Lazard 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	LAZARD GROUP LLC
Entity Central Index Key	0001326141
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	333-126751
Entity Tax Identification Number	51-0278097
Entity Address, Address Line One	30 Rockefeller Plaza
Entity Address, City or Town	New York
Entity Address, Postal Zip Code	10112
Entity Address, State or Province	NY
City Area Code	212
Local Phone Number	632-6000
Entity Common Stock, Shares Outstanding		0
Subsidiaries of Lazard Ltd [Member]
Document Information [Line Items]
Managing Membership Interests Outstanding		2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,103,395	$ 1,164,135
Deposits with banks and short-term investments	1,193,717	1,180,686
Cash deposited with clearing organizations and other segregated cash	41,260	43,280
Receivables (net of allowance for doubtful accounts of $38,240 and $27,130 at September 30, 2020 and December 31, 2019, respectively):
Fees	468,261	537,342
Customers and other	106,746	125,697
Lazard Ltd subsidiaries	44,649	34,612
Total receivables, net	619,656	697,651
Investments	535,245	531,995
Property (net of accumulated amortization and depreciation of $397,454 and $366,880 at September 30, 2020 and December 31, 2019, respectively)	232,725	218,871
Operating lease right-of-use assets	517,253	551,050
Goodwill and other intangible assets (net of accumulated amortization of $67,065 and $65,757 at September 30, 2020 and December 31, 2019, respectively)	352,738	351,797
Deferred tax assets	62,228	55,728
Other assets	328,041	256,435
Total Assets	4,986,258	5,051,628
Liabilities:
Deposits and other customer payables	1,244,562	1,246,200
Accrued compensation and benefits	449,048	599,910
Operating lease liabilities	609,460	643,808
Payable to Lazard Ltd subsidiaries	8,228	63,399
Senior debt	1,681,487	1,679,562
Deferred tax liabilities	2,582	3,497
Other liabilities	478,398	527,926
Total Liabilities	4,473,765	4,764,302
Commitments and contingencies
MEMBERS’ EQUITY
Members' equity (net of 6,943,604 and 7,675,688 shares of Lazard Ltd Class A common stock, at a cost of $255,572 and $304,083 at September 30, 2020 and December 31, 2019, respectively)	664,557	469,324
Accumulated other comprehensive loss, net of tax	(234,356)	(250,404)
Total Lazard Group LLC Members’ Equity	430,201	218,920
Noncontrolling interests	82,292	68,406
Total Members’ Equity	512,493	287,326
Total Liabilities and Members’ Equity	$ 4,986,258	$ 5,051,628

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020		Dec. 31, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts receivables	$ 38,240	[1]	$ 27,130
Property, accumulated amortization and depreciation	397,454		366,880
Other intangible assets, accumulated amortization	$ 67,065		$ 65,757
Lazard Ltd common stock, shares	6,943,604		7,675,688
Lazard Ltd common stock, cost	$ 255,572		$ 304,083
[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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
REVENUE
Interest income	$ 1,055	$ 3,689	$ 4,688	$ 11,262
Other	26,456	14,570	56,460	65,577
Total revenue	598,077	608,894	1,747,779	1,902,975
Interest expense	20,296	20,876	60,343	60,805
Net revenue	577,781	588,018	1,687,436	1,842,170
OPERATING EXPENSES
Compensation and benefits	351,840	388,616	1,018,791	1,129,316
Occupancy and equipment	31,266	29,696	93,719	88,598
Marketing and business development	7,561	27,264	34,211	83,908
Technology and information services	33,407	34,039	97,305	104,852
Professional services	14,340	14,592	44,184	46,107
Fund administration and outsourced services	26,195	28,424	76,638	85,847
Amortization and other acquisition-related costs	443	1,081	1,308	799
Other	4,674	11,488	27,530	33,449
Total operating expenses	469,726	535,200	1,393,686	1,572,876
OPERATING INCOME	108,055	52,818	293,750	269,294
Provision for income taxes	17,983	9,433	40,886	42,697
NET INCOME	90,072	43,385	252,864	226,597
LESS - NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,423	1,492	(4,650)	8,662
NET INCOME ATTRIBUTABLE TO LAZARD GROUP LLC	88,649	41,893	257,514	217,935
Investment Banking and Other Advisory Fees [Member]
REVENUE
Revenue	305,004	303,495	906,560	949,977
Asset Management Fees [Member]
REVENUE
Revenue	$ 265,562	$ 287,140	$ 780,071	$ 876,159

