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LAZ Lazard

Document and Entity Information

Document and Entity Information - shares3 Months Ended
Mar. 31, 2021Apr. 23, 2021
Document Information [Line Items]
Document Type10-Q
Amendment Flagfalse
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Entity Registrant NameLAZARD LTD
Entity Central Index Key0001311370
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Current Fiscal Year End Date--12-31
Entity Filer CategoryLarge Accelerated Filer
Entity Shell Companyfalse
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Common Stock, Shares Outstanding112,766,091
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Incorporation, State or Country CodeD0
Entity File Number001-32492
Entity Tax Identification Number98-0437848
Entity Address, Address Line OneClarendon House
Entity Address, Address Line Two2 Church Street
Entity Address, City or TownHamilton
Entity Address, State or ProvinceHM11
Entity Address, CountryBM
City Area Code441
Local Phone Number295-1422
Title of each classClass A Common Stock
Trading SymbolLAZ
Name of each exchange on which registeredNYSE
Subsidiaries of Lazard Ltd [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding7,406,096

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 974,696 $ 1,389,876
Deposits with banks and short-term investments1,014,145 1,134,463
Restricted cash615,090 44,488
Receivables (net of allowance for doubtful accounts of $35,002 and $36,649 at March 31, 2021 and December 31, 2020, respectively):
Fees556,239 621,880
Customers and other183,376 121,261
Total receivables, net739,615 743,141
Investments782,351 658,532
Property (net of accumulated amortization and depreciation of $398,968 and $402,471 at March 31, 2021 and December 31, 2020, respectively)250,538 257,587
Operating lease right-of-use assets492,089 513,923
Goodwill and other intangible assets (net of accumulated amortization of $70,198 and $70,155 at March 31, 2021 and December 31, 2020, respectively)381,947 384,071
Deferred tax assets506,836 538,448
Other assets452,252 307,332
Total Assets6,209,559 5,971,861
Liabilities:
Deposits and other customer payables1,239,716 1,201,150
Accrued compensation and benefits485,739 734,544
Operating lease liabilities582,178 606,963
Senior debt1,683,362 1,682,741
Deferred tax liabilities2,202 1,041
Other liabilities563,427 524,538
Total Liabilities4,767,860 4,972,428
Commitments and contingencies
Redeemable noncontrolling interests575,000
Common stock:
Class A, par value $.01 per share (500,000,000 shares authorized; 112,766,091 shares issued at March 31, 2021 and December 31, 2020, including shares held by subsidiaries as indicated below)1,128 1,128
Additional paid-in-capital135,439
Retained earnings1,278,907 1,295,386
Accumulated other comprehensive loss, net of tax(255,711)(238,368)
Stockholders' equity subtotal before common stock held by subsidiaries and Noncontrolling interests, total1,024,324 1,193,585
Class A common stock held by subsidiaries, at cost (6,675,269 and 7,728,387 shares at March 31, 2021 and December 31, 2020, respectively)(259,319)(281,813)
Total Lazard Ltd Stockholders’ Equity765,005 911,772
Noncontrolling interests101,694 87,661
Total Stockholders’ Equity866,699 999,433
Total Liabilities, Redeemable Noncontrolling Interests and Stockholders’ Equity6,209,559 5,971,861
LTBP Trust [Member]
Liabilities:
Tax receivable agreement obligation211,236 221,451
Series A Preferred Stock [Member]
Preferred stock:
Preferred stock
Series B Preferred Stock [Member]
Preferred stock:
Preferred stock

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Allowance for doubtful accounts receivables $ 35,002 [1] $ 36,649
Property, accumulated amortization and depreciation398,968 402,471
Other intangible assets, accumulated amortization $ 70,198 $ 70,155
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized15,000,000 15,000,000
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized500,000,000 500,000,000
Common stock, shares issued112,766,091 112,766,091
Common stock held by subsidiaries, shares6,675,269 7,728,387
Series A Preferred Stock [Member]
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Series B Preferred Stock [Member]
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
[1]The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
REVENUE
Interest income $ 1,354 $ 2,412
Other33,769 (11,142)
Total revenue679,904 558,157
Interest expense19,797 20,143
Net revenue660,107 538,014
OPERATING EXPENSES
Compensation and benefits401,546 319,755
Occupancy and equipment34,748 32,198
Marketing and business development6,651 20,186
Technology and information services33,670 31,358
Professional services14,948 14,545
Fund administration and outsourced services29,279 26,390
Amortization of intangible assets related to acquisitions15 446
Other4,960 9,039
Total operating expenses525,817 453,917
OPERATING INCOME134,290 84,097
Provision for income taxes43,464 25,766
NET INCOME90,826 58,331
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS3,526 (5,691)
NET INCOME ATTRIBUTABLE TO LAZARD LTD $ 87,300 $ 64,022
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING:
Basic107,291,560 106,303,962
Diluted115,822,294 114,120,179
NET INCOME PER SHARE OF COMMON STOCK:
Basic $ 0.80 $ 0.59
Diluted $ 0.75 $ 0.56
Investment Banking and Other Advisory Fees [Member]
REVENUE
Revenue $ 317,831 $ 297,669
Asset Management Fees [Member]
REVENUE
Revenue $ 326,950 $ 269,218

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME $ 90,826 $ 58,331
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments(19,743)(50,746)
Employee benefit plans:
Actuarial gain (net of tax expense of $762 and $1,826 for the three months ended March 31, 2021 and 2020, respectively)1,065 9,088
Adjustment for items reclassified to earnings (net of tax expense of $381 and $338 for the three months ended March 31, 2021 and 2020, respectively)1,336 1,895
OTHER COMPREHENSIVE LOSS, NET OF TAX(17,342)(39,763)
COMPREHENSIVE INCOME73,484 18,568
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS3,527 (5,690)
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD LTD $ 69,957 $ 24,258

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Tax (benefit) expense on actuarial gain (loss), employee benefit plans $ 762 $ 1,826
Tax expense, adjustment for items reclassified to earnings, employee benefit plans $ 381 $ 338

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME $ 90,826 $ 58,331
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property9,361 8,986
Noncash lease expense17,210 15,489
Amortization of deferred expenses and share-based incentive compensation100,271 101,097
Amortization of intangible assets related to acquisitions15 446
Deferred tax provision29,673 11,522
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net(7,486)59,961
Investments(202,534)23,325
Other assets(16,134)(172,121)
Accrued compensation and benefits and other liabilities(144,542)(263,012)
Net cash used in operating activities(123,340)(155,976)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property(7,498)(12,011)
Disposals of property628 69
Net cash used in investing activities(6,870)(11,942)
Proceeds from:
Contributions from noncontrolling interests25
Payments for:
Customer deposits(58,739)(70,652)
Distributions to noncontrolling interests(1,020)(1,411)
Payments under tax receivable agreement(10,215)(25,557)
Purchase of Class A common stock(122,652)(95,227)
Class A common stock dividends(49,441)(48,759)
Settlement of share-based incentive compensation(64,804)(66,728)
Other financing activities(14,302)(1,869)
Net cash provided by (used in) financing activities244,519 (310,178)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH(79,205)(61,851)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH35,104 (539,947)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 12,568,827 2,455,559
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— March 312,603,931 $ 1,915,612
LGAC [Member]
Proceeds from:
LGAC IPO575,000
Payments for:
Payments of LGAC IPO underwriting fees and other offering costs $ 9,308

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
Cash and cash equivalents $ 974,696 $ 1,389,876
Deposits with banks and short-term investments1,014,145 1,134,463
Restricted cash615,090 44,488
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH $ 2,603,931 $ 2,568,827 $ 1,915,612 $ 2,455,559

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest - USD ($) $ in ThousandsTotalCumulative Effect Period Of Adoption Adjustment [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Common Stock [Member]Common Stock [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Additional Paid-In-Capital [Member]Additional Paid-In-Capital [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Retained Earnings [Member]Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjustment [Member]Retained Earnings [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Class A Common Stock Held By Subsidiaries [Member]Class A Common Stock Held By Subsidiaries [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Total Lazard Ltd Stockholders' Equity [Member]Total Lazard Ltd Stockholders' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member]Total Lazard Ltd Stockholders' Equity [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Noncontrolling Interests [Member]Noncontrolling Interests [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]Redeemable Noncontrolling Interest
Balance at Dec. 31, 2019 $ 681,574 $ (7,575) $ 673,999 $ 1,128 $ 1,128 $ 41,020 $ 41,020 $ 1,193,570 $ (7,575) $ 1,185,995 $ (293,648) $ (293,648) $ (332,079) $ (332,079) $ 609,991 $ (7,575) $ 602,416 $ 71,583 $ 71,583
Balance (in shares) at Dec. 31, 2019112,766,091 112,766,091 8,513,493 8,513,493
Comprehensive income (loss):
Net income (loss)58,331 64,022 64,022 (5,691)
Other comprehensive income (loss) - net of tax(39,763)(39,764)(39,764)1
NET INCOME58,331 64,022 64,022 (5,691)
Other comprehensive income (loss) - net of tax(39,763)(39,764)(39,764)1
Amortization of share-based incentive compensation72,161 70,750 70,750 1,411
Dividend equivalents(1,863)6,717 (7,394)(677)(1,186)
Class A common stock dividends(48,759)(48,759)(48,759)
Purchase of Class A common stock $ (95,227) $ (95,227)(95,227)
Purchase of Class A common stock (in shares)2,912,035 2,912,035
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) $ (66,380)(118,326)(74,228) $ 126,174 (66,380)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares)(3,169,546)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)52 52 52
Delivery of Class A common stock and related tax benefit (expense)(673) $ 673
Delivery of Class A common stock and related tax benefit (expense) (in shares)(20,624)
Dividend equivalents460 (460)
Distributions to noncontrolling interests, net(1,386)(1,386)
Consolidated VIEs8,452 8,452
Balance at Mar. 31, 2020559,617 $ 1,128 1,119,176 (333,412) $ (300,459)486,433 73,184
Balance (in shares) at Mar. 31, 2020112,766,091 8,235,358
Balance at Dec. 31, 2020999,433 $ 1,128 135,439 1,295,386 (238,368) $ (281,813)911,772 87,661
Balance (in shares) at Dec. 31, 2020112,766,091 7,728,387
Comprehensive income (loss):
Net income (loss)90,826 87,300 87,300 3,526
Other comprehensive income (loss) - net of tax(17,342)(17,343)(17,343)1
NET INCOME90,826 87,300 87,300 3,526
Other comprehensive income (loss) - net of tax(17,342)(17,343)(17,343)1
Amortization of share-based incentive compensation68,191 65,906 65,906 2,285
Dividend equivalents(2,253)5,859 (6,381)(522)(1,731)
Class A common stock dividends(49,441)(49,441)(49,441)
Purchase of Class A common stock $ (122,652) $ (122,652)(122,652)
Purchase of Class A common stock (in shares)2,899,541 2,899,541
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) $ (65,893)(132,822)(47,902) $ 114,831 (65,893)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit) (in shares)(3,054,052)
Business acquisitions and related equity transactions:
Delivery of Class A common stock and related tax benefit (expense)(30,315) $ 30,315
Delivery of Class A common stock and related tax benefit (expense) (in shares)(898,607)
Dividend equivalents55 (55)
Distributions to noncontrolling interests, net(1,020)(1,020)
Consolidated VIEs7,775 7,775
Contribution from redeemable noncontrolling interests, net $ 534,075
Change in redemption value of redeemable noncontrolling interests(40,925) $ (44,122)(44,122)3,197 40,925
Balance at Mar. 31, 2021 $ 866,699 $ 1,128 $ 1,278,907 $ (255,711) $ (259,319) $ 765,005 $ 101,694
Balance (in shares) at Mar. 31, 2021112,766,091 6,675,269
Balance at Mar. 31, 2021 $ 575,000

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Changes in Stockholders' Equity and Redeemable Noncontrolling Interest (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Of Stockholders Equity [Abstract]
Class A common stock dividends $ 0.47 $ 0.47
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation $ (1,089) $ (347)

Organization and Basis of Prese

Organization and Basis of Presentation3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation1.
ORGANIZATION AND BASIS OF PRESENTATION Organization Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”, “Lazard”, “we” or the “Company”), including Lazard Ltd’s indirect investment in Lazard Group LLC, a Delaware limited liability company (collectively referred to, together with its subsidiaries, as “Lazard Group”), is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% 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 mergers and acquisitions (“M&A”), restructurings, capital advisory, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters; and

Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and assets and liabilities associated with (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”) and (ii) a special purpose acquisition company sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”). Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying December 31, 2020 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month period ended March 31, 2021 are not indicative of the results to be expected for any future interim or annual period. The condensed 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, LFB and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:

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

Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 20). When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated. Lazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a special purpose acquisition company, 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 (“Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of LGAC. The Company controls LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. The proceeds from the LGAC IPO of $575,000 are 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. Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees and $808 of other offering costs, were charged against the gross proceeds of the LGAC IPO as consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. “Redeemable noncontrolling interests” of $575,000 associated with the publicly held LGAC Class A ordinary shares are recorded on the Company’s condensed consolidated statements of financial condition as of March 31, 2021 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by charges to additional paid-in-capital. The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO meet the definition of a liability under FASB ASC Topic 815 and are classified as derivative liabilities remeasured at fair value at each balance sheet date until exercised, with changes in fair value each period reported to earnings. See Note 7. Restricted Cash Restricted cash primarily represents LGAC deposits discussed above and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations.

Recent Accounting Developments

Recent Accounting Developments3 Months Ended
Mar. 31, 2021
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Developments2.
RECENT ACCOUNTING DEVELOPMENTS Simplifying the Accounting for Income Taxes

Revenue Recognition

Revenue Recognition3 Months Ended
Mar. 31, 2021
Revenue Recognition [Abstract]
Revenue Recognition3.
REVENUE RECOGNITION The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended
March 31,
2021
2020
Net Revenue:
Financial Advisory (a)
$
318,412
$
298,966
Asset Management:
Management Fees and Other (b)
$
314,513
$
281,007
Incentive Fees (c)
32,977
1,514
Total Asset Management
$
347,490
$
282,521
(a)
Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
(b)
Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.
(c)
Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients. With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when ap plying the practical expedients , amounts related to remaining performance obligations are not material to the Company’s financial statements.

