0001628280-24-006659 | 10-K | XBRL Viewer

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Leases - Schedule of Components of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 80,257	$ 78,482	$ 86,232
Variable lease cost	23,521	21,086	21,193
Sublease income	(934)	(4,969)	(7,303)
Total	$ 102,844	$ 94,599	$ 100,122

Incentive Plans - Summary of Activity Related to RSAs (Details) - RSAs - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Units
Units beginning balance (in shares)	1,266,424
Units granted (in shares)	670,064
Units forfeited (in shares)	(15,897)
Units settled (in shares)	(684,645)
Units ending balance (in shares)	1,235,946	1,266,424
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)	37.60	$ 33.37	$ 43.80
Weighted average grant date fair value, forfeited (in usd per share)	39.14
Weighted average grant date fair value, settled (in usd per share)	39.13
Weighted average grant date fair value, ending balance (in usd per share)	$ 36.10	$ 36.99
Number of dividend participation rights issued	94,985

Cost-Saving Initiatives (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2023 consisted of the following:


	Year Ended December 31, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	98,219	$	49,152	$	34,732	$	182,103
Technology asset impairments (included in "technology and information services")	144		7,877		–		8,021
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	1,824		–		3,054		4,878
Other	2,241		470		2,291		5,002
Total	$	102,428	$	57,499	$	40,077	$	200,004

Additional compensation and benefits expense of approximately $40,000 was incurred in the first quarter of 2024.

Activity related to the obligations pursuant to the cost-saving initiatives during the year ended December 31, 2023 was as follows:


	Accrued Compensation and Benefits		Other		Total
Balance, January 1, 2023	$	–	$	–	$	–
Total expenses	182,103		17,901		200,004
Less:
Noncash expenses (a)	33,790		10,626		44,416
Payments and settlements	96,967		6,323		103,290
Balance, December 31, 2023	$	51,346	$	952	$	52,298

___________________________________

(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.

Organization and Basis of Presentation	12 Months Ended
Organization and Basis of Presentation	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	. ORGANIZATION AND BASIS OF PRESENTATION Organization On January 1, 2024, Lazard Ltd completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. As the Conversion became effective on January 1, 2024, the accompanying consolidated financial statements as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 and related notes reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd. 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 December 31, 2023 and 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 a special purpose acquisition company that was sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”). Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: •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 24). 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. The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, Lazard Frères Banque SA (“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. Lazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC was a 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 was considered to be a VIE. The Company held 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 were 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 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 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 consolidated statements of financial condition as of December 31, 2022 at redemption value and classified as temporary equity. Changes in redemption value were recognized immediately as they occurred and adjusted 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 were 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”) met 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 8. 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 consolidated statements of operations for the year ended December 31, 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.

Senior Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Senior Debt

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


						Outstanding as of
						December 31, 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	$	531	$	399,469	$	400,000	$	1,003	$	398,997
Lazard Group 2027 Senior Notes	300,000		3/1/27	3.625	%	300,000		1,235		298,765		300,000		1,625		298,375
Lazard Group 2028 Senior Notes	500,000		9/19/28	4.50	%	500,000		4,012		495,988		500,000		4,864		495,136
Lazard Group 2029 Senior Notes	500,000		3/11/29	4.375	%	500,000		4,022		495,978		500,000		4,794		495,206
Total						$	1,700,000	$	9,800	$	1,690,200	$	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.

Schedule of Debt Maturities Relating to Senior Borrowings Outstanding

Debt maturities relating to senior borrowings outstanding at December 31, 2023 for each of the five years in the period ending December 31, 2028 and thereafter are set forth in the table below.


Year Ending December 31,
2024	$	–
2025	400,000
2026	–
2027	300,000
2028	500,000
Thereafter	500,000
Total	$	1,700,000

Incentive Plans - Summary of Activity Relating to PIPRs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Ordinary PIPRs
Units
Units beginning balance (in shares)	1,684,404
Units granted (in shares)	1,521,458
Units forfeited (in shares)	(16,695)
Units settled (in shares)	(548,398)
Units ending balance (in shares)	2,640,769	1,684,404
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)	34.50	$ 32.95	$ 43.23
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)	$ 36.19	$ 39.96
P-PIPRs
Units
Units beginning balance (in shares)	2,447,224
Units granted (in shares)	0
Units forfeited (in shares)	0
Units settled (in shares)	(973,222)
Units, performance units earned (in shares)	484,827
Units ending balance (in shares)	1,958,829	2,447,224
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, granted (in usd per share)	0	$ 35.44	$ 46.63
Weighted average grant date fair value, forfeited (in usd per share)	0
Weighted average grant date fair value, settled (in usd per share)	41.76
Weighted average grant date fair value, performance units earned (in usd per share)	46.63
Weighted average grant date fair value, ending balance (in usd per share)	$ 41.12	$ 40.29
SP-PIPRs
Units
Units beginning balance (in shares)	0
Units granted (in shares)	2,250,000
Units forfeited (in shares)	0
Units settled (in shares)	0
Units ending balance (in shares)	2,250,000	0
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in usd per share)	$ 0
Weighted average grant date fair value, granted (in usd per share)	15.06
Weighted average grant date fair value, forfeited (in usd per share)	0
Weighted average grant date fair value, settled (in usd per share)	0
Weighted average grant date fair value, ending balance (in usd per share)	$ 15.06	$ 0

Stockholders' Equity and Redeemable Noncontrolling Interests - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Feb. 23, 2024	Feb. 12, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Stockholders Equity [Line Items]
Common stock held by subsidiaries, shares				25,340,287	26,814,213
Aggregate value of all shares repurchased				$ 102,051	$ 691,705	$ 406,149
Share repurchase remaining authorization				$ 200,095
Share repurchase authorization expiration date				Dec. 31, 2024
Preferred stock, shares authorized				15,000,000	15,000,000
Preferred stock, par value (in usd per share)				$ 0.01	$ 0.01
Dividend declared per share of common stock (in usd per share)				$ 2.00	$ 1.94	$ 1.88
Subsequent Event
Schedule Of Stockholders Equity [Line Items]
Dividend declare date			Jan. 31, 2024
Dividend declared per share of common stock (in usd per share)			$ 0.50
Dividend payable date	Feb. 23, 2024
Dividend date of record		Feb. 12, 2024
Class A Common Stock
Schedule Of Stockholders Equity [Line Items]
Common stock held by subsidiaries, shares				25,340,287	26,814,213
Common Stock \| Executive Officers
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased				$ 11,100	$ 16,500	$ 19,800
Series A Preferred Stock
Schedule Of Stockholders Equity [Line Items]
Preferred stock, shares outstanding				0	0	0
Series B Preferred Stock
Schedule Of Stockholders Equity [Line Items]
Preferred stock, shares outstanding				0	0	0

Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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

The following reflects the expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, RSAs and PIPRs) and “professional services” expense (with respect to DSUs) within the Company’s accompanying consolidated statements of operations:


	Year Ended December 31,
	2023		2022		2021
Share-based incentive awards:
RSUs	$	165,435	$	125,664	$	124,895
PRSUs	2,488		2,011		6,136
RSAs	25,073		23,923		17,765
PIPRs	55,712		86,810		83,046
DSUs	1,862		2,233		2,116
Total	$	250,570	$	240,641	$	233,958

Summary of LFI and Other Similar Deferred Compensation Arrangements

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the year ended December 31, 2023:


	Prepaid Compensation Asset		Compensation Liability
Balance, January 1, 2023	$	112,124	$	326,282
Granted	159,981		159,981
Settled	–		(171,738)
Amortization and the impact of forfeitures	(156,254)		8,103
Change in fair value of underlying investments	–		41,463
Other	121		1,329
Balance, December 31, 2023	$	115,972	$	365,420

The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Amortization and the impact of forfeitures	$	164,357	$	154,878	$	151,604
Change in the fair value of underlying investments	41,463		(44,261)		35,494
Total	$	205,820	$	110,617	$	187,098

RSUs, PRSUs 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, PRSUs and DSUs for the year ended December 31, 2023:


	RSUs			PRSUs			DSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	9,022,917	$	37.97	94,690	$	39.27	400,820	$	37.66
Granted (including 711,673 RSUs relating to dividend participation)	5,700,485	$	36.49	–	$	–	62,654	$	29.71
Forfeited	(282,967)	$	35.37	–	$	–	-	$	–
Settled	(3,372,084)	$	41.65	–	$	–	(134,744)	$	36.21
PRSUs performance units earned (a)				30,775	$	46.63
Balance, December 31, 2023	11,068,351	$	36.15	125,465	$	41.07	328,730	$	36.74

_____________________

(a)Represents PRSUs earned during the fiscal year under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.

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 year ended December 31, 2023:


	RSAs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,266,424	$	36.99
Granted (including 94,985 relating to dividend participation)	670,064	$	37.60
Forfeited	(15,897)	$	39.14
Settled	(684,645)	$	39.13
Balance, December 31, 2023	1,235,946	$	36.10

PIPRs

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 PIPRs during the year ended December 31, 2023:


	Ordinary PIPRs (a)			P-PIPRs			SP-PIPRs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,684,404	$	39.96	2,447,224	$	40.29	–	$	–
Granted	1,521,458	$	34.50	–	$	–	2,250,000	$	15.06
Forfeited	(16,695)	$	43.23	–	$	–	–	$	–
Settled	(548,398)	$	42.89	(973,222)	$	41.76	–	$	–
Performance units earned (b)				484,827	$	46.63
Balance, December 31, 2023	2,640,769	$	36.19	1,958,829	$	41.12	2,250,000	$	15.06

_____________________

(a)Includes PIPR awards with only service-based vesting conditions.

(b)Represents P-PIPRs earned during the fiscal year under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.

- 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
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (e)(2)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Subparagraph (f)(2)(ii)
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 971,316	$ 1,234,773	$ 1,465,022
Customers and other receivables	201,767	160,897
Investments	701,964	698,977
Other assets	414,518	394,758
Total Assets	4,635,781	5,852,561
Liabilities:
Deposits and other customer payables	443,262	921,834
Other liabilities	546,947	539,770
Total Liabilities	4,065,919	4,593,691
Consolidated VIEs
ASSETS
Cash and cash equivalents	4,627	3,644
Customers and other receivables	23,277	240
Investments	196,112	186,300
Other assets	683	622
Total Assets	224,699	190,806
Liabilities:
Deposits and other customer payables	23,498	528
Other liabilities	353	448
Total Liabilities	$ 23,851	$ 976

Senior Debt - Senior Debt (Details) - USD ($)	12 Months Ended
Senior Debt - Senior Debt (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 1,700,000,000	$ 1,700,000,000
Unamortized Debt Costs	9,800,000	12,286,000
Carrying Value	1,690,200,000	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	531,000	1,003,000
Carrying Value	$ 399,469,000	398,997,000
Senior notes interest rate	3.75%
Senior debt maturity date	Feb. 13, 2025
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	1,235,000	1,625,000
Carrying Value	$ 298,765,000	298,375,000
Senior notes interest rate	3.625%
Senior debt maturity date	Mar. 01, 2027
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	4,012,000	4,864,000
Carrying Value	$ 495,988,000	495,136,000
Senior notes interest rate	4.50%
Senior debt maturity date	Sep. 19, 2028
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	4,022,000	4,794,000
Carrying Value	$ 495,978,000	$ 495,206,000
Senior notes interest rate	4.375%
Senior debt maturity date	Mar. 11, 2029
Effective interest rates of senior notes	4.53%

Incentive Plans - Additional Information (Details) $ / shares in Units, $ in Thousands		2 Months Ended	12 Months Ended
	Apr. 24, 2018	Feb. 22, 2024 USD ($)	Dec. 31, 2023 USD ($) tranche d $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Jan. 01, 2024	Feb. 01, 2021	Jan. 31, 2021
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, conversion ratio						1
Deferred incentive compensation awards \| $		$ 374,000
Cash retention awards granted \| $		$ 95,000
Required service period		3 years
Lazard Fund Interests
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period			9 months 18 days
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 (in shares)			711,673
Charges to retained earnings, net of estimated forfeitures \| $			$ 21,638
Units granted (in shares)			5,700,485
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 36.49	$ 33.73	$ 43.38
Unrecognized compensation expense \| $			$ 122,498
Unrecognized compensation expense, period			10 months 24 days
RSUs \| Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.33%
RSUs \| Share-Based Payment Arrangement, Tranche Two
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]
Common stock conversion basis			one-for-one
Units granted (in shares)			62,654
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 29.71	35.78	46.75
DSUs \| Non-Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			62,654
RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			670,064
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 37.60	33.37	43.80
Unrecognized compensation expense \| $			$ 15,967
Unrecognized compensation expense, period			9 months 18 days
Dividend participation rights issued (in shares)			94,985
Charges to retained earnings, net of estimated forfeitures \| $			$ 2,977
PRSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Common stock, conversion ratio			1
Vesting period			3 years
Units granted (in shares)			0
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 0	35.44	46.63
Unrecognized compensation expense \| $			$ 1,185
Unrecognized compensation expense, period			4 months 24 days
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
PIPRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis			one-for-one
Unrecognized compensation expense \| $			$ 57,954
Unrecognized compensation expense, period			1 year 9 months 18 days
PIPRs Excluding Stock Price PIPRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Ordinary PIPRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			1,521,458
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 34.50	32.95	43.23
P-PIPRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Units granted (in shares)			0
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 0	$ 35.44	$ 46.63
Target number of shares of common stock			1
Minimum Value Condition, period			5 years
P-PIPRs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier							0	0
P-PIPRs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target number of shares, multiplier							2.4	2
SP-PIPRs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted (in shares)			2,250,000
Weighted-average grant date fair value of awards granted (in usd per share) \| $ / shares			$ 15.06
Award vesting, number of tranches \| tranche			3
Common stock price, number of consecutive days \| d			30
SP-PIPRs \| Scenario, Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value \| $			$ 33,900
SP-PIPRs \| Share-Based Payment Arrangement, Tranche One
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%
Common stock price, appreciation period following date of grant			3 years
SP-PIPRs \| Share-Based Payment Arrangement, Tranche Two
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%
Common stock price, appreciation period following date of grant			5 years
SP-PIPRs \| Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			40.00%
Common stock price, appreciation (as a percent)			100.00%
Common stock price, appreciation period following date of grant			7 years
Common Stock \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery (in shares)			1,213,264
Delivery of common stock associated with stock awards (in shares)			2,158,820
Common Stock \| RSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery (in shares)			279,385
Delivery of common stock associated with stock awards (in shares)			405,260
2018 Equity Incentive Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements			50,000,000
Awarded Under 2008 Plan \| Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation plan expiration period	Apr. 24, 2018

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 3,533	$ 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	2,789	14,554
Derivative assets, notional amount	288,113	325,129
Derivative liabilities, fair value	379,557	327,390
Derivative liabilities, amounts not netted: cash collateral	(243)	0
Derivative liabilities, amounts not netted: securities collateral	0	0
Derivative liabilities, fair value, total	368,430	327,160
Derivative liabilities, notional	640,734	479,122
Forward foreign currency exchange rate contracts
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	3,400	1,356
Derivative assets fair value counterparty and cash collateral netting	(604)	(157)
Derivative assets, notional amount	283,635	170,103
Derivative liabilities, fair value	1,847	921
Derivative liabilities, fair value, counterparty and cash collateral netting	(603)	(158)
Derivative liabilities, notional	170,704	128,098
Total return swaps and other
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	133	13,427
Derivative assets fair value counterparty and cash collateral netting	(140)	(72)
Derivative assets, notional amount	4,478	155,026
Derivative liabilities, fair value	12,290	72
Derivative liabilities, fair value, counterparty and cash collateral netting	(10,281)	(72)
Derivative liabilities, notional	117,139	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	365,420	326,282
Derivative liabilities, notional	352,891	338,126
Net derivatives in "other assets" and "other liabilities"
Derivatives, Fair Value [Line Items]
Derivative assets, net derivatives	2,789	14,554
Derivative liabilities, net derivatives	$ 368,673	$ 327,160

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Commitments—See Notes 7 and 17 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 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 an annual basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular year. 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.

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Statement of Income Captions [Line Items]
NET INCOME	$ (75,479)	$ 357,517	$ 528,064
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments before reclassification	31,107	(64,778)	(48,099)
Adjustment for items reclassified to earnings	1,826	32	23,645
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(7,606), $(5,978) and $13,263 for the years ended December 31, 2023, 2022 and 2021, respectively)	(24,510)	(11,413)	33,315
Prior service cost (net of tax benefit of $2,567 for the year ended December 31, 2023)	(7,751)	0	0
Adjustments for items reclassified to earnings (net of tax expense of $1,521, $994 and $1,609 for the years ended December 31, 2023, 2022 and 2021, respectively)	5,233	4,152	5,660
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,905	(72,007)	14,521
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	(69,575)	285,510	542,585
Parent Company
Condensed Statement of Income Captions [Line Items]
NET INCOME	(75,479)	357,517	528,064
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments before reclassification	31,106	(64,778)	(48,099)
Adjustment for items reclassified to earnings	1,826	32	23,645
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(7,606), $(5,978) and $13,263 for the years ended December 31, 2023, 2022 and 2021, respectively)	(24,510)	(11,413)	33,315
Prior service cost (net of tax benefit of $2,567 for the year ended December 31, 2023)	(7,751)	0	0
Adjustments for items reclassified to earnings (net of tax expense of $1,521, $994 and $1,609 for the years ended December 31, 2023, 2022 and 2021, respectively)	5,233	4,152	5,660
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,904	(72,007)	14,521
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ (69,575)	$ 285,510	$ 542,585

Receivables and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	$ 113,929	$ 97,964
Carrying amount	561,978	425,904
Customer and Other Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customer loans	$ 86,412	$ 128,890

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 92,599	$ 64,968
Unfunded Commitments	5,505	5,455
Hedge funds
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 45,324	$ 29,259
Hedge funds \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	74.00%	68.00%
Hedge funds \| Quarterly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	26.00%	32.00%
Hedge funds \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Hedge funds \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Other
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 680	$ 615
Other \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	96.00%	95.00%
Other \| Daily
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	4.00%	5.00%
Other \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Other \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt funds
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 5	$ 4
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt funds \| Daily
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	100.00%	100.00%
Equity funds
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 45	$ 40
Equity funds \| Monthly
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	34.00%	35.00%
Equity funds \| Annually
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments redeemable (as percent)	66.00%	65.00%
Equity funds \| Minimum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Equity funds \| Maximum
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Private equity \| Equity growth
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 46,545	$ 35,050
Unfunded Commitments	$ 5,505	$ 5,455
% of NAV Not Redeemable	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	$ 9,605	$ 8,003

Stockholders' Equity and Redeemable Noncontrolling Interests - Net Income (Loss) Attributable to Noncontrolling Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	$ 18,172	$ 34,966	$ 14,481
Noncontrolling interest	58,428	118,936
Profit Participators
Change In Ownership Interest [Line Items]
Noncontrolling interest	11,843	10,792
LFI Consolidated Funds
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	10,150	(11,415)	7,950
Noncontrolling interest	0	74,164
Edgewater
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	6,051	31,314	10,466
Noncontrolling interest	46,571	44,681
LGAC
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	1,968	15,064	(3,940)
Noncontrolling interest	0	(10,714)
Other
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	3	3	$ 5
Noncontrolling interest	$ 14	$ 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

Net Income (Loss) Per Share of Common Stock (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2023, 2022, and 2021 are presented below:


	Year Ended December 31,
	2023		2022		2021
Net income (loss) attributable to Lazard Ltd	$	(75,479)	$	357,517	$	528,064
Add - adjustment for earnings attributable to participating securities	(4,440)		(5,732)		(8,647)
Net income (loss) attributable to Lazard Ltd - basic	(79,919)		351,785		519,417
Add - adjustment for earnings attributable to participating securities	–		2,641		7,068
Net income (loss) attributable to Lazard Ltd - diluted	$	(79,919)	$	354,426	$	526,485
Weighted average number of shares of common stock outstanding	86,751,822		93,994,663		104,166,347
Add - adjustment for shares of common stock issuable on a non-contingent basis	2,242,163		1,669,466		1,869,461
Weighted average number of shares of common stock outstanding - basic	88,993,985		95,664,129		106,035,808
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	–		5,333,545		7,638,891
Weighted average number of shares of common stock outstanding - diluted	88,993,985		100,997,674		113,674,699
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic	$	(0.90)	$	3.68	$	4.90
Diluted	$	(0.90)	$	3.51	$	4.63

_____________________

(a)The aggregate weighted average number of incremental shares of common stock issuable from RSUs, PRSUs and PIPRs for the year ended December 31, 2023 of 4,779,627, 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.