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 90,072	$ 43,385	$ 252,864	$ 226,597
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX:
Currency translation adjustments	33,763	(24,321)	8,148	(28,361)
Employee benefit plans:
Prior service cost (credit) (net of tax (benefit) expense of $(22) for the three months ended September 30, 2020 and $16 for the nine months ended September 30, 2020)	(110)		74
Actuarial gain (loss) (net of tax (benefit) expense of $(1,644) and $(1,607) for the three months ended September 30, 2020 and 2019, respectively, and $(25) and $1,113 for the nine months ended September 30, 2020 and 2019, respectively)	(6,424)	9,050	2,971	11,911
Adjustment for items reclassified to earnings (net of tax expense of $412 and $172 for the three months ended September 30, 2020 and 2019, respectively, and $1,088 and $524 for the nine months ended September 30, 2020 and 2019, respectively)	1,345	1,074	4,855	3,319
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	28,574	(14,197)	16,048	(13,131)
COMPREHENSIVE INCOME	118,646	29,188	268,912	213,466
LESS - COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	1,424	1,491	(4,650)	8,661
COMPREHENSIVE INCOME ATTRIBUTABLE TO LAZARD GROUP LLC	$ 117,222	$ 27,697	$ 273,562	$ 204,805

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement Of Income And Comprehensive Income [Abstract]
Tax (benefit) expense on prior service costs, employee benefit plans	$ (22)		$ 16
Tax (benefit) expense on actuarial gain (loss), employee benefit plans	(1,644)	$ (1,607)	(25)	$ 1,113
Tax expense, adjustment for items reclassified to earnings, employee benefit plans	$ 412	$ 172	$ 1,088	$ 524

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 252,864	$ 226,597
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	25,483	24,622
Noncash lease expense	46,856	40,181
Amortization of deferred expenses and share-based incentive compensation	281,580	315,726
Amortization and other acquisition-related costs	1,308	799
Deferred tax benefit	(7,213)	(17,488)
Loss on extinguishment of debt		6,505
(Increase) decrease in operating assets and increase (decrease) in operating liabilities:
Receivables-net	75,997	(6,848)
Investments	(1,035)	43,559
Other assets	(159,031)	(126,207)
Accrued compensation and benefits and other liabilities	(253,026)	(208,236)
Net cash provided by operating activities	263,783	299,210
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property	(34,161)	(40,665)
Disposals of property	151	98
Net cash used in investing activities	(34,010)	(40,567)
Proceeds from:
Issuance of senior debt, net of expenses		492,032
Customer deposits		345,394
Contributions from noncontrolling interests	66	268
Other financing activities	25	925
Payments for:
Senior debt		(255,746)
Customer deposits	(37,850)
Distributions to noncontrolling interests	(1,921)	(8,888)
Purchase of Class A common stock	(95,227)	(430,281)
Distributions to members	(120,300)	(178,935)
Settlement of share-based incentive compensation	(71,509)	(96,955)
Other financing activities	(5,316)	(6,170)
Net cash used in financing activities	(332,032)	(138,356)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	52,530	(92,668)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(49,729)	27,619
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— January 1	2,388,101	2,230,388
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH— September 30	$ 2,338,372	$ 2,258,007

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH WITHIN THE CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION:
Cash and cash equivalents	$ 1,103,395	$ 1,164,135
Deposits with banks and short-term investments	1,193,717	1,180,686
Cash deposited with clearing organizations and other segregated cash	41,260	43,280
TOTAL CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$ 2,338,372	$ 2,388,101	$ 2,258,007	$ 2,230,388