Receivables

Receivables3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Receivables4.
RECEIVABLES 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, specifically Private Capital Advisory services, which have fee receivables 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 current expected credit losses (“CECL”) guidance, for financial assets with collateral maintenance provisions, which results in no expected credit losses given that these loans are maintained with collateral having a fair value in excess of the carrying amount of the loans as of March 31, 2021. Receivables are stated net of an estimated allowance for doubtful accounts 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 doubtful accounts 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. In addition, a separate allowance for doubtful accounts is determined for all Asset Management fees. The allowance is 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 specific allowance recognized based on current conditions of individual clients. The current factors 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 loss allowance. With respect to fees receivable from Financial Advisory activities, such 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 fee receivables past due, from the date of invoice or the specific contractual payment terms, in excess of 180 days are fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any receivables that we determine are impaired result in specific reserves against such exposures. Asset Management fees are fully provided for when such receivables are outstanding 12 months after the invoice date. In addition, the Company specifically reserves against exposures relating to Asset Management fees where we determine receivables are impaired prior to being outstanding for 12 months. Activity in the allowance for doubtful accounts for the three month periods ended March 31, 2021 and 2020 was as follows:
Three Months Ended
March 31,
2021
2020
Beginning Balance
$
36,649
$
27,130
Adjustment for adoption of new accounting guidance
-
7,575
Bad debt expense, net of reversals
375
(527
)
Charge-offs, foreign currency translation and other adjustments
(2,022
)
(2,891
)
Ending Balance *
$
35,002
$
31,287
*The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables. Bad debt expense, net of reversals represents the current period provision of expected credit losses and is included in “operating expenses — Of the Company’s fee receivables at March 31, 2021 and December 31, 2020, $90,826 and $90,521, respectively, represented financing receivables for our Private Capital Advisory fees. Based upon our historical loss experience, the credit quality of the counterparties, and the lack of uncollectible amounts, there was no allowance for doubtful accounts required at those dates related to such receivables. At March 31, 2021 and December 31, 2020, customers and other receivables included $110,954 and $99,965, respectively, of customer loans, which are fully collateralized and closely monitored for counterparty creditworthiness, with such collateral having a fair value in excess of the carrying amount of the loans as of March 31, 2021 and December 31, 2020. The aggregate carrying amount of all other receivables of $537,835 and $552,655 at March 31, 2021 and December 31, 2020, respectively, approximates fair value.

Investments

Investments3 Months Ended
Mar. 31, 2021
Schedule Of Investments [Abstract]
Investments5.
INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2021 and December 31, 2020:
March 31,
December 31,
2021
2020
Debt
$
99,994
$
99,987
Equities
48,184
37,365
Funds:
Alternative investments (a)
39,371
34,264
Debt (a)
140,053
123,554
Equity (a)
415,056
325,795
Private equity
39,693
37,567
634,173
521,180
Investments, at fair value
$
782,351
$
658,532
Securities sold, not yet purchased, at fair value (included in “other liabilities”)
$
3,221
$
1,176
(a)
Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $15,254, $107,207 and $351,548, respectively, at March 31, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13). Debt primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year. Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business. Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above. Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund. Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI discussed above. Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a fund targeting significant noncontrolling-stake investments in established private companies. Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”). During the three month periods ended March 31, 2021 and 2020, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows:
Three Months Ended
March 31,
2021
2020
Net unrealized investment gains (losses)
$
1,054
$
(44,432
)

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements6.
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 primarily based on the publicly reported closing price for the fund. The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value. 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 derivative s entered into by the Company and classified as Le vel 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 entered into by the Company and 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 uncertainity. See Note 7. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. The following tables present, as of March 31, 2021 and December 31, 2020, 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:
March 31, 2021
Level 1
Level 2
Level 3
NAV
Total
Assets:
Investments:
Debt
$
99,994
$
-
$
-
$
-
$
99,994
Equities
46,543
-
1,641
-
48,184
Funds:
Alternative investments
17,119
-
-
22,252
39,371
Debt
140,048
-
-
5
140,053
Equity
415,008
-
-
48
415,056
Private equity
-
-
1,472
38,221
39,693
Derivatives
-
1,254
-
-
1,254
Total
$
718,712
$
1,254
$
3,113
$
60,526
$
783,605
Liabilities:
Securities sold, not yet purchased
$
3,221
$
-
$
-
$
-
$
3,221
Derivatives
-
383,924
11,500
-
395,424
Total
$
3,221
$
383,924
$
11,500
$
-
$
398,645
December 31, 2020
Level 1
Level 2
Level 3
NAV
Total
Assets:
Investments:
Debt
$
99,987
$
-
$
-
$
-
$
99,987
Equities
35,694
-
1,671
-
37,365
Funds:
Alternative investments
17,411
-
-
16,853
34,264
Debt
123,549
-
-
5
123,554
Equity
325,749
-
-
46
325,795
Private equity
-
-
1,486
36,081
37,567
Derivatives
-
536
-
-
536
Total
$
602,390
$
536
$
3,157
$
52,985
$
659,068
Liabilities:
Securities sold, not yet purchased
$
1,176
$
-
$
-
$
-
$
1,176
Derivatives
-
314,485
-
-
314,485
Total
$
1,176
$
314,485
$
-
$
-
$
315,661
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
Beginning Balance
Net Realized Gains/Losses Included In Earnings (a)
Purchases/ Acquisitions/ Issuances
Sales/ Dispositions/ Settlements
Foreign Currency Translation Adjustments
Ending Balance
Assets:
Investments:
Equities
$
1,671
$
1
$
-
$
-
$
(31
)
$
1,641
Private equity funds
1,486
-
-
-
(14
)
1,472
Total Level 3 Assets
$
3,157
$
1
$
-
$
-
$
(45
)
$
3,113
Liabilities:
Derivatives
$
-
$
-
$
11,500
$
-
$
-
$
11,500
Total Level 3 Liabilities
$
-
$
-
$
11,500
$
-
$
-
$
11,500
Three Months Ended March 31, 2020
Beginning Balance
Net Unrealized/ Realized Gains/Losses Included In Earnings (a)
Purchases/ Acquisitions
Sales/ Dispositions/ Settlements
Foreign Currency Translation Adjustments
Ending Balance
Assets:
Investments:
Equities
$
1,600
$
(99
)
$
-
$
-
$
(76
)
$
1,425
Private equity funds
1,371
(24
)
-
-
-
1,347
Total Level 3 Assets
$
2,971
$
(123
)
$
-
$
-
$
(76
)
$
2,772
(a)
Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2021 and 2020 include net unrealized gains (losses) of $1 and $(123), respectively. There were no transfers into or out of Level 3 within the fair value hierarchy during the three month periods ended March 31, 2021 and 2020. The following tables present, at March 31, 2021 and December 31, 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
March 31, 2021
Investments Redeemable
Fair Value
Unfunded Commitments
% of Fair Value Not Redeemable
Redemption Frequency
Redemption Notice Period
Alternative
Hedge funds
$
21,635
$
-
NA
(a)
30-60 days
Other
617
-
NA
(b)
<30-30 days
Debt funds
5
-
NA
(c)
<30 days
Equity funds
48
-
NA
(d)
<30-60 days
Private equity funds:
Equity growth
38,221
5,865
(e)
100
%
(f)
NA
NA
Total
$
60,526
$
5,865
(a)
monthly (79%) and quarterly (21%)
(b )
daily (8%) and monthly (92%)
(c )
daily (100%)
(d )
monthly (39%) and annually (61%)
( e )
Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 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, 2020
Investments Redeemable
Fair Value
Unfunded Commitments
% of Fair Value Not Redeemable
Redemption Frequency
Redemption Notice Period
Alternative
Hedge funds
$
16,216
$
-
NA
(a)
30-60 days
Other
637
-
NA
(b)
<30-30 days
Debt funds
5
-
NA
(c)
<30 days
Equity funds
46
-
NA
(d)
<30-60 days
Private equity funds:
Equity growth
36,081
5,865
(e)
100
%
(f)
NA
NA
Total
$
52,985
$
5,865
(a)
monthly (99%) and quarterly (1%)
(b)
daily (8%) and monthly (92%)
(c )
daily (100%)
( d )
monthly (39%) and annually (61%)
(e )
Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f )
Distributions from each fund will be received as the underlying investments of the funds are liquidated. Investment Capital Funding Commitments —At March 31, 2021, the Company’s maximum unfunded commitments for capital contributions to investment funds primarily arose from commitments to EGCP III, which amounted to $5,370. The investment period for EGCP III ended on October 12, 2016, after which point the Company’s obligation to fund capital contributions for new investments in EGCP III expired. The Company remains obligated until October 12, 2023 (or any earlier liquidation of EGCP III) to make capital contributions necessary to fund follow-on investments and to pay for fund expenses.

Derivatives

Derivatives3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives7.
DERIVATIVES The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:
March 31,
December 31,
2021
2020
Derivative Assets:
Forward foreign currency exchange rate contracts
$
1,254
$
536
$
1,254
$
536
Derivative Liabilities:
Forward foreign currency exchange rate contracts
$
340
$
333
Total return swaps and other (a)
718
2,752
Warrants
11,500
-
LFI and other similar deferred compensation arrangements
382,866
311,400
$
395,424
$
314,485
(a)
For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of March 31, 2021 amounts represent the netting of gross derivative assets and liabilities of $704 and $4,418, respectively, and receivables for net cash collateral under such contracts of $2,996, and (ii) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”. Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020, were as follows:
Three Months Ended
March 31,
2021
2020
Forward foreign currency exchange rate contracts
$
6,818
$
1,772
LFI and other similar deferred compensation arrangements
(7,487
)
19,637
Total return swaps and other
(4,279
)
18,845
Total
$
(4,948
)
$
40,254

Property

Property3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Property8.
PROPERTY At March 31, 2021 and December 31, 2020, property consisted of the following:
Estimated Depreciable
March 31,
December 31,
Life in Years
2021
2020
Buildings
33
$
148,518
$
155,434
Leasehold improvements
3-20
220,376
220,975
Furniture and equipment
3-10
239,135
240,825
Construction in progress
41,477
42,824
Total
649,506
660,058
Less - Accumulated depreciation and amortization
398,968
402,471
Property
$
250,538
$
257,587

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets9 .
GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at March 31, 2021 and December 31, 2020 are presented below:
March 31,
December 31,
2021
2020
Goodwill
$
381,752
$
383,861
Other intangible assets (net of accumulated amortization)
195
210
$
381,947
$
384,071
At March 31, 2021 and December 31, 2020, goodwill of $317,211 and $319,320, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment. Changes in the carrying amount of goodwill for the three month periods ended March 31, 2021 and 2020 are as follows:
Three Months Ended
March 31,
2021
2020
Balance, January 1
$
383,861
$
371,773
Foreign currency translation adjustments
(2,109
)
(16,053
)
Balance, March 31
$
381,752
$
355,720
All changes in the carrying amount of goodwill for the three month periods ended March 31, 2021 and 2020 are attributable to the Company’s Financial Advisory segment. The gross cost and accumulated amortization of other intangible assets as of March 31, 2021 and December 31, 2020, by major intangible asset category, are as follows:
March 31, 2021
December 31, 2020
Gross Cost
Accumulated Amortization
Net Carrying Amount
Gross Cost
Accumulated Amortization
Net Carrying Amount
Success/incentive fees
$
35,409
$
35,409
$
-
$
35,385
$
35,385
$
-
Management fees, customer relationships and non-compete agreements
34,984
34,789
195
34,980
34,770
210
$
70,393
$
70,198
$
195
$
70,365
$
70,155
$
210
Amortization expense of intangible assets, included in “amortization of intangible assets related to acquisitions” in the condensed consolidated statements of operations, for the three month periods ended March 31, 2021 and 2020 was $15 and $446, respectively. Estimated future amortization expense is as follows:
Year Ending December 31,
Amortization Expense
2021 (April 1 through December 31)
$
45
2022
60
2023
60
2024
30
Total amortization expense
$
195

