received and transferred that is presented on a net basis with derivative assets and liabilities, the Company receives and transfers additional securities and cash collateral. These amounts mitigate counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the condensed consolidated statements of financial condition.


	September 30, 2023
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	1,985	$	151,496	$	1,979	$	207,558
Total return swaps and other	4,042		79,756		2,270		54,754

LFI and other similar deferred compensation arrangements	-		-		340,583		357,133
Total gross derivatives	6,027		$	231,252	344,832		$	619,445
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(79)				(83)
Total return swaps and other	(2,270)				(2,265)
Net derivatives in "other assets" and "other liabilities"	3,678				342,484
Amounts not netted (a):
Cash collateral	-				(1,692)
Securities collateral	-				-
	$	3,678			$	340,792


	December 31, 2022
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	1,356	$	170,103	$	921	$	128,098
Total return swaps and other	13,427		155,026		72		1,398
LGAC Warrants	-		-		115		11,500
LFI and other similar deferred compensation arrangements	-		-		326,282		338,126
Total gross derivatives	14,783		$	325,129	327,390		$	479,122
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(157)				(158)
Total return swaps and other	(72)				(72)
Net derivatives in "other assets" and "other liabilities"	14,554				327,160
Amounts not netted (a):
Cash collateral	-				-
Securities collateral	-				-
	$	14,554			$	327,160

___________________________________

(a)Amounts are subject to master netting arrangements but do not meet the criteria for netting on the condensed consolidated statements of financial condition under U.S. GAAP. For some counterparties, the collateral amounts of securities and cash collateral pledged may exceed the derivative assets and derivative liabilities balances. Where this is the case, the total amount reported is limited to the net derivative assets and net derivative liabilities balances with that counterparty.

Net gains (losses) with respect to derivative instruments (included 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, 2023 and 2022, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Forward foreign currency exchange rate contracts	$	(984)	$	2,650	$	(1,684)	$	8,260
LFI and other similar deferred compensation arrangements	10,598		16,180		(15,530)		65,601
LGAC Warrants	-		2,300		115		9,430
Total return swaps and other	6,523		7,177		(4,907)		32,676
Total	$	16,137	$	28,307	$	(22,006)	$	115,967

See Note 1 for additional information on LGAC Warrants.

CONSOLIDATED VIEs - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments	$ 657,880	$ 698,977
Lazard Fund Interests \| Lazard Group LLC
Variable Interest Entity [Line Items]
Investments	$ 112,773	$ 115,666

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

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

The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the three month and nine month periods ended September 30, 2023 and 2022 are presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss) attributable to Lazard Ltd	$	7,139	$	105,797	$	(139,046)	$	315,153
Add - adjustment for earnings attributable to participating securities	(1,029)		(1,903)		(2,917)		(4,726)
Net income (loss) attributable to Lazard Ltd - basic	6,110		103,894		(141,963)		310,427
Add - adjustment for earnings attributable to participating securities	-		635		-		2,318
Net income (loss) attributable to Lazard Ltd - diluted	$	6,110	$	104,529	$	(141,963)	$	312,745
Weighted average number of shares of common stock outstanding	87,067,104		91,742,376		86,529,833		96,585,793
Add - adjustment for shares of common stock issuable on a non-contingent basis	2,358,796		1,533,255		2,052,635		1,575,234
Weighted average number of shares of common stock outstanding - basic	89,425,900		93,275,631		88,582,468		98,161,027
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	4,883,324		5,589,525		-		5,107,351
Weighted average number of shares of common stock outstanding - diluted	94,309,224		98,865,156		88,582,468		103,268,378
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic	$	0.07	$	1.11	$	(1.60)	$	3.16
Diluted	$	0.06	$	1.06	$	(1.60)	$	3.03

___________________________________

(a)The aggregate weighted average number of incremental shares of common stock issuable from RSUs, PRSUs and profits interest participation rights for the nine month period ended September 30, 2023 of 4,785,903, that could be potentially dilutive in future periods, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive in the current periods.

REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

REVENUE RECOGNITION

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net Revenue:
Financial Advisory (a)	$	266,048	$	456,521	$	896,099	$	1,254,621

Asset Management:
Management fees and other (b)	$	282,657	$	277,202	$	843,590	$	872,351
Incentive fees (c)	2,198		21,595		13,622		54,098
Total Asset Management	$	284,855	$	298,797	$	857,212	$	926,449

___________________________________

(a)Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory, and other strategic advisory and capital raising and placement 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 may 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

CONSOLIDATED VIEs

9 Months Ended

Sep. 30, 2023

Variable Interest Entity, Measure of Activity [Abstract]

CONSOLIDATED VIEs

The Company’s consolidated VIEs as of September 30, 2023 and December 31, 2022 include LGAC (see Note 1) and certain funds (“LFI Consolidated Funds”) that were 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 assets of LFI Consolidated Funds, except as it relates to $112,773 and $115,666 of LFI held by Lazard Group as of September 30, 2023 and December 31, 2022, respectively, can only be used to settle the obligations of LFI Consolidated Funds. The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2023 and December 31, 2022.


	September 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	3,224	$	3,644
Customers and other receivables	1,789		240
Investments	190,511		186,300
Other assets	737		622
Total assets	$	196,261	$	190,806


LIABILITIES
Deposits and other customer payables	$	1,307	$	528
Other liabilities	400		448
Total liabilities	$	1,707	$	976

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Adjustments for Items Reclassified From AOCI (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	$ 3,709	$ 1,300	$ 6,073	$ 3,081
Currency Translation Adjustments
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	2,129	138	2,157	265
Employee Benefit Plans
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization relating to employee benefit plans	1,954	1,395	5,051	3,564
Less - related income taxes	374	233	1,135	748
Total reclassifications, net of tax	$ 1,580	$ 1,162	$ 3,916	$ 2,816

RELATED PARTIES - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Oct. 26, 2015	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Fees receivable		$ 505,976		$ 505,976		$ 491,861
Benefit pursuant to tax receivable agreement		0	$ 0	40,435	$ 0
Payments under tax receivable agreement				32,208	$ 21,035
Payable pursuant to tax receivable agreement		118,546		$ 118,546		191,189
Investment Advisor
Related Party Transaction [Line Items]
Type of revenue [Extensible List]				Asset management fees	Asset management fees
Investment Advisor \| Sponsored Funds
Related Party Transaction [Line Items]
Revenue		135,899	$ 159,749	$ 405,269	$ 458,462
Fees receivable		57,040		57,040		57,283
LTBP Trust
Related Party Transaction [Line Items]
Benefit pursuant to tax receivable agreement				40,435
Payments under tax receivable agreement				32,208
Payable pursuant to tax receivable agreement		$ 118,546		$ 118,546		$ 191,189
LTBP Trust \| Tax Receivable Agreement
Related Party Transaction [Line Items]
Amount of cash savings in income or franchise tax that would be realized as a result of increases in tax basis and certain other tax benefits related to the amended and restated tax receivable agreement (as a percent)	45.00%
Cash tax saving that may arise from tax basis increases attributable to payments under the amended and restated tax receivable agreement (as a percent)	85.00%

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Schedule of Shares Repurchased Under the Share Repurchase Program (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Number of shares purchased (in shares)	2,782,662	17,249,880
Average price per share (in usd per share)	$ 36.67	$ 35.49

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

INCENTIVE PLANS (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

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

The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and profits interest participation rights, including PRPUs and SPRPUs) 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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Share-based incentive awards:
RSUs	$	41,085	$	37,061	$	136,772	$	98,012
PRSUs	569		498		1,920		1,387
RSAs	5,742		6,420		21,117		19,197
Profits interest participation rights	10,815		30,762		48,077		80,454
DSUs	151		175		1,744		2,052
Total	$	58,362	$	74,916	$	209,630	$	201,102

Schedule 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, 2023:


	Prepaid Compensation Asset		Compensation Liability
Balance, January 1, 2023	$	112,124	$	326,282
Granted	159,981		159,981
Settled	-		(167,526)
Amortization and the impact of forfeitures	(126,169)		7,285
Change in fair value of underlying investments	-		15,530
Other	109		(969)
Balance, September 30, 2023	$	146,045	$	340,583

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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization and the impact of forfeitures	$	41,368	$	41,956	$	133,454	$	125,210
Change in the fair value of underlying investments	(10,598)		(16,180)		15,530		(65,601)
Total	$	30,770	$	25,776	$	148,984	$	59,609

RSUs and DSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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, 2023:


	RSUs			DSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	9,022,917	$	37.97	400,820	$	37.66
Granted (including 515,420 RSUs relating to dividend participation)	5,496,350	$	36.51	58,414	$	29.87
Forfeited	(127,546)	$	33.34	-	$	-
Settled	(3,359,950)	$	41.65	(134,744)	$	36.21
Balance, September 30, 2023	11,031,771	$	36.17	324,490	$	36.86

RSAs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity related to RSAs associated with compensation arrangements during the nine month period ended September 30, 2023:


	RSAs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,266,424	$	36.99
Granted (including 71,900 relating to dividend participation)	646,979	$	37.65
Forfeited	(12,447)	$	38.35
Settled	(660,282)	$	39.27
Balance, September 30, 2023	1,240,674	$	36.10

PRSUs

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

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, 2023:


	PRSUs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	94,690	$	39.27
Balance, September 30, 2023	94,690	$	39.27

Profits interest participation rights

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Activity Relating to Share-based Awards

The following is a summary of activity relating to all profits interest participation rights, including PRPUs and SPRPUs, during the nine month period ended September 30, 2023:


	Profits Interest Participation Rights	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	4,131,628	$	40.15
Granted	3,488,074	$	22.47

Forfeited	(16,695)	$	43.23
Settled	(1,521,620)	$	42.17
Balance, September 30, 2023 (a)	6,081,387	$	29.50

__________________________

(a)Table includes 1,474,002 PRPUs and 2,250,000 SPRPUs as of September 30, 2023. This includes 2,447,224 PRPUs as of January 1, 2023, net of 973,222 PRPUs settled and 2,250,000 SPRPUs granted during the nine month period ended September 30, 2023. The balance as of September 30, 2023 reflects the target number of PRPUs granted in February 2021 and March 2022. There were no PRPUs granted during the nine month period ended September 30, 2023. The

weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2023 were $40.29 and $39.96, respectively. The weighted average grant date fair values for SPRPUs and other profits interest participation rights granted during the nine month period ended September 30, 2023 was $15.06 and $35.94, respectively. The weighted average grant date fair values for other profits interest participation rights forfeited during the nine month period ended September 30, 2023 was $43.23. The weighted average grant date fair values for PRPUs and other profits interest participation rights settled during the nine month period ended September 30, 2023 were $41.76 and $42.89, respectively. The weighted average grant date fair values for PRPUs, SPRPUs and other profits interest participation rights outstanding as of September 30, 2023 were $39.31, $15.06 and $37.14, respectively.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 20, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-32492
Entity Registrant Name	LAZARD LTD
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0437848
Entity Address, Address Line One	Clarendon House
Entity Address, Address Line Two	2 Church Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM11
Entity Address, Country	BM
City Area Code	441
Local Phone Number	295-1422
Title of each class	Class A Common Stock
Trading Symbol	LAZ
Name of each exchange on which registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		112,766,091
Entity Central Index Key	0001311370
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Amendment Flag	false
Subsidiaries of Lazard Ltd
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,351,221

SENIOR DEBT - Senior Debt (Details) - USD ($)	9 Months Ended
SENIOR DEBT - Senior Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 1,700,000,000	$ 1,700,000,000
Unamortized Debt Costs	10,421,000	12,286,000
Carrying Value	1,689,579,000	1,687,714,000
Lazard Group 2025 Senior Notes
Debt Instrument [Line Items]
Initial Principal Amount	$ 400,000,000
Maturity Date	Feb. 13, 2025
Annual interest rate	3.75%
Principal	$ 400,000,000	400,000,000
Unamortized Debt Costs	649,000	1,003,000
Carrying Value	$ 399,351,000	398,997,000
Effective interest rates of senior notes	3.87%
Lazard Group 2027 Senior Notes
Debt Instrument [Line Items]
Initial Principal Amount	$ 300,000,000
Maturity Date	Mar. 01, 2027
Annual interest rate	3.625%
Principal	$ 300,000,000	300,000,000
Unamortized Debt Costs	1,333,000	1,625,000
Carrying Value	$ 298,667,000	298,375,000
Effective interest rates of senior notes	3.76%
Lazard Group 2028 Senior Notes
Debt Instrument [Line Items]
Initial Principal Amount	$ 500,000,000
Maturity Date	Sep. 19, 2028
Annual interest rate	4.50%
Principal	$ 500,000,000	500,000,000
Unamortized Debt Costs	4,225,000	4,864,000
Carrying Value	$ 495,775,000	495,136,000
Effective interest rates of senior notes	4.67%
Lazard Group 2029 Senior Notes
Debt Instrument [Line Items]
Initial Principal Amount	$ 500,000,000
Maturity Date	Mar. 11, 2029
Annual interest rate	4.375%
Principal	$ 500,000,000	500,000,000
Unamortized Debt Costs	4,214,000	4,794,000
Carrying Value	$ 495,786,000	$ 495,206,000
Effective interest rates of senior notes	4.53%