Condensed Consolidated Statem_8

Condensed Consolidated Statements of Changes in Members' Equity - USD ($) $ in Thousands	Total	Cumulative Effect Period Of Adoption Adjustment [Member]	Cumulative Effect Period Of Adoption Adjusted Balance [Member]	Members' Equity [Member]	Members' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member]	Members' Equity [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]	Total Lazard Group LLC Members' Equity [Member]	Total Lazard Group LLC Members' Equity [Member]Cumulative Effect Period Of Adoption Adjustment [Member]	Total Lazard Group LLC Members' Equity [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]	Noncontrolling Interests [Member]	Noncontrolling Interests [Member]Cumulative Effect Period Of Adoption Adjusted Balance [Member]
Balance at Dec. 31, 2018	$ 582,752			$ 758,705			$ (228,660)		$ 530,045			$ 52,707
Comprehensive income (loss):
Net income	226,597			217,935					217,935			8,662
Other comprehensive income (loss) - net of tax	(13,131)						(13,130)		(13,130)			(1)
Amortization of share-based incentive compensation	226,272			226,272					226,272
Distributions to members and noncontrolling interests, net	(187,555)			(178,935)					(178,935)			(8,620)
Purchase of Class A common stock	(430,281)			(430,281)					(430,281)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit)	(96,855)			(96,855)					(96,855)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	158			158					158
Consolidated VIEs	12,687											12,687
Other	(5,303)			(5,303)					(5,303)
Balance at Sep. 30, 2019	315,341			491,696			(241,790)		249,906			65,435
Balance at Jun. 30, 2019	301,665			465,436			(227,594)		237,842			63,823
Comprehensive income (loss):
Net income	43,385			41,893					41,893			1,492
Other comprehensive income (loss) - net of tax	(14,197)						(14,196)		(14,196)			(1)
Amortization of share-based incentive compensation	65,189			65,189					65,189
Distributions to members and noncontrolling interests, net	(1,102)											(1,102)
Purchase of Class A common stock	(78,569)			(78,569)					(78,569)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit)	(865)			(865)					(865)
Business acquisitions and related equity transactions:
Class A common stock issuable (including related amortization)	53			53					53
Consolidated VIEs	1,223											1,223
Other	(1,441)			(1,441)					(1,441)
Balance at Sep. 30, 2019	315,341			491,696			(241,790)		249,906			65,435
Balance at Dec. 31, 2019	287,326	$ (7,571)	$ 279,755	469,324	$ (7,571)	$ 461,753	(250,404)	$ (250,404)	218,920	$ (7,571)	$ 211,349	68,406	$ 68,406
Comprehensive income (loss):
Net income	252,864			257,514					257,514			(4,650)
Other comprehensive income (loss) - net of tax	16,048						16,048		16,048
Amortization of share-based incentive compensation	180,376			180,376					180,376
Distributions to members and noncontrolling interests, net	(122,155)			(120,300)					(120,300)			(1,855)
Purchase of Class A common stock	(95,227)			(95,227)					(95,227)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit)	(71,499)			(71,499)					(71,499)
Business acquisitions and related equity transactions:
Contributions from members	55,941			55,941					55,941
Consolidated VIEs	20,391											20,391
Other	(4,001)			(4,001)					(4,001)
Balance at Sep. 30, 2020	512,493			664,557			(234,356)		430,201			82,292
Balance at Jun. 30, 2020	355,466			538,424			(262,929)		275,495			79,971
Comprehensive income (loss):
Net income	90,072			88,649					88,649			1,423
Other comprehensive income (loss) - net of tax	28,574						28,573		28,573			1
Amortization of share-based incentive compensation	39,671			39,671					39,671
Distributions to members and noncontrolling interests, net	(36)											(36)
Delivery of Class A common stock in connection with share-based incentive compensation and related tax expense (benefit)	(456)			(456)					(456)
Business acquisitions and related equity transactions:
Consolidated VIEs	933											933
Other	(1,731)			(1,731)					(1,731)
Balance at Sep. 30, 2020	$ 512,493			$ 664,557			$ (234,356)		$ 430,201			$ 82,292

Condensed Consolidated Statem_9

Condensed Consolidated Statements of Changes in Members' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Members Equity [Abstract]
Tax expense (benefit) related to delivery of Class A Common Stock in connection with share-based incentive compensation	$ 1	$ 1	$ 10	$ 100

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	1. ORGANIZATION AND BASIS OF PRESENTATION Organization The accompanying condensed consolidated financial statements are those of Lazard Group LLC and its subsidiaries (collectively referred to as “Lazard Group”, “we” or the “Company”). Lazard Group is a Delaware limited liability company, which is governed by an Amended and Restated Operating Agreement dated as of February 4, 2019 (the “Operating Agreement”). Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”), including its indirect investment in Lazard Group, is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% Lazard Group’s principal operating activities are included in two business segments: • Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (“M&A”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory 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 Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”). Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Group have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Group’s Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying December 31, 2019 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 and nine month periods ended September 30, 2020 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 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.

Recent Accounting Developments

Recent Accounting Developments	9 Months Ended
	Sep. 30, 2020
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Developments	2. RECENT ACCOUNTING DEVELOPMENTS Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the FASB issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company adopted the new guidance on January 1, 2020 using a modified retrospective approach and recorded a $7,571 cumulative-effect adjustment to retained earnings upon adoption. The impact of the new guidance primarily relates to the Company’s fee receivables. To comply with the CECL model, the Company applies a bad debt charge-off rate, determined based on historical charge-off experience and adjusted for specific allowance based on current conditions of individual customers, to measure the expected credit loss for fee receivables. 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. See Note 4 for further details on the Company’s receivables and allowance for doubtful accounts. Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment —In January 2017, the FASB issued updated guidance that eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The Company adopted the new guidance on January 1, 2020 and, in accordance with the new guidance, applied it prospectively to goodwill impairment tests performed after the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The Company adopted the new guidance as of January 1, 2020 and, in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopt ed the new guidance as of January 1, 2020 and its application did not have a material impact to the Company’s financial statements . Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The additional disclosures related to Level 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company adopted the new guidance on January 1, 2020 and its application did not have a material impact to the Company’s financial statements. Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain currently required disclosures and includes additional requirements. The Company adopted the new guidance on January 1, 2020 and will update its annual disclosures in accordance with the new guidance. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020. The Company plans to adopt the new guidance on January 1, 2021 and does not expect the adoption of the amendments to have a material impact to the Company’s financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue Recognition [Abstract]
Revenue Recognition	3. REVENUE RECOGNITION Investment Banking and Other Advisory —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition. The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net Revenue: Financial Advisory (a) $ 305,478 $ 304,174 $ 908,878 $ 953,863 Asset Management: Management Fees and Other (b) $ 273,964 $ 298,752 $ 809,071 $ 910,321 Incentive Fees (c) 3,279 1,263 5,542 7,118 Total Asset Management $ 277,243 $ 300,015 $ 814,613 $ 917,439 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks. In addition to the above, contracts with clients include trade-based commission income, which is recognized at the point in time of execution and presented within other revenue. Such income may be earned by providing trade facilitation, execution, clearance and settlement, custody, and trade administration services to clients. With regard to the disclosure requirement for remaining performance obligations, the Company elected the practical expedients permitted in the guidance to (i) exclude contracts with a duration of one year or less; and (ii) exclude variable consideration, such as transaction completion and transaction announcement fees, that is allocated entirely to unsatisfied performance obligations. Excluded variable consideration typically relates to contracts with a duration of one year or less, and is generally constrained due to uncertainties. Therefore, when ap plying the practical expedients , amounts related to remaining performance obligations are not material to the Company’s financial statements.