Senior Debt

Senior Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Senior Debt10 .
SENIOR DEBT Senior debt is comprised of the following as of March 31, 2021 and December 31, 2020:
Outstanding as of
Initial
Annual
March 31, 2021
December 31, 2020
Principal Amount
Maturity Date
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
$
1,830
$
398,170
$
400,000
$
1,948
$
398,052
Lazard Group 2027 Senior Notes
300,000
3/1/27
3.625
%
300,000
2,308
297,692
300,000
2,405
297,595
Lazard Group 2028 Senior Notes
500,000
9/19/28
4.50
%
500,000
6,355
493,645
500,000
6,568
493,432
Lazard Group 2029 Senior Notes
500,000
3/11/29
4.375
%
500,000
6,145
493,855
500,000
6,338
493,662
Total
$
1,700,000
$
16,638
$
1,683,362
$
1,700,000
$
17,259
$
1,682,741
(a )
The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”) and Lazard Group’s 4.375% senior notes due March 11, 2029 (the “2029 Notes”) are 3.87%, 3.76%, 4.67% and 4.53%, respectively. The Company’s senior debt at March 31, 2021 and December 31, 2020 is carried at historical amounts of $1,683,362 and $1,682,741, respectively. At those dates, the fair value of such senior debt was approximately $1,885,000 and $1,954,000, respectively. The fair value of the Company’s senior debt is based on market quotations. The Company’s senior debt would be categorized within Level 2 of the hierarchy of fair value measurements if carried at fair value. On July 22, 2020, Lazard Group entered into an Amended and Restated Credit Agreement for a three-year As of March 31, 2021, the Company had approximately $213,000 in unused lines of credit available to it, including the credit facility provided under the Amended and Restated Credit Agreement and unused lines of credit available to LFB of approximately $12,000. The 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 March 31, 2021, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies11 .
COMMITMENTS AND CONTINGENCIES Other Commitments —The Company has various other contractual commitments arising in the ordinary course of business. In addition, from time to time, LFB and LFNY may enter into underwriting commitments in which it will participate as an underwriter. At March 31, 2021, LFB and LFNY had no such underwriting commitments. See Notes 6 and 14 for information regarding commitments relating to investment capital funding commitments and obligations to fund our pension plans, respectively. In the opinion of management, the fulfillment of the commitments described herein will not have a material adverse effect on the Company’s condensed consolidated financial position or results of operations. Legal —The Company is involved from time to time in judicial, 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 experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Stockholders' Equity12 .
STOCKHOLDERS’ EQUITY Share Repurchase Program — Since 2019 and through the three month period ended March 31, 2021, 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 2019
$
300,000
December 31, 2020
October 2019
$
300,000
December 31, 2021 The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan, 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:
Three Months Ended March 31:
Number of Shares Purchased
Average Price Per Share
2020
2,912,035
$
32.70
2021
2,899,541
$
42.30
During the three month periods ended March 31, 2021 and 2020, 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 three month periods ended March 31, 2021 and 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the three month periods ended March 31, 2021 and 2020 was approximately $18,600 and $10,000, respectively. Such shares of common stock are reported at cost. As of March 31, 2021, a total of $177,348 of share repurchase authorization remained available under the Company’s share repurchase program, which will expire on December 31, 2021. In addition, on April 29, 2021, the Board of Directors of Lazard authorized the repurchase of up to $300,000 of additional shares of common stock, which authorization will expire on December 31, 2022, bringing the total available share repurchase authorization as of April 29, 2021 to approximately $439,000. During the three month period ended March 31, 2021, the Company had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Preferred Stock —Lazard Ltd has 15,000,000 authorized shares of preferred stock, par value $0.01 per share, inclusive of its Series A and Series B preferred stock. Series A and Series B preferred shares were issued in connection with certain prior year business acquisitions and were each non-participating securities convertible into common stock, and had no voting or dividend rights. As of both March 31, 2021 and December 31, 2020, 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 March 31, 2021 and 2020 and activity during the three month periods then ended:
Three Months Ended March 31, 2021
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
(19,743
)
1,065
(18,678
)
1
(18,679
)
Adjustments for items reclassified to earnings, net of tax
-
1,336
1,336
-
1,336
Net other comprehensive income (loss)
(19,743
)
2,401
(17,342
)
1
(17,343
)
Balance, March 31, 2021
$
(87,467
)
$
(168,243
)
$
(255,710
)
$
1
$
(255,711
)
Three Months Ended March 31, 2020
Currency Translation Adjustments
Employee Benefit Plans
Total AOCI
Amount Attributable to Noncontrolling Interests
Total Lazard Ltd AOCI
Balance, January 1, 2020
$
(120,586
)
$
(173,064
)
$
(293,650
)
$
(2
)
$
(293,648
)
Activity:
Other comprehensive income (loss) before reclassifications
(50,746
)
9,088
(41,658
)
1
(41,659
)
Adjustments for items reclassified to earnings, net of tax
-
1,895
1,895
-
1,895
Net other comprehensive income (loss)
(50,746
)
10,983
(39,763
)
1
(39,764
)
Balance, March 31, 2020
$
(171,332
)
$
(162,081
)
$
(333,413
)
$
(1
)
$
(333,412
) The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Amortization relating to employee benefit plans (a)
$
1,717
$
2,233
Less - related income taxes
381
338
Total reclassifications, net of tax
$
1,336
$
1,895
(a)
Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses — 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 13), (iii) LGAC interests (see Note 1) and (iv) consolidated VIE interests held by employees (see Note 20). The tables below summarize net income (loss) attributable to noncontrolling interests for the three month periods ended March 31, 2021 and 2020 and noncontrolling interests as of March 31, 2021 and December 31, 2020 in the Company’s condensed consolidated financial statements:
Net Income (Loss) Attributable to Noncontrolling Interests
Three Months Ended
March 31,
2021
2020
Edgewater
$
1,456
$
(1,403
)
Consolidated VIEs
2,268
(4,288
)
LGAC
(200
)
-
Other
2
-
Total
$
3,526
$
(5,691
)
Noncontrolling Interests as of
March 31,
December 31,
2021
2020
Edgewater
$
45,808
$
45,352
Profits interest participation rights
2,311
1,776
Consolidated VIEs
50,560
40,517
LGAC
2,997
-
Other
18
16
Total
$
101,694
$
87,661
Dividends Declared, April 29, 2021 —On April 29, 2021, the Board of Directors of Lazard declared a quarterly dividend of $0.47 per share on our common stock. The dividend is payable on May 21, 2021, to stockholders of record on May 10, 2021

Incentive Plans

Incentive Plans3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Plans1 3 .
INCENTIVE PLANS Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the three month periods ended March 31, 2021 and 2020 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and was amended on April 29, 2021 to increase the aggregate number of shares authorized for issuance under the 2018 plan. The 2018 Plan replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan originally authorized issuance of up to 30,000,000 shares of common stock, plus any shares of common stock that were subject to outstanding awards under the 2008 Plan as of March 14, 2018 that are forfeited, canceled or settled in cash following April 24, 2018, which was the date that the 2018 Plan was approved by our shareholders. The amendment that our shareholders approved on April 29, 2021 increased the shares of common stock available pursuant to the 2018 Plan by 20,000,000 shares, which is in addition to any shares of common stock that remain available under the original authorization. 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”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. Under the 2008 Plan, the maximum number of shares available was based on a formula that limited the aggregate number of shares that could, at any time, be subject to awards that were considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of common stock. The 2008 Plan was terminated on April 24, 2018, and no additional awards have been or will be granted under the 2008 Plan after its termination, although outstanding awards granted under the 2008 Plan before its termination continue to be subject to its terms. The 2005 Plan authorized the issuance of up to 25,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other share-based awards. The 2005 Plan expired in the second quarter of 2015, although outstanding deferred stock unit (“DSU”) awards granted under the 2005 Plan before its expiration continue to be subject to its terms. The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Share-based incentive awards:
RSUs
$
34,805
$
42,917
PRSUs
5,559
4,361
Restricted Stock
6,067
8,531
Profits interest participation rights
21,573
16,166
DSUs
187
186
Total
$
68,191
$
72,161
The ultimate amount of compensation and benefits expense relating to share-based awards is dependent upon the actual number of shares of common stock that vest. The Company periodically assesses the forfeiture rates used for such estimates, including as a result of any applicable performance conditions. A change in estimated forfeiture rates or performance results in a cumulative adjustment to compensation and benefits expense and also would cause the aggregate amount of compensation expense recognized in future periods to differ from the estimated unrecognized compensation expense described below. The Company’s share-based incentive plans and awards are described below. RSUs and DSUs RSUs generally require future service as a condition for the delivery of the underlying shares of common stock (unless the recipient is then eligible for retirement under the Company’s retirement policy) and convert into shares of common stock on a one-for-one basis after the stipulated vesting periods. The grant date fair value of the RSUs, net of an estimated forfeiture rate, is amortized over the vesting periods or requisite service periods (generally, one-third after two years and the remaining two-thirds after the third year) and is adjusted for actual forfeitures over such period. RSUs generally include a dividend participation right that provides that, during the applicable vesting period, each RSU is attributed additional RSUs equivalent to any dividends paid on common stock during such period. During the three month period ended March 31, 2021, dividend participation rights required the issuance of 138,585 RSUs and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $5,429. Non-executive members of the Board of Directors (“Non-Executive Directors”) receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into shares of common stock at the time of cessation of service to the Board of Directors. DSUs include a cash dividend participation right equivalent to dividends paid on common stock. Lazard Ltd’s Directors’ Fee Deferral Unit Plan permits the Non-Executive Directors to elect to receive additional DSUs in lieu of some or all of their cash fees. The number of DSUs granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of common stock on the date immediately preceding the date of the grant. During the three month period ended March 31, 2021, 4,457 DSUs had been granted pursuant to such Plan. DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan. The following is a summary of activity relating to RSUs and DSUs during the three month period ended March 31, 2021:
RSUs
DSUs
Units
Weighted Average Grant Date Fair Value
Units
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
9,266,344
$
42.96
478,800
$
36.36
Granted (including 138,585 RSUs relating to dividend participation)
2,776,805
$
43.13
4,457
$
41.92
Forfeited
(63,425
)
$
41.05
-
-
Settled
(3,690,643
)
$
47.52
-
-
Balance, March 31, 2021
8,289,081
$
41.00
483,257
$
36.41
In connection with RSUs that settled during the three month period ended March 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,348,433 shares of common stock during such three month period. Accordingly, 2,342,210 shares of common stock held by the Company were delivered during the three month period ended March 31, 2021. As of March 31, 2021, estimated unrecognized RSU compensation expense was $177,587, with such expense expected to be recognized over a weighted average period of approximately 1.0 years subsequent to March 31, 2021. Restricted Stock The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the three month period ended March 31, 2021:
Restricted Shares
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
1,144,959
$
41.09
Granted (including 10,571 relating to dividend participation)
425,692
$
43.23
Forfeited
(11,364
)
$
41.44
Settled
(428,298
)
$
43.34
Balance, March 31, 2021
1,130,989
$
41.04
In connection with shares of restricted common stock that settled during the three month period ended March 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 162,533 shares of common stock during such three month period. Accordingly, 265,765 shares of common stock held by the Company were delivered during the three month period ended March 31, 2021. Restricted stock awards granted in 2021 and 2020 generally include a dividend participation right that provides that during the applicable vesting period each restricted stock award is attributed additional shares of restricted common stock equivalent to any dividends paid on common stock during such period. During the three month period ended March 31, 2021, dividend participation rights required the issuance of 10,571 shares of restricted common stock and the associated charge to “retained earnings”, net of estimated forfeitures (with corresponding credits to “additional paid-in-capital”) was $430. With respect to awards granted prior to 2020, the restricted stock awards include a cash dividend participation right equivalent to dividends paid on common stock during the period, which will vest concurrently with the underlying restricted stock award. At March 31, 2021, estimated unrecognized restricted stock expense was $28,420, with such expense to be recognized over a weighted average period of approximately 1.0 years subsequent to March 31, 2021. PRSUs PRSUs are RSUs that are subject to performance-based and service-based vesting conditions, and beginning with awards granted in February 2021, a market-based condition. The number of shares of common stock that a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance-based and, for awards granted in February 2021, market-based metrics that relate to Lazard Ltd’s performance over a three-year The following is a summary of activity relating to PRSUs during the three month period ended March 31, 2021:
PRSUs
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
546,959
$
53.48
Granted
32,394
$
46.63
Settled
(546,959
)
$
53.48
Balance, March 31, 2021
32,394
$
46.63
In connection with certain PRSUs that settled during the three month period ended March 31, 2021, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 100,882 shares of common stock during such three month period. Accordingly, 446,077 shares of common stock held by the Company were delivered during the three month period ended March 31, 2021. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of March 31, 2021, the total estimated unrecognized compensation expense was $1,817, and the Company expects to amortize such expense over a weighted-average period of approximately 1.5 years subsequent to March 31, 2021. Profits Interest Participation Rights Profits interest participation rights are equity incentive awards that, subject to certain conditions, may be exchanged for shares of common stock pursuant to the 2018 Plan. The Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, and beginning in February 2021, incremental market-based vesting criteria, which we refer to as performance-based restricted participation units (“PRPUs”), to certain of our executive officers. The Company also granted profits interest participation rights subject to service-based vesting criteria and other conditions, but not the performance-based and incremental market-based vesting criteria associated with PRPUs, to a limited number of other senior employees. Profits interest participation rights generally provide for vesting approximately three years following the grant date, so long as applicable conditions have been satisfied. Profits interest participation rights are a class of membership interests in Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded as noncontrolling interests within stockholders’ equity in the Company’s condensed consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital. The profits interest participation rights generally allow the recipient to realize value only to the extent that both (i) the service-based vesting conditions and, if applicable, the performance-based and incremental market-based conditions, are satisfied, and (ii) an amount of economic appreciation in the assets of Lazard Group occurs as necessary to satisfy certain partnership tax rules (referred to as the "Minimum Value Condition") before the fifth anniversary of the grant date, otherwise the profits interest participation rights will be forfeited. Upon satisfaction of such conditions, profits interest participation rights that are in parity with the value of 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, the associated compensation expense would not be reversed. With regard to the profits interest participation rights granted in February 2019 and February 2020, the Minimum Value Condition was met during the year ended December 31, 2020 and during February 2021, respectively. Like outstanding RSUs and similar awards, profits interest participation rights are subject to continued employment and other conditions and restrictions and are forfeited if those conditions and restrictions are not fulfilled. More specifically, vesting of profits interest participation rights are subject to compliance with restrictive covenants including non-compete, non-solicitation of clients, no hire of employees and confidentiality, which are similar to those applicable to PRSUs and RSUs. In addition, profits interest participation rights must satisfy the Minimum Value Condition. The number of shares of common stock that a recipient will receive upon the exchange of a PRPU award is calculated by reference to applicable performance-based and, beginning with PRPUs granted in 2021, incremental market-based conditions and only result in value to the recipient to the extent the conditions are satisfied. The target number of shares of common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of common stock that may be received in connection with the PRPU awards granted in February 2019 and February 2020 will range from zero to two times the target number. For the PRPU awards granted in February 2021, subject to both performance-based and incremental market-based criteria, the number of shares will range from zero to 2.4 times the target number. Unless applicable conditions are satisfied during the three year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all PRPUs will be forfeited, and the recipients will not be entitled to any such awards. In addition, the performance metrics applicable to the PRPU awards granted in February 2019 and February 2020 will be evaluated on an annual basis at the end of each fiscal year during the performance period, and, if Lazard Ltd has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of PRPUs will no longer be at risk of forfeiture based on the achievement of performance criteria. Profits interest participation rights are allocated income, subject to vesting and settled in cash, in respect of dividends paid on common stock. The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the three month period ended March 31, 2021:
Profits Interest Participation Rights
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
2,523,075
$
40.43
Granted
1,159,864
$
44.73
Balance, March 31, 2021 (a)
3,682,939
$
41.78
(a)
Table includes 1,561,120 PRPUs, which represents the target number of PRPUs granted as of March 31, 2021, including 510,342 PRPUs granted during the three month period ended March 31, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021 were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the three month period ended March 31, 2021 were $46.63 and $43.23, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of March 31, 2021 were $42.58 and $41.20, respectively. Compensation expense recognized for profits interest participation rights, including PRPUs, is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of March 31, 2021, the total estimated unrecognized compensation expense was $68,529. The Company expects to amortize such expense over a weighted-average period of approximately 0.7 years subsequent to March 31, 2021. LFI and Other Similar Deferred Compensation Arrangements In connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statement of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2021:
Prepaid Compensation Asset
Compensation Liability
Balance, January 1, 2021
$
101,631
$
311,400
Granted
161,892
161,892
Settled
-
(95,904
)
Forfeited
(346
)
(2,928
)
Amortization
(30,413
)
-
Change in fair value related to:
Change in fair value of underlying investments
-
7,487
Adjustment for estimated forfeitures
-
2,192
Other
2
(1,273
)
Balance, March 31, 2021
$
232,766
$
382,866
The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.0 years subsequent to March 31, 2021. The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Amortization, net of forfeitures
$
30,023
$
26,248
Change in the fair value of underlying investments
7,487
(19,637
)
Total
$
37,510
$
6,611