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	$ 415,885	$ 826,957	$ 675,399	$ 1,077,964
Other comprehensive income (loss) before reclassifications	(14,881)	(45,653)	(3,278)	(113,617)
Adjustments for items reclassified to earnings, net of tax	3,709	1,300	6,073	3,081
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(11,172)	(44,353)	2,795	(110,536)
Balance at the end	419,561	677,324	419,561	677,324
Currency Translation Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(139,907)	(171,741)	(156,924)	(92,178)
Other comprehensive income (loss) before reclassifications	(19,935)	(54,439)	(2,946)	(134,129)
Adjustments for items reclassified to earnings, net of tax	2,129	138	2,157	265
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(17,806)	(54,301)	(789)	(133,864)
Balance at the end	(157,713)	(226,042)	(157,713)	(226,042)
Employee Benefit Plans
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(141,980)	(118,289)	(138,930)	(131,669)
Other comprehensive income (loss) before reclassifications	5,054	8,786	(332)	20,512
Adjustments for items reclassified to earnings, net of tax	1,580	1,162	3,916	2,816
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	6,634	9,948	3,584	23,328
Balance at the end	(135,346)	(108,341)	(135,346)	(108,341)
Total AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(281,887)	(290,030)	(295,854)	(223,847)
Balance at the end	(293,059)	(334,383)	(293,059)	(334,383)
Amount Attributable to Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(1)	(1)	0	0
Other comprehensive income (loss) before reclassifications	1	0	0	(1)
Adjustments for items reclassified to earnings, net of tax	0	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	1	0	0	(1)
Balance at the end	0	(1)	0	(1)
Total Lazard Ltd AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(281,886)	(290,029)	(295,854)	(223,847)
Other comprehensive income (loss) before reclassifications	(14,882)	(45,653)	(3,278)	(113,616)
Adjustments for items reclassified to earnings, net of tax	3,709	1,300	6,073	3,081
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(11,173)	(44,353)	2,795	(110,535)
Balance at the end	$ (293,059)	$ (334,382)	$ (293,059)	$ (334,382)

REVENUE RECOGNITION - Disaggregation of Revenue Based on Business Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financial Advisory
Disaggregation Of Revenue [Line Items]
Net revenue	$ 266,048	$ 456,521	$ 896,099	$ 1,254,621
Asset Management
Disaggregation Of Revenue [Line Items]
Net revenue	284,855	298,797	857,212	926,449
Asset Management \| Management Fees And Other
Disaggregation Of Revenue [Line Items]
Net revenue	282,657	277,202	843,590	872,351
Asset Management \| Incentive Fees
Disaggregation Of Revenue [Line Items]
Net revenue	$ 2,198	$ 21,595	$ 13,622	$ 54,098

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Name Accounting Standards Codification
-Section S99
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

CONSOLIDATED VIEs (Tables)

9 Months Ended

Sep. 30, 2023

Variable Interest Entity, Measure of Activity [Abstract]

Schedule of Consolidated VIE Assets and Liabilities

The Company’s consolidated VIE assets and liabilities for LFI Consolidated Funds as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2023 and December 31, 2022.


	September 30, 2023		December 31, 2022
ASSETS
Cash and cash equivalents	$	3,224	$	3,644
Customers and other receivables	1,789		240
Investments	190,511		186,300
Other assets	737		622
Total assets	$	196,261	$	190,806


LIABILITIES
Deposits and other customer payables	$	1,307	$	528
Other liabilities	400		448
Total liabilities	$	1,707	$	976

- 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

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Components of Goodwill and Other Intangible Assets

The components of goodwill and other intangible assets at September 30, 2023 and December 31, 2022 are presented below:


	September 30, 2023		December 31, 2022
Goodwill	$	394,049	$	377,240
Other intangible assets (net of accumulated amortization)	45		90
	$	394,094	$	377,330

Schedule Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2023 and 2022 are as follows:


	Nine Months Ended September 30,
	2023		2022
Balance, January 1	$	377,240	$	379,421
Acquisition of business	16,729		-
Foreign currency translation adjustments	80		(3,637)
Balance, September 30	$	394,049	$	375,784

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

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-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	September 30, 2023
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	1,985	$	151,496	$	1,979	$	207,558
Total return swaps and other	4,042		79,756		2,270		54,754

LFI and other similar deferred compensation arrangements	-		-		340,583		357,133
Total gross derivatives	6,027		$	231,252	344,832		$	619,445
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(79)				(83)
Total return swaps and other	(2,270)				(2,265)
Net derivatives in "other assets" and "other liabilities"	3,678				342,484
Amounts not netted (a):
Cash collateral	-				(1,692)
Securities collateral	-				-
	$	3,678			$	340,792


	December 31, 2022
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	1,356	$	170,103	$	921	$	128,098
Total return swaps and other	13,427		155,026		72		1,398
LGAC Warrants	-		-		115		11,500
LFI and other similar deferred compensation arrangements	-		-		326,282		338,126
Total gross derivatives	14,783		$	325,129	327,390		$	479,122
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(157)				(158)
Total return swaps and other	(72)				(72)
Net derivatives in "other assets" and "other liabilities"	14,554				327,160
Amounts not netted (a):
Cash collateral	-				-
Securities collateral	-				-
	$	14,554			$	327,160

___________________________________

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Forward foreign currency exchange rate contracts	$	(984)	$	2,650	$	(1,684)	$	8,260
LFI and other similar deferred compensation arrangements	10,598		16,180		(15,530)		65,601
LGAC Warrants	-		2,300		115		9,430
Total return swaps and other	6,523		7,177		(4,907)		32,676
Total	$	16,137	$	28,307	$	(22,006)	$	115,967

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Net Income (Loss) Attributable to Noncontrolling Interests and Noncontrolling Interests at the End of the Period (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	$ (365)	$ 16,995	$ 10,245	$ 20,265
Noncontrolling interest	58,243		58,243		$ 118,936
Profit Participators
Change In Ownership Interest [Line Items]
Noncontrolling interest	12,859		12,859		10,792
LFI Consolidated Funds
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	(3,251)	(5,237)	3,718	(18,393)
Noncontrolling interest	0		0		74,164
Edgewater
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	2,885	18,209	4,557	28,715
Noncontrolling interest	45,371		45,371		44,681
LGAC
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	0	4,023	1,968	9,941
Noncontrolling interest	0		0		(10,714)
Other
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	1	$ 0	2	$ 2
Noncontrolling interest	$ 13		$ 13		$ 13

- Definition

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

+ References

+ Details

- Definition

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

+ References + Details

INCENTIVE PLANS - Additional Information (Details) $ / shares in Units, $ in Thousands			9 Months Ended
	Apr. 29, 2021 shares	Apr. 24, 2018 shares	Sep. 30, 2023 USD ($) d $ / shares shares	Sep. 30, 2022 $ / shares	Aug. 31, 2023 tranche	Feb. 01, 2021	Jan. 31, 2021
Lazard Fund Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense (in years)			10 months 24 days
Non-Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation received by directors in the form of DSUs (as percent)			55.00%
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis			one-for-one
Number of dividend participation rights issued			515,420
Charges to retained earnings, net of estimated forfeitures \| $			$ 16,736
Units granted (in shares)			5,496,350
Weighted average grant date fair value, granted (in USD per share) \| $ / shares			$ 36.51	$ 33.64
Unrecognized compensation expense \| $			$ 156,284
Unrecognized compensation expense (in years)			1 year
RSUs \| Three Years Following Date of Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
RSUs \| Five Years Following Date of Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			66.67%
DSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			58,414
Weighted average grant date fair value, granted (in USD per share) \| $ / shares			$ 29.87	35.53
DSUs \| Non-Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			43,999
Units granted under the directors deferred unit plan (in shares)			14,415
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			646,979
Weighted average grant date fair value, granted (in USD per share) \| $ / shares			$ 37.65	33.31
Dividend participation rights issued (in shares)			71,900
Net of estimated forfeitures \| $			$ 2,358
Unrecognized compensation expense \| $			$ 20,050
Unrecognized compensation expense (in years)			10 months 24 days
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value, granted (in USD per share) \| $ / shares				35.44
Unrecognized compensation expense \| $			$ 1,754
Unrecognized compensation expense (in years)			6 months
Vesting period			3 years
PRSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier			0
PRSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier			2.4
SPRPUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			2,250,000
Weighted average grant date fair value, granted (in USD per share) \| $ / shares			$ 15.06
Award vesting, number of tranches \| tranche					3
Common stock price, number of consecutive days \| d			30
SPRPUs \| Scenario, Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value \| $			$ 33,900
SPRPUs \| Three Years Following Date of Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			20.00%
Common stock price, appreciation (as a percent)			25.00%
SPRPUs \| Five Years Following Date of Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			40.00%
Common stock price, appreciation (as a percent)			50.00%
SPRPUs \| Seven Years Following Date of Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock price, appreciation (as a percent)			100.00%
Profits Interest Participation Rights Excluding SPRPUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Profits Interest Participation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis			one-for-one
Units granted (in shares)			3,488,074
Weighted average grant date fair value, granted (in USD per share) \| $ / shares			$ 22.47	$ 34.53
Unrecognized compensation expense \| $			$ 57,590
Unrecognized compensation expense (in years)			1 year 10 months 24 days
PRPUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			0
PRPUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier						0	0
PRPUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier						2.4	2
Common Stock \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery (in shares)			1,204,403
Delivery of common stock associated with stock awards (in shares)			2,155,547
Common Stock \| RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery (in shares)			268,402
Delivery of common stock associated with stock awards (in shares)			391,880
2018 Equity Incentive Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares authorized (in shares)	20,000,000
Common stock shares authorized (in shares)		30,000,000
Awarded Under 2008 Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding common stock available (as percent)		30.00%
Compensation plan expiration period		Apr. 24, 2018
2005 Equity Incentive Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized (in shares)			25,000,000

INCENTIVE PLANS

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of Lazard Ltd’s 2018 Plan, 2008 Incentive Compensation Plan (the “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, 2023 and 2022 is presented below.

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

The 2018 Plan became effective on April 24, 2018 and was amended on April 29, 2021 to increase the aggregate number of shares authorized for issuance under the 2018 Plan by 20,000,000 shares. The 2018 Plan replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan originally authorized issuance of up to 30,000,000 shares of common stock, plus any shares of common stock that were subject to outstanding awards under the 2008 Plan as of March 14, 2018 that are forfeited, canceled or settled in cash following April 24, 2018, which was the date that the 2018 Plan was approved by our shareholders. Such shares may be issued pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), restricted stock awards (“RSAs”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”) and stock performance-based restricted participation units (“SPRPUs”), and other share-based awards.

The 2008 Plan authorized the issuance of shares of 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 common stock. The 2008 Plan was terminated on April 24, 2018 although outstanding deferred stock unit (“DSU”) 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 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 DSU awards granted under the 2005 Plan before its expiration continue to be subject to its terms.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Share-based incentive awards:
RSUs	$	41,085	$	37,061	$	136,772	$	98,012
PRSUs	569		498		1,920		1,387
RSAs	5,742		6,420		21,117		19,197
Profits interest participation rights	10,815		30,762		48,077		80,454
DSUs	151		175		1,744		2,052
Total	$	58,362	$	74,916	$	209,630	$	201,102

Compensation and benefits expense relating to share-based awards with service and/or performance conditions is reversed if the awards are forfeited due to these conditions not being met. Compensation and benefits expense relating to share-based awards with market conditions is not reversed if these awards are forfeited based solely on failing to meet such market conditions.

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 common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into shares of 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 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 the applicable vesting period, each RSU is attributed additional RSUs equivalent to any dividends paid on common stock during such period. During the nine month period ended September 30, 2023, dividend participation rights required the issuance of 515,420 RSUs and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $16,736.

Non-executive members of the Board of Directors (“Non-Executive Directors”) receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 43,999 DSUs being granted during the nine month period ended September 30, 2023. 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 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 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 common stock on the date immediately preceding the date of the grant. During the nine month period ended September 30, 2023, 14,415 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, 2023:


	RSUs			DSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	9,022,917	$	37.97	400,820	$	37.66
Granted (including 515,420 RSUs relating to dividend participation)	5,496,350	$	36.51	58,414	$	29.87
Forfeited	(127,546)	$	33.34	-	$	-
Settled	(3,359,950)	$	41.65	(134,744)	$	36.21
Balance, September 30, 2023	11,031,771	$	36.17	324,490	$	36.86

The weighted-average grant date fair value of RSUs granted in the nine month periods ended September 30, 2023 and 2022 was $36.51 and $33.64, respectively. The weighted-average grant date fair value of DSUs granted in the nine month periods ended September 30, 2023 and 2022 was $29.87 and $35.53, respectively.