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 971,316	$ 1,234,773
Deposits with banks and short-term investments	219,576	779,246
Restricted cash	34,091	625,381
Receivables (net of allowance for credit losses of $28,503 and $17,738 at December 31, 2023 and 2022, respectively):
Fees	560,552	491,861
Customers and other	201,767	160,897
Receivables, net	762,319	652,758
Investments	701,964	698,977
Property (net of accumulated amortization and depreciation of $414,547 and $395,109 at December 31, 2023 and 2022, respectively, including $72,921 of property held for sale at December 31, 2023)	232,516	250,073
Operating lease right-of-use assets	407,213	431,608
Goodwill and other intangible assets (net of accumulated amortization of $67,681 and $70,118 at December 31, 2023 and 2022, respectively)	394,928	377,330
Deferred tax assets	497,340	407,657
Other assets	414,518	394,758
Total Assets	4,635,781	5,852,561
Liabilities:
Deposits and other customer payables	443,262	921,834
Accrued compensation and benefits	781,375	735,576
Operating lease liabilities	485,191	513,688
Senior debt	1,690,200	1,687,714
Deferred tax liabilities	3,857	3,920
Other liabilities	546,947	539,770
Total Liabilities	4,065,919	4,593,691
Commitments and contingencies
Redeemable noncontrolling interests	87,675	583,471
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2023 and 2022, including shares held by subsidiaries)	1,128	1,128
Additional paid-in-capital	247,204	167,890
Retained earnings	1,402,636	1,676,713
Accumulated other comprehensive loss, net of tax	(289,950)	(295,854)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests	1,361,018	1,549,877
Class A common stock held by subsidiaries, at cost (25,340,287 and 26,814,213 shares at December 31, 2023 and 2022, respectively)	(937,259)	(993,414)
Total Lazard Ltd Stockholders’ Equity	423,759	556,463
Noncontrolling interests	58,428	118,936
Total Stockholders’ Equity	482,187	675,399
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	4,635,781	5,852,561
LTBP Trust
Liabilities:
Tax receivable agreement obligation	115,087	191,189
Series A Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	0	0
Series B Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	$ 0	$ 0

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax [Line Items]
Deferred tax assets, valuation allowance	$ 99,600	$ 88,239
Deferred tax assets recorded due to net operating losses and tax credit carryforwards	277,103
Indefinite-lived net operating loss carryforwards	92,000
Unrecognized tax benefits, including interest and penalties recorded that may be recognized within 12 months	14,500
U.S.
Income Tax [Line Items]
Amount of certain net operating loss tax carryforwards	156,000
Foreign
Income Tax [Line Items]
Certain tax carryforwards	$ 5,600

Investments - Investments and Securities Sold, not yet Purchased (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Investments [Line Items]
Investments	$ 701,964	$ 698,977
Investments, at fair value	701,964	683,496
Equity method investments	0	15,481
Lazard Group LLC
Schedule of Investments [Line Items]
Investments	113,174	115,666
Debt
Schedule of Investments [Line Items]
Investments	4,285	0
Equities
Schedule of Investments [Line Items]
Investments	54,717	43,889
Funds:
Schedule of Investments [Line Items]
Investments	642,962	639,607
Alternative investments funds
Schedule of Investments [Line Items]
Investments	61,680	56,947
Alternative investments funds \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	27,454	24,137
Debt funds
Schedule of Investments [Line Items]
Investments	191,325	178,556
Debt funds \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	175,449	142,632
Equity funds
Schedule of Investments [Line Items]
Investments	343,139	350,282
Equity funds \| Lazard Fund Interests \| Lazard Group LLC
Schedule of Investments [Line Items]
Investments	284,099	266,528
Private equity
Schedule of Investments [Line Items]
Investments	$ 46,818	$ 53,822

Receivables and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Schedule of Activity in Allowance for Credit Losses

Activity in the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	17,738	$	33,957	$	36,649
Bad debt expense, net of reversals	20,875		4,012		3,807
Charge-offs, foreign currency translation and other adjustments	(10,110)		(20,231)		(6,499)
Ending Balance	$	28,503	$	17,738	$	33,957

Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets And Other Liabilities [Abstract]
Current income and other tax receivables	$ 69,700	$ 73,672
Prepaid compensation (see Note 16)	115,972	112,124
Other advances and prepayments	117,452	105,717
Other	111,394	103,245
Total	$ 414,518	$ 394,758

Consolidated VIEs (Tables)

12 Months Ended

Dec. 31, 2023

Variable Interest Entity, Measure of Activity [Abstract]

Summary of Consolidated VIE Assets and Liabilities

The

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


	December 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	4,627	$	3,644
Customers and other receivables	23,277		240
Investments	196,112		186,300
Other assets	683		622
Total assets	$	224,699	$	190,806
LIABILITIES
Deposits and other customer payables	$	23,498	$	528
Other liabilities	353		448
Total liabilities	$	23,851	$	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

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss) attributable to Lazard Ltd	$ (75,479)	$ 357,517	$ 528,064

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity and Redeemable Noncontrolling Interests (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Share Repurchase Authorized by Board of Directors

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

February 2022

300,000

December 31, 2024

July 2022

500,000

December 31, 2024

Schedule of Shares Repurchased Under the Share Repurchase Program

Purchases with respect to such program are set forth in the table below:


Year Ended December 31:	Number of Shares Purchased	Average Price Per Share
2021	9,124,295	$	44.51
2022	19,666,798	$	35.17
2023	2,782,662	$	36.67

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

The tables below reflect the balances of each component of AOCI at December 31, 2023, 2022 and 2021 and activity during the years then ended:


	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2023	$	(156,924)	$	(138,930)	$	(295,854)	$	–	$	(295,854)
Activity:
Other comprehensive income (loss) before reclassifications	31,107		(32,261)		(1,154)		1		(1,155)
Adjustments for items reclassified to earnings, net of tax	1,826		5,233		7,059		–		7,059
Net other comprehensive income (loss)	32,933		(27,028)		5,905		1		5,904
Balance, December 31, 2023	$	(123,991)	$	(165,958)	$	(289,949)	$	1	$	(289,950)


	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 loss before reclassifications	(64,778)		(11,413)		(76,191)		–		(76,191)
Adjustments for items reclassified to earnings, net of tax	32		4,152		4,184		–		4,184
Net other comprehensive loss	(64,746)		(7,261)		(72,007)		–		(72,007)
Balance, December 31, 2022	$	(156,924)	$	(138,930)	$	(295,854)	$	–	$	(295,854)


	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2021	$	(67,724)	$	(170,644)	$	(238,368)	$	–	$	(238,368)
Activity:
Other comprehensive income (loss) before reclassifications	(48,099)		33,315		(14,784)		–		(14,784)
Adjustments for items reclassified to earnings, net of tax	23,645		5,660		29,305		–		29,305
Net other comprehensive income (loss)	(24,454)		38,975		14,521		–		14,521
Balance, December 31, 2021	$	(92,178)	$	(131,669)	$	(223,847)	$	–	$	(223,847)

Schedule of Adjustments for Items Reclassified From AOCI

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Currency translation losses (a)	$	1,826	$	32	$	23,645
Employee benefit plans:
Amortization relating to employee benefit plans (b)	6,754		5,146		7,269
Less - related income taxes	1,521		994		1,609
	5,233		4,152		5,660
Total reclassifications, net of tax	$	7,059	$	4,184	$	29,305

________________________

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

(b)Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the 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 years ended December 31, 2023, 2022 and 2021 and noncontrolling interests as of December 31, 2023 and 2022 in the Company’s consolidated financial statements:


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2023		2022		2021
Edgewater	$	6,051	$	31,314	$	10,466
LFI Consolidated Funds	10,150		(11,415)		7,950
LGAC	1,968		15,064		(3,940)
Other	3		3		5
Total	$	18,172	$	34,966	$	14,481


	Noncontrolling Interests as of December 31,
	2023		2022
Edgewater	$	46,571	$	44,681
Profits interest participation rights	11,843		10,792
LFI Consolidated Funds	–		74,164
LGAC	–		(10,714)
Other	14		13
Total	$	58,428	$	118,936

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (57,307)	$ 392,483	$ 542,545
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization of property	42,853	42,336	38,315
Noncash lease expense	63,552	60,624	74,024
Currency translation adjustment reclassification	1,826	32	23,645
Amortization of deferred expenses and share-based incentive compensation	429,523	406,242	394,114
Amortization and other acquisition-related costs	334	60	60
Deferred tax provision (benefit)	(81,068)	42,709	90,643
Provision (benefit) pursuant to tax receivable agreement	(43,894)	(1,209)	2,199
Impairment of equity method investments and other receivables	22,981	0	0
Impairment of assets associated with cost-saving initiatives	8,801	0	0
Loss on LGAC liquidation	17,929	0	0
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net	(100,501)	140,745	(81,609)
Investments	(145,010)	178,025	(458,593)
Other assets	(47,671)	(55,444)	(33,410)
Accrued compensation and benefits and other liabilities	52,314	(372,619)	274,146
Net cash provided by operating activities	164,662	833,984	866,079
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(28,297)	(49,511)	(39,698)
Disposals of property	490	573	642
Acquisition of business, net of cash acquired	(10,516)	0	0
Other investing activities	0	(7,500)	0
Net cash used in investing activities	(38,323)	(56,438)	(39,056)
Proceeds from:
Customer deposits, net	0	0	350,868
LGAC IPO	0	0	575,000
Contributions from noncontrolling interests	2,077	514	334
Payments for:
Customer deposits, net	(572,025)	(373,044)	0
Distributions to noncontrolling interests	(5,802)	(32,051)	(11,398)
Tax receivable agreement	(32,208)	(21,036)	(10,215)
LGAC IPO underwriting fees and other offering costs	0	0	(9,352)
Distribution to redeemable noncontrolling interests in connection with LGAC redemption	(585,891)	0	0
Purchase of Class A common stock	(102,051)	(691,705)	(406,149)
Class A common stock dividends	(173,075)	(181,880)	(195,944)
Settlement of share-based incentive compensation in satisfaction of tax withholding requirements	(54,529)	(61,916)	(68,013)
LFI Consolidated Funds redemptions	(35,238)	(10,020)	(20,915)
Other financing activities	(12,452)	(10,897)	(8,380)
Net cash provided by (used in) financing activities	(1,571,194)	(1,382,035)	195,836
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	30,438	(186,125)	(161,672)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(1,414,417)	(790,614)	861,187
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1	2,639,400	3,430,014	2,568,827
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— December 31	$ 1,224,983	$ 2,639,400	$ 3,430,014

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Components of Goodwill and Other Intangible Assets

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


	December 31,
	2023		2022
Goodwill	$	394,898	$	377,240
Other intangible assets (net of accumulated amortization)	30		90
	$	394,928	$	377,330

Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023						2022						2021
	Financial Advisory		Asset Management		Total		Financial Advisory		Asset Management		Total		Financial Advisory		Asset Management		Total
Balance, January 1	$	312,699	$	64,541	$	377,240	$	314,880	$	64,541	$	379,421	$	319,320	$	64,541	$	383,861
Acquisition of business	–		16,729		16,729		–		–		–		–		–		–
Foreign currency translation adjustments	929		–		929		(2,181)		–		(2,181)		(4,440)		–		(4,440)
Balance, December 31	$	313,628	$	81,270	$	394,898	$	312,699	$	64,541	$	377,240	$	314,880	$	64,541	$	379,421

- 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
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Incentive Plans

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Plans

INCENTIVE PLANS

Share-Based Incentive Plan Awards

A description of the Company’s 2018 Plan and 2008 Incentive Compensation Plan (the “2008 Plan”) and activity with respect thereto during the years ended December 31, 2023, 2022 and 2021 is presented below.

Shares Available Under the 2018 Plan and 2008 Plan

Total shares available for issuance under incentive compensation plans are primarily from the 2018 Plan, which became effective on April 24, 2018. The aggregate number of shares authorized for issuance under the 2018 Plan is 50,000,000. 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 (“PIPRs”), and other share-based awards, as further discussed below.

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. 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.

Expense


	Year Ended December 31,
	2023		2022		2021
Share-based incentive awards:
RSUs	$	165,435	$	125,664	$	124,895
PRSUs	2,488		2,011		6,136
RSAs	25,073		23,923		17,765
PIPRs	55,712		86,810		83,046
DSUs	1,862		2,233		2,116
Total	$	250,570	$	240,641	$	233,958

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-based conditions is not reversed if these awards are forfeited based solely on failing to meet such market-based conditions.

The Company periodically assesses forfeiture rates, 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, PRSUs and DSUs

RSUs generally require future service as a condition for vesting (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 expensed 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 year ended December 31, 2023, dividend participation rights required the issuance of 711,673 RSUs and the associated charge to “retained earnings” (with corresponding credits to “additional paid-in-capital”) was $21,638. In connection with RSUs that settled during the year ended December 31, 2023, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,213,264 shares of common stock during the year. Accordingly, 2,158,820 shares of common stock, respectively, held by the Company were delivered during the year ended December 31, 2023.

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 receives upon vesting of a PRSU is 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 conditions, the number of shares of common stock that may be received will range from zero to 2.4 times the target number. PRSUs 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 conditions) as the underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock. 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.

Non-executive members of the Board of Directors (“Non-Executive Directors”) receive a portion of their compensation for service on the Board of Directors and its committees in the form of DSUs and can elect to receive the cash-portion of their compensation in DSUs in lieu of cash. Total DSUs granted to Non-Executive Directors during the year ended December 31, 2023 were 62,654. DSUs are convertible into shares of common stock on a one-for-one basis 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. DSU awards are expensed at their fair value on their date of grant.

The following is a summary of activity relating to RSUs, PRSUs and DSUs for the year ended December 31, 2023:


	RSUs			PRSUs			DSUs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	9,022,917	$	37.97	94,690	$	39.27	400,820	$	37.66
Granted (including 711,673 RSUs relating to dividend participation)	5,700,485	$	36.49	–	$	–	62,654	$	29.71
Forfeited	(282,967)	$	35.37	–	$	–	-	$	–
Settled	(3,372,084)	$	41.65	–	$	–	(134,744)	$	36.21
PRSUs performance units earned (a)				30,775	$	46.63
Balance, December 31, 2023	11,068,351	$	36.15	125,465	$	41.07	328,730	$	36.74

_____________________

(a)Represents PRSUs earned during the fiscal year under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.

The weighted-average grant date fair value of RSUs granted in 2023, 2022 and 2021 was $36.49, $33.73 and $43.38, respectively. The weighted-average grant date fair value of PRSUs granted in 2022 and 2021 was $35.44 and $46.63, respectively. The weighted-average grant date fair value of DSUs granted in 2023, 2022 and 2021 was $29.71, $35.78 and $46.75, respectively.

As of December 31, 2023, the total estimated unrecognized compensation expense of RSUs and PRSUs was $122,498 and $1,185, respectively. The Company expects to expense such amounts over weighted-average periods of approximately 0.9 and 0.4 years, respectively, subsequent to December 31, 2023.

RSAs

The following is a summary of activity related to RSAs associated with compensation arrangements during the year ended December 31, 2023:


	RSAs	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,266,424	$	36.99
Granted (including 94,985 relating to dividend participation)	670,064	$	37.60
Forfeited	(15,897)	$	39.14
Settled	(684,645)	$	39.13
Balance, December 31, 2023	1,235,946	$	36.10

The weighted-average grant date fair value of RSAs granted in 2023, 2022 and 2021 was $37.60, $33.37 and $43.80, respectively.

In connection with RSAs that settled during the year ended December 31, 2023, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 279,385 shares of common stock during the year. Accordingly, 405,260 shares of common stock held by the Company were delivered during the year ended December 31, 2023.

RSAs 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 year ended December 31, 2023, dividend participation rights required the issuance of 94,985 RSAs and the associated charge to “retained earnings” (with corresponding credits to “additional paid-in-capital”) was $2,977.

At December 31, 2023, estimated unrecognized RSAs expense was $15,967, with such expense to be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2023.

Profits Interest Participation Rights

Profits interest participation rights (“PIPRs”) are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan. They 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 consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital.

PIPRs,with the exception of Stock Price PIPRs (“SP-PIPRs”), as explained below, generally provide for vesting approximately three years following the grant date, so long as applicable vesting and other conditions have been satisfied. Like outstanding RSUs and similar awards, PIPRs are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled.

A recipient generally realizes value from PIPRs only to the extent that applicable vesting and other conditions are satisfied, and 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 PIPRs will be forfeited. Upon satisfaction of such conditions, PIPRs 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, common stock price milestones as described below, the associated compensation expense would not be reversed.

All PIPR awards are subject to service-based vesting conditions. In addition to PIPR awards with only service-based vesting conditions (“Ordinary PIPRs”) granted to certain of our executive officers and a limited number of employees, the Company has granted the following types of PIPRs to certain of our executive officers, that are subject to additional vesting and market-based conditions:

•Performance PIPRs (“P-PIPRs”), which are subject to service-based and performance-based vesting conditions, and beginning in February 2021, incremental market-based conditions.

•SP-PIPRs, which are subject to service-based vesting conditions and common stock price milestones and are eligible to vest in three tranches.

The number of shares of common stock that a recipient will receive upon the exchange of a P-PIPR award is calculated by reference to applicable performance-based vesting conditions and, beginning with P-PIPRs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the vesting and other conditions are satisfied. The target number of shares of common stock subject to each P-PIPR is one. Based on the achievement of performance conditions, as determined and approved by the Compensation Committee, the number of shares of common stock that may be received in connection with the P-PIPR awards granted prior to February 2021 will range from zero to two times the target number. For the P-PIPR awards granted beginning in February 2021, subject to both performance-based and incremental market-based conditions, the number of shares that may be received will range from zero to 2.4 times the target number. Unless applicable vesting and other conditions are satisfied during the three-year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all P-PIPRs will be forfeited.

SP-PIPRs 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 expensed over the requisite service periods.

SP-PIPRs will vest:

•20% if, during the 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, during the five years following the date of grant, the Company’s common stock price has appreciated 50% above the Grant Date Stock Price;

•40% if, during the 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 service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited.

The following is a summary of activity relating to all PIPRs during the year ended December 31, 2023:


	Ordinary PIPRs (a)			P-PIPRs			SP-PIPRs
	Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value		Units	Weighted Average Grant Date Fair Value
Balance, January 1, 2023	1,684,404	$	39.96	2,447,224	$	40.29	–	$	–
Granted	1,521,458	$	34.50	–	$	–	2,250,000	$	15.06
Forfeited	(16,695)	$	43.23	–	$	–	–	$	–
Settled	(548,398)	$	42.89	(973,222)	$	41.76	–	$	–
Performance units earned (b)				484,827	$	46.63
Balance, December 31, 2023	2,640,769	$	36.19	1,958,829	$	41.12	2,250,000	$	15.06

_____________________

(a)Includes PIPR awards with only service-based vesting conditions.

(b)Represents P-PIPRs earned during the fiscal year under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.

Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs and SP-PIPRs granted in 2023 was $34.50 and $15.06, respectively. The weighted-average grant date fair value of ordinary PIPRs and P-PIPRs granted in 2022 was $32.95 and $35.44, respectively. The weighted-average grant date fair value of ordinary PIPRs and P-PIPRs granted in 2021 was $43.23 and $46.63, respectively.

Compensation expense recognized for ordinary PIPRs and P-PIPRs 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 SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of December 31, 2023, the total estimated unrecognized compensation expense of all profits interest participation rights was $57,954 and the Company expects to expense such amount over a weighted-average period of approximately 1.8 years subsequent to December 31, 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 records 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 consolidated statements 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 year ended December 31, 2023:


	Prepaid Compensation Asset		Compensation Liability
Balance, January 1, 2023	$	112,124	$	326,282
Granted	159,981		159,981
Settled	–		(171,738)
Amortization and the impact of forfeitures	(156,254)		8,103
Change in fair value of underlying investments	–		41,463
Other	121		1,329
Balance, December 31, 2023	$	115,972	$	365,420

The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 0.8 years subsequent to December 31, 2023.


	Year Ended December 31,
	2023		2022		2021
Amortization and the impact of forfeitures	$	164,357	$	154,878	$	151,604
Change in the fair value of underlying investments	41,463		(44,261)		35,494
Total	$	205,820	$	110,617	$	187,098

Incentive Awards Granted in the First Quarter of 2024

In the first quarter of 2024, the Company granted approximately $374,000 of deferred share-based incentive compensation awards to eligible employees as part of the 2023 year-end compensation process. These grants included: RSUs; PIPRs; and LFI and other similar deferred compensation arrangements. The Company also granted approximately $95,000 of cash retention awards that are subject to a required three-year service period subsequent to payment by the Company. If the service requirement is not met, the award is subject to clawback. The cash retention awards will be amortized over the requisite service period beginning on the grant date.

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
Cash and cash equivalents	$ 971,316	$ 1,234,773	$ 1,465,022
Deposits with banks and short-term investments	219,576	779,246	1,347,544
Restricted cash	34,091	625,381	617,448
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,224,983	2,639,400	3,430,014
Cash paid during the year for:
Interest	73,684	77,441	77,986
Income taxes, net of refunds	$ 44,230	$ 144,312	$ 74,095

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Interest income	$ 42,022	$ 29,457	$ 5,551
Other	89,588	40,602	127,171
Total revenue	2,593,162	2,855,093	3,273,816
Interest expense	77,673	81,522	80,768
Net revenue	2,515,489	2,773,571	3,193,048
OPERATING EXPENSES
Compensation and benefits	1,946,010	1,656,451	1,895,859
Occupancy and equipment	131,117	122,251	128,040
Marketing and business development	99,357	83,103	42,755
Technology and information services	189,670	171,702	146,765
Professional services	89,308	69,535	77,702
Fund administration and outsourced services	110,878	109,978	130,502
Amortization and other acquisition-related costs	334	60	60
Provision (benefit) pursuant to tax receivable agreement	(43,894)	(1,209)	2,199
Other	72,666	44,852	45,318
Total operating expenses	2,595,446	2,256,723	2,469,200
OPERATING INCOME (LOSS)	(79,957)	516,848	723,848
Provision (benefit) for income taxes	(22,650)	124,365	181,303
NET INCOME (LOSS)	(57,307)	392,483	542,545
LESS - NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	18,172	34,966	14,481
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ (75,479)	$ 357,517	$ 528,064
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic (in shares)	88,993,985	95,664,129	106,035,808
Diluted (in shares)	88,993,985	100,997,674	113,674,699
Earnings Per Share [Abstract]
Basic (in usd per share)	$ (0.90)	$ 3.68	$ 4.90
Diluted (in usd per share)	$ (0.90)	$ 3.51	$ 4.63
Investment banking and other advisory fees
REVENUE
Revenue	$ 1,383,799	$ 1,659,079	$ 1,786,472
Asset management fees
REVENUE
Revenue	$ 1,077,753	$ 1,125,955	$ 1,354,622

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0
Amortization of intangible assets	$ 60,000	$ 60,000	$ 60,000

Cost-Saving Initiatives - Activity Related to Cost Savings Initiatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 0
Total expenses	200,004
Noncash expenses	44,416
Payments and settlements	103,290
Balance at end of period	52,298
Accrued Compensation and Benefits
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0
Total expenses	182,103
Noncash expenses	33,790
Payments and settlements	96,967
Balance at end of period	51,346
Other
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0
Total expenses	17,901
Noncash expenses	10,626
Payments and settlements	6,323
Balance at end of period	$ 952

Cost-Saving Initiatives

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Cost-Saving Initiatives

COST-SAVING INITIATIVES

The Company conducted firm-wide cost-saving initiatives that will continue through the first quarter of 2024.

Expenses and losses associated with the cost-saving initiatives for the year ended December 31, 2023 consisted of the following:


	Year Ended December 31, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	98,219	$	49,152	$	34,732	$	182,103
Technology asset impairments (included in "technology and information services")	144		7,877		–		8,021
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	1,824		–		3,054		4,878
Other	2,241		470		2,291		5,002
Total	$	102,428	$	57,499	$	40,077	$	200,004

Additional compensation and benefits expense of approximately $40,000 was incurred in the first quarter of 2024.