Employee Benefit Plans

Employee Benefit Plans3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans1 4 .
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 — Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month periods ended March 31, 2021 and 2020:
Pension Plans
Three Months Ended March 31,
2021
2020
Components of Net Periodic Benefit Cost (Credit):
Service cost
$
226
$
135
Interest cost
2,115
2,983
Expected return on plan assets
(6,534
)
(6,628
)
Amortization of:
Prior service cost
30
27
Net actuarial loss (gain)
1,687
2,206
Settlement loss
380
922
Net periodic benefit cost (credit)
$
(2,096
)
$
(355
)

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes1 5 .
INCOME TAXES Lazard Ltd, through its subsidiaries, is subject to U.S. federal income taxes on all of its U.S. operating income, as well as on the portion of non-U.S. income attributable to its U.S. subsidiaries. In addition, Lazard Ltd, through its subsidiaries, is subject to state and local taxes on its income apportioned to various state and local jurisdictions. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City. The Company recorded income tax provisions of $43,464 and $25,766 for the three month periods ended March 31, 2021 and 2020, respectively, representing effective tax rates of 32.4% and 30.6%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) the tax impact of differences in the value of share based incentive compensation and other discrete items, (ii) foreign source income (loss) not subject to U.S. income taxes (including interest on intercompany financings), (iii) taxes payable to foreign jurisdictions that are not offset against U.S. income taxes, (iv) change in the U.S. federal valuation allowance affecting the provision for income taxes, (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate , and (vi) imp act of U.S. tax r eform, including base erosion and anti-abuse tax.

Net Income Per Share of Common

Net Income Per Share of Common Stock3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income Per Share of Common Stock1 6 .
NET INCOME PER SHARE OF COMMON STOCK The Company issued certain profits interest participation rights, including certain PRPUs, that the Company is required under U.S. GAAP to treat as participating securities and therefore the Company is required to utilize the “two-class” method of computing basic and diluted net income per share. The Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2021 and 2020 are presented below:
Three Months Ended March 31,
2021
2020
Net income attributable to Lazard Ltd
$
87,300
$
64,022
Add - adjustment for earnings attributable to participating securities
(1,292
)
(1,013
)
Net income attributable to Lazard Ltd - basic
86,008
63,009
Add - adjustment for earnings attributable to participating securities
1,292
1,013
Net income attributable to Lazard Ltd - diluted
$
87,300
$
64,022
Weighted average number of shares of common stock outstanding
105,545,273
104,462,177
Add - adjustment for shares of common stock issuable on a non-contingent basis
1,746,287
1,841,785
Weighted average number of shares of common stock outstanding - basic
107,291,560
106,303,962
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation
8,530,734
7,816,217
Weighted average number of shares of common stock outstanding - diluted
115,822,294
114,120,179
Net income attributable to Lazard Ltd per share of common stock:
Basic
$
0.80
$
0.59
Diluted
$
0.75
$
0.56

Related Parties

Related Parties3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Parties1 7 .
RELATED PARTIES Sponsored Funds The Company serves as an investment advisor for certain affiliated investment companies and fund entities and receives management fees and, for the alternative investment funds, performance-based incentive fees for providing such services. Investment advisory fees relating to such services were $173,678 and $135,955 for the three month periods ended March 31, 2021 and 2020, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $78,046 and $72,076 remained as receivables at March 31, 2021 and December 31, 2020, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition. Tax Receivable Agreement The Second Amended and Restated Tax Receivable Agreement, dated as of October 26, 2015 (the “TRA”), between Lazard and LTBP Trust, a Delaware statutory trust (the “Trust”), provides for the payment by our subsidiaries to the Trust of (i) approximately 45% of the amount of cash savings, if any, in U.S. federal, state and local income tax or franchise tax that we actually realize as a result of the increases in the tax basis of certain assets and of certain other tax benefits related to the TRA, and (ii) an amount that we currently expect will equal 85% of the cash tax savings that may arise from tax benefits 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 benefits. 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 the current tax laws and structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment and if our structure or income assumptions were to change, we could be required to accelerate payments under the TRA. As such, the actual amount and timing of payments under the TRA could differ materially from our estimates. Any changes in the amount of the estimated liability would be recorded as a non-compensation expense in the condensed consolidated statement of operations. Adjustments, if necessary, to the related deferred tax assets would be recorded through the “provision (benefit) for income taxes”. The cumulative liability relating to our obligations under the TRA as of March 31, 2021 and December 31, 2020 was $211,236 and $221,451, respectively, and is recorded in “tax receivable agreement obligation” on the condensed consolidated statements of financial condition. The balance at March 31, 2021 reflects a payment made under the TRA in the three months ended March 31, 2021 of $10,215. See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

Regulatory Authorities

Regulatory Authorities3 Months Ended
Mar. 31, 2021
Regulatory Capital Requirements [Abstract]
Regulatory Authorities1 8 .
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 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 March 31, 2021, the aggregate regulatory net capital of the U.K. Subsidiaries was $185,727, which exceeded the minimum requirement by $161,659. CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At March 31, 2021, the consolidated regulatory net capital of CFLF was $141,077, which exceeded the minimum requirement set for regulatory capital levels by $72,867. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-Financial Advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules. Under this supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital to be reported on a quarterly basis and satisfy periodic financial and other reporting obligations. At December 31, 2020, the regulatory net capital of the combined European regulated group was $184,842, which exceeded the minimum requirement set for regulatory capital levels by $66,782. Additionally, the combined European regulated group, together with our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At March 31, 2021, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $208,178, which exceeded the minimum required capital by $179,051. At March 31, 2021, each of these subsidiaries individually was in compliance with its regulatory capital requirements. Any new or expanded rules and regulations that may be adopted in countries in which we operate (including regulations that have not yet been proposed) could affect us in other ways.

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information19 .
SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the three month periods ended March 31, 2021 and 2020 is prepared using the following methodology:

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

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

Segment assets are based on those directly associated with each segment, and include an allocation of certain assets relating to various segments, based on the most relevant measures applicable, including headcount, square footage and other factors. The Company records other revenue, interest income and interest expense among the various segments based on the segment in which the underlying asset or liability is reported. Each segment’s operating expenses include (i) compensation and benefits expenses incurred directly in support of the businesses and (ii) other operating expenses, which include directly incurred expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, human resources, legal, facilities management and senior management activities. Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
Three Months Ended
March 31,
2021
2020
Financial Advisory
Net Revenue
$
318,412
$
298,966
Operating Expenses
258,047
246,847
Operating Income
$
60,365
$
52,119
Asset Management
Net Revenue
$
347,490
$
282,521
Operating Expenses
232,103
204,769
Operating Income
$
115,387
$
77,752
Corporate
Net Revenue
$
(5,795
)
$
(43,473
)
Operating Expenses
35,667
2,301
Operating Loss
$
(41,462
)
$
(45,774
)
Total
Net Revenue
$
660,107
$
538,014
Operating Expenses
525,817
453,917
Operating Income
$
134,290
$
84,097
As Of
March 31, 2021
December 31, 2020
Total Assets
Financial Advisory
$
1,162,247
$
1,181,783
Asset Management
893,605
958,588
Corporate
4,153,707
3,831,490
Total
$
6,209,559
$
5,971,861

Consolidated VIEs

Consolidated VIEs3 Months Ended
Mar. 31, 2021
Variable Interest Entity Measure Of Activity [Abstract]
Consolidated VIEs2 0 .
CONSOLIDATED VIEs The Company’s consolidated VIEs as of March 31, 2021 and December 31, 2020 include certain 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 Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2021 and December 31, 2020. The Company’s consolidated VIE assets, except as it relates to $170,080 and $121,376 of LFI held by Lazard Group as of March 31, 2021 and December 31, 2020, respectively, can only be used to settle the obligations of the consolidated VIEs.
March 31, 2021
December 31, 2020
ASSETS
Cash and cash equivalents
$
2,425
$
3,558
Customers and other receivables
108
160
Investments
217,876
158,370
Other assets
767
400
Total Assets
$
221,176
$
162,488
LIABILITIES
Deposits and other customer payables
$
67
$
104
Other liabilities
469
491
Total Liabilities
$
536
$
595

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)3 Months Ended
Mar. 31, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
OrganizationOrganization 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 and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% 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 mergers and acquisitions (“M&A”), restructurings, capital advisory, shareholder advisory, sovereign advisory, capital raising and other strategic advisory matters; and

Asset Management, which offers a broad range of global investment solutions and investment management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. In addition, we record selected other activities in our Corporate segment, including management of cash, investments, deferred tax assets, outstanding indebtedness, certain contingent obligations, and assets and liabilities associated with (i) Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”) and (ii) a special purpose acquisition company sponsored by an affiliate of the Company, Lazard Growth Acquisition Corp. I (“LGAC”).
Basis of PresentationBasis of Presentation The accompanying condensed consolidated financial statements of Lazard Ltd have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Ltd’s Annual Report on Form 10-K for the year ended December 31, 2020. The accompanying December 31, 2020 unaudited condensed consolidated statement of financial condition data was derived from audited consolidated financial statements, but does not include all disclosures required by U.S. GAAP for annual financial statement purposes. The accompanying condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods presented. Preparing financial statements requires management to make estimates and assumptions that affect the amounts that are reported in the financial statements and the accompanying disclosures. For example, discretionary compensation and benefits expense for interim periods is accrued based on the year-to-date amount of revenue earned, and an assumed annual ratio of compensation and benefits expense to revenue, with the applicable amounts adjusted for certain items. Although these estimates are based on management’s knowledge of current events and actions that Lazard may undertake in the future, actual results may differ materially from the estimates. The consolidated results of operations for the three month period ended March 31, 2021 are not indicative of the results to be expected for any future interim or annual period. The condensed 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, LFB and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates:

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

Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 20). When the Company does not have a controlling interest in an entity, but exerts significant influence over such entity’s operating and financial decisions, the Company either (i) applies the equity method of accounting in which it records a proportionate share of the entity’s net earnings or (ii) elects the option to measure its investment at fair value. Intercompany transactions and balances have been eliminated.
Lazard Growth Acquisition Corp. ILazard Growth Acquisition Corp. I In February 2021, LGAC consummated its $575,000 initial public offering (the “LGAC IPO”). LGAC is a special purpose acquisition company, 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 (“Business Combination”). LGACo 1 LLC, a Delaware series limited liability company and the Company’s subsidiary, is the sponsor of LGAC. The Company controls LGAC through the sponsor’s ownership of Class B founder shares of LGAC. As a result, both LGAC and the sponsor are consolidated in the Company’s financial statements. The proceeds from the LGAC IPO of $575,000 are 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. Transaction costs, which consisted of a net underwriting fee of $8,500, $20,125 of non-cash deferred underwriting fees and $808 of other offering costs, were charged against the gross proceeds of the LGAC IPO as consistent with SEC Staff Accounting Bulletin (SAB) Topic 5. “Redeemable noncontrolling interests” of $575,000 associated with the publicly held LGAC Class A ordinary shares are recorded on the Company’s condensed consolidated statements of financial condition as of March 31, 2021 at redemption value and classified as temporary equity in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity”. Changes in redemption value are recognized immediately as they occur and will adjust the carrying value of redeemable noncontrolling interests to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable noncontrolling interests shall be affected by charges to additional paid-in-capital. The warrants exercisable for LGAC Class A ordinary shares that were issued in connection with the LGAC IPO meet the definition of a liability under FASB ASC Topic 815 and are classified as derivative liabilities remeasured at fair value at each balance sheet date until exercised, with changes in fair value each period reported to earnings. See Note 7.
Restricted CashRestricted Cash Restricted cash primarily represents LGAC deposits discussed above and other restricted cash deposits made by the Company, including those to satisfy the requirements of clearing organizations.
Recent Accounting DevelopmentsSimplifying the Accounting for Income Taxes
Allowance for Doubtful AccountsWith respect to fees receivable from Financial Advisory activities, such 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 fee receivables past due, from the date of invoice or the specific contractual payment terms, in excess of 180 days are fully provided for unless there is evidence that the balance is collectible. Notwithstanding our policy for receivables past due, any receivables that we determine are impaired result in specific reserves against such exposures. Asset Management fees are fully provided for when such receivables are outstanding 12 months after the invoice date. In addition, the Company specifically reserves against exposures relating to Asset Management fees where we determine receivables are impaired prior to being outstanding for 12 months.
Fair Value Measurement PolicyFair 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 primarily based on the publicly reported closing price for the fund. The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value. 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 derivative s entered into by the Company and classified as Le vel 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 entered into by the Company and 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 uncertainity. See Note 7. Investments Measured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions.
Share-Based Incentive Plan AwardsShare-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the three month periods ended March 31, 2021 and 2020 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and was amended on April 29, 2021 to increase the aggregate number of shares authorized for issuance under the 2018 plan. The 2018 Plan replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan originally authorized issuance of up to 30,000,000 shares of common stock, plus any shares of common stock that were subject to outstanding awards under the 2008 Plan as of March 14, 2018 that are forfeited, canceled or settled in cash following April 24, 2018, which was the date that the 2018 Plan was approved by our shareholders. The amendment that our shareholders approved on April 29, 2021 increased the shares of common stock available pursuant to the 2018 Plan by 20,000,000 shares, which is in addition to any shares of common stock that remain available under the original authorization. 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”), profits interest participation rights, including performance-based restricted participation units (“PRPUs”), and other share-based awards. The 2008 Plan authorized the issuance of shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs, PRSUs and other share-based awards. Under the 2008 Plan, the maximum number of shares available was based on a formula that limited the aggregate number of shares that could, at any time, be subject to awards that were considered “outstanding” under the 2008 Plan to 30% of the then-outstanding shares of common stock. The 2008 Plan was terminated on April 24, 2018, and no additional awards have been or will be granted under the 2008 Plan after its termination, although outstanding awards granted under the 2008 Plan before its termination continue to be subject to its terms. The 2005 Plan authorized the issuance of up to 25,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, RSUs and other share-based awards. The 2005 Plan expired in the second quarter of 2015, although outstanding deferred stock unit (“DSU”) awards granted under the 2005 Plan before its expiration continue to be subject to its terms.
Employer Contributions to Pension PlansEmployer 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.