In connection with RSUs that settled during the nine month period ended September 30, 2023, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,204,403 shares of common stock during such nine month period. Accordingly, 2,155,547 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2023.

As of September 30, 2023, estimated unrecognized RSU compensation expense was $156,284, with such expense expected to be recognized over a weighted average period of approximately 1.0 year subsequent to September 30, 2023.

RSAs

The following is a summary of activity related to RSAs associated with compensation arrangements during the nine month period ended September 30, 2023:


	RSAs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,266,424	$	36.99
Granted (including 71,900 relating to dividend participation)	646,979	$	37.65
Forfeited	(12,447)	$	38.35
Settled	(660,282)	$	39.27
Balance, September 30, 2023	1,240,674	$	36.10

The weighted-average grant date fair value of RSAs granted in the nine month periods ended September 30, 2023 and 2022 was $37.65 and $33.31, respectively.

In connection with RSAs that settled during the nine month period ended September 30, 2023, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 268,402 shares of common stock during such nine month period. Accordingly, 391,880 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2023.

RSAs granted in 2023 generally include a dividend participation right that provides that during the applicable vesting period each RSA is attributed additional RSAs equivalent to any dividends paid on common stock during such period. During the nine month period ended September 30, 2023, dividend participation rights required the issuance of 71,900 RSAs and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $2,358.

At September 30, 2023, estimated unrecognized RSAs expense was $20,050, with such expense to be recognized over a weighted average period of approximately 0.9 years subsequent to September 30, 2023.

PRSUs

PRSUs are RSUs that are subject to performance-based and service-based vesting conditions, and beginning with awards granted in February 2021, a market-based condition. The number of shares of common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance-based and market-based metrics that relate to Lazard Ltd’s performance over a three-year period. The target number of shares of common stock subject to each PRSU is one; however, based on the achievement of both the performance-based and market-based criteria, the number of shares of common stock that may be received will range from zero to 2.4 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. PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance criteria) as the underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock.

The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2023:


	PRSUs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	94,690	$	39.27
Balance, September 30, 2023	94,690	$	39.27

The weighted-average grant date fair value of PRSUs granted in the nine month period ended September 30, 2022 was $35.44.

Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of 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, 2023, the total estimated unrecognized compensation expense was $1,754, and the Company expects to amortize such expense over a weighted-average period of approximately 0.5 years subsequent to September 30, 2023.

Profits Interest Participation Rights

Profits interest participation rights are equity incentive awards that, subject to certain conditions, may be exchanged for shares of common stock pursuant to the 2018 Plan.

The Company has granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, and beginning in February 2021, incremental market-based vesting criteria, which we refer to as performance-based restricted participation units (“PRPUs”), to certain of our executive officers. The Company has also granted profits interest participation rights subject to service-based vesting criteria and other conditions, but not the performance-based and incremental market-based vesting criteria associated with PRPUs, to a limited number of other senior employees, including in March 2023 to certain of our executive officers. In August 2023, the Company granted profits interest participation rights, SPRPUs, to certain of our executive officers that are eligible to vest in three tranches, each subject to service-based vesting criteria and the achievement of specified common stock price milestones measured as of a specified anniversary of the grant date. Profits interest participation rights, with the exception of SPRPUs, as explained below, 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 Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded as noncontrolling interests within stockholders’ equity in the Company’s condensed consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital. The profits interest participation rights generally allow the recipient to realize value only to the extent that (i) the service-based vesting conditions and, if applicable, the performance-based and incremental market-based conditions, or stock price milestones, are satisfied, and (ii) an amount of economic appreciation in the assets of Lazard Group occurs as necessary to satisfy certain partnership tax rules (referred to as the “Minimum Value Condition”), 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 common stock will be exchanged on a one-for-one basis for shares of common stock. If forfeited based solely on failing to meet the Minimum Value Condition, or, if applicable, stock price milestones, the associated compensation expense would not be reversed. With regard to the profits interest participation rights granted in February 2020, the Minimum Value Condition was met during the year ended December 31, 2021. On March 8, 2023, the profits interest participation rights granted in February 2020, for which the Minimum Value Condition and other vesting conditions were satisfied, were exchanged on a one-for-one basis for shares of common stock.

Like outstanding RSUs and similar awards, profits interest participation rights are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation rights are 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.

The number of shares of common stock that a recipient will receive upon the exchange of a PRPU award is calculated by reference to applicable performance-based conditions and, beginning with PRPUs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the conditions are satisfied. The target number of shares of 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 common stock that may be received in connection with the PRPU awards granted prior to February 2021 will range from zero to two times the target number. For the PRPU awards granted beginning in February 2021, subject to both performance-based and incremental market-based criteria, the number of shares that may be received will range from zero to 2.4 times the target number. Unless applicable 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.

SPRPUs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as described below. Their aggregate fair value at the grant date, which based on the estimated probability of achieving the common stock price milestones is approximately $33,900, is amortized over the requisite service periods.

SPRPUs will vest:

•20% if, three years following the date of grant, the Company’s common stock price has appreciated 25% above the average trailing 30 consecutive day stock price preceding the date of grant (the “Grant Date Stock Price”);

•40% if, five years following the date of grant, the Company’s common stock price has appreciated 50% above the Grant Date Stock Price;

•and the remainder of the SPRPUs will vest if, seven years following the date of grant, the Company’s common stock price has appreciated 100% above the Grant Date Stock Price.

Each Tranche is subject to the executive’s continued employment through the applicable anniversary of the date of grant and requires that the applicable common stock price milestone is sustained for any 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”).

If the vesting conditions, as described above, are not achieved as of the Expiration Date, all SPRPUs in such Tranche will be forfeited.

The following is a summary of activity relating to all profits interest participation rights, including PRPUs and SPRPUs, during the nine month period ended September 30, 2023:


	Profits Interest Participation Rights	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	4,131,628	$	40.15
Granted	3,488,074	$	22.47

Forfeited	(16,695)	$	43.23
Settled	(1,521,620)	$	42.17
Balance, September 30, 2023 (a)	6,081,387	$	29.50

__________________________

The weighted average grant date fair value of profits interest participation rights, including PRPUs and SPRPUs, granted in the nine month periods ended September 30, 2023 and 2022 was $22.47 and $34.53, respectively. Compensation expense recognized for profits interest participation rights, including PRPUs, is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Compensation expense recognized for SPRPUs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of September 30, 2023, the total estimated unrecognized compensation expense of all profits interest participation rights, including PRPUs and SPRPUs was $57,590 and the Company expects to amortize such expense over a weighted-average period of approximately 1.9 years subsequent to September 30, 2023.

LFI and Other Similar Deferred Compensation Arrangements

In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, 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 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, 2023:


	Prepaid Compensation Asset		Compensation Liability
Balance, January 1, 2023	$	112,124	$	326,282
Granted	159,981		159,981
Settled	-		(167,526)
Amortization and the impact of forfeitures	(126,169)		7,285
Change in fair value of underlying investments	-		15,530
Other	109		(969)
Balance, September 30, 2023	$	146,045	$	340,583

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, 2023.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Amortization and the impact of forfeitures	$	41,368	$	41,956	$	133,454	$	125,210
Change in the fair value of underlying investments	(10,598)		(16,180)		15,530		(65,601)
Total	$	30,770	$	25,776	$	148,984	$	59,609

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. In addition, Lazard Ltd, 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 benefits of $11,631 and $23,053 for the three month and nine month periods ended September 30, 2023, respectively, and income tax provisions of $35,350 and $108,290 for the three month and nine month periods ended September 30, 2022, respectively, representing effective tax rates of 239.5%, 15.2%, 22.4% and 24.4%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation and other discrete items, (ii) foreign source income (loss) not subject to U.S. income taxes (including interest on intercompany financings), (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes and (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

PROPERTY, NET - Components of Property (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 635,437	$ 645,182
Less - Accumulated depreciation and amortization	405,811	395,109
Property, net	$ 229,626	250,073
Buildings
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	33 years
Property, plant and equipment, gross	$ 163,900	135,103
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 225,602	208,323
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	3 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	20 years
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 232,664	236,194
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	3 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 13,271	$ 65,562

INCENTIVE PLANS - Schedule of Activity Related to Shares of Restricted Common Stock (Details) - RSAs - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Units
Units beginning balance (in shares)	1,266,424
Units granted (in shares)	646,979
Units forfeited (in shares)	(12,447)
Units settled (in shares)	(660,282)
Units ending balance (in shares)	1,240,674
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 36.99
Weighted average grant date fair value, granted (in USD per share)	37.65	$ 33.31
Weighted average grant date fair value, forfeited (in USD per share)	38.35
Weighted average grant date fair value, settled (in USD per share)	39.27
Weighted average grant date fair value, ending balance (in USD per share)	$ 36.10
Number of dividend participation rights issued	71,900

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
Cash and cash equivalents	$ 653,355	$ 1,234,773
Deposits with banks and short-term investments	319,382	779,246
Restricted cash	34,038	625,381
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$ 1,006,775	$ 2,639,400	$ 2,962,715	$ 3,430,014

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	$ 115,379	$ 97,964
Carrying amount	427,001	425,904
Customer and Other Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer loans	$ 89,753	$ 128,890

EMPLOYEE BENEFIT PLANS - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Amortization of:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
Pension Plans
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 74	$ 116	$ 256	$ 386
Interest cost	5,322	2,642	15,746	8,459
Expected return on plan assets	(6,068)	(5,808)	(17,916)	(18,627)
Amortization of:
Prior service cost	28	25	81	80
Net actuarial loss	1,926	1,370	4,970	3,484
Settlement loss	791	380	2,333	1,223
Net periodic benefit cost (credit)	$ 2,073	$ (1,275)	$ 5,470	$ (4,995)

ORGANIZATION AND BASIS OF PRESENTATION (Policies)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms that specializes 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, 2023 and December 31, 2022. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which as of December 31, 2022 was governed by an Amended and Restated Operating Agreement dated as of February 4, 2019. Such operating agreement was subsequently amended and restated effective as of January 1, 2023 (as so amended and restated, the “Operating Agreement”).

Lazard Ltd’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments:

•Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding strategic and mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory, and other strategic advisory matters and capital raising and placement, and

•Asset Management, which offers a broad range of global investment solutions and investment and wealth 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 certain assets and liabilities associated with (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”), and (ii) in 2022, a special purpose acquisition company that was sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”).

Basis of Presentation

The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying December 31, 2022 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 that 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.

Use of Estimates

Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the condensed consolidated 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 estimated 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.

Consolidation

The consolidated results of operations for the three month and nine month periods ended September 30, 2023 are not indicative of the results to be expected for any future interim or annual period.

The condensed consolidated financial statements include Lazard Ltd and its subsidiaries including 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 20).

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 losses or (ii) elects the option to measure its investment at fair value.

Intercompany transactions and balances have been eliminated.

Revenue Recognition


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net Revenue:
Financial Advisory (a)	$	266,048	$	456,521	$	896,099	$	1,254,621

Asset Management:
Management fees and other (b)	$	282,657	$	277,202	$	843,590	$	872,351
Incentive fees (c)	2,198		21,595		13,622		54,098
Total Asset Management	$	284,855	$	298,797	$	857,212	$	926,449

___________________________________

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.

Receivables and Allowance for Credit Losses

The Company’s receivables represent fee receivables, amounts due from customers and other receivables. Where applicable, receivables are stated net of an estimated allowance for credit losses determined in accordance with the current expected credit losses (“CECL”) model, for general credit risk of the overall portfolio and for specific accounts deemed uncollectible, which may include situations where a fee is in dispute.

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, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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 interests 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 based on the publicly reported closing price for the fund, or Level 2 when based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

The fair value of investments in certain private equity funds is classified as Level 3 for (i) certain investments that are valued based on the potential transaction value and (ii) when the acquisition price is considered the best measure of fair value.

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 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.

The fair value of derivatives entered into by the Company and classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives entered into by the Company and classified as Level 2 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 6.

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.

Derivatives

Employer Contributions to Pension Plans

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.