Activity related to the obligations pursuant to the cost-saving initiatives during the year ended December 31, 2023 was as follows:


	Accrued Compensation and Benefits		Other		Total
Balance, January 1, 2023	$	–	$	–	$	–
Total expenses	182,103		17,901		200,004
Less:
Noncash expenses (a)	33,790		10,626		44,416
Payments and settlements	96,967		6,323		103,290
Balance, December 31, 2023	$	51,346	$	952	$	52,298

___________________________________

Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests - 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 (in shares) at Dec. 31, 2020

112,766,091

^[1]

7,728,387

Balance at the beginning at Dec. 31, 2020

$ 999,433

$ 911,772

$ 1,128

$ 135,439

$ 1,295,386

$ (238,368)

$ (281,813)

$ 87,661

$ 0

Comprehensive income (loss):

Net income (loss)

546,210

528,064

18,146

(3,665)

Other comprehensive income (loss) - net of tax

14,521

Amortization of share-based incentive compensation

233,958

224,692

9,266

Dividend equivalents

(8,359)

(1,435)

17,472

(18,907)

(6,924)

Class A common stock dividends

$ (195,944)

(195,944)

Purchase of Class A common stock (in shares)

9,124,295

Purchase of Class A common stock

$ (406,149)

(406,149)

$ (406,149)

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

(3,788,494)

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

(69,552)

(166,301)

(47,902)

$ 144,651

Business acquisitions and related equity transactions:

Delivery of Class A common stock (in shares)

(1,018,048)

Delivery of Class A common stock

(35,885)

$ 35,885

Dividend equivalents

(61)

Distributions to noncontrolling interests, net

(11,064)

LFI Consolidated Funds

18,832

Contribution from redeemable noncontrolling interests, net

534,746

Change in redemption value of redeemable noncontrolling interests

(43,919)

(30,749)

(13,170)

43,919

Other

(3)

Balance (in shares) at Dec. 31, 2021

112,766,091

^[1]

12,046,140

Balance at the end 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)

378,471

357,517

20,954

14,012

Other comprehensive income (loss) - net of tax

(72,007)

Amortization of share-based incentive compensation

240,641

227,177

13,464

Dividend equivalents

(10,872)

(975)

18,026

(19,001)

(9,897)

Class A common stock dividends

$ (181,880)

(181,880)

Purchase of Class A common stock (in shares)

19,666,798

Purchase of Class A common stock

$ (691,705)

(691,705)

$ (691,705)

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

(4,906,386)

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

(55,477)

(58,985)

(224,383)

(40,559)

$ 205,957

3,508

Business acquisitions and related equity transactions:

Distributions to noncontrolling interests, net

(31,537)

LFI Consolidated Funds

18,279

Change in redemption value of redeemable noncontrolling interests

5,541

3,879

1,662

(5,541)

Other (in shares)

(7,661)

Other

(2,019)

(1,778)

(1,538)

$ (240)

(241)

Balance (in shares) at Dec. 31, 2022

112,766,091

^[1]

26,814,213

Balance at the end 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)

(69,288)

(75,479)

6,191

11,981

Other comprehensive income (loss) - net of tax

5,905

5,904

Amortization of share-based incentive compensation

250,570

244,931

5,639

Dividend equivalents

(11,600)

(908)

24,615

(25,523)

(10,692)

Class A common stock dividends

$ (173,075)

(173,075)

Purchase of Class A common stock (in shares)

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 expense (benefit) (in shares)

(4,220,444)

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

(54,276)

(59,940)

(216,762)

$ 156,822

5,664

Business acquisitions and related equity transactions:

Class A common stock issuable

1,775

Delivery of Class A common stock (in shares)

(41,384)

Delivery of Class A common stock

(1,533)

$ 1,533

Distributions to noncontrolling interests, net

(3,725)

LFI Consolidated Funds

(74,164)

77,525

Change in redemption value of redeemable noncontrolling interests

(589)

(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

4,734

Reversal of deferred offering costs liability

20,125

14,087

6,038

Other (in shares)

(5,240)

Other

(748)

(731)

(582)

$ (149)

(17)

Balance (in shares) at Dec. 31, 2023

112,766,091

^[1]

25,340,287

Balance at the end at Dec. 31, 2023

$ 482,187

$ 423,759

$ 1,128

$ 247,204

$ 1,402,636

$ (289,950)

$ (937,259)

$ 58,428

$ 87,675

[1]	Includes 112,766,091 shares of the Company’s Class A common stock issued at December 31, 2023, 2022 and 2021.

Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Net unrealized investment gains (losses)	$ 54,228	$ (92,793)	$ 14,154

Receivables and Allowance for Credit Losses

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables and Allowance for Credit Losses

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 CECL model.

Of the Company’s fee receivables at December 31, 2023 and 2022, $113,929 and $97,964, respectively, represented financing receivables for our Private Capital Advisory fees.

At December 31, 2023 and 2022, customers and other receivables included $86,412 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 December 31, 2023 and 2022.

The aggregate carrying amount of other fees and customers and other receivables was $561,978 and $425,904 at December 31, 2023 and 2022, respectively.

Activity in the allowance for credit losses for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	17,738	$	33,957	$	36,649
Bad debt expense, net of reversals	20,875		4,012		3,807
Charge-offs, foreign currency translation and other adjustments	(10,110)		(20,231)		(6,499)
Ending Balance	$	28,503	$	17,738	$	33,957

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

The allowance for credit losses is substantially all related to Financial Advisory fee receivables and other receivables.

Incentive Plans - Schedule of Activity Relating to RSUs, PRSUs and DSUs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RSUs
Units
Units beginning balance (in shares)	9,022,917
Units granted (in shares)	5,700,485
Units forfeited (in shares)	(282,967)
Units settled (in shares)	(3,372,084)
Units ending balance (in shares)	11,068,351	9,022,917
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)	36.49	$ 33.73	$ 43.38
Weighted average grant date fair value, forfeited (in usd per share)	35.37
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)	$ 36.15	$ 37.97
Number of dividend participation rights issued (in shares)	711,673
PRSUs
Units
Units beginning balance (in shares)	94,690
Units granted (in shares)	0
Units forfeited (in shares)	0
Units settled (in shares)	0
Performance units earned (in shares)	30,775
Units ending balance (in shares)	125,465	94,690
Weighted Average Grant Date Fair Value
Weighted average grant date fair value, beginning balance (in usd per share)	$ 39.27
Weighted average grant date fair value, granted (in usd per share)	0	$ 35.44	46.63
Weighted average grant date fair value, forfeited (in usd per share)	0
Weighted average grant date fair value, settled (in usd per share)	0
Weighted average grant date fair value, performance units earned (in usd per share)	46.63
Weighted average grant date fair value, ending balance (in usd per share)	$ 41.07	$ 39.27
DSUs
Units
Units beginning balance (in shares)	400,820
Units granted (in shares)	62,654
Units forfeited (in shares)	0
Units settled (in shares)	(134,744)
Units ending balance (in shares)	328,730	400,820
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)	29.71	$ 35.78	$ 46.75
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)	$ 36.74	$ 37.66

Income Taxes

12 Months Ended

Dec. 31, 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. See Note 1 for information on Lazard’s Conversion to a U.S. C-Corporation on January 1, 2024.

The components of the Company’s provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021, and a reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rates for such years, are shown below.


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	96	$	2,081	$	(12,772)
Foreign	55,513		73,410		100,235
State and local	2,809		6,165		3,197
Total current	58,418		81,656		90,660
Deferred:
Federal	(58,600)		31,980		69,633
Foreign	(5,123)		3,960		6,709
State and local	(17,345)		6,769		14,301
Total deferred	(81,068)		42,709		90,643
Total	$	(22,650)	$	124,365	$	181,303


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
BEAT and GILTI tax	–		–		0.4
Foreign source income not subject to U.S. income tax	1.0		(0.4)		(2.6)
Change in U.S. federal valuation allowance	4.3		2.0		1.1
Share-based incentive compensation	(4.5)		0.2		0.1
Foreign taxes	(20.9)		4.0		6.1
Foreign tax credits	5.0		(3.7)		(3.6)
State and local taxes	19.2		2.3		2.6
Income attributable to noncontrolling interests	5.7		(1.4)		(0.3)
Uncertain tax positions	(0.3)		(0.1)		(0.6)
Other	(2.2)		0.2		0.8
Effective income tax rate	28.3	%	24.1	%	25.0	%

See Note 23 regarding “operating income (loss)” by geographic region.

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


	December 31,
	2023		2022
Deferred Tax Assets:
Basis adjustments (a)	$	96,534	$	131,353
Compensation and benefits	199,989		173,047
Net operating loss and tax credit carryforwards	277,103		227,280
Depreciation and amortization	30,530		11,777
Interest carryover - Section 163(j) limitation	42,581		21,150
Other	41,969		31,056
Gross deferred tax assets	688,706		595,663
Valuation allowance	(99,600)		(88,239)
Deferred tax assets (net of valuation allowance)	589,106		507,424
Deferred Tax Liabilities:
Depreciation and amortization	9,221		10,074
Compensation and benefits	22,129		23,631
Goodwill	46,686		43,448
Other	17,587		26,534
Deferred tax liabilities	95,623		103,687
Net deferred tax assets	$	493,483	$	403,737

_____________________

(a)The basis adjustments recorded as of December 31, 2023 and 2022 are primarily the result of additional basis from acquisitions of interests, including the impact of the tax receivable agreement obligation.

The historical profitability of each tax-paying entity is an important factor in determining whether to record a valuation allowance and when to release any such allowance. Certain of our tax-paying entities have individually experienced losses on a cumulative three year basis or have tax attributes that may expire unused. In addition, some of our tax-paying entities have recorded a valuation allowance on substantially all of their deferred tax assets due to the combined effect of operating losses in certain subsidiaries of these entities as well as foreign taxes that together substantially offset any U.S. tax liability. Taking into account all available information, we cannot determine that it is more likely than not that deferred tax assets held by these entities will be realized. Consequently, we have recorded valuation allowances on $99,600 and $88,239 of deferred tax assets held by these entities as of December 31, 2023 and 2022, respectively.

Changes in the deferred tax assets valuation allowance for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	88,239	$	88,953	$	82,210
Charged (credited) to provision for income taxes	11,354		5,220		8,742
Charged (credited) to other comprehensive income and other	7		(5,934)		(1,999)
Ending Balance	$	99,600	$	88,239	$	88,953

The Company had net operating loss and tax credit carryforwards for which related deferred tax assets of $277,103 were recorded at December 31, 2023 primarily relating to:

(i)indefinite-lived net operating loss carryforwards (subject to various limitations) of approximately $92,000 in Australia, Germany, Hong Kong, Saudi Arabia, Singapore and the U.S.; and

(ii)carryforwards of approximately $156,000 that expire in different periods, including U.S. foreign tax credits of $5,600 that begin to expire in 2024 and are fully offset by a valuation allowance.

With few exceptions, the Company is no longer subject to income tax examination by foreign tax authorities and by U.S. federal, state and local tax authorities for years prior to 2017. While the Company is under examination in various tax jurisdictions with respect to certain open years, the Company does not expect that the result of any final determination related to these examinations will have a material impact on its financial statements. Developments with respect to such examinations are monitored on an ongoing basis and adjustments to tax liabilities are made as appropriate.

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
Balance, January 1 (excluding interest and penalties of $17,992, $18,579 and $18,882, respectively)	$	77,701	$	77,617	$	80,954
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years	615		341		273
Current year	18,604		19,193		17,829
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years	(836)		(2,052)		(5,774)
Settlements with tax authorities	(243)		(43)		(134)
Lapse of the applicable statute of limitations	(16,261)		(17,355)		(15,531)
Balance, December 31 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively)	$	79,580	$	77,701	$	77,617

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


	Year Ended December 31,
	2023		2022		2021
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,501, $17,992 and $18,579, respectively)	$	80,346	$	80,094	$	81,046
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate	$	17,735	$	15,599	$	15,150
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,528, $6,344 and $5,210, respectively)	$	509	$	(587)	$	(303)

The Company anticipates that it is reasonably possible that approximately $14,500 of unrecognized tax benefits, including interest and penalties recorded at December 31, 2023, may be recognized within 12 months as a result of the lapse of the statute of limitations in various tax jurisdictions.

- 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

Leases - Schedule of Carrying Value of Assets Subject to Leases on Consolidated Statements of Financial Condition (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Property, net	$ 72,921
Accumulated depreciation	$ 104,171

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

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

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

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF FINANCIAL CONDITION

DECEMBER 31, 2023 AND 2022

(dollars in thousands, except per share data)


	December 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	1,901	$	709
Investments in subsidiaries, equity method	(1,402,500)		(1,293,966)
Due from subsidiaries	1,824,782		1,861,792
Other assets	–		17
Total assets	$	424,183	$	568,552
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Due to subsidiaries	$	–	$	11,903
Other liabilities	424		186
Total liabilities	424		12,089
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Series A—no shares issued and outstanding	–		–
Series B—no shares issued and outstanding	–		–
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2023 and 2022, including shares held by subsidiaries)	1,128		1,128
Additional paid-in-capital	247,204		167,890
Retained earnings	1,402,636		1,676,713
Accumulated other comprehensive loss, net of tax	(289,950)		(295,854)
	1,361,018		1,549,877
Class A common stock held by subsidiaries, at cost (25,340,287 and 26,814,213 shares at December 31, 2023 and 2022, respectively)	(937,259)		(993,414)
Total stockholders’ equity	423,759		556,463
Total liabilities and stockholders’ equity	$	424,183	$	568,552

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(dollars in thousands)


	Year Ended December 31,
	2023		2022		2021
REVENUE
Equity in earnings (losses) of subsidiaries	$	(181,720)	$	238,987	$	410,550
Interest and other income	112,418		120,733		119,412
Total revenue (loss)	(69,302)		359,720		529,962
OPERATING EXPENSES
Professional services	5,974		2,083		1,792
Other	203		120		106
Total operating expenses	6,177		2,203		1,898
NET INCOME (LOSS)	$	(75,479)	$	357,517	$	528,064

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(dollars in thousands)


	Year Ended December 31,
	2023		2022		2021
NET INCOME (LOSS)	$	(75,479)	$	357,517	$	528,064
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments:
Currency translation adjustments before reclassification	31,106		(64,778)		(48,099)
Adjustment for items reclassified to earnings	1,826		32		23,645
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(7,606), $(5,978) and $13,263 for the years ended December 31, 2023, 2022 and 2021, respectively)	(24,510)		(11,413)		33,315
Prior service cost (net of tax benefit of $2,567 for the year ended December 31, 2023)	(7,751)		–		–
Adjustments for items reclassified to earnings (net of tax expense of $1,521, $994 and $1,609 for the years ended December 31, 2023, 2022 and 2021, respectively)	5,233		4,152		5,660
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,904		(72,007)		14,521
COMPREHENSIVE INCOME (LOSS)	$	(69,575)	$	285,510	$	542,585

LAZARD LTD

(parent company only)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021

(dollars in thousands)


	Year Ended December 31,
	2023		2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(75,479)	$	357,517	$	528,064
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of subsidiaries	181,720		(238,987)		(410,550)
Dividends received from subsidiaries	25,000		79,500		69,500
Changes in due to/from subsidiaries	42,772		(16,663)		9,655
Changes in other operating assets and liabilities	254		14		30
Net cash provided by operating activities	174,267		181,381		196,699
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends	(173,075)		(181,880)		(195,944)
Net cash used in financing activities	(173,075)		(181,880)		(195,944)
Net increase (decrease) in cash and cash equivalents	1,192		(499)		755
Cash and cash equivalents, January 1	709		1,208		453
Cash and cash equivalents, December 31	$	1,901	$	709	$	1,208

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 394,898	$ 377,240	$ 379,421	$ 383,861
Other intangible assets (net of accumulated amortization)	30	90
Goodwill and other intangible assets, Total	$ 394,928	$ 377,330

- 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

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Financial Condition (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 971,316	$ 1,234,773	$ 1,465,022
Investments in subsidiaries, equity method	0	15,481
Other assets	414,518	394,758
Total Assets	4,635,781	5,852,561
Liabilities:
Other liabilities	546,947	539,770
Total Liabilities	4,065,919	4,593,691
Commitments and contingencies
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2023 and 2022, including shares held by subsidiaries)	1,128	1,128
Additional paid-in-capital	247,204	167,890
Retained earnings	1,402,636	1,676,713
Accumulated other comprehensive loss, net of tax	(289,950)	(295,854)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests	1,361,018	1,549,877
Class A common stock held by subsidiaries, at cost (25,340,287 and 26,814,213 shares at December 31, 2023 and 2022, respectively)	(937,259)	(993,414)
Total Lazard Ltd Stockholders’ Equity	423,759	556,463
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	4,635,781	5,852,561
Series A Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	0	0
Series B Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	0	0
Parent Company
ASSETS
Cash and cash equivalents	1,901	709	$ 1,208	$ 453
Investments in subsidiaries, equity method	(1,402,500)	(1,293,966)
Other assets	0	17
Total Assets	424,183	568,552
Liabilities:
Other liabilities	424	186
Total Liabilities	424	12,089
Commitments and contingencies
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at December 31, 2023 and 2022, including shares held by subsidiaries)	1,128	1,128
Additional paid-in-capital	247,204	167,890
Retained earnings	1,402,636	1,676,713
Accumulated other comprehensive loss, net of tax	(289,950)	(295,854)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests	1,361,018	1,549,877
Class A common stock held by subsidiaries, at cost (25,340,287 and 26,814,213 shares at December 31, 2023 and 2022, respectively)	(937,259)	(993,414)
Total Lazard Ltd Stockholders’ Equity	423,759	556,463
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity	424,183	568,552
Parent Company \| Subsidiaries of Lazard Ltd
ASSETS
Due from subsidiaries	1,824,782	1,861,792
Liabilities:
Other liabilities	0	11,903
Parent Company \| Series A Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	0	0
Parent Company \| Series B Preferred Stock
Preferred stock, par value $.01 per share; 15,000,000 shares authorized:
Preferred stock	$ 0	$ 0

Employee Benefit Plans - Summary of Fair Value of Plan Assets, Accumulated Benefit Obligation and Projected Benefit Obligation (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 496,451	$ 468,872
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	496,451	468,872	$ 782,463
Accumulated benefit obligation	490,701	440,050
Projected benefit obligation	490,701	440,050	$ 731,978
Pension Plans \| U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	15,511	14,983
Accumulated benefit obligation	19,999	20,518
Projected benefit obligation	19,999	20,518
Pension Plans \| Non-U.S.
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	480,940	453,889
Accumulated benefit obligation	470,702	419,532
Projected benefit obligation	$ 470,702	$ 419,532

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Employee Benefit Plans - Schedule of Expected Benefit Payments (Details) - Pension Plans $ in Thousands	Dec. 31, 2023 USD ($)
Defined Benefit Plan Disclosure [Line Items]
2024	$ 28,564
2025	27,844
2026	28,130
2027	28,654
2028	29,105
2029-2033	$ 146,096

Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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 16) on the accompanying consolidated statements of financial condition as of December 31, 2023 and 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 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 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 consolidated statements of financial condition.


	December 31, 2023
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	3,400	$	283,635	$	1,847	$	170,704
Total return swaps and other	133		4,478		12,290		117,139
LFI and other similar deferred compensation arrangements	–		–		365,420		352,891
Total gross derivatives	3,533		$	288,113	379,557		$	640,734
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(604)				(603)
Total return swaps and other	(140)				(10,281)
Net derivatives in "other assets" and "other liabilities"	2,789				368,673
Amounts not netted (a):
Cash collateral	–				(243)
Securities collateral	–				–
	$	2,789			$	368,430


	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 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 consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021, were as follows:


	Year Ended December 31,
	2023		2022		2021
Forward foreign currency exchange rate contracts	$	(2,701)	$	4,721	$	11,007
LFI and other similar deferred compensation arrangements	(41,463)		44,261		(35,494)
LGAC Warrants	115		9,890		1,495
Total return swaps and other	(16,957)		23,212		(14,460)
Total	$	(61,006)	$	82,084	$	(37,452)

See Note 1 for additional information on LGAC Warrants.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

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 consolidated statements of operations.

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

Contributions to the non-U.S. pension plans during the year ending December 31, 2024 are not expected to be material.

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


	Pension Plans
	2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	440,050	$	731,978
Service cost	338		543
Interest cost	20,930		11,130
Amendments	10,201		–
Actuarial (gain) loss	21,937		(203,009)
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	22,787		(71,235)
Benefit obligation at end of year	490,701		440,050
Change in plan assets
Fair value of plan assets at beginning of year	468,872		782,463
Actual return on plan assets	22,461		(215,237)
Employer contributions	5,673		4,206
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	24,987		(73,203)
Fair value of plan assets at end of year	496,451		468,872
Funded (deficit) at end of year	$	5,750	$	28,822
Amounts recognized in the consolidated statements of financial condition at December 31, 2023 and 2022 consist of:
Prepaid pension asset (included in “other assets”)	$	10,507	$	35,268
Accrued benefit liability (included in “other liabilities”)	(4,757)		(6,446)
Net amount recognized	$	5,750	$	28,822
Amounts recognized in AOCI (excluding tax benefits of $40,017 and $31,365 at December 31, 2023 and 2022, respectively) consist of:
Actuarial net loss	$	193,193	$	167,724
Prior service cost	12,782		2,572
Net amount recognized	$	205,975	$	170,296

For the years ended December 31, 2023 and 2022, the change in the benefit obligation related to the actuarial (gain) loss is principally attributable to changes in the discount rates.