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2021
Revenue Recognition [Abstract]
Revenue Based on Business Segment ResultsThe Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows:
Three Months Ended
March 31,
2021
2020
Net Revenue:
Financial Advisory (a)
$
318,412
$
298,966
Asset Management:
Management Fees and Other (b)
$
314,513
$
281,007
Incentive Fees (c)
32,977
1,514
Total Asset Management
$
347,490
$
282,521
(a)
Financial Advisory is comprised of a wide array of financial advisory services regarding M&A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
(b)
Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed.
(c)
Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.

Receivables (Tables)

Receivables (Tables)3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Schedule of Activity in Allowance for Doubtful AccountsActivity in the allowance for doubtful accounts for the three month periods ended March 31, 2021 and 2020 was as follows:
Three Months Ended
March 31,
2021
2020
Beginning Balance
$
36,649
$
27,130
Adjustment for adoption of new accounting guidance
-
7,575
Bad debt expense, net of reversals
375
(527
)
Charge-offs, foreign currency translation and other adjustments
(2,022
)
(2,891
)
Ending Balance *
$
35,002
$
31,287
*The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables.

Investments (Tables)

Investments (Tables)3 Months Ended
Mar. 31, 2021
Schedule Of Investments [Abstract]
Company's Investments and Securities Sold, Not Yet PurchasedThe Company’s investments and securities sold, not yet purchased, consist of the following at March 31, 2021 and December 31, 2020:
March 31,
December 31,
2021
2020
Debt
$
99,994
$
99,987
Equities
48,184
37,365
Funds:
Alternative investments (a)
39,371
34,264
Debt (a)
140,053
123,554
Equity (a)
415,056
325,795
Private equity
39,693
37,567
634,173
521,180
Investments, at fair value
$
782,351
$
658,532
Securities sold, not yet purchased, at fair value (included in “other liabilities”)
$
3,221
$
1,176
(a)
Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $15,254, $107,207 and $351,548, respectively, at March 31, 2021 and $11,128, $90,758 and $277,725, respectively, at December 31, 2020, held in order to satisfy the Company’s liability upon vesting of previously granted Lazard Fund Interests (“LFI”) and other similar deferred compensation arrangements. LFI represent grants by the Company to eligible employees of actual or notional interests in a number of Lazard-managed funds, subject to service-based vesting conditions (see Notes 7 and 13).
Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and LossesDuring the three month periods ended March 31, 2021 and 2020, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows:
Three Months Ended
March 31,
2021
2020
Net unrealized investment gains (losses)
$
1,054
$
(44,432
)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAVThe following tables present, as of March 31, 2021 and December 31, 2020, 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:
March 31, 2021
Level 1
Level 2
Level 3
NAV
Total
Assets:
Investments:
Debt
$
99,994
$
-
$
-
$
-
$
99,994
Equities
46,543
-
1,641
-
48,184
Funds:
Alternative investments
17,119
-
-
22,252
39,371
Debt
140,048
-
-
5
140,053
Equity
415,008
-
-
48
415,056
Private equity
-
-
1,472
38,221
39,693
Derivatives
-
1,254
-
-
1,254
Total
$
718,712
$
1,254
$
3,113
$
60,526
$
783,605
Liabilities:
Securities sold, not yet purchased
$
3,221
$
-
$
-
$
-
$
3,221
Derivatives
-
383,924
11,500
-
395,424
Total
$
3,221
$
383,924
$
11,500
$
-
$
398,645
December 31, 2020
Level 1
Level 2
Level 3
NAV
Total
Assets:
Investments:
Debt
$
99,987
$
-
$
-
$
-
$
99,987
Equities
35,694
-
1,671
-
37,365
Funds:
Alternative investments
17,411
-
-
16,853
34,264
Debt
123,549
-
-
5
123,554
Equity
325,749
-
-
46
325,795
Private equity
-
-
1,486
36,081
37,567
Derivatives
-
536
-
-
536
Total
$
602,390
$
536
$
3,157
$
52,985
$
659,068
Liabilities:
Securities sold, not yet purchased
$
1,176
$
-
$
-
$
-
$
1,176
Derivatives
-
314,485
-
-
314,485
Total
$
1,176
$
314,485
$
-
$
-
$
315,661
Summary of Changes in Fair Value of Company's Level 3 Assets and LiabilitiesThe following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month periods ended March 31, 2021 and 2020:
Three Months Ended March 31, 2021
Beginning Balance
Net Realized Gains/Losses Included In Earnings (a)
Purchases/ Acquisitions/ Issuances
Sales/ Dispositions/ Settlements
Foreign Currency Translation Adjustments
Ending Balance
Assets:
Investments:
Equities
$
1,671
$
1
$
-
$
-
$
(31
)
$
1,641
Private equity funds
1,486
-
-
-
(14
)
1,472
Total Level 3 Assets
$
3,157
$
1
$
-
$
-
$
(45
)
$
3,113
Liabilities:
Derivatives
$
-
$
-
$
11,500
$
-
$
-
$
11,500
Total Level 3 Liabilities
$
-
$
-
$
11,500
$
-
$
-
$
11,500
Three Months Ended March 31, 2020
Beginning Balance
Net Unrealized/ Realized Gains/Losses Included In Earnings (a)
Purchases/ Acquisitions
Sales/ Dispositions/ Settlements
Foreign Currency Translation Adjustments
Ending Balance
Assets:
Investments:
Equities
$
1,600
$
(99
)
$
-
$
-
$
(76
)
$
1,425
Private equity funds
1,371
(24
)
-
-
-
1,347
Total Level 3 Assets
$
2,971
$
(123
)
$
-
$
-
$
(76
)
$
2,772
(a)
Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2021 and 2020 include net unrealized gains (losses) of $1 and $(123), respectively.
Fair Value of Certain Investments Based on NAVThe following tables present, at March 31, 2021 and December 31, 2020, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
March 31, 2021
Investments Redeemable
Fair Value
Unfunded Commitments
% of Fair Value Not Redeemable
Redemption Frequency
Redemption Notice Period
Alternative
Hedge funds
$
21,635
$
-
NA
(a)
30-60 days
Other
617
-
NA
(b)
<30-30 days
Debt funds
5
-
NA
(c)
<30 days
Equity funds
48
-
NA
(d)
<30-60 days
Private equity funds:
Equity growth
38,221
5,865
(e)
100
%
(f)
NA
NA
Total
$
60,526
$
5,865
(a)
monthly (79%) and quarterly (21%)
(b )
daily (8%) and monthly (92%)
(c )
daily (100%)
(d )
monthly (39%) and annually (61%)
( e )
Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 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, 2020
Investments Redeemable
Fair Value
Unfunded Commitments
% of Fair Value Not Redeemable
Redemption Frequency
Redemption Notice Period
Alternative
Hedge funds
$
16,216
$
-
NA
(a)
30-60 days
Other
637
-
NA
(b)
<30-30 days
Debt funds
5
-
NA
(c)
<30 days
Equity funds
46
-
NA
(d)
<30-60 days
Private equity funds:
Equity growth
36,081
5,865
(e)
100
%
(f)
NA
NA
Total
$
52,985
$
5,865
(a)
monthly (99%) and quarterly (1%)
(b)
daily (8%) and monthly (92%)
(c )
daily (100%)
( d )
monthly (39%) and annually (61%)
(e )
Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,022 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.

Derivatives (Tables)

Derivatives (Tables)3 Months Ended
Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial ConditionThe table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of March 31, 2021 and December 31, 2020:
March 31,
December 31,
2021
2020
Derivative Assets:
Forward foreign currency exchange rate contracts
$
1,254
$
536
$
1,254
$
536
Derivative Liabilities:
Forward foreign currency exchange rate contracts
$
340
$
333
Total return swaps and other (a)
718
2,752
Warrants
11,500
-
LFI and other similar deferred compensation arrangements
382,866
311,400
$
395,424
$
314,485
(a)
For total return swaps and for contracts with the same counterparty under legally enforceable master netting agreements, (i) as of March 31, 2021 amounts represent the netting of gross derivative assets and liabilities of $704 and $4,418, respectively, and receivables for net cash collateral under such contracts of $2,996, and (ii) as of December 31, 2020 amounts represent the netting of gross derivative assets and liabilities of $152 and $9,797, respectively, and receivables for net cash collateral under such contracts of $6,893. Such amounts are recorded “net” by counterparty in “other assets” and “other liabilities”.
Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)Net gains (losses) with respect to derivative instruments (included in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020, were as follows:
Three Months Ended
March 31,
2021
2020
Forward foreign currency exchange rate contracts
$
6,818
$
1,772
LFI and other similar deferred compensation arrangements
(7,487
)
19,637
Total return swaps and other
(4,279
)
18,845
Total
$
(4,948
)
$
40,254

Property (Tables)

Property (Tables)3 Months Ended
Mar. 31, 2021
Property Plant And Equipment [Abstract]
Components of PropertyAt March 31, 2021 and December 31, 2020, property consisted of the following:
Estimated Depreciable
March 31,
December 31,
Life in Years
2021
2020
Buildings
33
$
148,518
$
155,434
Leasehold improvements
3-20
220,376
220,975
Furniture and equipment
3-10
239,135
240,825
Construction in progress
41,477
42,824
Total
649,506
660,058
Less - Accumulated depreciation and amortization
398,968
402,471
Property
$
250,538
$
257,587

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)3 Months Ended
Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Components of Goodwill and Other Intangible AssetsThe components of goodwill and other intangible assets at March 31, 2021 and December 31, 2020 are presented below:
March 31,
December 31,
2021
2020
Goodwill
$
381,752
$
383,861
Other intangible assets (net of accumulated amortization)
195
210
$
381,947
$
384,071
Changes in Carrying Amount of GoodwillChanges in the carrying amount of goodwill for the three month periods ended March 31, 2021 and 2020 are as follows:
Three Months Ended
March 31,
2021
2020
Balance, January 1
$
383,861
$
371,773
Foreign currency translation adjustments
(2,109
)
(16,053
)
Balance, March 31
$
381,752
$
355,720
Gross Cost and Accumulated Amortization of Other Intangible AssetsThe gross cost and accumulated amortization of other intangible assets as of March 31, 2021 and December 31, 2020, by major intangible asset category, are as follows:
March 31, 2021
December 31, 2020
Gross Cost
Accumulated Amortization
Net Carrying Amount
Gross Cost
Accumulated Amortization
Net Carrying Amount
Success/incentive fees
$
35,409
$
35,409
$
-
$
35,385
$
35,385
$
-
Management fees, customer relationships and non-compete agreements
34,984
34,789
195
34,980
34,770
210
$
70,393
$
70,198
$
195
$
70,365
$
70,155
$
210
Estimated Future Amortization ExpenseEstimated future amortization expense is as follows:
Year Ending December 31,
Amortization Expense
2021 (April 1 through December 31)
$
45
2022
60
2023
60
2024
30
Total amortization expense
$
195

Senior Debt (Tables)