PROPERTY, NET (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property

At September 30, 2023 and December 31, 2022, property consisted of the following:


	Estimated Depreciable Life in Years	September 30, 2023		December 31, 2022
Buildings	33	$	163,900	$	135,103
Leasehold improvements	3-20	225,602		208,323
Furniture and equipment	3-10	232,664		236,194
Construction in progress		13,271		65,562
Total		635,437		645,182
Less - Accumulated depreciation and amortization		405,811		395,109
Property, net		$	229,626	$	250,073

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Lazard Ltd	$ 7,139	$ 105,797	$ (139,046)	$ 315,153

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

REGULATORY AUTHORITIES - Additional Information (Details)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
LFNY
Regulatory Requirements [Line Items]
Minimum net capital requirement as defined under exchange act	$ 5,000
Aggregate indebtedness to net capital ratio	0.74
Regulatory capital	$ 73,105,000
Regulatory capital in excess of minimum requirement	69,493,000
U.K. Subsidiaries
Regulatory Requirements [Line Items]
Regulatory capital	174,572,000
Regulatory capital in excess of minimum requirement	111,142,000
CFLF
Regulatory Requirements [Line Items]
Regulatory capital		$ 154,143,000
Regulatory capital in excess of minimum requirement		68,939,000
Combined European Regulated Group
Regulatory Requirements [Line Items]
Regulatory capital		180,261,000
Regulatory capital in excess of minimum requirement		$ 86,449,000
Other U.S. and Non-U.S. Subsidiaries
Regulatory Requirements [Line Items]
Regulatory capital	141,320,000
Regulatory capital in excess of minimum requirement	$ 114,703,000

COST-SAVING INITIATIVES - Expenses Associated with Cost Savings Initiatives (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Cost Saving initiatives [Line Items]
Restructuring charges	$ 15,707	$ 183,152
Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges	8,941	166,289
Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges	571	7,956
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges	4,647	4,647
Other
Cost Saving initiatives [Line Items]
Restructuring charges	1,548	4,260
Operating Segments \| Financial Advisory
Cost Saving initiatives [Line Items]
Restructuring charges	3,677	94,330
Operating Segments \| Financial Advisory \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges	(21)	90,022
Operating Segments \| Financial Advisory \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges	56	144
Operating Segments \| Financial Advisory \| Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges	2,164	2,164
Operating Segments \| Financial Advisory \| Other
Cost Saving initiatives [Line Items]
Restructuring charges	1,478	2,000
Operating Segments \| Asset Management
Cost Saving initiatives [Line Items]
Restructuring charges	4,733	53,078
Operating Segments \| Asset Management \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges	4,190	44,958
Operating Segments \| Asset Management \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges	515	7,812
Operating Segments \| Asset Management \| Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges	0	0
Operating Segments \| Asset Management \| Other
Cost Saving initiatives [Line Items]
Restructuring charges	28	308
Corporate
Cost Saving initiatives [Line Items]
Restructuring charges	7,297	35,744
Corporate \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges	4,772	31,309
Corporate \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges	0	0
Corporate \| Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges	2,483	2,483
Corporate \| Other
Cost Saving initiatives [Line Items]
Restructuring charges	$ 42	$ 1,952

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 27,095	$ 30,271	$ 17,738	$ 33,957
Bad debt expense, net of reversals	2,268	566	13,287	24
Charge-offs, foreign currency translation and other adjustments	(8,282)	(15,517)	(9,944)	(18,661)
Ending Balance	$ 21,081	$ 15,320	$ 21,081	$ 15,320

NET INCOME (LOSS) PER SHARE OF COMMON STOCK - Schedule of Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to Lazard Ltd	$ 7,139	$ 105,797	$ (139,046)	$ 315,153
Add - adjustment for earnings attributable to participating securities	(1,029)	(1,903)	(2,917)	(4,726)
Net income (loss) attributable to Lazard Ltd - basic	6,110	103,894	(141,963)	310,427
Add - adjustment for earnings attributable to participating securities	0	635	0	2,318
Net income (loss) attributable to Lazard Ltd - diluted	$ 6,110	$ 104,529	$ (141,963)	$ 312,745
Weighted average number of shares of common stock outstanding (in shares)	87,067,104	91,742,376	86,529,833	96,585,793
Add - adjustment for shares of common stock issuable on a non-contingent basis (in share)	2,358,796	1,533,255	2,052,635	1,575,234
Weighted average number of shares of common stock outstanding - basic (in shares)	89,425,900	93,275,631	88,582,468	98,161,027
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (in shares)	4,883,324	5,589,525	0	5,107,351
Weighted average number of shares of common stock outstanding - diluted (in shares)	94,309,224	98,865,156	88,582,468	103,268,378
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic (in USD per share)	$ 0.07	$ 1.11	$ (1.60)	$ 3.16
Diluted (in USD per share)	$ 0.06	$ 1.06	$ (1.60)	$ 3.03
Weighted Average \| Share-Based Incentives
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation (in shares)			4,785,903

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (11,631)	$ 35,350	$ (23,053)	$ 108,290
Effective income tax rates (as a percent)	239.50%	22.40%	15.20%	24.40%
U.S. federal statutory income tax rate (as a percent)			21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net income (loss) attributable to Lazard Ltd	$	7,139	$	105,797	$	(139,046)	$	315,153
Add - adjustment for earnings attributable to participating securities	(1,029)		(1,903)		(2,917)		(4,726)
Net income (loss) attributable to Lazard Ltd - basic	6,110		103,894		(141,963)		310,427
Add - adjustment for earnings attributable to participating securities	-		635		-		2,318
Net income (loss) attributable to Lazard Ltd - diluted	$	6,110	$	104,529	$	(141,963)	$	312,745
Weighted average number of shares of common stock outstanding	87,067,104		91,742,376		86,529,833		96,585,793
Add - adjustment for shares of common stock issuable on a non-contingent basis	2,358,796		1,533,255		2,052,635		1,575,234
Weighted average number of shares of common stock outstanding - basic	89,425,900		93,275,631		88,582,468		98,161,027
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	4,883,324		5,589,525		-		5,107,351
Weighted average number of shares of common stock outstanding - diluted	94,309,224		98,865,156		88,582,468		103,268,378
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic	$	0.07	$	1.11	$	(1.60)	$	3.16
Diluted	$	0.06	$	1.06	$	(1.60)	$	3.03

___________________________________

INCENTIVE PLANS - Schedule of LFI and Other Similar Deferred Compensation Arrangements (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Beginning balance, prepaid compensation asset	$ 112,124
Prepaid compensation asset, granted	159,981
Prepaid compensation asset settled	0
Prepaid compensation asset, amortization and the impact of forfeitures	(126,169)
Prepaid compensation asset, change in fair value of underlying investments	0
Prepaid compensation asset, other	109
Ending balance, prepaid compensation asset	146,045
LFI and other similar deferred compensation arrangements
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Beginning balance, derivative liability	326,282
Compensation liability, granted	159,981
Compensation liability, settled	(167,526)
Compensation liability, amortization and the impact of forfeitures	7,285
Compensation liability, change in fair value of underlying investments	15,530
Compensation liability, other	(969)
Ending balance, derivative liability	$ 340,583

SENIOR DEBT

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

SENIOR DEBT

Senior debt is comprised of the following as of September 30, 2023 and December 31, 2022:


						Outstanding as of
						September 30, 2023						December 31, 2022
	Initial Principal Amount		Maturity Date	Annual Interest Rate(a)		Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2025 Senior Notes	$	400,000	2/13/25	3.75	%	$	400,000	$	649	$	399,351	$	400,000	$	1,003	$	398,997
Lazard Group 2027 Senior Notes	300,000		3/1/27	3.625	%	300,000		1,333		298,667		300,000		1,625		298,375
Lazard Group 2028 Senior Notes	500,000		9/19/28	4.50	%	500,000		4,225		495,775		500,000		4,864		495,136
Lazard Group 2029 Senior Notes	500,000		3/11/29	4.375	%	500,000		4,214		495,786		500,000		4,794		495,206
Total						$	1,700,000	$	10,421	$	1,689,579	$	1,700,000	$	12,286	$	1,687,714

__________________________

(a)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 Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively.

The Company’s senior debt at September 30, 2023 and December 31, 2022 is carried at their principal balances outstanding, net of unamortized debt costs. At those dates, the fair value of such senior debt was approximately $1,586,000 and $1,602,000, 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.

On June 6, 2023, Lazard Group entered into a Second Amended and Restated Credit Agreement with a group of lenders for a five-year, $200,000 senior revolving credit facility expiring in June 2028 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement amended and restated the three-year, $200,000 senior revolving credit facility that was due to expire in July 2023 (the “Previous Credit Agreement”) in its entirety. Borrowings under the Second Amended and Restated Credit Agreement generally will bear interest at adjusted term SOFR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency. The Second Amended and Restated Credit Agreement contains certain covenants, events of default and other customary provisions, including customary benchmark-replacement mechanics.

At September 30, 2023 and December 31, 2022, no amounts were outstanding under the Second Amended and Restated Credit Agreement and the Previous Credit Agreement, respectively.

As of September 30, 2023, the Company had approximately $209,000 in unused lines of credit available to it, including the credit facility provided under the Second Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement and 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, 2023, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Guarantees—A subsidiary of LAM guaranteed a revolving credit facility of an unconsolidated fund expiring on October 1, 2023. At September 30, 2023, the maximum amount of future payments under such guarantee is $10,000. Other Commitments—From time to time, LFB and LFNY may enter into underwriting commitments in which they will participate as an underwriter. At September 30, 2023, LFB and LFNY had no such underwriting commitments. See Notes 5 and 13 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. The fulfillment of the commitments described herein should 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, governmental, 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 may experience significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular 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.

INVESTMENTS - Additional Information (Details) - Debt - U.S. Treasury Securities	9 Months Ended
	Sep. 30, 2023
Minimum
Schedule of Investments [Line Items]
US treasury securities maturity period	3 months
Maximum
Schedule of Investments [Line Items]
US treasury securities maturity period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (UNAUDITED) - USD ($) $ in Thousands	Total	Total Lazard Ltd Stockholders’ Equity	Common Stock	Additional Paid-In- Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss), Net of Tax	Class A Common Stock Held By Subsidiaries	Noncontrolling Interests	Redeemable Noncontrolling Interests
Balance at the beginning (in shares) at Dec. 31, 2021			112,766,091				12,046,140
Balance at the beginning at Dec. 31, 2021	$ 1,077,964	$ 975,220	$ 1,128	$ 144,729	$ 1,560,636	$ (223,847)	$ (507,426)	$ 102,744	$ 575,000
Comprehensive income (loss):
Net income (loss)	326,170	315,153			315,153			11,017	9,248
Other comprehensive income (loss) - net of tax	(110,536)	(110,535)				(110,535)		(1)
Amortization of share-based incentive compensation	201,102	188,529		188,529				12,573
Dividend equivalents	(8,804)	(730)		13,189	(13,919)			(8,074)
Class A common stock dividends	$ (138,914)	(138,914)			(138,914)
Purchase of Class A common stock (in shares)	17,249,880						17,249,880
Purchase of Class A common stock	$ (612,175)	(612,175)					$ (612,175)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares)							(4,869,445)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit	(54,653)	(58,161)		(222,190)	(40,558)		$ 204,587	3,508
Distributions to noncontrolling interests, net	(26,674)	0						(26,674)
LFI Consolidated Funds	20,110	0						20,110
Change in redemption value of redeemable noncontrolling interests	5,753	4,027		4,027				1,726	(5,753)
Other (in shares)							7,661
Other	(2,019)	(1,778)		(1,538)			$ (240)	(241)
Balance at the end (in shares) at Sep. 30, 2022			112,766,091				24,434,236
Balance at the end at Sep. 30, 2022	677,324	560,636	$ 1,128	126,746	1,682,398	(334,382)	$ (915,254)	116,688	578,495
Balance at the beginning (in shares) at Jun. 30, 2022			112,766,091				18,240,059
Balance at the beginning at Jun. 30, 2022	826,957	715,662	$ 1,128	71,918	1,628,182	(290,029)	$ (695,537)	111,295	575,710
Comprehensive income (loss):
Net income (loss)	119,050	105,797			105,797			13,253	3,742
Other comprehensive income (loss) - net of tax	(44,353)	(44,353)				(44,353)		0
Amortization of share-based incentive compensation	74,916	70,281		70,281				4,635
Dividend equivalents	(2,066)	(243)		5,100	(5,343)			(1,823)
Class A common stock dividends	(46,238)	(46,238)			(46,238)
Purchase of Class A common stock (in shares)							6,650,998
Purchase of Class A common stock	(236,990)	(236,990)					$ (236,990)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares)							(464,482)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit	(2,172)	(2,172)		(19,685)			$ 17,513	0
Distributions to noncontrolling interests, net	(17,420)	0						(17,420)
LFI Consolidated Funds	6,702	0						6,702
Change in redemption value of redeemable noncontrolling interests	957	670		670				287	(957)
Other (in shares)							7,661
Other	(2,019)	(1,778)		(1,538)			$ (240)	(241)
Balance at the end (in shares) at Sep. 30, 2022			112,766,091				24,434,236
Balance at the end at Sep. 30, 2022	677,324	560,636	$ 1,128	126,746	1,682,398	(334,382)	$ (915,254)	116,688	578,495
Balance at the beginning (in shares) at Dec. 31, 2022			112,766,091				26,814,213
Balance at the beginning at Dec. 31, 2022	675,399	556,463	$ 1,128	167,890	1,676,713	(295,854)	$ (993,414)	118,936	583,471
Comprehensive income (loss):
Net income (loss)	(134,350)	(139,046)			(139,046)			4,696	5,549
Other comprehensive income (loss) - net of tax	2,795	2,795				2,795		0
Amortization of share-based incentive compensation	209,630	204,641		204,641				4,989
Dividend equivalents	(9,334)	(698)		19,094	(19,792)			(8,636)
Class A common stock dividends	$ (129,367)	(129,367)			(129,367)
Purchase of Class A common stock (in shares)	2,782,662						2,782,662
Purchase of Class A common stock	$ (102,051)	(102,051)					$ (102,051)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares)							(4,203,791)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit	(53,670)	(59,334)		(215,539)			$ 156,205	5,664
Class A common stock issuable	1,775	1,775		1,775
Delivery of Class A common stock (in shares)							(41,384)
Delivery of Class A common stock	0	0		(1,533)			$ 1,533
Distributions to noncontrolling interests, net	(3,820)	0						(3,820)
LFI Consolidated Funds	(74,164)	0						(74,164)	78,063
Change in redemption value of redeemable noncontrolling interests	(589)	(412)		(412)				(177)	589
Distribution to redeemable noncontrolling interests									(585,891)
Reversal to net loss of amounts previously charged to additional paid-in-capital and noncontrolling interests	17,929	13,195		13,195				4,734
Reversal of deferred offering costs liability	20,125	14,087		14,087				6,038
Other (in shares)							5,240
Other	(747)	(730)		(581)			$ (149)	(17)
Balance at the end (in shares) at Sep. 30, 2023			112,766,091				25,356,940
Balance at the end at Sep. 30, 2023	419,561	361,318	$ 1,128	202,617	1,388,508	(293,059)	$ (937,876)	58,243	81,781
Balance at the beginning (in shares) at Jun. 30, 2023			112,766,091				25,896,701
Balance at the beginning at Jun. 30, 2023	415,885	359,978	$ 1,128	167,622	1,431,181	(281,886)	$ (958,067)	55,907	83,583
Comprehensive income (loss):
Net income (loss)	10,025	7,139			7,139			2,886	(3,251)
Other comprehensive income (loss) - net of tax	(11,172)	(11,173)				(11,173)		1
Amortization of share-based incentive compensation	58,362	57,058		57,058				1,304
Dividend equivalents	(2,153)	(237)		6,133	(6,370)			(1,916)
Class A common stock dividends	(43,442)	(43,442)			(43,442)
Purchase of Class A common stock (in shares)							85,035
Purchase of Class A common stock	(2,954)	(2,954)					$ (2,954)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit (in shares)							(624,796)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax benefit	(5,051)	(5,051)		(28,196)			$ 23,145	0
Contributions from noncontrolling interests, net	61	0						61
LFI Consolidated Funds	0	0						0	1,449
Balance at the end (in shares) at Sep. 30, 2023			112,766,091				25,356,940
Balance at the end at Sep. 30, 2023	$ 419,561	$ 361,318	$ 1,128	$ 202,617	$ 1,388,508	$ (293,059)	$ (937,876)	$ 58,243	$ 81,781