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2023 and 2022:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2023		2022		2023		2022		2023		2022
Fair value of plan assets	$	15,511	$	14,983	$	480,940	$	453,889	$	496,451	$	468,872
Accumulated benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050
Projected benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050

The following table summarizes the components of net periodic benefit cost (credit), the return on the Company’s post-retirement plan assets, benefits paid, contributions and other amounts recognized in AOCI for the years ended December 31, 2023, 2022 and 2021:


	Pension Plans For The Year Ended December 31,
	2023		2022		2021
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	338	$	543	$	876
Interest cost	20,930		11,130		8,679
Expected return on plan assets	(23,942)		(24,482)		(26,077)
Amortization of:
Prior service cost	107		106		118
Net actuarial loss	6,647		5,040		7,151
Settlement loss	–		–		1,056
Net periodic benefit cost (credit)	$	4,080	$	(7,663)	$	(8,197)


Actual return on plan assets	$	22,461	$	(215,237)	$	26,046
Employer contributions	$	5,673	$	4,206	$	4,493
Benefits paid	$	25,542	$	29,357	$	29,327
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(8,652), $(4,984) and $14,872 during the years ended December 31, 2023, 2022 and 2021, respectively):
Net actuarial (gain) loss	$	23,521	$	31,174	$	(40,717)
Prior service cost	10,172		–		–
Reclassification of prior service (cost) credit to earnings	(107)		(106)		(118)
Reclassification of actuarial gain (loss) to earnings	(6,647)		(5,040)		(7,151)
Currency translation and other adjustments	8,740		(13,783)		(5,860)
Total recognized in AOCI	$	35,679	$	12,245	$	(53,846)
Net amount recognized in total periodic benefit cost and AOCI	$	39,759	$	4,582	$	(62,043)

The assumptions used to develop actuarial present value of the projected benefit obligation and net periodic pension cost as of or for the years ended December 31, 2023, 2022 and 2021 are set forth below:


	Pension Plans December 31,
	2023		2022		2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.4	%	4.7	%	1.8	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	2.1	%	1.1	%
Expected long-term rate of return on plan assets	5.1	%	3.4	%	3.3	%

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

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

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


	Pension Plans
2024	$	28,564
2025	27,844
2026	28,130
2027	28,654
2028	29,105
2029-2033	146,096

Plan Assets—The following tables present the categorization of our pension plans’ assets as of December 31, 2023 and 2022, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements:


	As of December 31, 2023
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	9,286	$	–	$	–	$	–	$	9,286
Debt	41,215		–		–		–		41,215
Equities	11,496		–		–		–		11,496
Funds:
Alternative investments	–		–		–		6,640		6,640
Debt	7,268		58,876		–		236,553		302,697
Equity	58,773		55,692		–		6,434		120,899
Other	–		4,218		–		–		4,218
Total	$	128,038	$	118,786	$	–	$	249,627	$	496,451


	As of December 31, 2022
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	18,084	$	–	$	–	$	–	$	18,084
Debt	79,505		–		–		–		79,505
Equities	15,480		–		–		–		15,480
Funds:
Alternative investments	–		–		–		9,113		9,113
Debt	6,350		–		–		220,141		226,491
Equity	49,041		49,297		–		7,138		105,476
Other	–		14,723		–		–		14,723
Total	$	168,460	$	64,020	$	–	$	236,392	$	468,872

_____________________

(a)Represents certain investments measured at NAV or its equivalent as a practical expedient in determining fair value. In accordance with current accounting guidance, these investments have not been classified in the fair value hierarchy.

Included in equity funds are $63,927 and $54,810 as of December 31, 2023 and 2022, respectively, that are invested in funds managed by the Company.

Consistent with the plans’ investment strategies, at December 31, 2023 and 2022, the Company’s U.S. pension plan had 50% and 57%, respectively, of the plans’ assets invested in equity funds in Level 1 and measured at NAV or its equivalent as a practical expedient, 47% and 42%, respectively, invested in Level 1 debt funds, and at December 31, 2023 and 2022, 3% and 1%, respectively, invested in cash, which is a Level 1 asset. The Company’s non-U.S. pension plans at December 31, 2023 and 2022 had 26% and 25%, respectively, of the plans’ assets invested in equities and equity funds that are primarily Level 1 and Level 2 assets; 70% and 66%, respectively, of the plans’ assets invested in debt and debt funds that are Level 1, Level 2 and measured at NAV or its equivalent as a practical expedient, and 4% and 9%, respectively, of the plans’ assets invested in cash, which is a Level 1 asset, other investments, which is a Level 2 asset, or in alternative investment funds that are primarily measured at NAV.

Investment Policies and Strategies—The primary investment goal is to ensure that the pension plans remain well funded, taking account of the likely future risks to investment returns and contributions. As a result, a portfolio of assets is maintained with appropriate liquidity and diversification that can be expected to generate long-term future returns that minimize the long-term costs of the pension plans without exposing the plans to an unacceptable risk of under-funding. The Company’s likely future ability to pay such contributions as are required to maintain the funded status of the plans over a reasonable time period is considered when determining the level of risk that is appropriate. The fair value of plan investments classified as Level 1 assets are based on market quotes. The fair value of plan investments classified as Level 2 assets 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. The fair value of plan investments measured at NAV or its equivalent as a practical expedient is determined based on information provided by external fund administrators and such investments are redeemable in the near term.

Defined Contribution Plans—Pursuant to certain matching contributions, the Company contributes to employer sponsored defined contribution plans. Such contributions amounted to $22,190, $19,692 and $17,864 for the years ended December 31, 2023, 2022 and 2021, respectively, which are included in “compensation and benefits” expense on the consolidated statements of operations.

- 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

Cost-Saving Initiatives - Expenses Associated with Cost Savings Initiatives (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Cost Saving initiatives [Line Items]
Restructuring charges		$ 200,004
Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges		182,103
Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges		8,021
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges		4,878
Other
Cost Saving initiatives [Line Items]
Restructuring charges		5,002
Compensation and Benefits Expense \| Forecast
Cost Saving initiatives [Line Items]
Restructuring charges	$ 40,000
Operating Segments \| Financial Advisory
Cost Saving initiatives [Line Items]
Restructuring charges		102,428
Operating Segments \| Financial Advisory \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges		98,219
Operating Segments \| Financial Advisory \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges		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		1,824
Operating Segments \| Financial Advisory \| Other
Cost Saving initiatives [Line Items]
Restructuring charges		2,241
Operating Segments \| Asset Management
Cost Saving initiatives [Line Items]
Restructuring charges		57,499
Operating Segments \| Asset Management \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges		49,152
Operating Segments \| Asset Management \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges		7,877
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
Operating Segments \| Asset Management \| Other
Cost Saving initiatives [Line Items]
Restructuring charges		470
Corporate
Cost Saving initiatives [Line Items]
Restructuring charges		40,077
Corporate \| Severance and other employee termination expenses (included in "compensation and benefits" expense)
Cost Saving initiatives [Line Items]
Restructuring charges		34,732
Corporate \| Technology asset impairments (included in "technology and information services")
Cost Saving initiatives [Line Items]
Restructuring charges		0
Corporate \| Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")
Cost Saving initiatives [Line Items]
Restructuring charges		3,054
Corporate \| Other
Cost Saving initiatives [Line Items]
Restructuring charges		$ 2,291

Senior Debt - Additional Information (Details) - USD ($)		1 Months Ended
	Jun. 06, 2023	Jul. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Unused Lines of Credit
Debt Instrument [Line Items]
Unused lines of credit			$ 209,400,000
Second Amended and Restated Credit Agreement
Debt Instrument [Line Items]
Line of credit, initiation date	Jun. 06, 2023
Duration of senior revolving credit facility, in years	5 years
Senior revolving credit facility	$ 200,000,000
Line of credit, expiration date	Jun. 06, 2028
Outstanding credit facility			0
Previous Credit Agreement
Debt Instrument [Line Items]
Duration of senior revolving credit facility, in years		3 years
Senior revolving credit facility		$ 200,000,000
Line of credit, expiration date		Jul. 31, 2023
Outstanding credit facility			$ 0	$ 0

Income Taxes - Schedule of Additional Information Relating to Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,501, $17,992 and $18,579, respectively)	$ 80,346	$ 80,094	$ 81,046
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate	17,735	15,599	15,150
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,528, $6,344 and $5,210, respectively)	509	(587)	(303)
Interest and penalties	18,501	17,992	18,579	$ 18,882
Reversal of interest and penalties	$ 5,528	$ 6,344	$ 5,210

Fair Value Measurements - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Transfers into or out of Level 3 in the fair value measurement hierarchy	$ 0	$ 0	$ 0

Senior Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Senior Debt

SENIOR DEBT

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


						Outstanding as of
						December 31, 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	$	531	$	399,469	$	400,000	$	1,003	$	398,997
Lazard Group 2027 Senior Notes	300,000		3/1/27	3.625	%	300,000		1,235		298,765		300,000		1,625		298,375
Lazard Group 2028 Senior Notes	500,000		9/19/28	4.50	%	500,000		4,012		495,988		500,000		4,864		495,136
Lazard Group 2029 Senior Notes	500,000		3/11/29	4.375	%	500,000		4,022		495,978		500,000		4,794		495,206
Total						$	1,700,000	$	9,800	$	1,690,200	$	1,700,000	$	12,286	$	1,687,714

_____________________

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

As of December 31, 2023, the Company had approximately $209,400 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 December 31, 2023, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

Debt maturities relating to senior borrowings outstanding at December 31, 2023 for each of the five years in the period ending December 31, 2028 and thereafter are set forth in the table below.


Year Ending December 31,
2024	$	–
2025	400,000
2026	–
2027	300,000
2028	500,000
Thereafter	500,000
Total	$	1,700,000

The Company’s senior debt at December 31, 2023 and 2022 is carried at the principal amount outstanding, net of unamortized debt costs. See Note 7 for information regarding the fair value and fair value hierarchy category of the Company’s senior debt.

- 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
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases - Schedule of Maturities of Operating Lease Liabilities Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 82,321
2025	73,201
2026	64,811
2027	63,334
2028	59,863
Thereafter	221,452
Total lease payments	564,982
Less - Discount	79,791
Operating lease liabilities	$ 485,191	$ 513,688

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Revenue	$ 2,515,489	$ 2,773,571	$ 3,193,048
Operating Expenses	2,595,446	2,256,723	2,469,200
Operating Income (Loss)	(79,957)	516,848	723,848
Depreciation and amortization of property	42,853	42,336	38,315
Total Assets	4,635,781	5,852,561
Operating Segments \| Financial Advisory
Segment Reporting Information [Line Items]
Net Revenue	1,385,357	1,666,156	1,764,509
Operating Expenses	1,489,862	1,304,715	1,356,567
Operating Income (Loss)	(104,505)	361,441	407,942
Depreciation and amortization of property	8,517	8,968	8,480
Total Assets	1,154,483	1,099,921
Operating Segments \| Asset Management
Segment Reporting Information [Line Items]
Net Revenue	1,151,496	1,204,927	1,424,985
Operating Expenses	1,011,574	963,640	1,032,825
Operating Income (Loss)	139,922	241,287	392,160
Depreciation and amortization of property	6,476	9,390	5,618
Total Assets	1,232,364	1,786,830
Corporate
Segment Reporting Information [Line Items]
Net Revenue	(21,364)	(97,512)	3,554
Operating Expenses	94,010	(11,632)	79,808
Operating Income (Loss)	(115,374)	(85,880)	(76,254)
Depreciation and amortization of property	27,860	23,978	$ 24,217
Total Assets	$ 2,248,934	$ 2,965,810

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

INVESTMENTS

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


	December 31,
	2023		2022
Debt	$	4,285	$	–
Equities	54,717		43,889
Funds:
Alternative investments (a)	61,680		56,947
Debt (a)	191,325		178,556
Equity (a)	343,139		350,282
Private equity	46,818		53,822
	642,962		639,607
Investments, at fair value	701,964		683,496
Equity method investments	–		15,481
Total investments	$	701,964	$	698,977

________________________

(a)Interests in alternative investment funds, debt funds and equity funds include investments, including those held by LFI Consolidated Funds (see Note 24), with fair values of $27,454, $175,449 and $284,099, respectively, at December 31, 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 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 8 and 16).

Debt primarily consists of investments in government securities held within separately managed accounts in order to seed strategies in our Asset Management business.

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 in order to seed strategies 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 in order to seed strategies in our Asset Management business, and amounts related to LFI discussed above.

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

Equity funds primarily consist of investments in equity securities in order to seed strategies in our Asset Management business, 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.

During the years ended December 31, 2023, 2022 and 2021, the Company reported in “revenue-other” on its 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:


	Year Ended December 31,
	2023		2022		2021
Net unrealized investment gains (losses)	$	54,228	$	(92,793)	$	14,154

Stockholders' Equity and Redeemable Noncontrolling Interests - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	$ 675,399	$ 1,077,964	$ 999,433
Other comprehensive income (loss) before reclassifications	(1,154)	(76,191)	(14,784)
Adjustments for items reclassified to earnings, net of tax	(7,059)	(4,184)	(29,305)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,905	(72,007)	14,521
Balance at the end	482,187	675,399	1,077,964
Total AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(295,854)	(223,847)	(238,368)
Balance at the end	(289,949)	(295,854)	(223,847)
Currency Translation Adjustments
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(156,924)	(92,178)	(67,724)
Other comprehensive income (loss) before reclassifications	31,107	(64,778)	(48,099)
Adjustments for items reclassified to earnings, net of tax	(1,826)	(32)	(23,645)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	32,933	(64,746)	(24,454)
Balance at the end	(123,991)	(156,924)	(92,178)
Employee Benefit Plans
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(138,930)	(131,669)	(170,644)
Other comprehensive income (loss) before reclassifications	(32,261)	(11,413)	33,315
Adjustments for items reclassified to earnings, net of tax	(5,233)	(4,152)	(5,660)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(27,028)	(7,261)	38,975
Balance at the end	(165,958)	(138,930)	(131,669)
Amount Attributable to Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	0	0	0
Other comprehensive income (loss) before reclassifications	1	0	0
Adjustments for items reclassified to earnings, net of tax	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	1	0	0
Balance at the end	1	0	0
Total Lazard Ltd AOCI
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at the beginning	(295,854)	(223,847)	(238,368)
Other comprehensive income (loss) before reclassifications	(1,155)	(76,191)	(14,784)
Adjustments for items reclassified to earnings, net of tax	(7,059)	(4,184)	(29,305)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,904	(72,007)	14,521
Balance at the end	$ (289,950)	$ (295,854)	$ (223,847)

Investments (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and 2022:


	December 31,
	2023		2022
Debt	$	4,285	$	–
Equities	54,717		43,889
Funds:
Alternative investments (a)	61,680		56,947
Debt (a)	191,325		178,556
Equity (a)	343,139		350,282
Private equity	46,818		53,822
	642,962		639,607
Investments, at fair value	701,964		683,496
Equity method investments	–		15,481
Total investments	$	701,964	$	698,977

________________________

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


	Year Ended December 31,
	2023		2022		2021
Net unrealized investment gains (losses)	$	54,228	$	(92,793)	$	14,154

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	$ (7,606)	$ (5,978)	$ 13,263
Tax benefit on prior service credit	2,567
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 1,521	$ 994	$ 1,609

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ (57,307)	$ 392,483	$ 542,545
Currency translation adjustments:
Currency translation adjustments before reclassification	31,107	(64,778)	(48,099)
Adjustment for items reclassified to earnings	1,826	32	23,645
Employee benefit plans:
Actuarial gain (loss) (net of tax expense (benefit) of $(7,606), $(5,978) and $13,263 for the years ended December 31, 2023, 2022 and 2021, respectively)	(24,510)	(11,413)	33,315
Prior service cost (net of tax benefit of $2,567 for the year ended December 31, 2023)	(7,751)	0	0
Adjustment for items reclassified to earnings (net of tax expense of $1,521, $994 and $1,609 for the years ended December 31, 2023, 2022 and 2021, respectively)	5,233	4,152	5,660
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	5,905	(72,007)	14,521
COMPREHENSIVE INCOME (LOSS)	(51,402)	320,476	557,066
LESS - COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	18,173	34,966	14,481
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ (69,575)	$ 285,510	$ 542,585

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ (75,479)	$ 357,517	$ 528,064
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net cash provided by operating activities	164,662	833,984	866,079
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends	(173,075)	(181,880)	(195,944)
Net cash provided by (used in) financing activities	(1,571,194)	(1,382,035)	195,836
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(1,414,417)	(790,614)	861,187
Cash and cash equivalents, January 1	1,234,773	1,465,022
Cash and cash equivalents, December 31	971,316	1,234,773	1,465,022
Parent Company
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	(75,479)	357,517	528,064
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) losses of subsidiaries	181,720	(238,987)	(410,550)
Dividends received from subsidiaries	25,000	79,500	69,500
Changes in due to/from subsidiaries	42,772	(16,663)	9,655
Changes in other operating assets and liabilities	254	14	30
Net cash provided by operating activities	174,267	181,381	196,699
CASH FLOWS FROM FINANCING ACTIVITIES:
Class A common stock dividends	(173,075)	(181,880)	(195,944)
Net cash provided by (used in) financing activities	(173,075)	(181,880)	(195,944)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,192	(499)	755
Cash and cash equivalents, January 1	709	1,208	453
Cash and cash equivalents, December 31	$ 1,901	$ 709	$ 1,208

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	96	$	2,081	$	(12,772)
Foreign	55,513		73,410		100,235
State and local	2,809		6,165		3,197
Total current	58,418		81,656		90,660
Deferred:
Federal	(58,600)		31,980		69,633
Foreign	(5,123)		3,960		6,709
State and local	(17,345)		6,769		14,301
Total deferred	(81,068)		42,709		90,643
Total	$	(22,650)	$	124,365	$	181,303

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


	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
BEAT and GILTI tax	–		–		0.4
Foreign source income not subject to U.S. income tax	1.0		(0.4)		(2.6)
Change in U.S. federal valuation allowance	4.3		2.0		1.1
Share-based incentive compensation	(4.5)		0.2		0.1
Foreign taxes	(20.9)		4.0		6.1
Foreign tax credits	5.0		(3.7)		(3.6)
State and local taxes	19.2		2.3		2.6
Income attributable to noncontrolling interests	5.7		(1.4)		(0.3)
Uncertain tax positions	(0.3)		(0.1)		(0.6)
Other	(2.2)		0.2		0.8
Effective income tax rate	28.3	%	24.1	%	25.0	%

Schedule of Deferred Tax Assets and Liabilities

Details of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred Tax Assets:
Basis adjustments (a)	$	96,534	$	131,353
Compensation and benefits	199,989		173,047
Net operating loss and tax credit carryforwards	277,103		227,280
Depreciation and amortization	30,530		11,777
Interest carryover - Section 163(j) limitation	42,581		21,150
Other	41,969		31,056
Gross deferred tax assets	688,706		595,663
Valuation allowance	(99,600)		(88,239)
Deferred tax assets (net of valuation allowance)	589,106		507,424
Deferred Tax Liabilities:
Depreciation and amortization	9,221		10,074
Compensation and benefits	22,129		23,631
Goodwill	46,686		43,448
Other	17,587		26,534
Deferred tax liabilities	95,623		103,687
Net deferred tax assets	$	493,483	$	403,737

_____________________

Summary of Changes in Deferred Tax Assets Valuation Allowance

Changes in the deferred tax assets valuation allowance for the years ended December 31, 2023, 2022 and 2021 was as follows:


	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	88,239	$	88,953	$	82,210
Charged (credited) to provision for income taxes	11,354		5,220		8,742
Charged (credited) to other comprehensive income and other	7		(5,934)		(1,999)
Ending Balance	$	99,600	$	88,239	$	88,953

Schedule of Gross Unrecognized Tax Benefits

A reconciliation of the beginning to the ending amount of gross unrecognized tax benefits (excluding interest and penalties) for the years ended December 31, 2023, 2022 and 2021 is as follows:


	Year Ended December 31,
	2023		2022		2021
Balance, January 1 (excluding interest and penalties of $17,992, $18,579 and $18,882, respectively)	$	77,701	$	77,617	$	80,954
Increases in gross unrecognized tax benefits relating to tax positions taken during:
Prior years	615		341		273
Current year	18,604		19,193		17,829
Decreases in gross unrecognized tax benefits relating to:
Tax positions taken during prior years	(836)		(2,052)		(5,774)
Settlements with tax authorities	(243)		(43)		(134)
Lapse of the applicable statute of limitations	(16,261)		(17,355)		(15,531)
Balance, December 31 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively)	$	79,580	$	77,701	$	77,617

Schedule of Additional Information Relating to Unrecognized Tax Benefits

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


	Year Ended December 31,
	2023		2022		2021
Unrecognized tax benefits at the end of the year that, if recognized, would favorably affect the effective tax rate (includes interest and penalties of $18,501, $17,992 and $18,579, respectively)	$	80,346	$	80,094	$	81,046
Unrecognized tax benefits that, if recognized, would not affect the effective tax rate	$	17,735	$	15,599	$	15,150
Interest and penalties recognized in current income tax expense (after giving effect to the reversal of interest and penalties of $5,528, $6,344 and $5,210, respectively)	$	509	$	(587)	$	(303)

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses receivables	$ 28,503	$ 17,738
Property, accumulated amortization and depreciation	414,547	395,109
Property, net	232,516	250,073
Other intangible assets, accumulated amortization	$ 67,681	$ 70,118
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	112,766,091	112,766,091
Common stock held by subsidiaries, shares	25,340,287	26,814,213
Office Building
Property, net	$ 72,921
Series A Preferred Stock
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Preferred Stock
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Recent Accounting Developments	12 Months Ended
Recent Accounting Developments	Dec. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Developments	RECENT ACCOUNTING DEVELOPMENTS Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about reportable segment’s expenses. The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the new guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: 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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: 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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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

GOODWILL AND OTHER INTANGIBLE ASSETS

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


	December 31,
	2023		2022
Goodwill	$	394,898	$	377,240
Other intangible assets (net of accumulated amortization)	30		90
	$	394,928	$	377,330

Changes in the carrying amount of goodwill for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Year Ended December 31,
	2023						2022						2021
	Financial Advisory		Asset Management		Total		Financial Advisory		Asset Management		Total		Financial Advisory		Asset Management		Total
Balance, January 1	$	312,699	$	64,541	$	377,240	$	314,880	$	64,541	$	379,421	$	319,320	$	64,541	$	383,861
Acquisition of business	–		16,729		16,729		–		–		–		–		–		–
Foreign currency translation adjustments	929		–		929		(2,181)		–		(2,181)		(4,440)		–		(4,440)
Balance, December 31	$	313,628	$	81,270	$	394,898	$	312,699	$	64,541	$	377,240	$	314,880	$	64,541	$	379,421

The Company tests goodwill for impairment annually or more frequently if circumstances indicate that impairment may have occurred. Pursuant to the Company’s goodwill impairment tests for the years ended December 31, 2023, 2022 and 2021, the Company determined that no impairment existed.

Amortization expense of intangible assets, included in “amortization and other acquisition-related costs” in the consolidated statements of operations, for the years ended December 31, 2023, 2022 and 2021 was $60, $60 and $60, respectively.