Senior Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Senior DebtSenior debt is comprised of the following as of March 31, 2021 and December 31, 2020:
Outstanding as of
Initial
Annual
March 31, 2021
December 31, 2020
Principal Amount
Maturity Date
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
$
1,830
$
398,170
$
400,000
$
1,948
$
398,052
Lazard Group 2027 Senior Notes
300,000
3/1/27
3.625
%
300,000
2,308
297,692
300,000
2,405
297,595
Lazard Group 2028 Senior Notes
500,000
9/19/28
4.50
%
500,000
6,355
493,645
500,000
6,568
493,432
Lazard Group 2029 Senior Notes
500,000
3/11/29
4.375
%
500,000
6,145
493,855
500,000
6,338
493,662
Total
$
1,700,000
$
16,638
$
1,683,362
$
1,700,000
$
17,259
$
1,682,741
(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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Schedule of Share Repurchase Authorized by Board of DirectorsShare Repurchase Program — Since 2019 and through the three month period ended March 31, 2021, 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 2019
$
300,000
December 31, 2020
October 2019
$
300,000
December 31, 2021
Schedule of Shares Repurchased Under the Share Repurchase ProgramThe Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan, 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:
Three Months Ended March 31:
Number of Shares Purchased
Average Price Per Share
2020
2,912,035
$
32.70
2021
2,899,541
$
42.30
Accumulated Other Comprehensive Income (Loss), Net of TaxAccumulated Other Comprehensive Income (Loss) (“AOCI”), Net of Tax —The tables below reflect the balances of each component of AOCI at March 31, 2021 and 2020 and activity during the three month periods then ended:
Three Months Ended March 31, 2021
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
(19,743
)
1,065
(18,678
)
1
(18,679
)
Adjustments for items reclassified to earnings, net of tax
-
1,336
1,336
-
1,336
Net other comprehensive income (loss)
(19,743
)
2,401
(17,342
)
1
(17,343
)
Balance, March 31, 2021
$
(87,467
)
$
(168,243
)
$
(255,710
)
$
1
$
(255,711
)
Three Months Ended March 31, 2020
Currency Translation Adjustments
Employee Benefit Plans
Total AOCI
Amount Attributable to Noncontrolling Interests
Total Lazard Ltd AOCI
Balance, January 1, 2020
$
(120,586
)
$
(173,064
)
$
(293,650
)
$
(2
)
$
(293,648
)
Activity:
Other comprehensive income (loss) before reclassifications
(50,746
)
9,088
(41,658
)
1
(41,659
)
Adjustments for items reclassified to earnings, net of tax
-
1,895
1,895
-
1,895
Net other comprehensive income (loss)
(50,746
)
10,983
(39,763
)
1
(39,764
)
Balance, March 31, 2020
$
(171,332
)
$
(162,081
)
$
(333,413
)
$
(1
)
$
(333,412
)
Adjustments for Items Reclassified Out of AOCIThe table below reflects adjustments for items reclassified out of AOCI, by component, for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Amortization relating to employee benefit plans (a)
$
1,717
$
2,233
Less - related income taxes
381
338
Total reclassifications, net of tax
$
1,336
$
1,895
(a)
Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses —
Net Income (Loss) Attributable to Noncontrolling InterestsThe tables below summarize net income (loss) attributable to noncontrolling interests for the three month periods ended March 31, 2021 and 2020 and noncontrolling interests as of March 31, 2021 and December 31, 2020 in the Company’s condensed consolidated financial statements:
Net Income (Loss) Attributable to Noncontrolling Interests
Three Months Ended
March 31,
2021
2020
Edgewater
$
1,456
$
(1,403
)
Consolidated VIEs
2,268
(4,288
)
LGAC
(200
)
-
Other
2
-
Total
$
3,526
$
(5,691
)
Noncontrolling Interests as of
March 31,
December 31,
2021
2020
Edgewater
$
45,808
$
45,352
Profits interest participation rights
2,311
1,776
Consolidated VIEs
50,560
40,517
LGAC
2,997
-
Other
18
16
Total
$
101,694
$
87,661

Incentive Plans (Tables)

Incentive Plans (Tables)3 Months Ended
Mar. 31, 2021
Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits ExpenseThe following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, restricted stock, profits interest participation rights, including PRPUs, and other share-based awards) and “professional services” expense (with respect to DSUs) within the Company’s accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Share-based incentive awards:
RSUs
$
34,805
$
42,917
PRSUs
5,559
4,361
Restricted Stock
6,067
8,531
Profits interest participation rights
21,573
16,166
DSUs
187
186
Total
$
68,191
$
72,161
Summary of LFI and Other Similar Deferred Compensation ArrangementsThe following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the three month period ended March 31, 2021:
Prepaid Compensation Asset
Compensation Liability
Balance, January 1, 2021
$
101,631
$
311,400
Granted
161,892
161,892
Settled
-
(95,904
)
Forfeited
(346
)
(2,928
)
Amortization
(30,413
)
-
Change in fair value related to:
Change in fair value of underlying investments
-
7,487
Adjustment for estimated forfeitures
-
2,192
Other
2
(1,273
)
Balance, March 31, 2021
$
232,766
$
382,866
The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month periods ended March 31, 2021 and 2020:
Three Months Ended
March 31,
2021
2020
Amortization, net of forfeitures
$
30,023
$
26,248
Change in the fair value of underlying investments
7,487
(19,637
)
Total
$
37,510
$
6,611
Restricted Stock Units and Deferred Stock Units [Member]
Schedule of Activity Relating to Share-based AwardsThe following is a summary of activity relating to RSUs and DSUs during the three month period ended March 31, 2021:
RSUs
DSUs
Units
Weighted Average Grant Date Fair Value
Units
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
9,266,344
$
42.96
478,800
$
36.36
Granted (including 138,585 RSUs relating to dividend participation)
2,776,805
$
43.13
4,457
$
41.92
Forfeited
(63,425
)
$
41.05
-
-
Settled
(3,690,643
)
$
47.52
-
-
Balance, March 31, 2021
8,289,081
$
41.00
483,257
$
36.41
Restricted Stock Awards Class A [Member]
Schedule of Activity Relating to Share-based AwardsThe following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the three month period ended March 31, 2021:
Restricted Shares
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
1,144,959
$
41.09
Granted (including 10,571 relating to dividend participation)
425,692
$
43.23
Forfeited
(11,364
)
$
41.44
Settled
(428,298
)
$
43.34
Balance, March 31, 2021
1,130,989
$
41.04
PRSUs [Member]
Schedule of Activity Relating to Share-based AwardsThe following is a summary of activity relating to PRSUs during the three month period ended March 31, 2021:
PRSUs
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
546,959
$
53.48
Granted
32,394
$
46.63
Settled
(546,959
)
$
53.48
Balance, March 31, 2021
32,394
$
46.63
Profits Interest Participation Rights [Member]
Schedule of Activity Relating to Share-based AwardsThe following is a summary of activity relating to profits interest participation rights, including PRPUs, during the three month period ended March 31, 2021:
Profits Interest Participation Rights
Weighted Average Grant Date Fair Value
Balance, January 1, 2021
2,523,075
$
40.43
Granted
1,159,864
$
44.73
Balance, March 31, 2021 (a)
3,682,939
$
41.78
(a)
Table includes 1,561,120 PRPUs, which represents the target number of PRPUs granted as of March 31, 2021, including 510,342 PRPUs granted during the three month period ended March 31, 2021. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2021 were $40.61 and $40.30, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights granted during the three month period ended March 31, 2021 were $46.63 and $43.23, respectively. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of March 31, 2021 were $42.58 and $41.20, respectively.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)3 Months Ended
Mar. 31, 2021
Compensation And Retirement Disclosure [Abstract]
Components of Net Periodic Benefit Cost (Credit)The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month periods ended March 31, 2021 and 2020:
Pension Plans
Three Months Ended March 31,
2021
2020
Components of Net Periodic Benefit Cost (Credit):
Service cost
$
226
$
135
Interest cost
2,115
2,983
Expected return on plan assets
(6,534
)
(6,628
)
Amortization of:
Prior service cost
30
27
Net actuarial loss (gain)
1,687
2,206
Settlement loss
380
922
Net periodic benefit cost (credit)
$
(2,096
)
$
(355
)

Net Income Per Share of Commo_2

Net Income Per Share of Common Stock (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Company's Basic and Diluted Net Income Per Share and Weighted Average Shares OutstandingThe Company’s basic and diluted net income per share calculations using the “two-class” method for the three month periods ended March 31, 2021 and 2020 are presented below:
Three Months Ended March 31,
2021
2020
Net income attributable to Lazard Ltd
$
87,300
$
64,022
Add - adjustment for earnings attributable to participating securities
(1,292
)
(1,013
)
Net income attributable to Lazard Ltd - basic
86,008
63,009
Add - adjustment for earnings attributable to participating securities
1,292
1,013
Net income attributable to Lazard Ltd - diluted
$
87,300
$
64,022
Weighted average number of shares of common stock outstanding
105,545,273
104,462,177
Add - adjustment for shares of common stock issuable on a non-contingent basis
1,746,287
1,841,785
Weighted average number of shares of common stock outstanding - basic
107,291,560
106,303,962
Add - dilutive effect, as applicable, of:
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation
8,530,734
7,816,217
Weighted average number of shares of common stock outstanding - diluted
115,822,294
114,120,179
Net income attributable to Lazard Ltd per share of common stock:
Basic
$
0.80
$
0.59
Diluted
$
0.75
$
0.56

Segment Information (Tables)

Segment Information (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total AssetsManagement evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets:
Three Months Ended
March 31,
2021
2020
Financial Advisory
Net Revenue
$
318,412
$
298,966
Operating Expenses
258,047
246,847
Operating Income
$
60,365
$
52,119
Asset Management
Net Revenue
$
347,490
$
282,521
Operating Expenses
232,103
204,769
Operating Income
$
115,387
$
77,752
Corporate
Net Revenue
$
(5,795
)
$
(43,473
)
Operating Expenses
35,667
2,301
Operating Loss
$
(41,462
)
$
(45,774
)
Total
Net Revenue
$
660,107
$
538,014
Operating Expenses
525,817
453,917
Operating Income
$
134,290
$
84,097
As Of
March 31, 2021
December 31, 2020
Total Assets
Financial Advisory
$
1,162,247
$
1,181,783
Asset Management
893,605
958,588
Corporate
4,153,707
3,831,490
Total
$
6,209,559
$
5,971,861

Consolidated VIEs (Tables)

Consolidated VIEs (Tables)3 Months Ended
Mar. 31, 2021
Variable Interest Entity Measure Of Activity [Abstract]
Summary of Consolidated VIE Assets and LiabilitiesThe Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at March 31, 2021 and December 31, 2020. The Company’s consolidated VIE assets, except as it relates to $170,080 and $121,376 of LFI held by Lazard Group as of March 31, 2021 and December 31, 2020, respectively, can only be used to settle the obligations of the consolidated VIEs.
March 31, 2021
December 31, 2020
ASSETS
Cash and cash equivalents
$
2,425
$
3,558
Customers and other receivables
108
160
Investments
217,876
158,370
Other assets
767
400
Total Assets
$
221,176
$
162,488
LIABILITIES
Deposits and other customer payables
$
67
$
104
Other liabilities
469
491
Total Liabilities
$
536
$
595

Organization and Basis of Pre_3

Organization and Basis of Presentation - Additional Information (Detail) $ in ThousandsFeb. 04, 2019Mar. 31, 2021USD ($)SegmentDec. 31, 2020
Organization And Basis Of Presentation [Line Items]
Governing operating agreement, dateFeb. 4,
2019
Number of business segments | Segment2
Lazard Group LLC [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held100.00%100.00%
Lazard Growth Acquisition Corp I
Organization And Basis Of Presentation [Line Items]
LGAC IPO $ 575,000
Redeemable noncontrolling interest,575,000
Lazard Growth Acquisition Corp I | Net Underwriting Fee
Organization And Basis Of Presentation [Line Items]
Transaction costs associated with the IPO of special purpose entity8,500
Lazard Growth Acquisition Corp I | Non-cash Deferred Underwriting Fees [Member]
Organization And Basis Of Presentation [Line Items]
Deferred costs associated with IPO of special purpose entity20,125
Lazard Growth Acquisition Corp I | Other Offering Cost [Member]
Organization And Basis Of Presentation [Line Items]
Other offering costs associated with IPO of special purpose entity $ 808

Revenue Recognition - Represent

Revenue Recognition - Representation of Performance Obligations Relate to Nature, Amount, Timing and Uncertainty of Revenue and Cash Flows (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Financial Advisory Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue[1] $ 318,412 $ 298,966
Asset Management Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue347,490 282,521
Asset Management Segment [Member] | Management Fees and Other [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue[2]314,513 281,007
Asset Management Segment [Member] | Incentive Fees [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue[3] $ 32,977 $ 1,514
[1]Financial Advisory is comprised of a wide array of financial advisory services regarding M&amp;A advisory, restructuring, capital advisory, shareholder advisory, sovereign advisory, capital raising and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
[2]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.
[3]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.

Receivables - Schedule of Activ

Receivables - Schedule of Activity in Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Allowance For Doubtful Accounts Receivable Rollforward
Allowance for doubtful accounts receivables, Beginning balance $ 36,649 $ 27,130
Adjustment for adoption of new accounting guidance7,575
Bad debt expense, net of reversals375 (527)
Charge-offs, foreign currency translation and other adjustments(2,022)(2,891)
Allowance for doubtful accounts receivables, Ending balance[1] $ 35,002 $ 31,287
[1]The allowance for doubtful accounts balances are substantially all related to M&amp;A and Restructuring fee receivables that include recoverable expense receivables.

Receivables - Additional Inform

Receivables - Additional Information (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020[1]Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables $ 90,826,000 $ 90,521,000
Allowance for doubtful accounts receivables35,002,000 [1]36,649,000 $ 31,287,000 $ 27,130,000
Customers and other183,376,000 121,261,000
Aggregate carrying amount of other receivables537,835,000 552,655,000
Customer and Other Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Customers and other110,954,000 99,965,000
Financing Receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivables $ 0 $ 0
[1]The allowance for doubtful accounts balances are substantially all related to M&amp;A and Restructuring fee receivables that include recoverable expense receivables.