Receivables

Receivables	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Receivables	4. RECEIVABLES The Company’s receivables represent fee receivables, amounts due from customers and other receivables, and amounts due from Lazard Ltd subsidiaries. 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 customer and other receivables, the Company has elected to apply the practical expedient, in accordance with 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 September 30, 2020. 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 clients’ 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 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 and nine month periods ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Beginning Balance $ 40,951 $ 33,484 $ 27,130 $ 40,115 Adjustment for adoption of new accounting guidance - - 7,571 - Bad debt expense, net of reversals (3,811 ) (546 ) 5,103 (6,097 ) Charge-offs, foreign currency translation and other adjustments 1,100 (1,700 ) (1,564 ) (2,780 ) Ending Balance * $ 38,240 $ 31,238 $ 38,240 $ 31,238 *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 September 30, 2020 and December 31, 2019, $82,179 and $77,052, respectively, represented interest-bearing 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. The aggregate carrying amount of our non-interest bearing receivables of $537,477 and $620,599 at September 30, 2020 and December 31, 2019, respectively, approximates fair value.

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Schedule Of Investments [Abstract]
Investments	5. INVESTMENTS The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Interest-bearing deposits $ - $ 517 Debt - 100,000 Equities 38,103 48,521 Funds: Alternative investments (a) 33,105 16,581 Debt (a) 133,702 113,579 Equity (a) 294,956 218,435 Private equity 35,379 34,362 497,142 382,957 Total investments 535,245 531,995 Less: Interest-bearing deposits - 517 Investments, at fair value $ 535,245 $ 531,478 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 1,005 $ 12,894 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $10,420, $99,356 and $240,433, respectively, at September 30, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, 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 vestin g conditions (see Notes 7 and 13 ). Interest-bearing deposits have original maturities of greater than three months but equal to or less than one year and are carried at cost that approximates fair value due to their short-term maturities. Debt primarily consists of U.S. Treasury securities with original maturities of greater than three months and less than one year. Equities primarily consist of seed investments invested in marketable equity securities of large-, mid- and small-cap domestic, international and global companies held within separately managed accounts related to our Asset Management business. Alternative investment funds primarily consist of interests in various Lazard-managed hedge funds, funds of funds and mutual funds. Such amounts primarily consist of seed investments in funds related to our Asset Management business and amounts related to LFI discussed above. Debt funds primarily consist of seed investments in funds related to our Asset Management business that invest in debt securities, amounts related to LFI discussed above and an investment in a Lazard-managed debt fund. Equity funds primarily consist of seed investments in funds related to our Asset Management business that invest in equity securities, and amounts related to LFI discussed above. Private equity investments include those owned by Lazard and those consolidated but not owned by Lazard. Private equity investments owned by Lazard are primarily comprised of investments in private equity funds. Such investments primarily include (i) Edgewater Growth Capital Partners III, L.P. (“EGCP III”), a fund primarily making equity and buyout investments in middle market companies and (ii) a fund targeting significant noncontrolling-stake investments in established private companies. Private equity investments consolidated but not owned by Lazard relate to the economic interests that are owned by the management team and other investors in the Edgewater Funds (“Edgewater”). During the three month and nine month periods ended September 30, 2020 and 2019, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net unrealized investment gains (losses) $ 17,834 $ (590 ) $ 16,896 $ 26,562