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets:
Beginning Balance	$ 19,418	$ 871	$ 3,157
Net Unrealized/Realized Gains/Losses Included In Earnings	54	99	155
Purchases/ Acquisitions/ Issuances	0	18,000	0
Sales/Settlements/Transfers	(18,789)	(13)	(2,356)
Foreign Currency Translation Adjustments	83	461	(85)
Ending Balance	766	19,418	871
Liabilities:
Beginning Balance	0	0	0
Net Unrealized/Realized Gains/Losses Included In Earnings	274		0
Purchases/ Acquisitions/ Issuances	7,754		11,500
Sales/Settlements/Transfers	(1,445)		(11,500)
Foreign Currency Translation Adjustments	0		0
Ending Balance	$ 6,583	$ 0	$ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other		Other
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Amortization and other acquisition-related costs
Level 3
Liabilities:
Unrealized gains (losses) on assets	$ (6)	$ 99	$ 155
Unrealized losses on liability	(274)
Contingent consideration liability
Liabilities:
Beginning Balance	0
Net Unrealized/Realized Gains/Losses Included In Earnings	274
Purchases/ Acquisitions/ Issuances	7,754
Sales/Settlements/Transfers	(1,445)
Foreign Currency Translation Adjustments	0
Ending Balance	6,583	0
Derivatives
Liabilities:
Beginning Balance		0	0
Net Unrealized/Realized Gains/Losses Included In Earnings			0
Purchases/ Acquisitions/ Issuances			11,500
Sales/Settlements/Transfers			(11,500)
Foreign Currency Translation Adjustments			0
Ending Balance			0
Equities
Assets:
Beginning Balance	646	578	1,671
Net Unrealized/Realized Gains/Losses Included In Earnings	54	99	(796)
Purchases/ Acquisitions/ Issuances	0	0	0
Sales/Settlements/Transfers	(281)	0	(235)
Foreign Currency Translation Adjustments	74	(31)	(62)
Ending Balance	493	646	578
Private equity
Assets:
Beginning Balance	18,772	293	1,486
Net Unrealized/Realized Gains/Losses Included In Earnings	0	0	951
Purchases/ Acquisitions/ Issuances	0	18,000	0
Sales/Settlements/Transfers	(18,508)	(13)	(2,121)
Foreign Currency Translation Adjustments	9	492	(23)
Ending Balance	$ 273	$ 18,772	$ 293

Income Taxes - Schedule of Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Interest and penalties	$ 18,501	$ 17,992	$ 18,579	$ 18,882
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, January 1 (excluding interest and penalties of $17,992, $18,579 and $18,882, respectively)	77,701	77,617	80,954
Increases in gross unrecognized tax benefits relating to tax positions taken during prior years	615	341	273
Increases in gross unrecognized tax benefits relating to tax positions taken during current year	18,604	19,193	17,829
Decreases in gross unrecognized tax benefits relating to tax positions taken during prior years	(836)	(2,052)	(5,774)
Decreases in gross unrecognized tax benefits relating to settlements with tax authorities	(243)	(43)	(134)
Decreases in gross unrecognized tax benefits relating to lapse of the applicable statute of limitations	(16,261)	(17,355)	(15,531)
Balance, December 31 (excluding interest and penalties of $18,501, $17,992 and $18,579, respectively)	$ 79,580	$ 77,701	$ 77,617

Employee Benefit Plans - Schedule of Assumptions Used to Develop Actuarial Present Value of Projected Benefit Obligation and Net Periodic Pension Cost (Details) - Pension Plans	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Weighted average assumptions used to determine benefit obligations, Discount rate	4.40%	4.70%	1.80%
Weighted average assumptions used to determine net periodic benefit cost, Discount rate	4.30%	2.10%	1.10%
Weighted average assumptions used to determine net periodic benefit cost, Expected long-term rate of return on plan assets	5.10%	3.40%	3.30%

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32492
Entity Registrant Name	LAZARD, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-0437848
Entity Address, Address Line One	30 Rockefeller Plaza
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10112
City Area Code	212
Local Phone Number	632-6000
Title of each class	Common Stock
Trading Symbol	LAZ
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,677,737,472
Entity Common Stock, Shares Outstanding		112,766,091
Documents Incorporated by Reference	Portions of the Registrant’s proxy statement for its 2024 annual general meeting of shareholders are incorporated by reference in this Form 10-K in response to Part III Items 10, 11, 12, 13 and 14.
Entity Central Index Key	0001311370
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Amendment Flag	false
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York USA
Subsidiaries of Lazard Ltd
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,340,287

Incentive Plans - Schedule of LFI and Other Similar Deferred Compensation Arrangements (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Prepaid Compensation Asset
Prepaid compensation asset, beginning balance	$ 112,124
Prepaid compensation asset, granted	159,981
Prepaid compensation asset, settled	0
Prepaid compensation asset, amortization and the impact of forfeitures	(156,254)
Prepaid compensation asset, change in fair value of underlying investments	0
Prepaid compensation asset, other	121
Prepaid compensation asset, ending balance	115,972
LFI and other similar deferred compensation arrangements
Compensation Liability
Derivative liability, beginning balance	326,282
Derivative liability, granted	159,981
Derivative liability, settled	(171,738)
Derivative liability, amortization and the impact of forfeitures	8,103
Derivative liability, change in fair value of underlying investments	41,463
Derivative liability, other	1,329
Derivative liability, ending balance	$ 365,420

Receivables and Allowance for Credit Losses - Schedule of Activity in Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 17,738	$ 33,957	$ 36,649
Bad debt expense, net of reversals	20,875	4,012	3,807
Charge-offs, foreign currency translation and other adjustments	(10,110)	(20,231)	(6,499)
Ending Balance	$ 28,503	$ 17,738	$ 33,957

Fair Value Measurements - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying Value
Cash and cash equivalents	$ 971,316	$ 1,234,773	$ 1,465,022
Deposits with banks and short-term investments	219,576	779,246
Restricted cash	34,091	625,381	617,448
Financing receivables	113,929	97,964
Other fees and customers and other receivables	561,978	425,904
Fair Value
Deposits with banks and short-term investments	219,576	779,246	$ 1,347,544
Carrying Value
Deposits and other customer payables	443,262	921,834
Senior debt	1,690,200	1,687,714
Carrying Value
Carrying Value
Cash and cash equivalents	971,316	1,234,773
Deposits with banks and short-term investments	219,576	779,246
Restricted cash	34,091	625,381
Financing receivables	113,929	97,964
Customer loans	86,412	128,890
Other fees and customers and other receivables	561,978	425,904
Carrying Value
Deposits and other customer payables	443,262	921,834
Senior debt	1,690,200	1,687,714
Fair Value
Fair Value
Cash and cash equivalents	971,316	1,234,773
Deposits with banks and short-term investments	219,576	779,246
Restricted cash	34,091	625,381
Financing receivables	113,694	98,362
Customer loans	86,412	128,890
Other fees and customers and other receivables	561,978	425,904
Fair Value
Deposits and other customer payables	443,262	921,834
Senior debt	1,651,726	1,601,917
Fair Value \| Level 1
Fair Value
Cash and cash equivalents	971,316	1,234,773
Deposits with banks and short-term investments	219,576	779,246
Restricted cash	34,091	625,381
Financing receivables	0	0
Customer loans	0	0
Other fees and customers and other receivables	561,978	425,904
Fair Value
Deposits and other customer payables	443,262	921,834
Senior debt	0	0
Fair Value \| Level 2
Fair Value
Cash and cash equivalents	0	0
Deposits with banks and short-term investments	0	0
Restricted cash	0	0
Financing receivables	0	0
Customer loans	0	0
Other fees and customers and other receivables	0	0
Fair Value
Deposits and other customer payables	0	0
Senior debt	1,651,726	1,601,917
Fair Value \| Level 3
Fair Value
Cash and cash equivalents	0	0
Deposits with banks and short-term investments	0	0
Restricted cash	0	0
Financing receivables	113,694	98,362
Customer loans	86,412	128,890
Other fees and customers and other receivables	0	0
Fair Value
Deposits and other customer payables	0	0
Senior debt	$ 0	$ 0

Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

counterparty credit risk associated with the Company’s derivative instruments, but are not eligible for net presentation on the consolidated statements of financial condition.


	December 31, 2023
	Derivative Assets				Derivative Liabilities
	Fair Value		Notional		Fair Value		Notional
Forward foreign currency exchange rate contracts	$	3,400	$	283,635	$	1,847	$	170,704
Total return swaps and other	133		4,478		12,290		117,139
LFI and other similar deferred compensation arrangements	–		–		365,420		352,891
Total gross derivatives	3,533		$	288,113	379,557		$	640,734
Counterparty and cash collateral netting:
Forward foreign currency exchange rate contracts	(604)				(603)
Total return swaps and other	(140)				(10,281)
Net derivatives in "other assets" and "other liabilities"	2,789				368,673
Amounts not netted (a):
Cash collateral	–				(243)
Securities collateral	–				–
	$	2,789			$	368,430


	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)


	Year Ended December 31,
	2023		2022		2021
Forward foreign currency exchange rate contracts	$	(2,701)	$	4,721	$	11,007
LFI and other similar deferred compensation arrangements	(41,463)		44,261		(35,494)
LGAC Warrants	115		9,890		1,495
Total return swaps and other	(16,957)		23,212		(14,460)
Total	$	(61,006)	$	82,084	$	(37,452)

Leases - Schedule of Undiscounted Future Cash Inflows Under Operating Lease (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 2,758
2025	8,273
2026	8,273
2027	8,273
2028	8,273
Thereafter	24,820
Total lease payment to be received	$ 60,670

Stockholders' Equity and Redeemable Noncontrolling Interests - Schedule of Share Repurchase Authorized by Board of Directors (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Equity, Class of Treasury Stock [Line Items]
Expiration	Dec. 31, 2024
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

Net Income (Loss) Per Share of Common Stock

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share of Common Stock

NET INCOME (LOSS) PER SHARE OF COMMON STOCK

The Company is required to utilize the “two-class” method of computing basic and diluted net income per share because the Company issued certain PIPRs, including certain P-PIPRs, which are treated as participating securities.

The Company’s basic and diluted net income (loss) per share calculations using the “two-class” method for the years ended December 31, 2023, 2022, and 2021 are presented below:


	Year Ended December 31,
	2023		2022		2021
Net income (loss) attributable to Lazard Ltd	$	(75,479)	$	357,517	$	528,064
Add - adjustment for earnings attributable to participating securities	(4,440)		(5,732)		(8,647)
Net income (loss) attributable to Lazard Ltd - basic	(79,919)		351,785		519,417
Add - adjustment for earnings attributable to participating securities	–		2,641		7,068
Net income (loss) attributable to Lazard Ltd - diluted	$	(79,919)	$	354,426	$	526,485
Weighted average number of shares of common stock outstanding	86,751,822		93,994,663		104,166,347
Add - adjustment for shares of common stock issuable on a non-contingent basis	2,242,163		1,669,466		1,869,461
Weighted average number of shares of common stock outstanding - basic	88,993,985		95,664,129		106,035,808
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (a)	–		5,333,545		7,638,891
Weighted average number of shares of common stock outstanding - diluted	88,993,985		100,997,674		113,674,699
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic	$	(0.90)	$	3.68	$	4.90
Diluted	$	(0.90)	$	3.51	$	4.63

_____________________

Related Parties - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 26, 2015	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Fees receivable		$ 560,552	$ 491,861
Provision (benefit) pursuant to tax receivable agreement		(43,894)	(1,209)	$ 2,199
Payments under tax receivable agreement		$ 32,208	$ 21,036	$ 10,215
Investment Advisor
Related Party Transaction [Line Items]
Type of Revenue [Extensible List]		Asset management fees	Asset management fees	Asset management fees
Investment Advisor \| Sponsored Funds
Related Party Transaction [Line Items]
Revenue		$ 538,457	$ 592,985	$ 708,900
Fees receivable		67,598	57,283
LTBP Trust
Related Party Transaction [Line Items]
Provision (benefit) pursuant to tax receivable agreement		(43,894)	(1,209)	$ 2,199
Payments under tax receivable agreement		32,208
Payable pursuant to tax receivable agreement		$ 115,087	$ 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%

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Amortization of:
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other
Pension Plans
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 338	$ 543	$ 876
Interest cost	20,930	11,130	8,679
Expected return on plan assets	(23,942)	(24,482)	(26,077)
Amortization of:
Prior service cost	107	106	118
Net actuarial loss	6,647	5,040	7,151
Settlement loss	0	0	1,056
Net periodic benefit cost (credit)	4,080	(7,663)	(8,197)
Actual return on plan assets	22,461	(215,237)	26,046
Employer contributions	5,673	4,206	4,493
Benefits paid	25,542	29,357	29,327
Net actuarial (gain) loss	23,521	31,174	(40,717)
Prior service cost	10,172	0	0
Reclassification of prior service (cost) credit to earnings	(107)	(106)	(118)
Reclassification of actuarial gain (loss) to earnings	(6,647)	(5,040)	(7,151)
Currency translation and other adjustments	8,740	(13,783)	(5,860)
Total recognized in AOCI	35,679	12,245	(53,846)
Net amount recognized in total periodic benefit cost and AOCI	39,759	4,582	(62,043)
Tax expense (benefit) on other changes in plan assets and benefit obligations recognized in AOCI	$ (8,652)	$ (4,984)	$ 14,872

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2023

Revenue Recognition [Abstract]

Schedule of Revenue Based on Business Segment Results

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:


	Year Ended December 31,
	2023		2022		2021
Net Revenue:
Financial Advisory (a)	$	1,385,357	$	1,666,156	$	1,764,509

Asset Management:
Management fees and other (b)	$	1,121,950	$	1,137,583	$	1,304,582
Incentive fees (c)	29,546		67,344		120,403
Total Asset Management	$	1,151,496	$	1,204,927	$	1,424,985

________________________

(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.

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Total revenue	$ 2,593,162	$ 2,855,093	$ 3,273,816
OPERATING EXPENSES
Professional services	89,308	69,535	77,702
Other	72,666	44,852	45,318
Total operating expenses	2,595,446	2,256,723	2,469,200
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	(75,479)	357,517	528,064
Parent Company
REVENUE
Equity in earnings (losses) of subsidiaries	(181,720)	238,987	410,550
Interest and other income	112,418	120,733	119,412
Total revenue	(69,302)	359,720	529,962
OPERATING EXPENSES
Professional services	5,974	2,083	1,792
Other	203	120	106
Total operating expenses	6,177	2,203	1,898
NET INCOME (LOSS) ATTRIBUTABLE TO LAZARD LTD	$ (75,479)	$ 357,517	$ 528,064

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Components of Operating Lease Expense

The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	80,257	$	78,482	$	86,232
Variable lease cost	23,521		21,086		21,193
Sublease income	(934)		(4,969)		(7,303)
Total	$	102,844	$	94,599	$	100,122

Schedule of Supplemental Cash Flow Information and Certain Other Information Related to Operating Leases

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	81,737		$	81,415

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	35,282		$	34,559

Weighted average remaining lease term	8 years			9 years

Weighted average discount rate	3.9		%	3.7		%

Schedule of Maturities of Operating Lease Liabilities Outstanding

Maturities of the operating lease liabilities outstanding at December 31, 2023 for each of the years in the period ending December 31, 2028 and thereafter are set forth in the table below.


Year Ending December 31,
2024	$	82,321
2025	73,201
2026	64,811
2027	63,334
2028	59,863
Thereafter	221,452
Total lease payments	564,982
Less - Discount	79,791
Operating lease liabilities	$	485,191

Schedule of Carrying Value of Assets Subject to Leases on Consolidated Statements of Financial Condition

The following table presents the carrying value of the assets subject to leases reported on the consolidated statements of financial condition:


	Year Ending
	December 31, 2023
Property, net	$	72,921
Accumulated depreciation	$	104,171

Schedule of Undiscounted Future Cash Inflows Under Operating Lease

The following table presents undiscounted future cash inflows under the operating lease as of December 31, 2023:


Year Ending December 31,
2024	$	2,758
2025	8,273
2026	8,273
2027	8,273
2028	8,273
Thereafter	24,820
Total lease payment to be received	$	60,670

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Equity funds that are invested in funds managed by the company	$ 63,927	$ 54,810
Contributions to employer sponsored defined contribution plans	$ 22,190	$ 19,692	$ 17,864
Pension Plans \| U.S. \| Level 1 and NAV \| Equity funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	50.00%	57.00%
Pension Plans \| U.S. \| Level 1 \| Debt funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	47.00%	42.00%
Pension Plans \| U.S. \| Level 1 \| Cash
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	3.00%	1.00%
Pension Plans \| Non-U.S. \| Level 1 and Level 2 \| Equities and equity funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	26.00%	25.00%
Pension Plans \| Non-U.S. \| Level 1, Level 2 and NAV \| Debt and debt funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	70.00%	66.00%
Pension Plans \| Non-U.S. \| Level 1 and Level 2 or NAV \| Cash, other investments and alternative investment funds
Defined Benefit Plan Disclosure [Line Items]
Percentage of plan assets invested	4.00%	9.00%

Consolidated VIEs

12 Months Ended

Dec. 31, 2023

Variable Interest Entity, Measure of Activity [Abstract]

Consolidated VIEs

CONSOLIDATED VIEs

The Company’s consolidated VIEs as of December 31, 2022 include LGAC (see Note 1) and as of December 31, 2023 and 2022 include 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 $113,174 and $115,666 of LFI held by Lazard Group as of December 31, 2023 and 2022, respectively, can only be used to settle the obligations of LFI Consolidated Funds. The


	December 31,
	2023		2022
ASSETS
Cash and cash equivalents	$	4,627	$	3,644
Customers and other receivables	23,277		240
Investments	196,112		186,300
Other assets	683		622
Total assets	$	224,699	$	190,806
LIABILITIES
Deposits and other customer payables	$	23,498	$	528
Other liabilities	353		448
Total liabilities	$	23,851	$	976

Other Assets and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets And Other Liabilities [Abstract]

Schedule of Other Assets

The following table sets forth the Company’s other assets, by type, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Current income and other tax receivables	$	69,700	$	73,672
Prepaid compensation (see Note 16)	115,972		112,124
Other advances and prepayments	117,452		105,717
Other	111,394		103,245
Total	$	414,518	$	394,758

Schedule of Other Liabilities

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Accrued expenses	$	195,572	$	196,624
Current income and other taxes payable	138,056		117,308
Employee benefit-related liabilities	23,829		30,580
Unclaimed funds at LFB	16,994		16,435
Deferred revenue (a)	140,417		137,330
Securities sold, not yet purchased	4,809		4,651
Deferred offering costs	–		20,125
Other	27,270		16,717
Total	$	546,947	$	539,770

_____________________

(a)Deferred revenue primarily relates to cash received for carried interest subject to clawback and unearned advisory fees received from private equity investments. Revenue recognized during the year ended December 31, 2023 that was included in the deferred revenue balance as of December 31, 2022 was $18,775.

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts	$ (5,574)	$ 399	$ (1,234)
Depreciation and amortization expense	$ 42,853	$ 42,336	$ 38,315
Financing Receivable, Past Due [Line Items]
Credit term	60 days
Threshold period past due	60 days
Financial Advisory
Financing Receivable, Past Due [Line Items]
Threshold period past due, full provision	180 days
Asset Management
Financing Receivable, Past Due [Line Items]
Threshold period past due, full provision	10 months
Minimum
Financing Receivable, Past Due [Line Items]
Credit term	1 month
Maximum
Financing Receivable, Past Due [Line Items]
Credit term	4 years

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows:

Level 1.Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access.

Level 2.Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data.

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

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

The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity 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. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. The fair value of the contingent consideration 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 consolidated statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds.

The fair value of derivatives classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives 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. The fair value of derivatives classified as Level 3 is based on a Black-Scholes valuation model that utilizes both observable and unobservable inputs. Unobservable inputs include model adjustments for valuation uncertainty. See Note 8.

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

The following tables present, as of December 31, 2023 and 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:


	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	4,285	$	–	$	–	$	–	$	4,285
Equities	54,224		–		493		–		54,717
Funds:
Alternative investments	15,676		–		–		46,004		61,680
Debt	180,907		10,413		–		5		191,325
Equity	343,094		–		–		45		343,139
Private equity	–		–		273		46,545		46,818
Derivatives	–		2,789		–		–		2,789
Total	$	598,186	$	13,202	$	766	$	92,599	$	704,753
Liabilities:
Securities sold, not yet purchased	$	4,809	$	–	$	–	$	–	$	4,809
Contingent consideration liability	–		–		6,583		–		6,583
Derivatives	–		368,673		–		–		368,673
Total	$	4,809	$	368,673	$	6,583	$	–	$	380,065


	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 years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31, 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	$	54	$	–	$	(281)	$	74	$	493
Private equity funds	18,772		–		–		(18,508)		9		273
Total Level 3 assets	$	19,418	$	54	$	–	$	(18,789)	$	83	$	766

Liabilities:
Contingent consideration liability (c)	$	–	$	274	$	7,754	$	(1,445)	$	–	$	6,583
Total Level 3 liabilities	$	–	$	274	$	7,754	$	(1,445)	$	–	$	6,583


	Year Ended December 31, 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	$	99	$	–	$	–	$	(31)	$	646
Private equity funds	293		–		18,000		(13)		492		18,772
Total Level 3 assets	$	871	$	99	$	18,000	$	(13)	$	461	$	19,418


	Year Ended December 31, 2021
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements/ Transfers (b)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	1,671	$	(796)	$	–	$	(235)	$	(62)	$	578
Private equity funds	1,486		951		–		(2,121)		(23)		293
Total Level 3 assets	$	3,157	$	155	$	–	$	(2,356)	$	(85)	$	871

Liabilities:
Derivatives	$	–	$	–	$	11,500	$	(11,500)	$	–	$	–
Total Level 3 liabilities	$	–	$	–	$	11,500	$	(11,500)	$	–	$	–

_____________________

(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2023, 2022 and 2021 include net unrealized gains (losses) of $(6), $99 and $155, respectively. Unrealized losses of $274 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the year ended December 31, 2023.

(b)Transfers out of Level 3 private equity funds during the years ended December 31, 2023 and 2021 reflect investments valued at NAV as of December 31, 2023 and 2021. Transfers out of Level 3 derivatives during the year ended December 31, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives.

(c)For the year ended December 31, 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 years ended December 31, 2023, 2022 and 2021.

Financial Instruments Not Measured at Fair Value—The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2023 and 2022 that are not measured at fair value in the Company’s consolidated statement of financial condition.


	December 31, 2023
			Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	971,316	$	971,316	$	971,316	$	–	$	–
Deposits with banks and short-term investments	219,576		219,576		219,576		–		–
Restricted cash	34,091		34,091		34,091		–		–
Financing receivables	113,929		113,694		–		–		113,694
Customer loans	86,412		86,412		–		–		86,412
Other fees and customers and other receivables	561,978		561,978		561,978		–		–
Financial Liabilities:
Deposits and other customer payables	$	443,262	$	443,262	$	443,262	$	–	$	–
Senior debt	1,690,200		1,651,726		–		1,651,726		–


	December 31, 2022
	Carrying Value		Fair Value Measurements Using:
			Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	1,234,773	$	1,234,773	$	1,234,773	$	–	$	–
Deposits with banks and short-term investments	779,246		779,246		779,246		–		–
Restricted cash	625,381		625,381		625,381		–		–
Financing receivables	97,964		98,362		–		–		98,362
Customer loans	128,890		128,890		–		–		128,890
Other fees and customers and other receivables	425,904		425,904		425,904		–		–
Financial Liabilities:
Deposits and other customer payables	$	921,834	$	921,834	$	921,834	$	–	$	–
Senior debt	1,687,714		1,601,917		–		1,601,917		–

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

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

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

The carrying value of customer loans approximates fair value as such loans are fully collateralized and bear interest at rates that regularly reset in accordance with market reference rates.