Investments - Company's Investm

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Schedule of Investments [Line Items]
Total investments $ 782,351 $ 658,532
Investments, at fair value782,351 658,532
Securities sold, not yet purchased, at fair value (included in "other liabilities")3,221 1,176
Debt [Member]
Schedule of Investments [Line Items]
Total investments99,994 99,987
Investments, at fair value99,994 99,987
Equities [Member]
Schedule of Investments [Line Items]
Total investments48,184 37,365
Investments, at fair value48,184 37,365
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Total investments39,371 34,264
Investments, at fair value39,371 34,264
Debt Funds [Member]
Schedule of Investments [Line Items]
Total investments140,053 123,554
Investments, at fair value140,053 123,554
Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments415,056 325,795
Investments, at fair value415,056 325,795
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments39,693 37,567
Investments, at fair value39,693 37,567
Funds Total [Member]
Schedule of Investments [Line Items]
Total investments $ 634,173 $ 521,180

Investments - Company's Inves_2

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Schedule of Investments [Line Items]
Investments $ 782,351 $ 658,532
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Investments39,371 34,264
Alternative Investment Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments15,254 11,128
Debt Funds [Member]
Schedule of Investments [Line Items]
Investments140,053 123,554
Debt Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments107,207 90,758
Equity Funds [Member]
Schedule of Investments [Line Items]
Investments415,056 325,795
Equity Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments $ 351,548 $ 277,725

Investments - Additional Inform

Investments - Additional Information (Detail) - Debt [Member] - U.S. Treasury Securities [Member]3 Months Ended
Mar. 31, 2021
Minimum [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period3 months
Maximum [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period1 year

Investments - Schedule of Equit

Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract]
Net unrealized investment gains (losses) $ 1,054 $ (44,432)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments $ 782,351 $ 658,532
Total Derivative Assets1,254 536
Total investments measured at fair value783,605 659,068
Securities sold, not yet purchased3,221 1,176
Total Derivative Liabilities395,424 314,485
Total of Liabilities Measured at Fair Value398,645 315,661
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value718,712 602,390
Securities sold, not yet purchased3,221 1,176
Total of Liabilities Measured at Fair Value3,221 1,176
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Derivative Assets1,254 536
Total investments measured at fair value1,254 536
Total Derivative Liabilities383,924 314,485
Total of Liabilities Measured at Fair Value383,924 314,485
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value3,113 3,157
Total Derivative Liabilities11,500
Total of Liabilities Measured at Fair Value11,500
NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value60,526 52,985
Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments99,994 99,987
Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments99,994 99,987
Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments48,184 37,365
Equities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments46,543 35,694
Equities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments1,641 1,671
Alternative Investment Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments39,371 34,264
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments17,119 17,411
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments22,252 16,853
Debt Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments140,053 123,554
Debt Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments140,048 123,549
Debt Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments5 5
Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments415,056 325,795
Equity Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments415,008 325,749
Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments48 46
Private Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments39,693 37,567
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments1,472 1,486
Private Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments $ 38,221 $ 36,081

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Assets:
Beginning Balance $ 3,157 $ 2,971
Net Unrealized/Realized Gains/Losses Included In Earnings1 (123)
Purchases/Acquisitions/Issuances0 0
Sales/Dispositions/Settlements0 0
Foreign Currency Translation Adjustments(45)(76)
Ending Balance3,113 2,772
Liabilities:
Beginning Balance0
Net Unrealized/Realized Gains/Losses Included In Earnings0
Purchases/Acquisitions/Issuances11,500
Sales/Dispositions/Settlements0
Foreign Currency Translation Adjustments0
Ending Balance11,500
Equities [Member]
Assets:
Beginning Balance1,671 1,600
Net Unrealized/Realized Gains/Losses Included In Earnings1 (99)
Purchases/Acquisitions/Issuances0 0
Sales/Dispositions/Settlements0 0
Foreign Currency Translation Adjustments(31)(76)
Ending Balance1,641 1,425
Private Equity Funds [Member]
Assets:
Beginning Balance1,486 1,371
Net Unrealized/Realized Gains/Losses Included In Earnings0 (24)
Purchases/Acquisitions/Issuances0 0
Sales/Dispositions/Settlements0 0
Foreign Currency Translation Adjustments(14)0
Ending Balance1,472 $ 1,347
Derivatives [Member]
Liabilities:
Beginning Balance0
Net Unrealized/Realized Gains/Losses Included In Earnings0
Purchases/Acquisitions/Issuances11,500
Sales/Dispositions/Settlements0
Foreign Currency Translation Adjustments0
Ending Balance $ 11,500

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Level 3 Assets [Member]
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses) $ 1 $ (123)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Fair Value Option Quantitative Disclosures [Line Items]
Transfers into or out of Level 3 in the fair value measurement hierarchy $ 0 $ 0
Unfunded Commitments5,865,000 $ 5,865,000
EGCP III [Member]
Fair Value Option Quantitative Disclosures [Line Items]
Unfunded Commitments $ 5,370,000
End of the investment periodOct. 12,
2016
Remaining obligation dateOct. 12,
2023

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 60,526 $ 52,985
Unfunded Commitments5,865 5,865
Hedge Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 21,635 $ 16,216
Hedge Funds [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent79.00%99.00%
Hedge Funds [Member] | Quarterly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent21.00%1.00%
Hedge Funds [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period30 days30 days
Hedge Funds [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period60 days60 days
Other [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 617 $ 637
Other [Member] | Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent8.00%8.00%
Other [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent92.00%92.00%
Other [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period30 days30 days
Other [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period30 days30 days
Debt Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 5 $ 5
Investments Redeemable, Redemption Notice Period30 days30 days
Debt Funds [Member] | Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent100.00%100.00%
Equity Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 48 $ 46
Equity Funds [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent39.00%39.00%
Equity Funds [Member] | Annually [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent61.00%61.00%
Equity Funds [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period30 days30 days
Equity Funds [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period60 days60 days
Private Equity Funds [Member] | Equity Growth [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value $ 38,221 $ 36,081
Unfunded Commitments $ 5,865 $ 5,865
% of Fair Value Not Redeemable100.00%100.00%

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments $ 5,865 $ 5,865
Private Equity Funds [Member] | Consolidated But Not Owned [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments $ 10,022 $ 10,022

Derivatives - Fair Values of De

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative Assets $ 1,254 $ 536
Derivative Liabilities395,424 314,485
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets1,254 536
Derivative Liabilities340 333
Total Return Swaps and Other [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities718 2,752
Warrant [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities11,500
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities $ 382,866 $ 311,400

Derivatives - Fair Values of _2

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Parenthetical) (Detail) - Total Return Swaps [Member] - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Gross derivative assets $ 704 $ 152
Gross derivative liability4,418 9,797
Cash collateral pledged for total return swaps $ 2,996 $ 6,893

Derivatives - Net Gains (Losses

Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives instruments $ (4,948) $ 40,254
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments6,818 1,772
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments(7,487)19,637
Total Return Swaps and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments $ (4,279) $ 18,845

Property - Components of Proper

Property - Components of Property (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 649,506 $ 660,058
Less - Accumulated depreciation and amortization398,968 402,471
Property250,538 257,587
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 148,518 155,434
Property, plant and equipment, useful life33 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 220,376 220,975
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life3 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life20 years
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 239,135 240,825
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life3 years
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life10 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross $ 41,477 $ 42,824

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill $ 381,752 $ 383,861 $ 355,720 $ 371,773
Other intangible assets (net of accumulated amortization)195 210
Goodwill and other intangible assets, Total $ 381,947 $ 384,071

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Dec. 31, 2019
Goodwill And Intangible Assets [Line Items]
Goodwill $ 381,752 $ 355,720 $ 383,861 $ 371,773
Amortization of intangible assets related to acquisitions15 $ 446
Financial Advisory Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill317,211 319,320
Asset Management Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill $ 64,541 $ 64,541

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning Balance $ 383,861 $ 371,773
Foreign currency translation adjustments(2,109)(16,053)
Ending Balance $ 381,752 $ 355,720

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost $ 70,393 $ 70,365
Other intangible assets, accumulated amortization70,198 70,155
Other intangible assets, Net Carrying Amount195 210
Success/Incentive Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost35,409 35,385
Other intangible assets, accumulated amortization35,409 35,385
Management Fees, Customer Relationships and Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost34,984 34,980
Other intangible assets, accumulated amortization34,789 34,770
Other intangible assets, Net Carrying Amount $ 195 $ 210

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in ThousandsMar. 31, 2021USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2021 (April 1 through December 31) $ 45
202260
202360
202430
Total amortization expense $ 195

Senior Debt - Senior Debt (Deta

Senior Debt - Senior Debt (Detail) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Senior Debt, Outstanding Principal $ 1,700,000,000 $ 1,700,000,000
Senior Debt, Outstanding Unamortized Debt Costs16,638,000 17,259,000
Senior Debt, Outstanding Carrying Value1,683,362,000 1,682,741,000
Lazard Group 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount $ 400,000,000
Senior Debt, Maturity DateFeb. 13,
2025
Senior Debt, Annual Interest Rate3.75%
Senior Debt, Outstanding Principal $ 400,000,000 400,000,000
Senior Debt, Outstanding Unamortized Debt Costs1,830,000 1,948,000
Senior Debt, Outstanding Carrying Value398,170,000 398,052,000
Lazard Group 3.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount $ 300,000,000
Senior Debt, Maturity DateMar. 1,
2027
Senior Debt, Annual Interest Rate3.625%
Senior Debt, Outstanding Principal $ 300,000,000 300,000,000
Senior Debt, Outstanding Unamortized Debt Costs2,308,000 2,405,000
Senior Debt, Outstanding Carrying Value297,692,000 297,595,000
Lazard Group 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount $ 500,000,000
Senior Debt, Maturity DateSep. 19,
2028
Senior Debt, Annual Interest Rate4.50%
Senior Debt, Outstanding Principal $ 500,000,000 500,000,000
Senior Debt, Outstanding Unamortized Debt Costs6,355,000 6,568,000
Senior Debt, Outstanding Carrying Value493,645,000 493,432,000
Lazard Group 4.375% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount $ 500,000,000
Senior Debt, Maturity DateMar. 11,
2029
Senior Debt, Annual Interest Rate4.375%
Senior Debt, Outstanding Principal $ 500,000,000 500,000,000
Senior Debt, Outstanding Unamortized Debt Costs6,145,000 6,338,000
Senior Debt, Outstanding Carrying Value $ 493,855,000 $ 493,662,000

Senior Debt - Senior Debt (Pare

Senior Debt - Senior Debt (Parenthetical) (Detail)3 Months Ended
Mar. 31, 2021
Lazard Group 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate3.75%
Original Maturity DateFeb. 13,
2025
Effective interest rates of senior notes3.87%
Lazard Group 3.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate3.625%
Original Maturity DateMar. 1,
2027
Effective interest rates of senior notes3.76%
Lazard Group 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate4.50%
Original Maturity DateSep. 19,
2028
Effective interest rates of senior notes4.67%
Lazard Group 4.375% Senior Notes [Member]
Debt Instrument [Line Items]
Senior notes interest rate4.375%
Original Maturity DateMar. 11,
2029
Effective interest rates of senior notes4.53%

Senior Debt - Additional Inform

Senior Debt - Additional Information (Detail) - USD ($)Jul. 22, 2020Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Senior debt $ 1,683,362,000 $ 1,682,741,000
Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Senior revolving credit facility $ 200,000,000
Duration of senior revolving credit facility, in years3 years
Expiration of credit facility2023-07
Interest rate descriptionBorrowings under the Amended and Restated Credit Agreement generally will bear interest at LIBOR plus an applicable margin for specific interest periods determined based on Lazard Group’s highest credit rating from an internationally recognized credit agency.
Outstanding credit facility0 0
Senior Debt [Member]
Debt Instrument [Line Items]
Senior debt1,683,362,000 1,682,741,000
Fair value of senior debt1,885,000,000 $ 1,954,000,000
Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Unused lines of credit213,000,000
Unused Lines of Credit [Member] | LFB [Member]
Debt Instrument [Line Items]
Unused lines of credit $ 12,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)Mar. 31, 2021USD ($)
LFB [Member]
Other Commitments [Line Items]
Other commitments $ 0
LFNY [Member]
Other Commitments [Line Items]
Other commitments $ 0

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail)3 Months Ended
Mar. 31, 2021USD ($)
February, 2019 [Member]
Equity, Class of Treasury Stock [Line Items]
Share Repurchase Authorization $ 300,000,000
ExpirationDec. 31,
2020
October, 2019 [Member]
Equity, Class of Treasury Stock [Line Items]
Share Repurchase Authorization $ 300,000,000
ExpirationDec. 31,
2021

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share Repurchase Program [Abstract]
Number of Shares Purchased2,899,541 2,912,035
Average Price Per Share $ 42.30 $ 32.70

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in ThousandsApr. 29, 2021Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased $ 122,652 $ 95,227
Preferred stock, shares authorized15,000,000 15,000,000
Preferred stock, par value $ 0.01 $ 0.01
Dividend declared per share of common stock $ 0.47 $ 0.47
Subsequent Event [Member]
Schedule Of Stockholders Equity [Line Items]
Dividend declared per share of common stock $ 0.47
Dividend payable dateMay 21,
2021
Dividend date of recordMay 10,
2021
Dividend declare dateApr. 29,
2021
December 31, 2021 [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase remaining authorization $ 177,348
Share repurchase authorization expiration dateDec. 31,
2021
Common Stock [Member] | Executive Officers [Member]
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased $ 18,600 $ 10,000
Common Stock [Member] | Board of Directors [Member] | Subsequent Event [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase remaining authorization $ 300,000
Share repurchase authorization expiration dateDec. 31,
2022
Share Repurchase Authorization $ 439,000
Series A Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Preferred stock, shares outstanding0 0
Series B Preferred Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Preferred stock, shares outstanding0 0

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance $ 999,433 $ 681,574
Other comprehensive income (loss) before reclassifications(18,678)(41,658)
Adjustments for items reclassified to earnings, net of tax1,336 1,895
OTHER COMPREHENSIVE LOSS, NET OF TAX(17,342)(39,763)
Balance866,699 559,617
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(67,724)(120,586)
Other comprehensive income (loss) before reclassifications(19,743)(50,746)
Adjustments for items reclassified to earnings, net of tax0 0
OTHER COMPREHENSIVE LOSS, NET OF TAX(19,743)(50,746)
Balance(87,467)(171,332)
Employee Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(170,644)(173,064)
Other comprehensive income (loss) before reclassifications1,065 9,088
Adjustments for items reclassified to earnings, net of tax1,336 1,895
OTHER COMPREHENSIVE LOSS, NET OF TAX2,401 10,983
Balance(168,243)(162,081)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(2)
Other comprehensive income (loss) before reclassifications1 1
OTHER COMPREHENSIVE LOSS, NET OF TAX1 1
Balance1 (1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(238,368)(293,648)
Other comprehensive income (loss) before reclassifications(18,679)(41,659)
Adjustments for items reclassified to earnings, net of tax1,336 1,895
OTHER COMPREHENSIVE LOSS, NET OF TAX(17,343)(39,764)
Balance(255,711)(333,412)
Total AOCI [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(238,368)(293,650)
Balance $ (255,710) $ (333,413)