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. FAIR VALUE MEASUREMENTS Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis. The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity securities in private companies are generally classified as Level 3. The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund. The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of September 30, 2020. The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. The fair value of derivatives entered into by the Company is classified as Level 2 and is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7. Investments Mea sured at Net Asset Value (“NAV”) —As a practical expedient, the Company uses NAV or its equivalent to measure the fair value of certain investments. NAV is primarily determined based on information provided by external fund administrators. The Company’s investments valued at NAV as a practical expedient in (i) alternative investment funds, debt funds and equity funds are redeemable in the near term, and (ii) private equity funds are not redeemable in the near term as a result of redemption restrictions. The following tables present, as of September 30, 2020 and December 31, 2019, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient: September 30, 2020 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Equities $ 36,492 $ - $ 1,611 $ - $ 38,103 Funds: Alternative investments 16,315 - - 16,790 33,105 Debt 133,697 - - 5 133,702 Equity 294,917 - - 39 294,956 Private equity - - 1,165 34,214 35,379 Derivatives - 1,925 - - 1,925 Total $ 481,421 $ 1,925 $ 2,776 $ 51,048 $ 537,170 Liabilities: Securities sold, not yet purchased $ 1,005 $ - $ - $ - $ 1,005 Derivatives - 285,946 - - 285,946 Total $ 1,005 $ 285,946 $ - $ - $ 286,951 December 31, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167 The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,580 $ 1 $ - $ - $ 30 $ 1,611 Private equity funds 1,012 152 - - 1 1,165 Total Level 3 Assets $ 2,592 $ 153 $ - $ - $ 31 $ 2,776 Nine Months Ended September 30, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 58 $ - $ - $ (47 ) $ 1,611 Private equity funds 1,371 (207 ) - - 1 1,165 Total Level 3 Assets $ 2,971 $ (149 ) $ - $ - $ (46 ) $ 2,776 Three Months Ended September 30, 2019 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 $ 1,606 $ 148 $ - $ - $ (30 ) $ 1,724 Private equity funds 2,131 15 - - - 2,146 Total Level 3 Assets $ 3,737 $ 163 $ - $ - $ (30 ) $ 3,870 Liabilities: Contingent consideration liability $ 203 $ 4 $ - $ - $ - $ 207 Total Level 3 Liabilities $ 203 $ 4 $ - $ - $ - $ 207 Nine Months Ended September 30, 2019 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ 134 $ - $ - $ (32 ) $ 1,724 Private equity funds - 15 2,131 - - 2,146 Total Level 3 Assets $ 1,622 $ 149 $ 2,131 $ - $ (32 ) $ 3,870 Liabilities: Contingent consideration liability $ 1,309 $ (1,102 ) $ - $ - $ - $ 207 Total Level 3 Liabilities $ 1,309 $ (1,102 ) $ - $ - $ - $ 207 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2020 and 2019 include net unrealized gains (losses) of $153, $(149), $163 and $149, respectively. Earnings recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2019 include unrealized (gains) losses of $4 and $(1,102) , respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the nine month period ended September 30, 2019 as these investments are valued based on a potential transaction value that differs from NAV. There were no other transfers into or out of Level 3 within the fair value hierarchy during the three month and nine month periods ended September 30, 2020 and 2019. The following tables present, at September 30, 2020 and December 31, 2019, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: September 30, 2020 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 16,188 $ - NA (a) 30-60 days Other 602 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 39 - NA (d) <30-60 days Private equity funds: Equity growth 34,214 5,935 (e) 100% (f) NA NA Total $ 51,048 $ 5,935 (a) monthly (99%) and quarterly (1%) (b ) daily (8%) and monthly (92%) (c ) daily (100%) (d ) monthly (36%) and annually (64%) ( e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,014 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, 2019 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA (a) 30-60 days Other 609 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 42 - NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % (f) NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c ) daily (100%) ( d ) monthly (34%) and annually (66%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders. (f ) Distributions from each fund will be received as the underlying investments of the funds are liquidated. Investment Capital Funding Commitments —At September 30, 2020, 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

Derivatives	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives	7. DERIVATIVES The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the condensed consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the condensed consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the condensed consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the condensed consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the condensed consolidated statements of operations. The table below presents the fair value of the Company’s derivative instruments reported within “other assets” and “other liabilities” and the fair value of the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements reported within “accrued compensation and benefits” (see Note 13) on the accompanying condensed consolidated statements of financial condition as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,127 $ 1,395 Total return swaps and other (a) 798 - $ 1,925 $ 1,395 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 244 $ 1,720 Total return swaps and other (a) 118 8,527 LFI and other similar deferred compensation arrangements 285,584 226,026 $ 285,946 $ 236,273 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,887 and $1,207 as of September 30, 2020, respectively, and $152 and $8,679 as of December 31, 2019, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets” and “other liabilities” as of September 30, 2020 and December 31, 2019, respectively. Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2020 and 2019, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Forward foreign currency exchange rate contracts $ (3,039 ) $ 3,969 $ (4,816 ) $ 5,065 LFI and other similar deferred compensation arrangements (11,261 ) (1,764 ) (15,427 ) (22,118 ) Total return swaps and other (5,202 ) 1,324 1,835 (8,309 ) Total $ (19,502 ) $ 3,529 $ (18,408 ) $ (25,362 )