The carrying value of other fees and customers and other receivables and deposits and other customer payables approximates fair value due to their short-term nature.

The Company’s senior debt is carried at its principal amount outstanding, net of unamortized debt costs. The fair value of the Company’s senior debt is based on market quotations.

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

December 31, 2023

Investments Redeemable

NAV

Unfunded

Commitments

% of

NAV

Not

Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

45,324

–

(a)

30-60 days

Other

680

–

(b)

<30-30 days

Debt funds

–

(c)

<30 days

Equity funds

–

(d)

<30-60 days

Private equity funds:

Equity growth

46,545

5,505

(e)

100

(f)

Total

92,599

5,505

_____________________

(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

(d)monthly (34%) and annually (66%)

(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 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.

Related Parties	12 Months Ended
Related Parties	Dec. 31, 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. Asset management fees relating to such services were $538,457, $592,985 and $708,900 for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in “asset management fees” on the consolidated statements of operations. Of such amounts, $67,598 and $57,283 remained as receivables at December 31, 2023 and 2022, respectively, and are included in “fees receivable” on the 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 consolidated statements 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 in the year ended December, 31 2023 of reducing the estimated liability under the TRA. For the years ended December 31, 2023, 2022 and 2021, the Company recorded a “provision (benefit) pursuant to tax receivable agreement” on the consolidated statements of operations of $(43,894), $(1,209) and $2,199, respectively. In addition, the Company made a payment under the TRA in the year ended December 31, 2023 of $32,208. The cumulative liability relating to our obligations under the TRA as of December 31, 2023 and 2022 was $115,087 and $191,189, respectively, and is recorded in “tax receivable agreement obligation” on the consolidated statements of financial condition. Other See Note 15 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-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

Segment Information (Tables)

12 Months Ended

Dec. 31, 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:


		Year Ended December 31,
		2023		2022		2021
Financial Advisory	Net Revenue	$	1,385,357	$	1,666,156	$	1,764,509
	Operating Expenses (a)	1,489,862		1,304,715		1,356,567
	Operating Income (Loss)	$	(104,505)	$	361,441	$	407,942
Asset Management	Net Revenue	$	1,151,496	$	1,204,927	$	1,424,985
	Operating Expenses (a)	1,011,574		963,640		1,032,825
	Operating Income	$	139,922	$	241,287	$	392,160
Corporate	Net Revenue (Loss)	$	(21,364)	$	(97,512)	$	3,554
	Operating Expenses (Credit) (a)	94,010		(11,632)		79,808
	Operating Loss	$	(115,374)	$	(85,880)	$	(76,254)
Total	Net Revenue	$	2,515,489	$	2,773,571	$	3,193,048
	Operating Expenses (a)	2,595,446		2,256,723		2,469,200
	Operating Income (Loss)	$	(79,957)	$	516,848	$	723,848

_____________________

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


	Year Ended December 31,
	2023		2022		2021
Financial Advisory	$	8,517	$	8,968	$	8,480
Asset Management	6,476		9,390		5,618
Corporate	27,860		23,978		24,217
Total	$	42,853	$	42,336	$	38,315


	December 31,
	2023		2022
Total Assets
Financial Advisory	$	1,154,483	$	1,099,921
Asset Management (b)	1,232,364		1,786,830
Corporate (b)	2,248,934		2,965,810
Total	$	4,635,781	$	5,852,561

_____________________

(b)Effective December 31, 2023, certain assets, primarily “deposits with banks and short-term investments”, previously reported in the Corporate segment are reported in the Asset Management segment resulting from a change in the segment in which such assets are managed. Comparable prior year information has been recast to reflect the updated presentation.

Schedule of Operating Income, Revenue and Identifiable Assets by Geographical Areas

The following table sets forth the net revenue from, and total assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia.


	Year Ended December 31,
	2023		2022		2021
Net Revenue:
Americas	$	1,193,056	$	1,487,056	$	1,780,815
EMEA	1,162,052		1,136,636		1,251,058
Asia Pacific	160,381		149,879		161,175
Total	$	2,515,489	$	2,773,571	$	3,193,048
Operating Income:
Americas	$	(224,857)	$	235,640	$	399,916
EMEA	108,058		248,404		295,991
Asia Pacific	36,842		32,804		27,941
Total	$	(79,957)	$	516,848	$	723,848


	December 31,
	2023		2022
Total Assets:
Americas	$	2,808,962	$	3,458,250
EMEA	1,679,644		2,218,136
Asia Pacific	147,175		176,175
Total	$	4,635,781	$	5,852,561

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 377,240	$ 379,421	$ 383,861
Acquisition of business	16,729	0	0
Foreign currency translation adjustments	929	(2,181)	(4,440)
Ending balance	394,898	377,240	379,421
Financial Advisory
Goodwill [Roll Forward]
Beginning balance	312,699	314,880	319,320
Acquisition of business	0	0	0
Foreign currency translation adjustments	929	(2,181)	(4,440)
Ending balance	313,628	312,699	314,880
Asset Management
Goodwill [Roll Forward]
Beginning balance	64,541	64,541	64,541
Acquisition of business	16,729	0	0
Foreign currency translation adjustments	0	0	0
Ending balance	$ 81,270	$ 64,541	$ 64,541

- Definition

+ References + Details

Regulatory Authorities - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
LFNY
Regulatory Requirements [Line Items]
Minimum net capital requirement as defined under exchange act	$ 5
Minimum net capital requirement	6,529
U.K. Subsidiaries
Regulatory Requirements [Line Items]
Regulatory capital	220,204
Regulatory capital in excess of minimum requirement	154,383
CFLF
Regulatory Requirements [Line Items]
Regulatory capital	156,703
Regulatory capital in excess of minimum requirement	62,519
Combined European Regulated Group
Regulatory Requirements [Line Items]
Regulatory capital	181,665
Regulatory capital in excess of minimum requirement	78,796
Other U.S. and Non-U.S. Subsidiaries
Regulatory Requirements [Line Items]
Regulatory capital	143,682
Regulatory capital in excess of minimum requirement	$ 120,239

Consolidated VIEs - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Investments	$ 701,964	$ 698,977
Investment, Type [Extensible Enumeration]	Lazard Fund Interests	Lazard Fund Interests
Lazard Group LLC
Variable Interest Entity [Line Items]
Investments	$ 113,174	$ 115,666

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

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+ Details

- 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

Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue Recognition [Abstract]

Revenue Recognition

REVENUE RECOGNITION


	Year Ended December 31,
	2023		2022		2021
Net Revenue:
Financial Advisory (a)	$	1,385,357	$	1,666,156	$	1,764,509

Asset Management:
Management fees and other (b)	$	1,121,950	$	1,137,583	$	1,304,582
Incentive fees (c)	29,546		67,344		120,403
Total Asset Management	$	1,151,496	$	1,204,927	$	1,424,985

________________________

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 consolidated 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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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

Property, Net - Components of Property (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 647,063	$ 645,182
Less - Accumulated depreciation and amortization	414,547	395,109
Property, net	232,516	250,073
Office Building
Property, Plant and Equipment [Line Items]
Property, net	$ 72,921
Buildings
Property, Plant and Equipment [Line Items]
Estimated Depreciable Life in Years	33 years
Property, plant and equipment, gross	$ 170,830	135,103
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 233,732	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	$ 230,713	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	$ 11,788	$ 65,562

Stockholders' Equity and Redeemable Noncontrolling Interests

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholders' Equity and Redeemable Noncontrolling Interests

STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

Share Repurchase Program—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

February 2022

300,000

December 31, 2024

July 2022

500,000

December 31, 2024

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 Lazard’s 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:


Year Ended December 31:	Number of Shares Purchased	Average Price Per Share
2021	9,124,295	$	44.51
2022	19,666,798	$	35.17
2023	2,782,662	$	36.67

There were 25,340,287 and 26,814,213 shares of our common stock held by our subsidiaries at December 31, 2023 and 2022, respectively. Such shares of common stock are reported, at cost, as “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.

During 2023, 2022 and 2021, 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 years ended December 31, 2023, 2022 and 2021, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases in 2023, 2022 and 2021 was approximately $11,100, $16,500 and $19,800, respectively. Such shares of common stock are reported at cost, and are included in “Class A common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.

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

During the year ended December 31, 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 December 31, 2023, 2022 and 2021, no shares of Series A or Series B preferred stock were outstanding.

Accumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax—The tables below reflect the balances of each component of AOCI at December 31, 2023, 2022 and 2021 and activity during the years then ended:


	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2023	$	(156,924)	$	(138,930)	$	(295,854)	$	–	$	(295,854)
Activity:
Other comprehensive income (loss) before reclassifications	31,107		(32,261)		(1,154)		1		(1,155)
Adjustments for items reclassified to earnings, net of tax	1,826		5,233		7,059		–		7,059
Net other comprehensive income (loss)	32,933		(27,028)		5,905		1		5,904
Balance, December 31, 2023	$	(123,991)	$	(165,958)	$	(289,949)	$	1	$	(289,950)


	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 loss before reclassifications	(64,778)		(11,413)		(76,191)		–		(76,191)
Adjustments for items reclassified to earnings, net of tax	32		4,152		4,184		–		4,184
Net other comprehensive loss	(64,746)		(7,261)		(72,007)		–		(72,007)
Balance, December 31, 2022	$	(156,924)	$	(138,930)	$	(295,854)	$	–	$	(295,854)


	Currency Translation Adjustments		Employee Benefit Plans		Total AOCI		Amount Attributable to Noncontrolling Interests		Total Lazard Ltd AOCI
Balance, January 1, 2021	$	(67,724)	$	(170,644)	$	(238,368)	$	–	$	(238,368)
Activity:
Other comprehensive income (loss) before reclassifications	(48,099)		33,315		(14,784)		–		(14,784)
Adjustments for items reclassified to earnings, net of tax	23,645		5,660		29,305		–		29,305
Net other comprehensive income (loss)	(24,454)		38,975		14,521		–		14,521
Balance, December 31, 2021	$	(92,178)	$	(131,669)	$	(223,847)	$	–	$	(223,847)

The table below reflects adjustments for items reclassified out of AOCI, by component, for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Currency translation losses (a)	$	1,826	$	32	$	23,645
Employee benefit plans:
Amortization relating to employee benefit plans (b)	6,754		5,146		7,269
Less - related income taxes	1,521		994		1,609
	5,233		4,152		5,660
Total reclassifications, net of tax	$	7,059	$	4,184	$	29,305

________________________

(b)Included in the computation of net periodic benefit cost (see Note 17). Such amounts are included in “operating expenses–other” on the 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 16), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 24).


	Net Income (Loss) Attributable to Noncontrolling Interests Year Ended December 31,
	2023		2022		2021
Edgewater	$	6,051	$	31,314	$	10,466
LFI Consolidated Funds	10,150		(11,415)		7,950
LGAC	1,968		15,064		(3,940)
Other	3		3		5
Total	$	18,172	$	34,966	$	14,481


	Noncontrolling Interests as of December 31,
	2023		2022
Edgewater	$	46,571	$	44,681
Profits interest participation rights	11,843		10,792
LFI Consolidated Funds	–		74,164
LGAC	–		(10,714)
Other	14		13
Total	$	58,428	$	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 December 31, 2023 (see Note 24). 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 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, January 31, 2024—On January 31, 2024, the Board of Directors of Lazard declared a quarterly dividend of $0.50 per share on our common stock. The dividend is payable on February 23, 2024, to stockholders of record on February 12, 2024.

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-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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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization and Basis of Presentation - Additional Information (Details)		1 Months Ended	12 Months Ended
	Feb. 23, 2023 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 01, 2024
Organization And Basis Of Presentation [Line Items]
Number of business segments \| Segment			2
Initial public offering (LGAC)			$ 0	$ 0	$ 575,000,000
Deferred costs			0	20,125,000
Redeemable noncontrolling interests			87,675,000	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%
Subsequent Event
Organization And Basis Of Presentation [Line Items]
Common stock, conversion ratio						1

Employee Benefit Plans - Summary of Changes in Benefit Obligations, Fair Value of Assets, Funded Status and Amounts Recognized in Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in plan assets
Fair value of plan assets at beginning of year	$ 468,872
Fair value of plan assets at end of year	496,451	$ 468,872
Pension Plans
Change in benefit obligation
Benefit obligation at beginning of year	440,050	731,978
Service cost	338	543	$ 876
Interest cost	20,930	11,130	8,679
Amendments	10,201	0
Actuarial (gain) loss	21,937	(203,009)
Benefits paid	(25,542)	(29,357)
Foreign currency translation and other adjustments	22,787	(71,235)
Benefit obligation at end of year	490,701	440,050	731,978
Change in plan assets
Fair value of plan assets at beginning of year	468,872	782,463
Actual return on plan assets	22,461	(215,237)	26,046
Employer contributions	5,673	4,206	4,493
Benefits paid	(25,542)	(29,357)	(29,327)
Foreign currency translation and other adjustments	24,987	(73,203)
Fair value of plan assets at end of year	496,451	468,872	$ 782,463
Funded (deficit) at end of year	5,750	28,822
Prepaid pension asset (included in “other assets”)	10,507	35,268
Accrued benefit liability (included in “other liabilities”)	(4,757)	(6,446)
Net amount recognized	5,750	28,822
Actuarial net loss	193,193	167,724
Prior service cost	12,782	2,572
Net amount recognized	205,975	170,296
Tax benefits on amounts recognized in OCI	$ 40,017	$ 31,365

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 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

Incentive Plans- Schedule of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based incentive awards:
Share-based incentive awards	$ 250,570	$ 240,641	$ 233,958
RSUs
Share-based incentive awards:
Share-based incentive awards	165,435	125,664	124,895
PRSUs
Share-based incentive awards:
Share-based incentive awards	2,488	2,011	6,136
RSAs
Share-based incentive awards:
Share-based incentive awards	25,073	23,923	17,765
PIPRs
Share-based incentive awards:
Share-based incentive awards	55,712	86,810	83,046
DSUs
Share-based incentive awards:
Share-based incentive awards	$ 1,862	$ 2,233	$ 2,116

Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Tax Rates (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
BEAT and GILTI tax	0.00%	0.00%	0.40%
Foreign source income not subject to U.S. income tax	1.00%	(0.40%)	(2.60%)
Change in U.S. federal valuation allowance	4.30%	2.00%	1.10%
Share-based incentive compensation	(4.50%)	0.20%	0.10%
Foreign taxes	(20.90%)	4.00%	6.10%
Foreign tax credits	5.00%	(3.70%)	(3.60%)
State and local taxes	19.20%	2.30%	2.60%
Income attributable to noncontrolling interests	5.70%	(1.40%)	(0.30%)
Uncertain tax positions	(0.30%)	(0.10%)	(0.60%)
Other	(2.20%)	0.20%	0.80%
Effective income tax rate	28.30%	24.10%	25.00%

Property, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property

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


	Estimated Depreciable Life in Years	December 31,
		2023		2022
Buildings (a)	33	$	170,830	$	135,103
Leasehold improvements (a)	3-20	233,732		208,323
Furniture and equipment	3-10	230,713		236,194
Construction in progress		11,788		65,562
Total		647,063		645,182
Less - Accumulated depreciation and amortization (a)		414,547		395,109
Property, net		$	232,516	$	250,073

________________________

(a)The Company classified assets relating to an owned office building as held for sale as of December 31, 2023, the carrying amount of which was $72,921 (net of accumulated depreciation). The owned office building is available for immediate sale in its present condition and the Company expects the owned office building to be sold within one year. The property held for sale is reported within the Corporate segment. Effective January 1, 2024, depreciation expense will no longer be recorded on this asset.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Organization	Organization On January 1, 2024, Lazard Ltd completed its conversion (the “Conversion”) from an exempted company incorporated under the laws of Bermuda named Lazard Ltd to a U.S. C-Corporation named Lazard, Inc. Pursuant to the Conversion, each share of Lazard Ltd common stock was converted into one share of Lazard, Inc. common stock. As the Conversion became effective on January 1, 2024, the accompanying consolidated financial statements as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 and related notes reflect Lazard as an exempted company incorporated under the laws of Bermuda named Lazard Ltd. 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 December 31, 2023 and 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 a special purpose acquisition company that was sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”).
Basis of Presentation	Basis of Presentation The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Consolidation	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 24). 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. The consolidated financial statements include Lazard Ltd, Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”), along with its subsidiaries, Lazard Frères Banque SA (“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.
Foreign Currency	Foreign Currency —The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts (see Note 8) amounted to $(5,574), $399 and $(1,234) for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in “revenue-other” on the respective consolidated statements of operations.
Use of Estimates	Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: •valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives and assumptions used to value pension and other post-retirement plans; •the assessment of probability with respect to recognizing revenue; •the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; •the adequacy of the allowance for credit losses; •the realization of deferred tax assets and adequacy of tax reserves for uncertain tax positions; •the measurement of our tax receivable agreement obligation; •the outcome of litigation; •the carrying amount of goodwill and other intangible assets; •the vesting of share-based and other deferred compensation plan awards; and •other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements.
Cash and Cash Equivalents	Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased.
Deposits with Banks and Short-Term Investments	Deposits with Banks and Short-Term Investments—Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation.
Restricted Cash	Restricted Cash—Primarily represents LGAC restricted cash (see Note 1) in 2022, escrowed cash balances that the Company cannot access prior to meeting certain requirements and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations.
Receivables and Allowance for Credit Losses	Receivables and Allowance for Credit Losses—The Company’s receivables represent fee receivables, amounts due from customers and other receivables. The fee receivables are generally due within 60 days from the date of invoice, except as related to certain restructuring services and certain capital raising activities where fees are due upon specified contractual payment terms. For customer loans within customers and other receivables, the Company has elected to apply the practical expedient, in accordance with the current expected credit losses (“CECL”) guidance for financial assets with collateral maintenance provisions, which generally results in no expected credit losses given that these loans are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans. Receivables are stated net of an estimated allowance for credit losses determined in accordance with the 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. For fee receivables, the allowance for credit losses is determined together for all Financial Advisory fees, except for Private Capital Advisory given the different nature of the business, client composition, and risk characteristics. An allowance for credit losses is determined separately for Private Capital Advisory. In addition, a separate allowance for credit losses is determined for all Asset Management fees. The allowances are measured by the application of an average charge-off rate, determined annually based on historical bad debt charge-off experience, to the fee receivable balance of the respective services, adjusted for the specific allowance recognized based on current conditions of individual clients. The current conditions are considered on a quarterly basis and include the aging of the receivables, the client’s ability to make payments, and the Company’s relationship with the client. In addition, the Company also performs a qualitative assessment on a quarterly basis to monitor economic factors and other uncertainties that may require additional adjustment to the expected credit losses allowance. Financial Advisory and Asset Management fee receivables are generally deemed past due when they are outstanding 60 days from the date of invoice, except for certain transactions that include specific contractual payment terms that may vary from approximately one month to four years following the invoice date (as is the case for certain Private Capital Advisory fees) or may be subject to court approval (as is the case with Restructuring activities that include bankruptcy proceedings). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory and Asset Management fee receivables past due in excess of 180 days and 10 months, respectively, are generally fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any specific receivables that are deemed uncollectible result in specific reserves against such exposures. See Note 5 for additional information regarding the Company’s 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 CECL model.
Investments	Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, and investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of the investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. Additionally, equity method investments are tested for impairment if circumstances indicate impairment may have occurred. Impairment charges are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments.
Property-net	Property-net—Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expenses aggregating $42,853, $42,336 and $38,315 for the years ended December 31, 2023, 2022 and 2021, respectively, are included on the consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred.
Operating Lease Right-of-use Assets and Operating Lease Liabilities	Operating Lease Right-of-use Assets and Operating Lease Liabilities—The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease right-of-use assets (“ROU assets”) represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease. See Note 10 for additional information regarding the Company’s ROU assets and operating lease liabilities.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets—Goodwill has an indefinite life and is tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative assessment about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. If events indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company performs a quantitative assessment to determine the fair value of the reporting unit and compares it to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the Company would recognize an impairment loss equal to the excess. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. The impairment analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. See Note 11 with respect to goodwill and other intangible assets.
Derivative Instruments	Derivative Instruments—A derivative is typically defined as a financial instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, warrant or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law, in which case the Company would net the applicable assets and liabilities and related receivable and payable for net cash collateral under such contracts. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense” or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding LFI and other similar deferred compensation arrangements, see Notes 6, 8 and 16. For information regarding LGAC Warrants that are accounted for as derivative liabilities, see Notes 1 and 8. Derivative assets and liabilities, as well as the related cash collateral from the same counterparty, have been netted on the 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 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 consolidated statements of financial condition.
Deposits and Other Customer Payables	Deposits and Other Customer Payables—Principally consists of LFB customer-related demand deposits.
Securities Sold, Not Yet Purchased	Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, restricted cash, receivables, investments (excluding investments accounted for under the equity method of accounting), derivative instruments, deposits and other customer payables.
Redeemable Noncontrolling Interests	Redeemable Noncontrolling Interests—See Notes 15 and 24 for information regarding consolidated VIE interests held by employees and Note 1 for information regarding interests in LGAC classified as temporary equity.
Investment Banking and Other Advisory Fees	Investment Banking and Other Advisory Fees —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees.
Asset Management Fees	Asset Management Fees—Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or clawback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund or investment by investment basis and, therefore, clawback of carried interest toward the end of the life of the fund can occur. As a result, the Company recognizes incentive fees earned on our private equity funds only when it is probable that a clawback will not occur. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition.
Equity-Based Incentive Compensation Awards	Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are expensed over the applicable requisite service period, based on the grant date fair value of the award. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is primarily recognized in “compensation and benefits” expense.
Income Taxes	Income Taxes—Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as “deferred tax assets” and “deferred tax liabilities” on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by the relevant taxing authority. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: •future reversals of existing taxable temporary differences; •future taxable income exclusive of reversing temporary differences and carryforwards; •taxable income in prior carryback years; and •tax-planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available information, including the following: •nature, frequency, magnitude and duration of any past losses and current operating results; •duration of statutory carryforward periods; •historical experience with tax attributes expiring unused; and •near-term and medium-term financial outlook. The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. The Company recognizes interest and/or penalties related to unrecognized tax benefits in “provision for income taxes”. See Note 19 for additional information relating to income taxes.
Recent Accounting Developments	RECENT ACCOUNTING DEVELOPMENTS Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures—In November 2023, the Financial Accounting Standards Board (“FASB”) issued an accounting standard update to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about reportable segment’s expenses. The amendments include new annual and interim disclosure requirements primarily related to significant segment expenses, reportable segments’ profit or loss, and information on the chief operating decision maker. The new guidance is effective for annual periods beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The amendments shall be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the new guidance. Income Taxes (Topic 740): Improvements to Income Tax Disclosures —In December 2023, the FASB issued an accounting standard update to enhance the transparency and decision usefulness of income tax disclosures. The amendments include new annual disclosure requirements related to the rate reconciliation, information about income taxes paid, and disaggregated information on pre-tax income or loss and income tax expense from continuing operations. The amendments also eliminated certain disclosure requirements. The new guidance is effective for annual periods beginning after December 15, 2024, and shall be applied on a prospective basis. The Company is currently evaluating the new guidance.
Fair Value Measurements	Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities—Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1.Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2.Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. Level 3.Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis. The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity 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. The contingent consideration liability is initially recorded at fair value on the acquisition date and is included in “other liabilities” on the consolidated statements of financial condition. The fair value of the contingent consideration 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 consolidated statements of operations. Our business acquisitions may involve the potential payment of contingent consideration upon the achievement of certain performance thresholds. The fair value of derivatives classified as Level 1 is based on the listed market price of such instruments. The fair value of derivatives 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. The fair value of derivatives classified as Level 3 is based on a Black-Scholes valuation model that utilizes both observable and unobservable inputs. Unobservable inputs include model adjustments for valuation uncertainty. See Note 8. 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.
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.