DERIVATIVES - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ 16,137	$ 28,307	$ (22,006)	$ 115,967
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
Forward foreign currency exchange rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Total return swaps and other	$ (984)	$ 2,650	$ (1,684)	$ 8,260
LFI and other similar deferred compensation arrangements
Derivative Instruments, Gain (Loss) [Line Items]
Total return swaps and other	10,598	16,180	(15,530)	65,601
LGAC Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Total return swaps and other	0	2,300	115	9,430
Total return swaps and other
Derivative Instruments, Gain (Loss) [Line Items]
Total return swaps and other	$ 6,523	$ 7,177	$ (4,907)	$ 32,676

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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.

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 following tables present, as of September 30, 2023 and December 31, 2022, 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, 2023
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	3,524	$	957	$	-	$	-	$	4,481
Equities	40,119		-		540		-		40,659
Funds:
Alternative investments	15,534		-		-		44,676		60,210
Debt	173,546		10,240		-		4		183,790
Equity	324,197		-		-		42		324,239
Private equity	-		-		261		44,240		44,501
Derivatives	-		3,678		-		-		3,678
Total	$	556,920	$	14,875	$	801	$	88,962	$	661,558
Liabilities:
Securities sold, not yet purchased	$	1,724	$	-	$	-	$	-	$	1,724
Contingent consideration liability	-		-		6,503		-		6,503
Derivatives	-		342,483		-		-		342,483
Total	$	1,724	$	342,483	$	6,503	$	-	$	350,710


	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:

Equities	$	43,243	$	-	$	646	$	-	$	43,889
Funds:
Alternative investments	27,073		-		-		29,874		56,947
Debt	178,552		-		-		4		178,556
Equity	350,242		-		-		40		350,282
Private equity	-		-		18,772		35,050		53,822
Derivatives	-		14,554		-		-		14,554
Total	$	599,110	$	14,554	$	19,418	$	64,968	$	698,050
Liabilities:
Securities sold, not yet purchased	$	4,651	$	-	$	-	$	-	$	4,651
Derivatives	115		327,045		-		-		327,160
Total	$	4,766	$	327,045	$	-	$	-	$	331,811

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, 2023 and 2022:


	Three Months Ended September 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	642	$	(95)	$	-	$	-	$	(7)	$	540
Private equity funds	268		-		-		-		(7)		261
Total Level 3 assets	$	910	$	(95)	$	-	$	-	$	(14)	$	801

Liabilities:
Contingent consideration liability	$	6,422	$	81	$	-	$	-	$	-	$	6,503
Total Level 3 liabilities	$	6,422	$	81	$	-	$	-	$	-	$	6,503


	Nine Months Ended September 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/Acquisitions/ Issuances		Sales/ Settlements/ Transfers (b)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	646	$	(81)	$	-	$	-	$	(25)	$	540
Private equity funds	18,772		-		-		(18,508)		(3)		261
Total Level 3 assets	$	19,418	$	(81)	$	-	$	(18,508)	$	(28)	$	801

Liabilities:
Contingent consideration liability (c)	$	-	$	194	$	7,754	$	(1,445)	$	-	$	6,503
Total Level 3 liabilities	$	-	$	194	$	7,754	$	(1,445)	$	-	$	6,503


	Three Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	542	$	28	$	-	$	-	$	(41)	$	529
Private equity funds	256		-		-		-		(16)		240
Total Level 3 assets	$	798	$	28	$	-	$	-	$	(57)	$	769


	Nine Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	578	$	35	$	-	$	-	$	(84)	$	529
Private equity funds	293		-		-		(13)		(40)		240
Total Level 3 assets	$	871	$	35	$	-	$	(13)	$	(124)	$	769

__________________________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2023 and 2022 include net unrealized gains (losses) of $(76), $(62), $28 and $35, respectively. Unrealized losses of $81 and $194 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2023.

(b)Transfers out of Level 3 private equity funds in the nine month period ended September 30, 2023 reflect investments valued at NAV as of September 30, 2023.

(c)For the nine month period ended September 30, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction), and settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.

There were no other transfers into or out of Level 3 within the fair value hierarchy during the three month and nine month periods ended September 30, 2023 and 2022.

The following tables present, at September 30, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2023

Investments Redeemable

NAV

Unfunded

Commitments

% of
NAV
Not
Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

44,022

(a)

30-60 days

Other

654

(b)

<30-30 days

Debt funds

(c)

<30 days

Equity funds

(d)

<30-60 days

Private equity funds:

Equity growth

44,240

5,547

(e)

100%

(f)

Total

88,962

5,547

___________________________________

(a)monthly (73%) and quarterly (27%)

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

(c)daily (100%)

(d)monthly (33%) and annually (67%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,206 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

December 31, 2022

Investments Redeemable

NAV

Unfunded
Commitments

% of
NAV
Not
Redeemable

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

29,259

(a)

30-60 days

Other

615

(b)

<30-30 days

Debt funds

(c)

<30 days

Equity funds

(d)

<30-60 days

Private equity funds:

Equity growth

35,050

5,455

(e)

100%

(f)

Total

64,968

5,455

___________________________________

(a)monthly (68%) and quarterly (32%)

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

(c)daily (100%)

(d)monthly (35%) and annually (65%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,003 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

Investment Capital Funding Commitments—At September 30, 2023, the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $5,028. 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.

INCENTIVE PLANS - Schedule of Activity Relating to PIPRs, including PRPUs and SPRPUs (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Profits Interest Participation Rights
Units
Units beginning balance (in shares)	4,131,628
Units granted (in shares)	3,488,074
Units forfeited (in shares)	(16,695)
Units settled (in shares)	(1,521,620)
Units ending balance (in shares)	6,081,387
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 40.15
Weighted average grant date fair value, granted (in USD per share)	22.47	$ 34.53
Weighted average grant date fair value, forfeited (in USD per share)	43.23
Weighted average grant date fair value, settled (in USD per share)	42.17
Weighted average grant date fair value, ending balance (in USD per share)	$ 29.50
PRPUs
Units
Units beginning balance (in shares)	2,447,224
Units granted (in shares)	0
Units settled (in shares)	(973,222)
Units ending balance (in shares)	1,474,002
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 40.29
Weighted average grant date fair value, settled (in USD per share)	41.76
Weighted average grant date fair value, ending balance (in USD per share)	$ 39.31
SPRPUs
Units
Units granted (in shares)	2,250,000
Units ending balance (in shares)	2,250,000
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, granted (in USD per share)	$ 15.06
Weighted average grant date fair value, ending balance (in USD per share)	15.06
Other Profits Interest Participation Rights
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	39.96
Weighted average grant date fair value, granted (in USD per share)	35.94
Weighted average grant date fair value, forfeited (in USD per share)	43.23
Weighted average grant date fair value, settled (in USD per share)	42.89
Weighted average grant date fair value, ending balance (in USD per share)	$ 37.14

SENIOR DEBT - Additional Information (Details) - USD ($)		1 Months Ended
	Jun. 06, 2023	Jul. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Second Amended And Restated Credit Agreement
Debt Instrument [Line Items]
Line of credit, initiation date	Jun. 06, 2023
Line of credit, expiration date	Jun. 06, 2028
Duration of senior revolving credit facility, in years	5 years
Senior revolving credit facility	$ 200,000,000
Outstanding credit facility			$ 0	$ 0
Previous Credit Agreement
Debt Instrument [Line Items]
Line of credit, expiration date		Jul. 31, 2023
Duration of senior revolving credit facility, in years		3 years
Senior revolving credit facility		$ 200,000,000
Senior Debt
Debt Instrument [Line Items]
Fair value of senior debt			1,586,000,000	$ 1,602,000,000
Unused Lines of Credit
Debt Instrument [Line Items]
Unused lines of credit			$ 209,000,000

GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The components of goodwill and other intangible assets at September 30, 2023 and December 31, 2022 are presented below:


	September 30, 2023		December 31, 2022
Goodwill	$	394,049	$	377,240
Other intangible assets (net of accumulated amortization)	45		90
	$	394,094	$	377,330

At September 30, 2023 and December 31, 2022, goodwill of $312,779 and $312,699, respectively, was attributable to the Company’s Financial Advisory segment and, goodwill of $81,270 and $64,541, respectively, was attributable to the Company’s Asset Management segment.

Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2023 and 2022 are as follows:


	Nine Months Ended September 30,
	2023		2022
Balance, January 1	$	377,240	$	379,421
Acquisition of business	16,729		-
Foreign currency translation adjustments	80		(3,637)
Balance, September 30	$	394,049	$	375,784

The acquisition in the nine month period ended September 30, 2023 was attributable to the Company’s Asset Management segment. All other changes in the carrying amount of goodwill for the nine month periods ended September 30, 2023 and 2022 are attributable to the Company’s Financial Advisory segment.

Amortization expense of intangible assets, included in “amortization and other acquisition-related costs” in the condensed consolidated statements of operations, for both the three month and nine month periods ended September 30, 2023 and 2022 was $15 and $45, respectively.

REGULATORY AUTHORITIES	9 Months Ended
REGULATORY AUTHORITIES	Sep. 30, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
REGULATORY AUTHORITIES	REGULATORY AUTHORITIESLFNY 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 $5, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At September 30, 2023, LFNY’s regulatory net capital was $73,105, which exceeded the minimum requirement by $69,493. LFNY’s aggregate indebtedness to net capital ratio was 0.74:1 as of September 30, 2023. 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, 2023, the aggregate regulatory net capital of the U.K. Subsidiaries was $174,572, which exceeded the minimum requirement by $111,142. 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 exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At June 30, 2023, the consolidated regulatory net capital of CFLF was $154,143, which exceeded the minimum requirement set for regulatory capital levels by $68,939. 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, 2023, the regulatory net capital of the combined European regulated group was $180,261, which exceeded the minimum requirement set for regulatory capital levels by $86,449. 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, 2023, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $141,320, which exceeded the minimum required capital by $114,703. At September 30, 2023, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

INVESTMENTS - Investments and Securities Sold, not yet Purchased (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments	$ 657,880	$ 698,977
Investments, at fair value	657,880	683,496
Equity method investments	0	15,481
Debt
Schedule of Investments [Line Items]
Investments	4,481	0
Equities
Schedule of Investments [Line Items]
Investments	40,659	43,889
Funds Total
Schedule of Investments [Line Items]
Investments	612,740	639,607
Alternative investments
Schedule of Investments [Line Items]
Investments	60,210	56,947
Alternative investments \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	27,145	24,137
Debt
Schedule of Investments [Line Items]
Investments	183,790	178,556
Debt \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	168,624	142,632
Equity
Schedule of Investments [Line Items]
Investments	324,239	350,282
Equity \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	262,223	266,528
Private equity
Schedule of Investments [Line Items]
Investments	$ 44,501	$ 53,822

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

Of the Company’s fee receivables at September 30, 2023 and December 31, 2022, $115,379 and $97,964, respectively, represented financing receivables for our Private Capital Advisory fees.