Stockholders' Equity - Adjustme

Stockholders' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax $ 1,336 $ 1,895
Employee Benefit Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization relating to employee benefit plans1,717 2,233
Less - related income taxes381 338
Total reclassifications, net of tax $ 1,336 $ 1,895

Stockholders' Equity - Net Inco

Stockholders' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests $ 3,526 $ (5,691)
Noncontrolling interests101,694 $ 87,661
Profits Interest Participation Rights [Member]
Change In Ownership Interest [Line Items]
Noncontrolling interests2,311 1,776
Consolidated VIEs [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests2,268 (4,288)
Noncontrolling interests50,560 40,517
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests1,456 $ (1,403)
Noncontrolling interests45,808 45,352
LGAC [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests(200)
Noncontrolling interests2,997
Other [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests2
Noncontrolling interests $ 18 $ 16

Incentive Plans - Additional In

Incentive Plans - Additional Information (Detail) - USD ($) $ in ThousandsApr. 29, 2021Apr. 24, 2018Mar. 31, 2021
Lazard Fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years1 year
Non-Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual compensation received by directors in the form of DSUs55.00%
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basisone-for-one
Grant date fair value, amortized periodsgenerally, one-third after two years and the remaining two-thirds after the third year
Number of RSUs issued in connection with dividend participation rights138,585
Charges to retained earnings, net of estimated forfeitures $ 5,429
Unrecognized compensation expense $ 177,587
Unrecognized compensation expense, years1 year
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted under the directors deferred unit plan4,457
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of RSUs issued in connection with dividend participation rights10,571
Charges to retained earnings, net of estimated forfeitures $ 430
Unrecognized compensation expense $ 28,420
Unrecognized compensation expense, years1 year
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense $ 1,817
Unrecognized compensation expense, years1 year 6 months
Descriptions of vesting periodPRSUs will vest on a single date approximately three years following the date of the grant
Vesting period3 years
PRSUs target share distribution for Class A common stock, descriptionThe target number of shares of common stock subject to each PRSU is one; however, based on the achievement of the performance criteria, the number of shares of common stock that may be received in connection with each PRSU generally can range from zero to two times the target number for awards granted prior to February 2021. For awards granted in February 2021, based on both the performance-based and market-based criteria, the number of shares of common stock can range from zero to 2.4 times the target number.
Profits Interest Participation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basisone-for-one
Unrecognized compensation expense $ 68,529
Unrecognized compensation expense, years8 months 12 days
Descriptions of vesting periodProfits interest participation rights generally provide for vesting approximately three years following the grant date
Vesting period3 years
PRSUs target share distribution for Class A common stock, descriptionThe target number of shares of common stock subject to each PRPU is one. Based on the achievement of performance criteria, as determined by the Compensation Committee, the number of shares of common stock that may be received in connection with the PRPU awards granted in February 2019 and February 2020 will range from zero to two times the target number. For the PRPU awards granted in February 2021, subject to both performance-based and incremental market-based criteria, the number of shares will range from zero to 2.4 times the target number.
Percentage of target number of shares subject to the applicable units no longer subject to forfeiture due to threshold level of performance being achieved25.00%
Common Stock [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery1,348,433
Delivery of common stock associated with stock awards2,342,210
Common Stock [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery162,533
Delivery of common stock associated with stock awards265,765
Common Stock [Member] | PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery100,882
Delivery of common stock associated with stock awards446,077
Common Stock [Member] | 2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements30,000,000
Common Stock [Member] | 2018 Equity Incentive Plan [Member] | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized20,000,000
Common Stock [Member] | Awarded Under 2008 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding common stock available under the plan30.00%
Compensation plan expiration periodApr. 24,
2018
Common Stock [Member] | 2005 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements25,000,000

Incentive Plans - Summary of Im

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share-based incentive awards:
Share-based incentive awards $ 68,191 $ 72,161
RSUs [Member]
Share-based incentive awards:
Share-based incentive awards34,805 42,917
PRSUs [Member]
Share-based incentive awards:
Share-based incentive awards5,559 4,361
Restricted Stock [Member]
Share-based incentive awards:
Share-based incentive awards6,067 8,531
Profits Interest Participation Rights [Member]
Share-based incentive awards:
Share-based incentive awards21,573 16,166
DSUs [Member]
Share-based incentive awards:
Share-based incentive awards $ 187 $ 186

Incentive Plans - Schedule of A

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail)3 Months Ended
Mar. 31, 2021$ / sharesshares
RSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares9,266,344
Units, Granted | shares2,776,805
Units, Forfeited | shares(63,425)
Units, Settled | shares(3,690,643)
Units, Ending Balance | shares8,289,081
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 42.96
Weighted Average Grant Date Fair Value, Granted | $ / shares43.13
Weighted Average Grant Date Fair Value, Forfeited | $ / shares41.05
Weighted Average Grant Date Fair Value, Settled | $ / shares47.52
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 41
DSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares478,800
Units, Granted | shares4,457
Units, Ending Balance | shares483,257
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 36.36
Weighted Average Grant Date Fair Value, Granted | $ / shares41.92
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 36.41

Incentive Plans - Schedule of_2

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail)3 Months Ended
Mar. 31, 2021shares
RSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Dividend participation rights138,585

Incentive Plans - Summary of Ac

Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Detail) - Restricted Stock [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares1,144,959
Units, Granted | shares425,692
Units, Forfeited | shares(11,364)
Units, Settled | shares(428,298)
Units, Ending Balance | shares1,130,989
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 41.09
Weighted Average Grant Date Fair Value, Granted | $ / shares43.23
Weighted Average Grant Date Fair Value, Forfeited | $ / shares41.44
Weighted Average Grant Date Fair Value, Settled | $ / shares43.34
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 41.04

Incentive Plans - Summary of _2

Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Parenthetical) (Detail)3 Months Ended
Mar. 31, 2021shares
Restricted Stock [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Number of dividend participation rights issued10,571

Incentive Plans - Summary of _3

Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares546,959
Units, Granted | shares32,394
Units, Settled | shares(546,959)
Units, Ending Balance | shares32,394
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 53.48
Weighted Average Grant Date Fair Value, Granted | $ / shares46.63
Weighted Average Grant Date Fair Value, Settled | $ / shares53.48
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 46.63

Incentive Plans - Summary of _4

Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member]3 Months Ended
Mar. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance | shares2,523,075
Units, Granted | shares1,159,864
Units, Ending Balance | shares3,682,939
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares $ 40.43
Weighted Average Grant Date Fair Value, Granted | $ / shares44.73
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares $ 41.78

Incentive Plans - Summary of _5

Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Parenthetical) (Detail) - $ / shares3 Months Ended
Mar. 31, 2021Dec. 31, 2020
PRPUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Granted510,342
Weighted average grant date fair value $ 42.58 $ 40.61
Weighted Average Grant Date Fair Value, Granted $ 46.63
PRPUs [Member] | Target Of P R P U S
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Granted1,561,120
Other Profits Interest Participation Rights
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value $ 41.20 $ 40.30
Weighted Average Grant Date Fair Value, Granted $ 43.23

Incentive Plans - Summary of LF

Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Compensation Liability $ 395,424 $ 314,485
LFI and Other Similar Deferred Compensation Arrangements [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Prepaid Compensation Asset232,766 101,631
Prepaid Compensation Asset, Granted161,892
Prepaid Compensation Asset, Forfeited(346)
Prepaid Compensation Asset, Amortization(30,413)
Prepaid Compensation Asset, Other2
Compensation Liability382,866 $ 311,400
Compensation Liability, Granted161,892
Compensation Liability, Settled(95,904)
Compensation Liability, Forfeited(2,928)
Compensation Liability, Change in Fair Value7,487
Compensation Liability, Adjustment for estimated forfeitures2,192
Compensation Liability, Other $ (1,273)

Incentive Plans - Summary of _6

Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Share Based Compensation [Abstract]
Amortization, net of forfeitures $ 30,023 $ 26,248
Change in the fair value of underlying investments7,487 (19,637)
Total $ 37,510 $ 6,611

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Components of Net Periodic Benefit Cost (Credit):
Service cost $ 226 $ 135
Interest cost2,115 2,983
Expected return on plan assets(6,534)(6,628)
Amortization of:
Prior service cost30 27
Net actuarial loss (gain)1,687 2,206
Settlement loss380 922
Net periodic benefit cost (credit) $ (2,096) $ (355)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provisions $ 43,464 $ 25,766
Effective income tax rates32.40%30.60%
U.S. federal statutory income tax rate21.00%

Net Income Per Share of Commo_3

Net Income Per Share of Common Stock - Company's Basic and Diluted Net Income Per Share and Weighted Average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to Lazard Ltd $ 87,300 $ 64,022
Add - adjustment for earnings attributable to participating securities(1,292)(1,013)
Net income attributable to Lazard Ltd - basic86,008 63,009
Add - adjustment for earnings attributable to participating securities1,292 1,013
Net income attributable to Lazard Ltd - diluted $ 87,300 $ 64,022
Weighted average number of shares of common stock outstanding105,545,273 104,462,177
Add - adjustment for shares of common stock issuable on a non-contingent basis1,746,287 1,841,785
Weighted average number of shares of common stock outstanding - basic107,291,560 106,303,962
Weighted average number of incremental shares of common stock issuable from share-based incentive compensation8,530,734 7,816,217
Weighted average number of shares of common stock outstanding - diluted115,822,294 114,120,179
Net income attributable to Lazard Ltd per share of common stock:
Basic $ 0.80 $ 0.59
Diluted $ 0.75 $ 0.56

Related Parties - Additional In

Related Parties - Additional Information (Detail) - USD ($) $ in ThousandsOct. 26, 2015Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Related Party Transaction [Line Items]
Fees receivable $ 556,239 $ 621,880
Payments under tax receivable agreement10,215 $ 25,557
LTBP Trust [Member]
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 agreement45.00%
Cash tax saving that may arise from tax benefits attributable to payments under the amended and restated tax receivable agreement85.00%
Cumulative liability relating to obligations under Amended and Restated Tax Receivable Agreement211,236 221,451
Payments under tax receivable agreement $ 10,215
Amended and Restated Tax Receivable Agreement [Member]
Related Party Transaction [Line Items]
Tax agreement termination year2033
Sponsored Funds [Member]
Related Party Transaction [Line Items]
Revenue $ 173,678 $ 135,955
Type of Revenue [Extensible List]Asset Management Fees [Member]Asset Management Fees [Member]
Fees receivable $ 78,046 $ 72,076

Regulatory Authorities - Additi

Regulatory Authorities - Additional Information (Detail) - USD ($)Mar. 31, 2021Dec. 31, 2020
LFNY [Member]
Regulatory Requirements [Line Items]
Specified fixed percentage, minimum required capital6.67%
Minimum net capital requirement as defined under exchange act $ 5,000
Regulatory capital142,039,000
Regulatory capital in excess of minimum requirement $ 138,286,000
Aggregate indebtedness to net capital ratio0.40
LFNY [Member] | Maximum [Member]
Regulatory Requirements [Line Items]
Aggregate indebtedness to net capital ratio15
U.K. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital $ 185,727,000
Regulatory capital in excess of minimum requirement161,659,000
CFLF [Member]
Regulatory Requirements [Line Items]
Regulatory capital141,077,000
Regulatory capital in excess of minimum requirement72,867,000
Combined European Regulated Group [Member]
Regulatory Requirements [Line Items]
Regulatory capital $ 184,842,000
Regulatory capital in excess of minimum requirement $ 66,782,000
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital208,178,000
Regulatory capital in excess of minimum requirement $ 179,051,000

Segment Information - Segment's

Segment Information - Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Segment Reporting Information [Line Items]
Net Revenue $ 660,107 $ 538,014
Operating Expenses525,817 453,917
Operating Income (Loss)134,290 84,097
Total Assets6,209,559 $ 5,971,861
Operating Segments [Member] | Financial Advisory Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue318,412 298,966
Operating Expenses258,047 246,847
Operating Income (Loss)60,365 52,119
Total Assets1,162,247 1,181,783
Operating Segments [Member] | Asset Management Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue347,490 282,521
Operating Expenses232,103 204,769
Operating Income (Loss)115,387 77,752
Total Assets893,605 958,588
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue(5,795)(43,473)
Operating Expenses35,667 2,301
Operating Income (Loss)(41,462) $ (45,774)
Total Assets $ 4,153,707 $ 3,831,490

Consolidated VIEs - Additional

Consolidated VIEs - Additional Information (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Variable Interest Entity [Line Items]
Investments $ 782,351 $ 658,532
Lazard Fund Interests [Member] | Lazard Group LLC [Member]
Variable Interest Entity [Line Items]
Investments $ 170,080 $ 121,376

Consolidated VIEs - Summary of

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 974,696 $ 1,389,876
Customers and other receivables183,376 121,261
Investments782,351 658,532
Other assets452,252 307,332
Total Assets6,209,559 5,971,861
Liabilities:
Deposits and other customer payables1,239,716 1,201,150
Other liabilities563,427 524,538
Total Liabilities4,767,860 4,972,428
Consolidated VIEs [Member]
ASSETS
Cash and cash equivalents2,425 3,558
Customers and other receivables108 160
Investments217,876 158,370
Other assets767 400
Total Assets221,176 162,488
Liabilities:
Deposits and other customer payables67 104
Other liabilities469 491
Total Liabilities $ 536 $ 595