Employee Benefit Plans - Schedule of Categorization of Plans' Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 496,451	$ 468,872
Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	128,038	168,460
Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	118,786	64,020
Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	249,627	236,392
Cash
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	9,286	18,084
Cash \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	9,286	18,084
Cash \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Cash \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Cash \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Debt
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	41,215	79,505
Debt \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	41,215	79,505
Debt \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Debt \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Debt \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Equities
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	11,496	15,480
Equities \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	11,496	15,480
Equities \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Equities \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Equities \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Alternative investments funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	6,640	9,113
Alternative investments funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Alternative investments funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Alternative investments funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Alternative investments funds \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	6,640	9,113
Debt funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	302,697	226,491
Debt funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	7,268	6,350
Debt funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	58,876	0
Debt funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Debt funds \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	236,553	220,141
Equity funds
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	120,899	105,476
Equity funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	58,773	49,041
Equity funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	55,692	49,297
Equity funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Equity funds \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	6,434	7,138
Other
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	4,218	14,723
Other \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Other \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	4,218	14,723
Other \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	0	0
Other \| NAV
Defined Benefit Plan Disclosure [Line Items]
Plan assets measured at fair value	$ 0	$ 0

Leases - Schedule of Supplemental Cash Flow Information and Certain Other Information Related to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$ 81,737	$ 81,415
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$ 35,282	$ 34,559
Weighted average remaining lease term	8 years	9 years
Weighted average discount rate (as a percent)	3.90%	3.70%

Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Assets And Other Liabilities [Abstract]
Accrued expenses	$ 195,572	$ 196,624
Current income and other taxes payable	138,056	117,308
Employee benefit-related liabilities	23,829	30,580
Unclaimed funds at LFB	16,994	16,435
Deferred revenue	140,417	137,330
Securities sold, not yet purchased	4,809	4,651
Deferred offering costs	0	20,125
Other	27,270	16,717
Total	546,947	539,770
Revenue recognized during the year	$ 18,775
Deferred revenue		$ 18,775

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Financial Condition (Additional Information) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	112,766,091	112,766,091
Common stock held by subsidiaries, shares	25,340,287	26,814,213
Series A Preferred Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0	0
Series B Preferred Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0	0
Parent Company
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	112,766,091	112,766,091
Common stock held by subsidiaries, shares	25,340,287	26,814,213
Parent Company \| Series A Preferred Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Parent Company \| Series B Preferred Stock
Condensed Balance Sheet Statements, Captions [Line Items]
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 96	$ 2,081	$ (12,772)
Foreign	55,513	73,410	100,235
State and local	2,809	6,165	3,197
Total current	58,418	81,656	90,660
Deferred:
Federal	(58,600)	31,980	69,633
Foreign	(5,123)	3,960	6,709
State and local	(17,345)	6,769	14,301
Total deferred	(81,068)	42,709	90,643
Total	$ (22,650)	$ 124,365	$ 181,303

Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	$ 701,964	$ 683,496
Assets, fair value disclosure		698,050
Securities sold, not yet purchased	$ 4,809	$ 4,651
DerivativeLiabilityStatementOfFinancialPositionExtensibleEnumeration	Other liabilities	Other liabilities
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other assets
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets	$ 2,789	$ 14,554
Assets, fair value disclosure	704,753
Securities sold, not yet purchased	4,809	4,651
Contingent consideration liability	6,583
Derivative liabilities	368,673	327,160
Liabilities, fair value disclosure	380,065	331,811
Fair Value, Recurring \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	4,285
Fair Value, Recurring \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	54,717	43,889
Fair Value, Recurring \| Alternative investments funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	61,680	56,947
Fair Value, Recurring \| Debt funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	191,325	178,556
Fair Value, Recurring \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	343,139	350,282
Fair Value, Recurring \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	46,818	53,822
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	598,186	599,110
Securities sold, not yet purchased	4,809	4,651
Derivative liabilities		115
Liabilities, fair value disclosure	4,809	4,766
Fair Value, Recurring \| Level 1 \| Debt
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	4,285
Fair Value, Recurring \| Level 1 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	54,224	43,243
Fair Value, Recurring \| Level 1 \| Alternative investments funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	15,676	27,073
Fair Value, Recurring \| Level 1 \| Debt funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	180,907	178,552
Fair Value, Recurring \| Level 1 \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	343,094	350,242
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets	2,789	14,554
Assets, fair value disclosure	13,202	14,554
Derivative liabilities	368,673	327,045
Liabilities, fair value disclosure	368,673	327,045
Fair Value, Recurring \| Level 2 \| Debt funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	10,413
Fair Value, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	766	19,418
Contingent consideration liability	6,583
Liabilities, fair value disclosure	6,583
Fair Value, Recurring \| Level 3 \| Equities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	493	646
Fair Value, Recurring \| Level 3 \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	273	18,772
Fair Value, Recurring \| NAV
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets, fair value disclosure	92,599	64,968
Fair Value, Recurring \| NAV \| Alternative investments funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	46,004	29,874
Fair Value, Recurring \| NAV \| Debt funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	5	4
Fair Value, Recurring \| NAV \| Equity funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	45	40
Fair Value, Recurring \| NAV \| Private equity
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments, at fair value	$ 46,545	$ 35,050

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES The accounting policies below relate to reported amounts and disclosures in the consolidated financial statements. Foreign Currency —The consolidated financial statements are presented in U.S. Dollars. Many of the Company’s non-U.S. subsidiaries have a functional currency (i.e., the currency in which operational activities are primarily conducted) that is other than the U.S. Dollar, generally the currency of the country in which such subsidiaries are domiciled. Such subsidiaries’ assets and liabilities are translated into U.S. Dollars at year-end exchange rates, while revenue and expenses are translated at average exchange rates during the year based on the daily closing exchange rates. Adjustments that result from translating amounts from a subsidiary’s functional currency to U.S. Dollars are reported in “accumulated other comprehensive income (loss), net of tax” (“AOCI”). Foreign currency remeasurement gains and losses on transactions in non-functional currencies are included on the consolidated statements of operations. Foreign currency remeasurement gains (losses), net of gains and losses from forward foreign currency exchange rate contracts (see Note 8) amounted to $(5,574), $399 and $(1,234) for the years ended December 31, 2023, 2022 and 2021, respectively, and are included in “revenue-other” on the respective consolidated statements of operations. Use of Estimates—The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of management’s estimates. In preparing the consolidated financial statements, management makes estimates and assumptions regarding: •valuations of assets and liabilities requiring fair value estimates including, but not limited to, investments, derivatives and assumptions used to value pension and other post-retirement plans; •the assessment of probability with respect to recognizing revenue; •the discount rate used to measure operating lease right-of-use assets and operating lease liabilities; •the adequacy of the allowance for credit losses; •the realization of deferred tax assets and adequacy of tax reserves for uncertain tax positions; •the measurement of our tax receivable agreement obligation; •the outcome of litigation; •the carrying amount of goodwill and other intangible assets; •the vesting of share-based and other deferred compensation plan awards; and •other matters that affect the reported amounts and disclosure of contingencies in the consolidated financial statements. Estimates, by their nature, are based on judgment and available information. Therefore, actual results could differ from those estimates and could have a material impact on the consolidated financial statements. Cash and Cash Equivalents—The Company defines cash equivalents as short-term, highly liquid securities and cash deposits with original maturities of 90 days or less when purchased. Deposits with Banks and Short-Term Investments—Represents LFB’s short-term deposits, including with the Banque de France and amounts placed by LFB in short-term, highly liquid securities with original maturities of 90 days or less when purchased. The level of these deposits and investments may be driven by the level of LFB demand deposits (which can fluctuate significantly on a daily basis) and by changes in asset allocation. Restricted Cash—Primarily represents LGAC restricted cash (see Note 1) in 2022, escrowed cash balances that the Company cannot access prior to meeting certain requirements and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations. Receivables and Allowance for Credit Losses—The Company’s receivables represent fee receivables, amounts due from customers and other receivables. The fee receivables are generally due within 60 days from the date of invoice, except as related to certain restructuring services and certain capital raising activities where fees are due upon specified contractual payment terms. For customer loans within customers and other receivables, the Company has elected to apply the practical expedient, in accordance with the current expected credit losses (“CECL”) guidance for financial assets with collateral maintenance provisions, which generally results in no expected credit losses given that these loans are fully collateralized and monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans. Receivables are stated net of an estimated allowance for credit losses determined in accordance with the 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. For fee receivables, the allowance for credit losses is determined together for all Financial Advisory fees, except for Private Capital Advisory given the different nature of the business, client composition, and risk characteristics. An allowance for credit losses is determined separately for Private Capital Advisory. In addition, a separate allowance for credit losses is determined for all Asset Management fees. The allowances are measured by the application of an average charge-off rate, determined annually based on historical bad debt charge-off experience, to the fee receivable balance of the respective services, adjusted for the specific allowance recognized based on current conditions of individual clients. The current conditions are considered on a quarterly basis and include the aging of the receivables, the client’s ability to make payments, and the Company’s relationship with the client. In addition, the Company also performs a qualitative assessment on a quarterly basis to monitor economic factors and other uncertainties that may require additional adjustment to the expected credit losses allowance. Financial Advisory and Asset Management fee receivables are generally deemed past due when they are outstanding 60 days from the date of invoice, except for certain transactions that include specific contractual payment terms that may vary from approximately one month to four years following the invoice date (as is the case for certain Private Capital Advisory fees) or may be subject to court approval (as is the case with Restructuring activities that include bankruptcy proceedings). In such cases, receivables are deemed past due when payment is not received by the agreed-upon contractual date or the court approval date, respectively. Financial Advisory and Asset Management fee receivables past due in excess of 180 days and 10 months, respectively, are generally fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any specific receivables that are deemed uncollectible result in specific reserves against such exposures. See Note 5 for additional information regarding the Company’s receivables and allowance for credit losses. Investments—Investments in debt and marketable equity securities held either directly, or indirectly through asset management funds are accounted for at fair value, with any increase or decrease in fair value recorded in earnings. Such amounts are reflected in “revenue-other” in the consolidated statements of operations. Investments also include interests in alternative investment funds and private equity funds, each accounted for at fair value, and investments accounted for under the equity method of accounting. Any increases or decreases in the carrying value of the investments accounted for at fair value and the Company’s share of net income or losses pertaining to its equity method investments are reflected in “revenue-other” in the consolidated statements of operations. Additionally, equity method investments are tested for impairment if circumstances indicate impairment may have occurred. Impairment charges are reflected in “revenue-other” in the consolidated statements of operations. Dividend income is reflected in “revenue-other” in the consolidated statements of operations. Securities transactions and the related revenue and expenses are recorded on a “trade date” basis. See Notes 6 and 7 for additional information regarding the Company’s investments. Property-net—Property is stated at cost less accumulated depreciation and amortization. Buildings are depreciated on a straight-line basis over their estimated useful lives. Leasehold improvements are capitalized and are amortized over the lesser of the economic useful life of the improvement or the term of the lease. Depreciation of furniture and equipment, including computer hardware and software, is determined on a straight-line basis using estimated useful lives. Depreciation and amortization expenses aggregating $42,853, $42,336 and $38,315 for the years ended December 31, 2023, 2022 and 2021, respectively, are included on the consolidated statements of operations in “occupancy and equipment” or “technology and information services”, depending on the nature of the underlying asset. Repairs and maintenance are expensed as incurred. Operating Lease Right-of-use Assets and Operating Lease Liabilities—The Company determines if an arrangement is, or contains, a lease at its inception and reevaluates the arrangement if the terms are modified. Operating lease right-of-use assets (“ROU assets”) represent the right to use an underlying asset for the lease term and operating lease liabilities reflect the obligation to make lease payments arising from the lease. At any given time during the lease term, the operating lease liability represents the present value of the remaining lease payments and the operating lease ROU asset is measured at the amount of the lease liability, adjusted for rent prepayments, unamortized initial direct costs and the remaining balance of lease incentives received. Both the operating lease ROU asset and the operating lease liability are reduced to zero at the end of the lease. See Note 10 for additional information regarding the Company’s ROU assets and operating lease liabilities. Goodwill and Other Intangible Assets—Goodwill has an indefinite life and is tested for impairment annually, as of November 1, or more frequently if circumstances indicate impairment may have occurred. The Company performs a qualitative assessment about whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount in lieu of actually calculating the fair value of the reporting unit. If events indicate that it is more likely than not that a reporting unit’s fair value is less than its carrying value, the Company performs a quantitative assessment to determine the fair value of the reporting unit and compares it to its carrying value. If the carrying value of a reporting unit exceeds its fair value, the Company would recognize an impairment loss equal to the excess. Intangible assets that are not deemed to have an indefinite life are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The pattern of amortization reflects the timing of the realization of the economic benefits of such intangible assets. For acquired customer contracts, the period of realization is deemed to be the period when the related revenue is recognized. The impairment analysis is performed by comparing the carrying value of the intangible asset being reviewed for impairment to the current and expected future cash flows expected to be generated from such asset on an undiscounted basis, including eventual disposition. An impairment loss would be measured for the amount by which the carrying amount of the intangible asset exceeds its fair value. See Note 11 with respect to goodwill and other intangible assets. Derivative Instruments—A derivative is typically defined as a financial instrument whose value is “derived” from underlying assets, indices or reference rates, such as a future, forward, swap, warrant or option contract, or other financial instrument with similar characteristics. Derivative contracts often involve future commitments to exchange interest payment streams or currencies based on a notional or contractual amount (e.g., interest rate swaps or currency forwards) or to purchase or sell other financial instruments at specified terms on a specified date (e.g., options to buy or sell securities or currencies). The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law, in which case the Company would net the applicable assets and liabilities and related receivable and payable for net cash collateral under such contracts. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense” or “revenue-other”, depending on the nature of the underlying item, in the consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the consolidated statements of operations. For information regarding LFI and other similar deferred compensation arrangements, see Notes 6, 8 and 16. For information regarding LGAC Warrants that are accounted for as derivative liabilities, see Notes 1 and 8. Deposits and Other Customer Payables—Principally consists of LFB customer-related demand deposits. Securities Sold, Not Yet Purchased—Securities sold, not yet purchased represents liabilities for securities sold for which payment has been received and the obligations to deliver such securities are included within “other liabilities” in the consolidated statements of financial condition. These securities are accounted for at fair value, with any increase or decrease in fair value recorded in earnings in accordance with standard securities industry practices. Such gains and losses are reflected in “revenue-other” in the consolidated statements of operations. Fair Value of Financial Assets and Liabilities—The majority of the Company’s financial assets and liabilities are recorded at fair value or at amounts that approximate fair value. Such assets and liabilities include cash and cash equivalents, deposits with banks and short-term investments, restricted cash, receivables, investments (excluding investments accounted for under the equity method of accounting), derivative instruments, deposits and other customer payables. Redeemable Noncontrolling Interests—See Notes 15 and 24 for information regarding consolidated VIE interests held by employees and Note 1 for information regarding interests in LGAC classified as temporary equity. Investment Banking and Other Advisory Fees —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees—Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or clawback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund or investment by investment basis and, therefore, clawback of carried interest toward the end of the life of the fund can occur. As a result, the Company recognizes incentive fees earned on our private equity funds only when it is probable that a clawback will not occur. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. Equity-Based Incentive Compensation Awards—Equity-based incentive compensation awards that do not require future service are expensed immediately. Equity-based compensation awards that require future service are expensed over the applicable requisite service period, based on the grant date fair value of the award. Compensation expense recognized for equity-based incentive compensation is determined based on the number of awards that in the Company’s estimate are considered probable of vesting (including as a result of any applicable performance conditions). Equity-based incentive compensation is primarily recognized in “compensation and benefits” expense. Income Taxes—Deferred income taxes reflect the net tax effects of temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Such temporary differences are reflected as “deferred tax assets” and “deferred tax liabilities” on the consolidated statements of financial condition. A deferred tax asset is recognized if it is more likely than not (defined as a likelihood of greater than 50%) that a tax benefit will be accepted by the relevant taxing authority. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and, when necessary, a valuation allowance is established. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the following possible sources of taxable income when assessing the realization of deferred tax assets: •future reversals of existing taxable temporary differences; •future taxable income exclusive of reversing temporary differences and carryforwards; •taxable income in prior carryback years; and •tax-planning strategies. The assessment regarding whether a valuation allowance is required or should be adjusted also considers all available information, including the following: •nature, frequency, magnitude and duration of any past losses and current operating results; •duration of statutory carryforward periods; •historical experience with tax attributes expiring unused; and •near-term and medium-term financial outlook. The Company records tax positions taken or expected to be taken in a tax return based upon the Company’s estimates regarding the amount that is more likely than not to be realized or paid, including in connection with the resolution of any related appeals or other legal processes. Accordingly, the Company recognizes liabilities for certain unrecognized tax benefits based on the amounts that are more likely than not to be settled with the relevant taxing authority. The Company recognizes interest and/or penalties related to unrecognized tax benefits in “provision for income taxes”. See Note 19 for additional information relating to income taxes.
Investment Banking and Other Advisory Fees	Investment Banking and Other Advisory Fees —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees.

Incentive Plans - Summary of Activity Relating to PRSUs (Details) - PRSUs	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Units
Units beginning balance (in shares) \| shares	94,690
Performance units earned (in shares) \| shares	30,775
Units ending balance (in shares) \| shares	125,465
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, performance units earned (in usd per share) \| $ / shares	46.63
Weighted average grant date fair value, ending balance (in usd per share) \| $ / shares	$ 41.07

Stockholders' Equity and Redeemable Noncontrolling Interests - Schedule of Shares Repurchased Under the Share Repurchase Program (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Number of Shares Purchased	2,782,662	19,666,798	9,124,295
Average Price Per Share (in usd per share)	$ 36.67	$ 35.17	$ 44.51

- 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

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

LEASES

The Company as a Lessee

The Company leases office space and equipment under non-cancelable lease agreements, which expire on various dates through 2034. Substantially all of these arrangements are operating leases relating to office space. Certain leases have renewal options that can be exercised at the discretion of the Company. The Company only includes renewal options in the lease term when it is reasonably certain to exercise the option. The Company does not record leases with a lease term of 12 months or less on the consolidated statements of financial condition; lease expense for these leases is recognized over the lease term on a straight-line basis.

The operating lease liabilities at commencement reflect total lease payments discounted using an incremental borrowing rate (on a collateralized basis) based on the lease term (the “Discount”), as an implicit rate was not readily determinable for any of the Company’s operating leases. The Company determines its Discount with consideration of the Company’s public debt issuances as well as publicly available data for instruments with similar characteristics.

For office space and equipment leases, the Company accounts for the lease and non-lease components as a single lease component.

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

The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	80,257	$	78,482	$	86,232
Variable lease cost	23,521		21,086		21,193
Sublease income	(934)		(4,969)		(7,303)
Total	$	102,844	$	94,599	$	100,122

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	81,737		$	81,415

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	35,282		$	34,559

Weighted average remaining lease term	8 years			9 years

Weighted average discount rate	3.9		%	3.7		%

Maturities of the operating lease liabilities outstanding at December 31, 2023 for each of the years in the period ending December 31, 2028 and thereafter are set forth in the table below.


Year Ending December 31,
2024	$	82,321
2025	73,201
2026	64,811
2027	63,334
2028	59,863
Thereafter	221,452
Total lease payments	564,982
Less - Discount	79,791
Operating lease liabilities	$	485,191

In addition, to the table above, the Company had undiscounted future lease payments of $119,225 related to an operating lease that was signed but not yet commenced at December 31, 2023. This operating lease will commence in 2024 with a lease term of 15 years.

The Company as a Lessor

The Company has entered into a lease agreement which provides a third-party the right to use its owned office building. The lease contains options to renew and terminate and is classified as an operating lease.

The following table presents the carrying value of the assets subject to leases reported on the consolidated statements of financial condition:


	Year Ending
	December 31, 2023
Property, net	$	72,921
Accumulated depreciation	$	104,171

The Company classified the owned office building as held for sale as of December 31, 2023. See Note 9.

For the year ended December 31, 2023, the Company’s operating lease income included in “revenue-other” on the consolidated statements of operations was $6,393.

The following table presents undiscounted future cash inflows under the operating lease as of December 31, 2023:


Year Ending December 31,
2024	$	2,758
2025	8,273
2026	8,273
2027	8,273
2028	8,273
Thereafter	24,820
Total lease payment to be received	$	60,670

Leases

LEASES

The Company as a Lessee

For office space and equipment leases, the Company accounts for the lease and non-lease components as a single lease component.

The following table summarizes the components of operating lease expense reflected on the accompanying consolidated statements of operations for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31,
	2023		2022		2021
Operating lease cost	$	80,257	$	78,482	$	86,232
Variable lease cost	23,521		21,086		21,193
Sublease income	(934)		(4,969)		(7,303)
Total	$	102,844	$	94,599	$	100,122

The following table summarizes the supplemental cash flow information and certain other information related to operating leases for the years ended December 31, 2023 and 2022:


	Year Ended December 31,
	2023			2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows paid for operating leases	$	81,737		$	81,415

Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	35,282		$	34,559

Weighted average remaining lease term	8 years			9 years

Weighted average discount rate	3.9		%	3.7		%

Maturities of the operating lease liabilities outstanding at December 31, 2023 for each of the years in the period ending December 31, 2028 and thereafter are set forth in the table below.