At September 30, 2023 and December 31, 2022, customers and other receivables included $89,753 and $128,890, respectively, of customer loans, which are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of both September 30, 2023 and December 31, 2022.

The aggregate carrying amount of other fees and customers and other receivables was $427,001 and $425,904 at September 30, 2023 and December 31, 2022, respectively.

Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	27,095	$	30,271	$	17,738	$	33,957
Bad debt expense, net of reversals	2,268		566		13,287		24
Charge-offs, foreign currency translation and other adjustments	(8,282)		(15,517)		(9,944)		(18,661)
Ending Balance	$	21,081	$	15,320	$	21,081	$	15,320

Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses-other” on the condensed consolidated statements of operations.

The allowance for credit losses is substantially all related to M&A and Restructuring fee receivables and other receivables.

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 653,355	$ 1,234,773
Deposits with banks and short-term investments	319,382	779,246
Restricted cash	34,038	625,381
Receivables (net of allowance for credit losses of $21,081 and $17,738 at September 30, 2023 and December 31, 2022, respectively):
Fees	505,976	491,861
Customers and other	126,157	160,897
Receivables	632,133	652,758
Investments	657,880	698,977
Property (net of accumulated amortization and depreciation of $405,811 and $395,109 at September 30, 2023 and December 31, 2022, respectively)	229,626	250,073
Operating lease right-of-use assets	413,172	431,608
Goodwill and other intangible assets (net of accumulated amortization of $70,184 and $70,118 at September 30, 2023 and December 31, 2022, respectively)	394,094	377,330
Deferred tax assets	507,952	407,657
Other assets	453,874	394,758
Total Assets	4,295,506	5,852,561
Liabilities:
Deposits and other customer payables	462,841	921,834
Accrued compensation and benefits	496,711	735,576
Operating lease liabilities	492,036	513,688
Tax receivable agreement obligation	118,546	191,189
Senior debt	1,689,579	1,687,714
Deferred tax liabilities	5,383	3,920
Other liabilities	529,068	539,770
Total Liabilities	3,794,164	4,593,691
Commitments and contingencies
Redeemable noncontrolling interests	81,781	583,471
Common stock:
Class A, par value $0.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at September 30, 2023 and December 31, 2022, including shares held by subsidiaries as indicated below)	1,128	1,128
Additional paid-in-capital	202,617	167,890
Retained earnings	1,388,508	1,676,713
Accumulated other comprehensive loss, net of tax	(293,059)	(295,854)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total	1,299,194	1,549,877
Class A common stock held by subsidiaries, at cost (25,356,940 and 26,814,213 shares at September 30, 2023 and December 31, 2022, respectively)	(937,876)	(993,414)
Total Lazard Ltd Stockholders’ Equity	361,318	556,463
Noncontrolling interests	58,243	118,936
Total Stockholders’ Equity	419,561	675,399
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	4,295,506	5,852,561
Series A Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A and B - no shares issued and outstanding	0	0
Series B Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A and B - no shares issued and outstanding	$ 0	$ 0

EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

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.


	Pension Plans
	Three Months Ended September 30,
	2023		2022
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	74	$	116
Interest cost	5,322		2,642
Expected return on plan assets	(6,068)		(5,808)
Amortization of:
Prior service cost	28		25
Net actuarial loss	1,926		1,370
Settlement loss	791		380
Net periodic benefit cost (credit)	$	2,073	$	(1,275)


	Pension Plans
	Nine Months Ended September 30,
	2023		2022
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	256	$	386
Interest cost	15,746		8,459
Expected return on plan assets	(17,916)		(18,627)
Amortization of:
Prior service cost	81		80
Net actuarial loss (gain)	4,970		3,484
Settlement loss	2,333		1,223
Net periodic benefit cost (credit)	$	5,470	$	(4,995)

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2023

Receivables [Abstract]

Schedule of Activity in Allowance for Credit Losses

Activity in the allowance for credit losses for the three month and nine month periods ended September 30, 2023 and 2022 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	27,095	$	30,271	$	17,738	$	33,957
Bad debt expense, net of reversals	2,268		566		13,287		24
Charge-offs, foreign currency translation and other adjustments	(8,282)		(15,517)		(9,944)		(18,661)
Ending Balance	$	21,081	$	15,320	$	21,081	$	15,320

INCENTIVE PLANS - Schedule of Activity Relating to RSUs and DSUs (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
RSUs
Units
Units beginning balance (in shares)	9,022,917
Units granted (in shares)	5,496,350
Units forfeited (in shares)	(127,546)
Units settled (in shares)	(3,359,950)
Units ending balance (in shares)	11,031,771
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 37.97
Weighted average grant date fair value, granted (in USD per share)	36.51	$ 33.64
Weighted average grant date fair value, forfeited (in USD per share)	33.34
Weighted average grant date fair value, settled (in USD per share)	41.65
Weighted average grant date fair value, ending balance (in USD per share)	$ 36.17
Number of dividend participation rights issued	515,420
DSUs
Units
Units beginning balance (in shares)	400,820
Units granted (in shares)	58,414
Units forfeited (in shares)	0
Units settled (in shares)	(134,744)
Units ending balance (in shares)	324,490
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in USD per share)	$ 37.66
Weighted average grant date fair value, granted (in USD per share)	29.87	$ 35.53
Weighted average grant date fair value, forfeited (in USD per share)	0
Weighted average grant date fair value, settled (in USD per share)	36.21
Weighted average grant date fair value, ending balance (in USD per share)	$ 36.86

COST-SAVING INITIATIVES - Activity Related to Cost Savings Initiatives (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Balance at beginning of period		$ 0
Total expenses	$ 15,707	183,152
Noncash expenses		41,799
Payments and settlements		78,345
Balance at end of period	63,008	63,008
Accrued Compensation and Benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period		0
Total expenses		166,289
Noncash expenses		31,073
Payments and settlements		73,511
Balance at end of period	61,705	61,705
Other
Restructuring Reserve [Roll Forward]
Balance at beginning of period		0
Total expenses		16,863
Noncash expenses		10,726
Payments and settlements		4,834
Balance at end of period	$ 1,303	$ 1,303

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis


	September 30, 2023
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	3,524	$	957	$	-	$	-	$	4,481
Equities	40,119		-		540		-		40,659
Funds:
Alternative investments	15,534		-		-		44,676		60,210
Debt	173,546		10,240		-		4		183,790
Equity	324,197		-		-		42		324,239
Private equity	-		-		261		44,240		44,501
Derivatives	-		3,678		-		-		3,678
Total	$	556,920	$	14,875	$	801	$	88,962	$	661,558
Liabilities:
Securities sold, not yet purchased	$	1,724	$	-	$	-	$	-	$	1,724
Contingent consideration liability	-		-		6,503		-		6,503
Derivatives	-		342,483		-		-		342,483
Total	$	1,724	$	342,483	$	6,503	$	-	$	350,710


	December 31, 2022
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:

Equities	$	43,243	$	-	$	646	$	-	$	43,889
Funds:
Alternative investments	27,073		-		-		29,874		56,947
Debt	178,552		-		-		4		178,556
Equity	350,242		-		-		40		350,282
Private equity	-		-		18,772		35,050		53,822
Derivatives	-		14,554		-		-		14,554
Total	$	599,110	$	14,554	$	19,418	$	64,968	$	698,050
Liabilities:
Securities sold, not yet purchased	$	4,651	$	-	$	-	$	-	$	4,651
Derivatives	115		327,045		-		-		327,160
Total	$	4,766	$	327,045	$	-	$	-	$	331,811

Schedule 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, 2023 and 2022:


	Three Months Ended September 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	642	$	(95)	$	-	$	-	$	(7)	$	540
Private equity funds	268		-		-		-		(7)		261
Total Level 3 assets	$	910	$	(95)	$	-	$	-	$	(14)	$	801

Liabilities:
Contingent consideration liability	$	6,422	$	81	$	-	$	-	$	-	$	6,503
Total Level 3 liabilities	$	6,422	$	81	$	-	$	-	$	-	$	6,503


	Nine Months Ended September 30, 2023
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/Acquisitions/ Issuances		Sales/ Settlements/ Transfers (b)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	646	$	(81)	$	-	$	-	$	(25)	$	540
Private equity funds	18,772		-		-		(18,508)		(3)		261
Total Level 3 assets	$	19,418	$	(81)	$	-	$	(18,508)	$	(28)	$	801

Liabilities:
Contingent consideration liability (c)	$	-	$	194	$	7,754	$	(1,445)	$	-	$	6,503
Total Level 3 liabilities	$	-	$	194	$	7,754	$	(1,445)	$	-	$	6,503


	Three Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	542	$	28	$	-	$	-	$	(41)	$	529
Private equity funds	256		-		-		-		(16)		240
Total Level 3 assets	$	798	$	28	$	-	$	-	$	(57)	$	769


	Nine Months Ended September 30, 2022
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	578	$	35	$	-	$	-	$	(84)	$	529
Private equity funds	293		-		-		(13)		(40)		240
Total Level 3 assets	$	871	$	35	$	-	$	(13)	$	(124)	$	769

__________________________________

(b)Transfers out of Level 3 private equity funds in the nine month period ended September 30, 2023 reflect investments valued at NAV as of September 30, 2023.

Schedule of Fair Value of Certain Investments Based on NAV

The following tables present, at September 30, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:

September 30, 2023

Investments Redeemable

NAV

Unfunded

Commitments

% of
NAV
Not
Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

44,022

(a)

30-60 days

Other

654

(b)

<30-30 days

Debt funds

(c)

<30 days

Equity funds

(d)

<30-60 days

Private equity funds:

Equity growth

44,240

5,547

(e)

100%

(f)

Total

88,962

5,547

___________________________________

(a)monthly (73%) and quarterly (27%)

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

(c)daily (100%)

(d)monthly (33%) and annually (67%)

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

December 31, 2022

Investments Redeemable

NAV

Unfunded
Commitments

% of
NAV
Not
Redeemable

Redemption
Frequency

Redemption
Notice Period

Alternative investment funds:

Hedge funds

29,259

(a)

30-60 days

Other

615

(b)

<30-30 days

Debt funds

(c)

<30 days

Equity funds

(d)

<30-60 days

Private equity funds:

Equity growth

35,050

5,455

(e)

100%

(f)

Total

64,968

5,455

___________________________________

(a)monthly (68%) and quarterly (32%)

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

(c)daily (100%)

(d)monthly (35%) and annually (65%)

(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.

INCENTIVE PLANS - Schedule of Impact of LFI and Other Similar Deferred Compensation Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Amortization and the impact of forfeitures	$ 41,368	$ 41,956	$ 133,454	$ 125,210
Change in the fair value of underlying investments	(10,598)	(16,180)	15,530	(65,601)
Total	$ 30,770	$ 25,776	$ 148,984	$ 59,609

SENIOR DEBT (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Senior Debt

Senior debt is comprised of the following as of September 30, 2023 and December 31, 2022:


						Outstanding as of
						September 30, 2023						December 31, 2022
	Initial Principal Amount		Maturity Date	Annual Interest Rate(a)		Principal		Unamortized Debt Costs		Carrying Value		Principal		Unamortized Debt Costs		Carrying Value
Lazard Group 2025 Senior Notes	$	400,000	2/13/25	3.75	%	$	400,000	$	649	$	399,351	$	400,000	$	1,003	$	398,997
Lazard Group 2027 Senior Notes	300,000		3/1/27	3.625	%	300,000		1,333		298,667		300,000		1,625		298,375
Lazard Group 2028 Senior Notes	500,000		9/19/28	4.50	%	500,000		4,225		495,775		500,000		4,864		495,136
Lazard Group 2029 Senior Notes	500,000		3/11/29	4.375	%	500,000		4,214		495,786		500,000		4,794		495,206
Total						$	1,700,000	$	10,421	$	1,689,579	$	1,700,000	$	12,286	$	1,687,714

__________________________

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Class A common stock dividends (in USD per share)	$ 0.50	$ 0.50	$ 1.50	$ 1.44
Related tax benefit of share-based incentive compensation on delivery of Class A common stock	$ (164)	$ 346	$ (254)	$ 6,604

INVESTMENTS

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The Company’s investments consist of the following at September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
Debt	$	4,481	$	-
Equities	40,659		43,889
Funds:
Alternative investments (a)	60,210		56,947
Debt (a)	183,790		178,556
Equity (a)	324,239		350,282
Private equity	44,501		53,822
	612,740		639,607
Investments, at fair value	657,880		683,496
Equity method investments	-		15,481
Total investments	$	657,880	$	698,977

___________________________________

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

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

Debt funds primarily consist of investments in funds to seed strategies and funds in 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 investments in funds to seed strategies and funds in 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, (ii) a fund targeting significant noncontrolling-stake

investments in established private companies and (iii) a seed investment in a fund that invests in sustainable private infrastructure opportunities.