Property

Property	9 Months Ended
	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Property	8. PROPERTY At September 30, 2020 and December 31, 2019, property consisted of the following: Estimated Depreciable September 30, December 31, Life in Years 2020 2019 Buildings 33 $ 148,303 $ 142,298 Leasehold improvements 3-20 226,887 196,277 Furniture and equipment 3-10 231,346 214,700 Construction in progress 23,643 32,476 Total 630,179 585,751 Less - Accumulated depreciation and amortization 397,454 366,880 Property $ 232,725 $ 218,871

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	9 . GOODWILL AND OTHER INTANGIBLE ASSETS The components of goodwill and other intangible assets at September 30, 2020 and December 31, 2019 are presented below: September 30, December 31, 2020 2019 Goodwill $ 352,092 $ 350,029 Other intangible assets (net of accumulated amortization) 646 1,768 $ 352,738 $ 351,797 At September 30, 2020 and December 31, 2019, goodwill of $287,551 and $285,488, respectively, was attributable to the Company’s Financial Advisory segment and, at each such respective date, $64,541 of goodwill was attributable to the Company’s Asset Management segment. Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2020 and 2019 are as follows: Nine Months Ended September 30, 2020 2019 Balance, January 1 $ 350,029 $ 350,829 Foreign currency translation adjustments 2,063 (5,265 ) Balance, September 30 $ 352,092 $ 345,564 All changes in the carrying amount of goodwill for the nine month periods ended September 30, 2020 and 2019 are attributable to the Company’s Financial Advisory segment. The gross cost and accumulated amortization of other intangible assets as of September 30, 2020 and December 31, 2019, by major intangible asset category, are as follows: September 30, 2020 December 31, 2019 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 32,665 $ 375 $ 33,040 $ 31,542 $ 1,498 Management fees, customer relationships and non-compete agreements 34,671 34,400 271 34,485 34,215 270 $ 67,711 $ 67,065 $ 646 $ 67,525 $ 65,757 $ 1,768 Amortization expense of intangible assets, included in “amortization and other acquisition-related costs” in the condensed consolidated statements of operations, for the three month and nine month periods ended September 30, 2020 was $443 and $1,308, respectively, and for the three month and nine month periods ended September 30, 2019 was $1,077 and $1,901, respectively. Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2020 (October 1 through December 31) $ 436 2021 60 2022 60 2023 60 2024 30 Total amortization expense $ 646

Senior Debt

Senior Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Senior Debt	10 . SENIOR DEBT Senior debt is comprised of the following as of September 30, 2020 and December 31, 2019: Outstanding as of Initial Annual September 30, 2020 December 31, 2019 Principal Amount Maturity Date Interest Rate(b) 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 $ 2,062 $ 397,938 $ 400,000 $ 2,416 $ 397,584 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,526 297,474 300,000 2,822 297,178 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 7,142 492,858 500,000 7,814 492,186 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 6,783 493,217 500,000 7,386 492,614 Total $ 1,700,000 $ 18,513 $ 1,681,487 $ 1,700,000 $ 20,438 $ 1,679,562 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”), and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54%, respectively. The Company’s senior debt at September 30, 2020 and December 31, 2019 is carried at historical amounts of $1,681,487 and $1,679,562, respectively. At those dates, the fair value of such senior debt was approximately $1,917,000 and $1,839,000, 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 September 30, 2020, the Company had approximately $219,000 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 $18,000. 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 September 30, 2020, the Company was in compliance with such provisions. All of the Company’s senior debt obligations are unsecured.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11 . 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 September 30, 2020, 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, regulatory and arbitration proceedings and inquiries concerning matters arising in connection with the conduct of our businesses, including proceedings initiated by former employees alleging wrongful termination. The Company reviews such matters on a case-by-case basis and establishes any required accrual if a loss is probable and the amount of such loss can be reasonably estimated. The Company experiences significant variation in its revenue and earnings on a quarterly basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any particular fiscal quarter. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