Year Ending December 31,
2024	$	82,321
2025	73,201
2026	64,811
2027	63,334
2028	59,863
Thereafter	221,452
Total lease payments	564,982
Less - Discount	79,791
Operating lease liabilities	$	485,191

The Company as a Lessor

The following table presents the carrying value of the assets subject to leases reported on the consolidated statements of financial condition:


	Year Ending
	December 31, 2023
Property, net	$	72,921
Accumulated depreciation	$	104,171

The Company classified the owned office building as held for sale as of December 31, 2023. See Note 9.

For the year ended December 31, 2023, the Company’s operating lease income included in “revenue-other” on the consolidated statements of operations was $6,393.

The following table presents undiscounted future cash inflows under the operating lease as of December 31, 2023:


Year Ending December 31,
2024	$	2,758
2025	8,273
2026	8,273
2027	8,273
2028	8,273
Thereafter	24,820
Total lease payment to be received	$	60,670

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to Lazard Ltd	$ (75,479)	$ 357,517	$ 528,064
Add - adjustment for earnings attributable to participating securities	(4,440)	(5,732)	(8,647)
Net income (loss) attributable to Lazard Ltd - basic	(79,919)	351,785	519,417
Add - adjustment for earnings attributable to participating securities	0	2,641	7,068
Net income (loss) attributable to Lazard Ltd - diluted	$ (79,919)	$ 354,426	$ 526,485
Weighted average number of shares of common stock outstanding (in shares)	86,751,822	93,994,663	104,166,347
Add - adjustment for shares of common stock issuable on a non-contingent basis (in shares)	2,242,163	1,669,466	1,869,461
Weighted average number of shares of common stock outstanding - basic (in shares)	88,993,985	95,664,129	106,035,808
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation (in shares)	0	5,333,545	7,638,891
Weighted average number of shares of common stock outstanding - diluted (in shares)	88,993,985	100,997,674	113,674,699
Net income (loss) attributable to Lazard Ltd per share of common stock:
Basic (in usd per share)	$ (0.90)	$ 3.68	$ 4.90
Diluted (in usd per share)	$ (0.90)	$ 3.51	$ 4.63
Weighted Average \| Share-Based Incentives
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation (in shares)	4,779,627,000

Schedule I - Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Comprehensive Income (Additional Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	$ (7,606)	$ (5,978)	$ 13,263
Tax benefit on prior service credit	2,567
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	1,521	994	1,609
Parent Company
Tax expense (benefit) on actuarial gain (loss), employee benefit plans	(7,606)	(5,978)	13,263
Tax benefit on prior service credit	2,567
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 1,521	$ 994	$ 1,609

Incentive Plans - Schedule of Impact of LFI and Other Similar Deferred Compensation Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Amortization and the impact of forfeitures	$ 164,357	$ 154,878	$ 151,604
Change in the fair value of underlying investments	41,463	(44,261)	35,494
Total	$ 205,820	$ 110,617	$ 187,098

Other Assets and Other Liabilities

12 Months Ended

Dec. 31, 2023

Other Assets And Other Liabilities [Abstract]

Other Assets and Other Liabilities

OTHER ASSETS AND OTHER LIABILITIES

The following table sets forth the Company’s other assets, by type, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Current income and other tax receivables	$	69,700	$	73,672
Prepaid compensation (see Note 16)	115,972		112,124
Other advances and prepayments	117,452		105,717
Other	111,394		103,245
Total	$	414,518	$	394,758

The following table sets forth the Company’s other liabilities, by type, as of December 31, 2023 and 2022:


	December 31,
	2023		2022
Accrued expenses	$	195,572	$	196,624
Current income and other taxes payable	138,056		117,308
Employee benefit-related liabilities	23,829		30,580
Unclaimed funds at LFB	16,994		16,435
Deferred revenue (a)	140,417		137,330
Securities sold, not yet purchased	4,809		4,651
Deferred offering costs	–		20,125
Other	27,270		16,717
Total	$	546,947	$	539,770

_____________________

Stockholders' Equity and Redeemable Noncontrolling Interests - Adjustments for Items Reclassified Out of AOCI (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	$ 7,059	$ 4,184	$ 29,305
Currency Translation Adjustments
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	1,826	32	23,645
Employee Benefit Plans
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization relating to employee benefit plans	6,754	5,146	7,269
Less - related income taxes	1,521	994	1,609
Total reclassifications, net of tax	$ 5,233	$ 4,152	$ 5,660

Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Total	$ (61,006)	$ 82,084	$ (37,452)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other	Other	Other
Forward foreign currency exchange rate contracts
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ (2,701)	$ 4,721	$ 11,007
LFI and other similar deferred compensation arrangements
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	(41,463)	44,261	(35,494)
LGAC Warrants
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	115	9,890	1,495
Total return swaps and other
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain (loss)	$ (16,957)	$ 23,212	$ (14,460)

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
Undiscounted future lease payments on operating lease signed but not yet commeced	$ 119,225
Operating lease not yet commenced, term	15 years
Operating lease income	$ 6,393
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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


	December 31, 2023
	Level 1		Level 2		Level 3		NAV		Total
Assets:
Investments:
Debt	$	4,285	$	–	$	–	$	–	$	4,285
Equities	54,224		–		493		–		54,717
Funds:
Alternative investments	15,676		–		–		46,004		61,680
Debt	180,907		10,413		–		5		191,325
Equity	343,094		–		–		45		343,139
Private equity	–		–		273		46,545		46,818
Derivatives	–		2,789		–		–		2,789
Total	$	598,186	$	13,202	$	766	$	92,599	$	704,753
Liabilities:
Securities sold, not yet purchased	$	4,809	$	–	$	–	$	–	$	4,809
Contingent consideration liability	–		–		6,583		–		6,583
Derivatives	–		368,673		–		–		368,673
Total	$	4,809	$	368,673	$	6,583	$	–	$	380,065


	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

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

The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2023, 2022 and 2021:


	Year Ended December 31, 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	$	54	$	–	$	(281)	$	74	$	493
Private equity funds	18,772		–		–		(18,508)		9		273
Total Level 3 assets	$	19,418	$	54	$	–	$	(18,789)	$	83	$	766

Liabilities:
Contingent consideration liability (c)	$	–	$	274	$	7,754	$	(1,445)	$	–	$	6,583
Total Level 3 liabilities	$	–	$	274	$	7,754	$	(1,445)	$	–	$	6,583


	Year Ended December 31, 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	$	99	$	–	$	–	$	(31)	$	646
Private equity funds	293		–		18,000		(13)		492		18,772
Total Level 3 assets	$	871	$	99	$	18,000	$	(13)	$	461	$	19,418


	Year Ended December 31, 2021
	Beginning Balance		Net Unrealized/ Realized Gains/Losses Included In Earnings (a)		Purchases/ Issuances		Sales/ Settlements/ Transfers (b)		Foreign Currency Translation Adjustments		Ending Balance
Assets:
Investments:
Equities	$	1,671	$	(796)	$	–	$	(235)	$	(62)	$	578
Private equity funds	1,486		951		–		(2,121)		(23)		293
Total Level 3 assets	$	3,157	$	155	$	–	$	(2,356)	$	(85)	$	871

Liabilities:
Derivatives	$	–	$	–	$	11,500	$	(11,500)	$	–	$	–
Total Level 3 liabilities	$	–	$	–	$	11,500	$	(11,500)	$	–	$	–

_____________________

Financial Instruments Not Measured at Fair Value


	December 31, 2023
			Fair Value Measurements Using:
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	971,316	$	971,316	$	971,316	$	–	$	–
Deposits with banks and short-term investments	219,576		219,576		219,576		–		–
Restricted cash	34,091		34,091		34,091		–		–
Financing receivables	113,929		113,694		–		–		113,694
Customer loans	86,412		86,412		–		–		86,412
Other fees and customers and other receivables	561,978		561,978		561,978		–		–
Financial Liabilities:
Deposits and other customer payables	$	443,262	$	443,262	$	443,262	$	–	$	–
Senior debt	1,690,200		1,651,726		–		1,651,726		–


	December 31, 2022
	Carrying Value		Fair Value Measurements Using:
			Fair Value		Level 1		Level 2		Level 3
Financial Assets:
Cash and cash equivalents	$	1,234,773	$	1,234,773	$	1,234,773	$	–	$	–
Deposits with banks and short-term investments	779,246		779,246		779,246		–		–
Restricted cash	625,381		625,381		625,381		–		–
Financing receivables	97,964		98,362		–		–		98,362
Customer loans	128,890		128,890		–		–		128,890
Other fees and customers and other receivables	425,904		425,904		425,904		–		–
Financial Liabilities:
Deposits and other customer payables	$	921,834	$	921,834	$	921,834	$	–	$	–
Senior debt	1,687,714		1,601,917		–		1,601,917		–

Fair Value of Certain Investments Based on NAV

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

December 31, 2023

Investments Redeemable

NAV

Unfunded

Commitments

% of

NAV

Not

Redeemable

Redemption

Frequency

Redemption

Notice Period

Alternative investment funds:

Hedge funds

45,324

–

(a)

30-60 days

Other

680

–

(b)

<30-30 days

Debt funds

–

(c)

<30 days

Equity funds

–

(d)

<30-60 days

Private equity funds:

Equity growth

46,545

5,505

(e)

100

(f)

Total

92,599

5,505

_____________________

(a)monthly (74%) and quarterly (26%)

(b)daily (4%) and monthly (96%)

(c)daily (100%)

(d)monthly (34%) and annually (66%)

(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.

Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interests (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class A common stock dividends (in usd per share)	$ 2.00	$ 1.94	$ 1.88
Related tax benefit of share-based incentive compensation on delivery of Class A common stock	$ 253	$ 6,441	$ (1,539)
Common stock, shares issued	112,766,091	112,766,091
Class A Common Stock
Common stock, shares issued	112,766,091	112,766,091	112,766,091

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

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


	Pension Plans
	2023		2022
Change in benefit obligation
Benefit obligation at beginning of year	$	440,050	$	731,978
Service cost	338		543
Interest cost	20,930		11,130
Amendments	10,201		–
Actuarial (gain) loss	21,937		(203,009)
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	22,787		(71,235)
Benefit obligation at end of year	490,701		440,050
Change in plan assets
Fair value of plan assets at beginning of year	468,872		782,463
Actual return on plan assets	22,461		(215,237)
Employer contributions	5,673		4,206
Benefits paid	(25,542)		(29,357)
Foreign currency translation and other adjustments	24,987		(73,203)
Fair value of plan assets at end of year	496,451		468,872
Funded (deficit) at end of year	$	5,750	$	28,822
Amounts recognized in the consolidated statements of financial condition at December 31, 2023 and 2022 consist of:
Prepaid pension asset (included in “other assets”)	$	10,507	$	35,268
Accrued benefit liability (included in “other liabilities”)	(4,757)		(6,446)
Net amount recognized	$	5,750	$	28,822
Amounts recognized in AOCI (excluding tax benefits of $40,017 and $31,365 at December 31, 2023 and 2022, respectively) consist of:
Actuarial net loss	$	193,193	$	167,724
Prior service cost	12,782		2,572
Net amount recognized	$	205,975	$	170,296

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

The following table summarizes the fair value of plan assets, the accumulated benefit obligation and the projected benefit obligation at December 31, 2023 and 2022:


	U.S. Pension Plans As Of December 31,				Non-U.S. Pension Plans As Of December 31,				Total As Of December 31,
	2023		2022		2023		2022		2023		2022
Fair value of plan assets	$	15,511	$	14,983	$	480,940	$	453,889	$	496,451	$	468,872
Accumulated benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050
Projected benefit obligation	$	19,999	$	20,518	$	470,702	$	419,532	$	490,701	$	440,050

Components of Net Periodic Benefit Cost (Credit)


	Pension Plans For The Year Ended December 31,
	2023		2022		2021
Components of Net Periodic Benefit Cost (Credit):
Service cost	$	338	$	543	$	876
Interest cost	20,930		11,130		8,679
Expected return on plan assets	(23,942)		(24,482)		(26,077)
Amortization of:
Prior service cost	107		106		118
Net actuarial loss	6,647		5,040		7,151
Settlement loss	–		–		1,056
Net periodic benefit cost (credit)	$	4,080	$	(7,663)	$	(8,197)


Actual return on plan assets	$	22,461	$	(215,237)	$	26,046
Employer contributions	$	5,673	$	4,206	$	4,493
Benefits paid	$	25,542	$	29,357	$	29,327
Other changes in plan assets and benefit obligations recognized in AOCI (excluding tax expense (benefit) of $(8,652), $(4,984) and $14,872 during the years ended December 31, 2023, 2022 and 2021, respectively):
Net actuarial (gain) loss	$	23,521	$	31,174	$	(40,717)
Prior service cost	10,172		–		–
Reclassification of prior service (cost) credit to earnings	(107)		(106)		(118)
Reclassification of actuarial gain (loss) to earnings	(6,647)		(5,040)		(7,151)
Currency translation and other adjustments	8,740		(13,783)		(5,860)
Total recognized in AOCI	$	35,679	$	12,245	$	(53,846)
Net amount recognized in total periodic benefit cost and AOCI	$	39,759	$	4,582	$	(62,043)

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


	Pension Plans December 31,
	2023		2022		2021
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.4	%	4.7	%	1.8	%
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	4.3	%	2.1	%	1.1	%
Expected long-term rate of return on plan assets	5.1	%	3.4	%	3.3	%

Schedule of Expected Benefit Payments

The following table summarizes the expected benefit payments for the Company’s pension plans for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter:


	Pension Plans
2024	$	28,564
2025	27,844
2026	28,130
2027	28,654
2028	29,105
2029-2033	146,096

Schedule of Categorization of Plans' Assets

The following tables present the categorization of our pension plans’ assets as of December 31, 2023 and 2022, measured at fair value, into a fair value hierarchy and investments measured at NAV or its equivalent as a practical expedient in accordance with fair value measurement disclosure requirements:


	As of December 31, 2023
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	9,286	$	–	$	–	$	–	$	9,286
Debt	41,215		–		–		–		41,215
Equities	11,496		–		–		–		11,496
Funds:
Alternative investments	–		–		–		6,640		6,640
Debt	7,268		58,876		–		236,553		302,697
Equity	58,773		55,692		–		6,434		120,899
Other	–		4,218		–		–		4,218
Total	$	128,038	$	118,786	$	–	$	249,627	$	496,451


	As of December 31, 2022
	Level 1		Level 2		Level 3		NAV (a)		Total
Assets:
Cash	$	18,084	$	–	$	–	$	–	$	18,084
Debt	79,505		–		–		–		79,505
Equities	15,480		–		–		–		15,480
Funds:
Alternative investments	–		–		–		9,113		9,113
Debt	6,350		–		–		220,141		226,491
Equity	49,041		49,297		–		7,138		105,476
Other	–		14,723		–		–		14,723
Total	$	168,460	$	64,020	$	–	$	236,392	$	468,872

_____________________

Segment Information

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

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 years ended December 31, 2023, 2022 and 2021 is prepared using the following methodology:

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

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

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

The Company 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, information technology, facilities management and senior management activities.

For the years ended December 31, 2023, 2022 and 2021, no individual client constituted more than 10% of the net revenue of any of the Company’s business segments.


		Year Ended December 31,
		2023		2022		2021
Financial Advisory	Net Revenue	$	1,385,357	$	1,666,156	$	1,764,509
	Operating Expenses (a)	1,489,862		1,304,715		1,356,567
	Operating Income (Loss)	$	(104,505)	$	361,441	$	407,942
Asset Management	Net Revenue	$	1,151,496	$	1,204,927	$	1,424,985
	Operating Expenses (a)	1,011,574		963,640		1,032,825
	Operating Income	$	139,922	$	241,287	$	392,160
Corporate	Net Revenue (Loss)	$	(21,364)	$	(97,512)	$	3,554
	Operating Expenses (Credit) (a)	94,010		(11,632)		79,808
	Operating Loss	$	(115,374)	$	(85,880)	$	(76,254)
Total	Net Revenue	$	2,515,489	$	2,773,571	$	3,193,048
	Operating Expenses (a)	2,595,446		2,256,723		2,469,200
	Operating Income (Loss)	$	(79,957)	$	516,848	$	723,848

_____________________

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


	Year Ended December 31,
	2023		2022		2021
Financial Advisory	$	8,517	$	8,968	$	8,480
Asset Management	6,476		9,390		5,618
Corporate	27,860		23,978		24,217
Total	$	42,853	$	42,336	$	38,315


	December 31,
	2023		2022
Total Assets
Financial Advisory	$	1,154,483	$	1,099,921
Asset Management (b)	1,232,364		1,786,830
Corporate (b)	2,248,934		2,965,810
Total	$	4,635,781	$	5,852,561

_____________________

Geographic Information

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


	Year Ended December 31,
	2023		2022		2021
Net Revenue:
Americas	$	1,193,056	$	1,487,056	$	1,780,815
EMEA	1,162,052		1,136,636		1,251,058
Asia Pacific	160,381		149,879		161,175
Total	$	2,515,489	$	2,773,571	$	3,193,048
Operating Income:
Americas	$	(224,857)	$	235,640	$	399,916
EMEA	108,058		248,404		295,991
Asia Pacific	36,842		32,804		27,941
Total	$	(79,957)	$	516,848	$	723,848


	December 31,
	2023		2022
Total Assets:
Americas	$	2,808,962	$	3,458,250
EMEA	1,679,644		2,218,136
Asia Pacific	147,175		176,175
Total	$	4,635,781	$	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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue Recognition - Disaggregation of Revenue Based on Business Segment Results (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial Advisory
Disaggregation Of Revenue [Line Items]
Net revenue	$ 1,385,357	$ 1,666,156	$ 1,764,509
Asset Management
Disaggregation Of Revenue [Line Items]
Net revenue	1,151,496	1,204,927	1,424,985
Asset Management \| Management Fees and Other
Disaggregation Of Revenue [Line Items]
Net revenue	1,121,950	1,137,583	1,304,582
Asset Management \| Incentive Fees
Disaggregation Of Revenue [Line Items]
Net revenue	$ 29,546	$ 67,344	$ 120,403

- 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

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+ Details

Income Taxes - Summary of Changes in Deferred Tax Assets Valuation Allowance (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 99,600	$ 88,239	$ 88,953	$ 82,210
Charged (credited) to provision for income taxes	11,354	5,220	8,742
Charged (credited) to other comprehensive income and other	7	(5,934)	(1,999)
Ending Balance	$ 99,600	$ 88,239	$ 88,953

Senior Debt - Debt Maturities Relating to Senior Borrowings Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total	$ 1,700,000	$ 1,700,000
Senior Borrowings
Debt Instrument [Line Items]
2024	0
2025	400,000
2026	0
2027	300,000
2028	500,000
Thereafter	500,000
Total	$ 1,700,000

- 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

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+ Details

Property, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Net

PROPERTY, NET

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


	Estimated Depreciable Life in Years	December 31,
		2023		2022
Buildings (a)	33	$	170,830	$	135,103
Leasehold improvements (a)	3-20	233,732		208,323
Furniture and equipment	3-10	230,713		236,194
Construction in progress		11,788		65,562
Total		647,063		645,182
Less - Accumulated depreciation and amortization (a)		414,547		395,109
Property, net		$	232,516	$	250,073

________________________

Segment Information - Schedule of Revenue from External Customers and Identifiable Assets, by Geographical Areas (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net Revenue	$ 2,515,489	$ 2,773,571	$ 3,193,048
Operating Income	(79,957)	516,848	723,848
Total Assets	4,635,781	5,852,561
Americas
Segment Reporting Information [Line Items]
Net Revenue	1,193,056	1,487,056	1,780,815
Operating Income	(224,857)	235,640	399,916
Total Assets	2,808,962	3,458,250
EMEA
Segment Reporting Information [Line Items]
Net Revenue	1,162,052	1,136,636	1,251,058
Operating Income	108,058	248,404	295,991
Total Assets	1,679,644	2,218,136
Asia Pacific
Segment Reporting Information [Line Items]
Net Revenue	160,381	149,879	161,175
Operating Income	36,842	32,804	$ 27,941
Total Assets	$ 147,175	$ 176,175

- 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.

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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

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Assets:
Basis adjustments	$ 96,534	$ 131,353
Compensation and benefits	199,989	173,047
Net operating loss and tax credit carryforwards	277,103	227,280
Depreciation and amortization	30,530	11,777
Interest carryover - Section 163(j) limitation	42,581	21,150
Other	41,969	31,056
Gross deferred tax assets	688,706	595,663
Valuation allowance	(99,600)	(88,239)
Deferred tax assets (net of valuation allowance)	589,106	507,424
Deferred Tax Liabilities:
Depreciation and amortization	9,221	10,074
Compensation and benefits	22,129	23,631
Goodwill	46,686	43,448
Other	17,587	26,534
Deferred tax liabilities	95,623	103,687
Net deferred tax assets	$ 493,483	$ 403,737

Regulatory Authorities	12 Months Ended
Regulatory Authorities	Dec. 31, 2023
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Authorities	REGULATORY AUTHORITIES LFNY is a U.S. registered broker-dealer and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Under the basic method permitted by this rule, the minimum required net capital, as defined, is a specified fixed percentage (6 2/3%) of total aggregate indebtedness recorded in LFNY’s Financial and Operational Combined Uniform Single (“FOCUS”) report filed with the Financial Industry Regulatory Authority (“FINRA”), or $5, whichever is greater. In addition, the ratio of aggregate indebtedness (as defined) to net capital may not exceed 15:1. At December 31, 2023, LFNY exceeded its minimum requirement for regulatory net capital of $6,529, and was in compliance with its aggregate indebtedness to net capital ratio requirement. 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 December 31, 2023, the aggregate regulatory net capital of the U.K. Subsidiaries was $220,204, which exceeded the minimum requirement by $154,383. 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 December 31, 2023, the consolidated regulatory net capital of CFLF was $156,703, which exceeded the minimum requirement set for regulatory capital levels by $62,519. 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. In 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. At December 31, 2023, the regulatory net capital of the combined European regulated group was $181,665, which exceeded the minimum requirement set for regulatory capital levels by $78,796. 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. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2023, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $143,682, which exceeded the minimum required capital by $120,239. At December 31, 2023, each of these subsidiaries individually was in compliance with its regulatory capital requirements.