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”).

Equity method investments represent certain partnership interests accounted for under the equity method of accounting.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net unrealized investment gains (losses)	$	(23,879)	$	(31,093)	$	14,551	$	(134,091)

REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2023

Revenue Recognition [Abstract]

Schedule of Revenue Based on Business Segment Results


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net Revenue:
Financial Advisory (a)	$	266,048	$	456,521	$	896,099	$	1,254,621

Asset Management:
Management fees and other (b)	$	282,657	$	277,202	$	843,590	$	872,351
Incentive fees (c)	2,198		21,595		13,622		54,098
Total Asset Management	$	284,855	$	298,797	$	857,212	$	926,449

___________________________________

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.

SEGMENT INFORMATION - Schedule of Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net Revenue	$ 523,918	$ 726,744	$ 1,709,468	$ 2,061,182
Operating Expenses	528,775	568,602	1,861,322	1,617,474
Operating Income (Loss)	(4,857)	158,142	(151,854)	443,708
Total Assets	4,295,506		4,295,506		$ 5,852,561
Operating Segments \| Financial Advisory
Segment Reporting Information [Line Items]
Net Revenue	266,048	456,521	896,099	1,254,621
Operating Expenses	295,609	341,578	1,063,789	956,410
Operating Income (Loss)	(29,561)	114,943	(167,690)	298,211
Total Assets	1,036,825		1,036,825		1,099,921
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Net Revenue	284,855	298,797	857,212	926,449
Operating Expenses	232,011	233,614	749,281	707,676
Operating Income (Loss)	52,844	65,183	107,931	218,773
Total Assets	828,890		828,890		978,083
Corporate
Segment Reporting Information [Line Items]
Net Revenue	(26,985)	(28,574)	(43,843)	(119,888)
Operating Expenses	1,155	(6,590)	48,252	(46,612)
Operating Income (Loss)	(28,140)	$ (21,984)	(92,095)	$ (73,276)
Total Assets	$ 2,429,791		$ 2,429,791		$ 3,774,557

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References + Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Option Quantitative Disclosures [Line Items]
Transfers into or out of Level 3 in the fair value measurement hierarchy	$ 0	$ 0	$ 0	$ 0
Unfunded commitments	5,547,000		5,547,000		$ 5,455,000
EGCP III
Fair Value Option Quantitative Disclosures [Line Items]
Unfunded commitments	$ 5,028,000		$ 5,028,000

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

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, 2023 and 2022 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 records other revenue, 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.


		Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Financial Advisory	Net Revenue	$	266,048	$	456,521	$	896,099	$	1,254,621
	Operating Expenses	295,609		341,578		1,063,789		956,410
	Operating Income (Loss)	$	(29,561)	$	114,943	$	(167,690)	$	298,211
Asset Management	Net Revenue	$	284,855	$	298,797	$	857,212	$	926,449
	Operating Expenses	232,011		233,614		749,281		707,676
	Operating Income	$	52,844	$	65,183	$	107,931	$	218,773
Corporate	Net Revenue (Loss)	$	(26,985)	$	(28,574)	$	(43,843)	$	(119,888)
	Operating Expenses (Credit)	1,155		(6,590)		48,252		(46,612)
	Operating Loss	$	(28,140)	$	(21,984)	$	(92,095)	$	(73,276)
Total	Net Revenue	$	523,918	$	726,744	$	1,709,468	$	2,061,182
	Operating Expenses	528,775		568,602		1,861,322		1,617,474
	Operating Income (Loss)	$	(4,857)	$	158,142	$	(151,854)	$	443,708


	As Of
	September 30, 2023		December 31, 2022
Total Assets
Financial Advisory	$	1,036,825	$	1,099,921
Asset Management	828,890		978,083
Corporate	2,429,791		3,774,557
Total	$	4,295,506	$	5,852,561

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
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+ Details

CONSOLIDATED VIEs - Schedule of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 653,355	$ 1,234,773
Customers and other receivables	126,157	160,897
Investments	657,880	698,977
Other assets	453,874	394,758
Total Assets	4,295,506	5,852,561
LIABILITIES
Deposits and other customer payables	462,841	921,834
Other liabilities	529,068	539,770
Total Liabilities	3,794,164	4,593,691
Consolidated VIEs
ASSETS
Cash and cash equivalents	3,224	3,644
Customers and other receivables	1,789	240
Investments	190,511	186,300
Other assets	737	622
Total Assets	196,261	190,806
LIABILITIES
Deposits and other customer payables	1,307	528
Other liabilities	400	448
Total Liabilities	$ 1,707	$ 976

GOODWILL AND OTHER INTANGIBLE ASSETS - Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 394,049	$ 377,240	$ 375,784	$ 379,421
Other intangible assets (net of accumulated amortization)	45	90
Goodwill and other intangible assets, total	$ 394,094	$ 377,330

- Definition

+ References + Details

RELATED PARTIES	9 Months Ended
RELATED PARTIES	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES 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 $135,899 and $405,269 for the three month and nine month periods ended September 30, 2023, respectively, and $159,749 and $458,462 for the three month and nine month periods ended September 30, 2022, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $57,040 and $57,283 remained as receivables at September 30, 2023 and December 31, 2022, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), between Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we currently expect will equal 85% of the cash tax savings that may arise from tax basis increases attributable to payments under the TRA. Our subsidiaries expect to benefit from the balance of cash savings, if any, in income tax that our subsidiaries realize from such tax basis increases. Any amount paid by our subsidiaries to the Trust will generally be distributed pro rata to the owners of the Trust, who include certain of our executive officers. For purposes of the TRA, cash savings in income and franchise tax will be computed by comparing our subsidiaries’ actual income and franchise tax liability to the amount of such taxes that our subsidiaries would have been required to pay had there been no increase in the tax basis of certain assets of Lazard Group and had our subsidiaries not entered into the TRA. The term of the TRA will continue until approximately 2033 or, if earlier, until all relevant tax benefits have been utilized or expired. The amount of the TRA liability is an undiscounted amount based upon current tax laws and the structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment and if our structure or income assumptions were to change, we could be required to accelerate payments under the TRA. As such, the actual amount and timing of payments under the TRA could differ materially from our estimates. Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the condensed consolidated statement of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”. Pursuant to the periodic revaluation of the TRA liability and the assumptions reflected in the estimate, the revaluation had the effect of reducing the estimated liability under the TRA. As a result, the Company recorded a “benefit pursuant to tax receivable agreement” of $40,435 on the condensed consolidated statement of operations for the nine month period ended September 30, 2023. In addition, the Company made a payment under the TRA in the nine months ended September 30, 2023 of $32,208. The cumulative liability relating to our obligations under the TRA as of September 30, 2023 and December 31, 2022 was $118,546 and $191,189, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition. Other See Note 11 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended		9 Months Ended
	Nov. 17, 2023	Nov. 06, 2023	Oct. 25, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased				$ 2,954	$ 236,990	$ 102,051	$ 612,175
Share repurchase remaining authorization				$ 200,095		$ 200,095
Expiration						Dec. 31, 2024
Preferred stock shares authorized (in shares)				15,000,000		15,000,000		15,000,000
Preferred stock par value (in USD per share)				$ 0.01		$ 0.01		$ 0.01
Dividend declared per share of common stock (in USD per share)				$ 0.50	$ 0.50	$ 1.50	$ 1.44
Subsequent Event
Schedule Of Stockholders Equity [Line Items]
Dividend declare date			Oct. 25, 2023
Dividend declared per share of common stock (in USD per share)			$ 0.50
Dividend payable date	Nov. 17, 2023
Dividend date of record		Nov. 06, 2023
Common Stock \| Executive Officers
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased						$ 11,100	$ 16,500
Series A Preferred Stock
Schedule Of Stockholders Equity [Line Items]
Preferred stock shares outstanding (in shares)				0		0		0
Series B Preferred Stock
Schedule Of Stockholders Equity [Line Items]
Preferred stock shares outstanding (in shares)				0		0		0

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms that specializes 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, 2023 and December 31, 2022. Lazard Ltd, through its control of the managing members of Lazard Group, controls Lazard Group, which as of December 31, 2022 was governed by an Amended and Restated Operating Agreement dated as of February 4, 2019. Such operating agreement was subsequently amended and restated effective as of January 1, 2023 (as so amended and restated, the “Operating Agreement”). Lazard Ltd’s primary operating asset is its indirect ownership of the common membership interests of, and managing member interests in, Lazard Group, whose principal operating activities are included in two business segments: •Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding strategic and mergers and acquisitions (“M&A”) advisory, capital markets advisory, shareholder advisory, restructuring and liability management, sovereign advisory, geopolitical advisory, and other strategic advisory matters and capital raising and placement, and •Asset Management, which offers a broad range of global investment solutions and investment and wealth 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 certain assets and liabilities associated with (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”), and (ii) in 2022, a special purpose acquisition company that was sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”). Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2022. The accompanying December 31, 2022 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 that 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 condensed consolidated 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 estimated 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, 2023 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard Ltd and its subsidiaries including 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 20). 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 losses or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated. Lazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a dormant special purpose acquisition company, that was incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (a “Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, was the sponsor of LGAC. LGAC is considered to be a VIE. The Company holds a controlling financial interest in LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. The proceeds from the LGAC IPO of $575,000 were held in a trust account, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the funds in the trust account to the LGAC shareholders in connection with the redemption of LGAC’s Class A ordinary shares, subject to certain conditions. The cash held in the trust account was recorded in “restricted cash” on the condensed consolidated statements of financial condition as of December 31, 2022. Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees (included in “other liabilities” on the condensed consolidated statements of financial condition as of December 31, 2022) and $852 of other offering costs, were charged against the gross proceeds of the LGAC IPO. “Redeemable noncontrolling interests” of $583,471 associated with the publicly held LGAC Class A ordinary shares were recorded on the Company’s condensed consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by credits or charges to additional paid-in-capital and noncontrolling interests attributable to certain members of LGACo 1 LLC based on pro rata ownership. The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO (the “LGAC Warrants”) meet the definition of a liability under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 815 and were classified as derivative liabilities which were remeasured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value reported to earnings. See Note 6. On February 23, 2023, LGAC redeemed all of its outstanding publicly held Class A ordinary shares as a result of LGAC not consummating a Business Combination within the time period required by its amended and restated memorandum and articles of association resulting in the distribution of $585,891 of the cash held in the trust account to the LGAC shareholders. The Company recognized $17,929 of losses on the liquidation of LGAC in “revenue-other” on the condensed consolidated statement of operations for the nine month period ended September 30, 2023. In addition, the $20,125 of non-cash deferred underwriting fees noted above was no longer probable of being incurred and therefore was reversed from other liabilities to additional paid-in-capital. There were no redemption rights or liquidating distributions with respect to the LGAC warrants.

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Share Repurchase Authorized by Board of Directors

Share Repurchase Program—Since 2021 and through the nine month period ended September 30, 2023, the Board of Directors of Lazard authorized the repurchase of Lazard Ltd Class A common stock (“common stock”), the only class of common stock of Lazard outstanding as set forth in the table below:


Date	Repurchase Authorization		Expiration
April 2021	$	300,000	December 31, 2022
February 2022	$	300,000	December 31, 2024
July 2022	$	500,000	December 31, 2024

Schedule of Shares Repurchased Under the Share Repurchase Program

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 2018 Incentive Compensation Plan, as amended (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 period to period 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 Shares Purchased	Average Price Per Share
2022	17,249,880	$	35.49
2023	2,782,662	$	36.67

Schedule of Accumulated Other Comprehensive Income (Loss), Net of Tax

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at September 30, 2023 and 2022 and activity during the three month and nine month periods then ended:


	Three Months Ended September 30, 2023
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, July 1, 2023	$	(139,907)	$	(141,980)	$	(281,887)	$	(1)	$	(281,886)
Activity:
Other comprehensive income (loss) before reclassifications	(19,935)		5,054		(14,881)		1		(14,882)
Adjustments for items reclassified to earnings, net of tax	2,129		1,580		3,709		-		3,709
Net other comprehensive income (loss)	(17,806)		6,634		(11,172)		1		(11,173)
Balance, September 30, 2023	$	(157,713)	$	(135,346)	$	(293,059)	$	-	$	(293,059)


	Nine Months Ended September 30, 2023
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2023	$	(156,924)	$	(138,930)	$	(295,854)	$	-	$	(295,854)
Activity:
Other comprehensive loss before reclassifications	(2,946)		(332)		(3,278)		-		(3,278)
Adjustments for items reclassified to earnings, net of tax	2,157		3,916		6,073		-		6,073
Net other comprehensive income (loss)	(789)		3,584		2,795		-		2,795
Balance, September 30, 2023	$	(157,713)	$	(135,346)	$	(293,059)	$	-	$	(293,059)


	Three Months Ended September 30, 2022
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, July 1, 2022	$	(171,741)	$	(118,289)	$	(290,030)	$	(1)	$	(290,029)
Activity:
Other comprehensive income (loss) before reclassifications	(54,439)		8,786		(45,653)		-		(45,653)
Adjustments for items reclassified to earnings, net of tax	138		1,162		1,300		-		1,300
Net other comprehensive income (loss)	(54,301)		9,948		(44,353)		-		(44,353)
Balance, September 30, 2022	$	(226,042)	$	(108,341)	$	(334,383)	$	(1)	$	(334,382)


	Nine Months Ended September 30, 2022
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2022	$	(92,178)	$	(131,669)	$	(223,847)	$	-	$	(223,847)
Activity:
Other comprehensive income (loss) before reclassifications	(134,129)		20,512		(113,617)		(1)		(113,616)
Adjustments for items reclassified to earnings, net of tax	265		2,816		3,081		-		3,081
Net other comprehensive income (loss)	(133,864)		23,328		(110,536)		(1)		(110,535)
Balance, September 30, 2022	$	(226,042)	$	(108,341)	$	(334,383)	$	(1)	$	(334,382)

Schedule of Adjustments for Items Reclassified From 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, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Currency translation losses (a)	$	2,129	$	138	$	2,157	$	265
Employee benefit plans:
Amortization relating to employee benefit plans (b)	1,954		1,395		5,051		3,564
Less - related income taxes	374		233		1,135		748

	1,580		1,162		3,916		2,816
Total reclassifications, net of tax	$	3,709	$	1,300	$	6,073	$	3,081

__________________________

(a)Represents currency translation losses reclassified from AOCI associated with closing of certain of our offices. Such amounts are included in “revenue—other” on the condensed consolidated statements of operations.