Members' Equity

Members' Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Members' Equity	12 . MEMBERS’ EQUITY Lazard Group Distributions —Distributions in respect of Lazard Group’s common membership interests are allocated to the holders of such interests in accordance with the provisions of the Operating Agreement. Such distributions primarily represent amounts necessary to fund (i) any dividends Lazard Ltd may declare on its Class A common stock, the only class of common stock of Lazard outstanding (“common stock”), and (ii) tax distributions in respect of income taxes that Lazard Ltd’s subsidiaries incur. During the nine month periods ended September 30, 2020 and 2019, Lazard Group distributed $120,300 and $178,935, respectively, to the subsidiaries of Lazard Ltd. Pursuant to Lazard Group’s Operating Agreement, Lazard Group allocates and distributes to its members a substantial portion of its distributable profits in installments as soon as practicable after the end of each fiscal year. Such installment distributions usually begin in February. Contributions From Members —See Note 17 for information regarding a related party transaction. Share Repurchase Program — Since 2018 and through the nine month period ended September 30, 2020, the Board of Directors of Lazard authorized the repurchase of common stock, as set forth in the table below: Date Repurchase Authorization Expiration April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December February 2019 $ 300,000 December 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 (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Nine Months Ended September 30: Number of Shares Purchased Average Price Per Share 2019 11,946,943 $ 36.01 2020 2,912,035 $ 32.70 During the nine month periods ended September 30, 2020 and 2019, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vesting or settlement of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In addition, during the nine month period ended September 30, 2020, the Company purchased shares of common stock from certain of our executive officers. The aggregate value of all such purchases during the nine month periods ended September 30, 2020 and 2019 was approximately $10,000 and $14,600, respectively. Such shares of common stock are reported at cost. As of September 30, 2020, a total of $305,598 of share repurchase authorization remained available under Lazard Ltd’s share repurchase program, $5,598 of which will expire on December 31, 2020 and $300,000 of which will expire on December 31, 2021. During the nine month period ended September 30, 2020, Lazard Ltd had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market. Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at September 30, 2020 and 2019 and activity during the three month and nine month periods then ended: Three Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, July 1, 2020 $ (99,984 ) $ (162,946 ) $ (262,930 ) $ (1 ) $ (262,929 ) Activity: Other comprehensive income (loss) before reclassifications 33,763 (6,534 ) 27,229 1 27,228 Adjustments for items reclassified to earnings, net of tax - 1,345 1,345 - 1,345 Net other comprehensive income (loss) 33,763 (5,189 ) 28,574 1 28,573 Balance, September 30, 2020 $ (66,221 ) $ (168,135 ) $ (234,356 ) $ - $ (234,356 ) Nine Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2020 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) Activity: Other comprehensive income before reclassifications 8,148 3,045 11,193 - 11,193 Adjustments for items reclassified to earnings, net of tax - 4,855 4,855 - 4,855 Net other comprehensive income 8,148 7,900 16,048 - 16,048 Balance, September 30, 2020 $ (66,221 ) $ (168,135 ) $ (234,356 ) $ - $ (234,356 ) Three Months Ended September 30, 2019 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, July 1, 2019 $ (86,869 ) $ (140,725 ) $ (227,594 ) $ - $ (227,594 ) Activity: Other comprehensive income (loss) before reclassifications (24,321 ) 9,050 (15,271 ) (1 ) (15,270 ) Adjustments for items reclassified to earnings, net of tax - 1,074 1,074 - 1,074 Net other comprehensive income (loss) (24,321 ) 10,124 (14,197 ) (1 ) (14,196 ) Balance, September 30, 2019 $ (111,190 ) $ (130,601 ) $ (241,791 ) $ (1 ) $ (241,790 ) Nine Months Ended September 30, 2019 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2019 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) Activity: Other comprehensive income (loss) before reclassifications (28,361 ) 11,911 (16,450 ) (1 ) (16,449 ) Adjustments for items reclassified to earnings, net of tax - 3,319 3,319 - 3,319 Net other comprehensive income (loss) (28,361 ) 15,230 (13,131 ) (1 ) (13,130 ) Balance, September 30, 2019 $ (111,190 ) $ (130,601 ) $ (241,791 ) $ (1 ) $ (241,790 ) The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amortization relating to employee benefit plans (a) $ 1,757 $ 1,246 $ 5,943 $ 3,843 Less - related income taxes 412 172 1,088 524 Total reclassifications, net of tax $ 1,345 $ 1,074 $ 4,855 $ 3,319 (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, and (ii) consolidated VIE interests held by employees (see Note 20). The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2020 and 2019 and noncontrolling interests as of September 30, 2020 and December 31, 2019 in the Company’s condensed consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Edgewater $ 168 $ 1,302 $ (4,179 ) $ 8,237 Consolidated VIEs 1,253 189 (474 ) 423 Other 2 1 3 2 Total $ 1,423 $ 1,492 $ (4,650 ) $ 8,662 Noncontrolling Interests as of September 30, December 31, 2020 2019 Edgewater $ 44,119 $ 50,151 Consolidated VIEs 38,158 18,241 Other 15 14 Total $ 82,292 $ 68,406