(b)Included in the computation of net periodic benefit cost (see Note 13). Such amounts are included in “operating expenses—other” on the condensed consolidated statements of operations.

Schedule of Net Income (Loss) Attributable to Noncontrolling Interests

The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2023 and 2022 and noncontrolling interests as of September 30, 2023 and December 31, 2022 in the Company’s condensed consolidated financial statements:


	Net Income (Loss) Attributable to Noncontrolling Interests
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Edgewater	$	2,885	$	18,209	$	4,557	$	28,715
LFI Consolidated Funds	(3,251)		(5,237)		3,718		(18,393)
LGAC	-		4,023		1,968		9,941
Other	1		-		2		2
Total	$	(365)	$	16,995	$	10,245	$	20,265


	Noncontrolling Interests as of
	September 30, 2023		December 31, 2022
Edgewater	$	45,371	$	44,681
Profits interest participation rights	12,859		10,792
LFI Consolidated Funds	-		74,164
LGAC	-		(10,714)
Other	13		13
Total	$	58,243	$	118,936

INVESTMENTS - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment gains (losses)	$ (23,879)	$ (31,093)	$ 14,551	$ (134,091)

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivables	$ 21,081	$ 17,738
Property, accumulated amortization and depreciation	405,811	395,109
Other intangible assets, accumulated amortization	$ 70,184	$ 70,118
Preferred stock par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	15,000,000	15,000,000
Common stock, par value (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	112,766,091	112,766,091
Common stock held by subsidiaries (in shares)	25,356,940	26,814,213
Series A Preferred Stock
Preferred stock, shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0
Series B Preferred Stock
Preferred stock, shares issued (in shares)	0	0
Preferred stock shares outstanding (in shares)	0	0

COST-SAVING INITIATIVES (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Activities Related to Cost Savings Initiatives

Expenses and losses associated with the cost-saving initiatives for the three month and nine month periods ended September 30, 2023 consisted of the following:


	Three Months Ended September 30, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	(21)	$	4,190	$	4,772	$	8,941
Technology asset impairments (included in "technology and information services")	56		515		-		571
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	2,164		-		2,483		4,647
Other	1,478		28		42		1,548
Total	$	3,677	$	4,733	$	7,297	$	15,707


	Nine Months Ended September 30, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	90,022	$	44,958	$	31,309	$	166,289
Technology asset impairments (included in "technology and information services")	144		7,812		-		7,956
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	2,164		-		2,483		4,647
Other	2,000		308		1,952		4,260
Total	$	94,330	$	53,078	$	35,744	$	183,152

Activity related to the obligations pursuant to the cost-saving initiatives during the nine month period ended September 30, 2023 was as follows:


	Accrued Compensation and Benefits		Other		Total
Balance, January 1, 2023	$	-	$	-	$	-
Total expenses	166,289		16,863		183,152
Less:
Noncash expenses (a)	31,073		10,726		41,799
Payments and settlements	73,511		4,834		78,345
Balance, September 30, 2023	$	61,705	$	1,303	$	63,008

___________________________________

FAIR VALUE MEASUREMENTS - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Assets:
Beginning Balance	$ 910	$ 798	$ 19,418	$ 871
Net Unrealized/ Realized Gains/Losses Included In Earnings	(95)	28	(81)	35
Purchases/ Issuances	0	0	0	0
Sales/ Settlements/ Transfers	0	0	(18,508)	(13)
Foreign Currency Translation Adjustments	(14)	(57)	(28)	(124)
Ending Balance	$ 801	$ 769	$ 801	$ 769
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other	Other
Liabilities:
Beginning Balance	$ 6,422		$ 0
Net Unrealized/ Realized Gains/Losses Included In Earnings	81		194
Purchases/ Issuances	0		7,754
Sales/ Settlements/ Transfers	0		(1,445)
Foreign Currency Translation Adjustments	0		0
Ending Balance	6,503		6,503
Level 3
Liabilities:
Unrealized gains (losses) on assets	(76)	$ 28	(62)	$ 35
Unrealized losses on liability	81		194
Contingent consideration liability
Liabilities:
Beginning Balance	6,422		0
Net Unrealized/ Realized Gains/Losses Included In Earnings	81		194
Purchases/ Issuances	0		7,754
Sales/ Settlements/ Transfers	0		(1,445)
Foreign Currency Translation Adjustments	0		0
Ending Balance	6,503		6,503
Equities
Assets:
Beginning Balance	642	542	646	578
Net Unrealized/ Realized Gains/Losses Included In Earnings	(95)	28	(81)	35
Purchases/ Issuances	0	0	0	0
Sales/ Settlements/ Transfers	0	0	0	0
Foreign Currency Translation Adjustments	(7)	(41)	(25)	(84)
Ending Balance	540	529	540	529
Private equity
Assets:
Beginning Balance	268	256	18,772	293
Net Unrealized/ Realized Gains/Losses Included In Earnings	0	0	0	0
Purchases/ Issuances	0	0	0	0
Sales/ Settlements/ Transfers	0	0	(18,508)	(13)
Foreign Currency Translation Adjustments	(7)	(16)	(3)	(40)
Ending Balance	$ 261	$ 240	$ 261	$ 240

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS


Date	Repurchase Authorization		Expiration
April 2021	$	300,000	December 31, 2022
February 2022	$	300,000	December 31, 2024
July 2022	$	500,000	December 31, 2024


Nine Months Ended September 30:	Number of Shares Purchased	Average Price Per Share
2022	17,249,880	$	35.49
2023	2,782,662	$	36.67

During the nine month periods ended September 30, 2023 and 2022, certain of our executive officers received 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 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 periods ended September 30, 2023 and 2022, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all

such purchases during the nine month periods ended September 30, 2023 and 2022 was approximately $11,100 and $16,500, respectively. Such shares of common stock are reported at cost.

As of September 30, 2023, a total of $200,095 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, which authorization will expire on December 31, 2024.

During the nine month period ended September 30, 2023, 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.

Preferred Stock—Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both September 30, 2023 and December 31, 2022, no shares of Series A or Series B preferred stock were outstanding.


	Three Months Ended September 30, 2023
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, July 1, 2023	$	(139,907)	$	(141,980)	$	(281,887)	$	(1)	$	(281,886)
Activity:
Other comprehensive income (loss) before reclassifications	(19,935)		5,054		(14,881)		1		(14,882)
Adjustments for items reclassified to earnings, net of tax	2,129		1,580		3,709		-		3,709
Net other comprehensive income (loss)	(17,806)		6,634		(11,172)		1		(11,173)
Balance, September 30, 2023	$	(157,713)	$	(135,346)	$	(293,059)	$	-	$	(293,059)


	Nine Months Ended September 30, 2023
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2023	$	(156,924)	$	(138,930)	$	(295,854)	$	-	$	(295,854)
Activity:
Other comprehensive loss before reclassifications	(2,946)		(332)		(3,278)		-		(3,278)
Adjustments for items reclassified to earnings, net of tax	2,157		3,916		6,073		-		6,073
Net other comprehensive income (loss)	(789)		3,584		2,795		-		2,795
Balance, September 30, 2023	$	(157,713)	$	(135,346)	$	(293,059)	$	-	$	(293,059)


	Three Months Ended September 30, 2022
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, July 1, 2022	$	(171,741)	$	(118,289)	$	(290,030)	$	(1)	$	(290,029)
Activity:
Other comprehensive income (loss) before reclassifications	(54,439)		8,786		(45,653)		-		(45,653)
Adjustments for items reclassified to earnings, net of tax	138		1,162		1,300		-		1,300
Net other comprehensive income (loss)	(54,301)		9,948		(44,353)		-		(44,353)
Balance, September 30, 2022	$	(226,042)	$	(108,341)	$	(334,383)	$	(1)	$	(334,382)


	Nine Months Ended September 30, 2022
	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2022	$	(92,178)	$	(131,669)	$	(223,847)	$	-	$	(223,847)
Activity:
Other comprehensive income (loss) before reclassifications	(134,129)		20,512		(113,617)		(1)		(113,616)
Adjustments for items reclassified to earnings, net of tax	265		2,816		3,081		-		3,081
Net other comprehensive income (loss)	(133,864)		23,328		(110,536)		(1)		(110,535)
Balance, September 30, 2022	$	(226,042)	$	(108,341)	$	(334,383)	$	(1)	$	(334,382)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Currency translation losses (a)	$	2,129	$	138	$	2,157	$	265
Employee benefit plans:
Amortization relating to employee benefit plans (b)	1,954		1,395		5,051		3,564
Less - related income taxes	374		233		1,135		748

	1,580		1,162		3,916		2,816
Total reclassifications, net of tax	$	3,709	$	1,300	$	6,073	$	3,081

__________________________

(b)Included in the computation of net periodic benefit cost (see Note 13). 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, (ii) profits interest participation rights (see Note 12), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 20).


	Net Income (Loss) Attributable to Noncontrolling Interests
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Edgewater	$	2,885	$	18,209	$	4,557	$	28,715
LFI Consolidated Funds	(3,251)		(5,237)		3,718		(18,393)
LGAC	-		4,023		1,968		9,941
Other	1		-		2		2
Total	$	(365)	$	16,995	$	10,245	$	20,265


	Noncontrolling Interests as of
	September 30, 2023		December 31, 2022
Edgewater	$	45,371	$	44,681
Profits interest participation rights	12,859		10,792
LFI Consolidated Funds	-		74,164
LGAC	-		(10,714)
Other	13		13
Total	$	58,243	$	118,936

Redeemable Noncontrolling Interests—Redeemable noncontrolling interests principally represent LGAC interests as of December 31, 2022 (see Note 1) and consolidated VIE interests held by employees as of September 30, 2023 (see Note 20). Consolidated VIE interests held by employees (vested LFI awards), which may be redeemed at any time at the option of the holder for cash, are recorded on the Company’s condensed consolidated statements of financial position at redemption value and classified as temporary equity. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period.

Dividends Declared, October 25, 2023—On October 25, 2023, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on November 17, 2023, to stockholders of record on November 6, 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Topic 505
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 394,049	$ 375,784	$ 394,049	$ 375,784	$ 377,240	$ 379,421
Amortization and other acquisition-related costs	15	$ 15	45	$ 45
Financial Advisory
Goodwill And Intangible Assets [Line Items]
Goodwill	312,779		312,779		312,699
Asset Management
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 81,270		$ 81,270		$ 64,541

- Definition

+ References + Details

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	Sep. 30, 2023 USD ($)
Other Commitments [Line Items]
Maximum future payments under the guarantee	$ 10,000,000
LFB
Other Commitments [Line Items]
Other commitments	0
LFNY
Other Commitments [Line Items]
Other commitments	$ 0

PROPERTY, NET

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, NET

At September 30, 2023 and December 31, 2022, property consisted of the following:


	Estimated Depreciable Life in Years	September 30, 2023		December 31, 2022
Buildings	33	$	163,900	$	135,103
Leasehold improvements	3-20	225,602		208,323
Furniture and equipment	3-10	232,664		236,194
Construction in progress		13,271		65,562
Total		635,437		645,182
Less - Accumulated depreciation and amortization		405,811		395,109
Property, net		$	229,626	$	250,073