Incentive Plans

Incentive Plans	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Incentive Plans	1 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 and nine month periods ended September 30, 2020 and 2019 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, 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, 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 and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based incentive awards: RSUs $ 29,295 $ 37,206 $ 112,435 $ 140,597 PRSUs 636 14,291 5,627 16,540 Restricted Stock 5,423 7,274 22,969 24,871 Profits interest participation rights 4,121 6,224 37,172 42,105 DSUs 97 97 1,086 1,079 Total $ 39,572 $ 65,092 $ 179,289 $ 225,192 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 nine month period ended September 30, 2020, dividend participation rights required the issuance of 489,971 RSUs. Non-executive members of the Board of Directors of Lazard Group, who are the same Non-Executive Directors of Lazard Ltd (“Non-Executive Directors”), receive approximately 55% of their annual compensation for service on the Board of Directors and its committees in the form of DSUs, which resulted in 60,022 DSUs being granted during the nine month period ended September 30, 2020. Their remaining compensation is payable in cash, which they may elect to receive in the form of additional DSUs under the Directors’ Fee Deferral Unit Plan described below. DSUs are convertible into shares of common stock at the time of cessation of service to the Board of Directors. DSUs include a cash dividend participation right equivalent to dividends paid on common stock. Lazard Ltd’s Directors’ Fee Deferral Unit Plan permits the Non-Executive Directors to elect to receive additional DSUs in lieu of some or all of their cash fees. The number of DSUs granted to a Non-Executive Director pursuant to this election will equal the value of cash fees that the applicable Non-Executive Director has elected to forego pursuant to such election, divided by the market value of a share of common stock on the date immediately preceding the date of the grant. During the nine month period ended September 30, 2020, 17,754 DSUs had been granted pursuant to such Plan. DSU awards are expensed at their fair value on their date of grant, inclusive of amounts related to the Directors’ Fee Deferral Unit Plan. The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2020: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2020 10,387,566 $ 44.66 395,973 $ 38.01 Granted (including 489,971 RSUs relating to dividend participation) 3,332,581 $ 42.63 77,776 $ 27.94 Forfeited (70,964 ) $ 41.50 - - Settled (4,469,676 ) $ 46.66 - - Balance, September 30, 2020 9,179,507 $ 42.98 473,749 $ 36.35 In connection with RSUs that settled during the nine month period ended September 30, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 1,623,353 shares of common stock during such nine month period. Accordingly, 2,846,323 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2020. As of September 30, 2020, estimated unrecognized RSU compensation expense was $129,255, with such expense expected to be recognized over a weighted average period of approximately 0.8 years subsequent to September 30, 2020. Restricted Stock The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the nine month period ended September 30, 2020: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,039,306 $ 41.79 Granted (including 28,948 relating to dividend participation) 690,800 $ 42.09 Forfeited (17,371 ) $ 39.37 Settled (513,792 ) $ 43.52 Balance, September 30, 2020 1,198,943 $ 41.25 In connection with shares of restricted common stock that settled during the nine month period ended September 30, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 175,332 shares of common stock during such nine month period. Accordingly, 338,460 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2020. Restricted stock awards granted in 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 nine month period ended September 30, 2020, dividend participation rights required the issuance of 28,948 shares of restricted common stock. 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 September 30, 2020, estimated unrecognized restricted stock expense was $22,358, with such expense to be recognized over a weighted average period of approximately 0.8 years subsequent to September 30, 2020. PRSUs PRSUs are RSUs that are subject to both performance-based and service-based vesting conditions. 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 metrics that relate to Lazard Ltd’s performance over a three-year The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2020: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2020 797,705 $ 47.65 Settled (550,650 ) $ 43.54 Balance, September 30, 2020 247,055 $ 56.80 In connection with certain PRSUs that settled during the nine month period ended September 30, 2020, the Company satisfied its minimum statutory tax withholding requirements in lieu of delivering 91,314 shares of common stock during such nine month period. Accordingly, 459,336 shares of common stock held by the Company were delivered during the nine month period ended September 30, 2020. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. As of September 30, 2020, the total estimated unrecognized compensation expense was $1,052, and the Company expects to amortize such expense over a weighted-average period of approximately 0.2 years subsequent to September 30, 2020. Profits Interest Participation Rights In early 2019, the Company established a new long-term incentive compensation program consisting of profits interest participation rights, which are equity incentive awards that, subject to certain conditions, may be exchanged for shares of common stock pursuant to the 2018 Plan. Pursuant to the program, in February 2019 and February 2020, the Company granted profits interest participation rights subject to service-based and performance-based vesting criteria and other conditions, which we refer to as performance-based restricted participation units (“PRPUs”), to each of the Company’s NEOs, and profits interest participation rights subject to service-based vesting criteria and other conditions to a limited number of other senior employees, pursuant to profits interest participation right agreements. Profits interest participation rights generally provide for vesting approximately three years following the grant date , so long as applicable conditions have been satisfied. Profits interest participation rights are a class of membership interests in the Company that are intended to qualify as “profits interests” for U.S. federal income tax purposes, and are recorded within members’ equity in the Company’s condensed consolidated statements of financial condition. The profits interest participation rights generally allow the recipient to realize value only to the extent that both (i) the service-based vesting conditions and, if applicable, the performance conditions, are satisfied, and (ii) an amount of economic appreciation in the assets of the Company occurs as necessary to satisfy certain partnership tax rules (referred to as the "Minimum Value Condition") before the fifth anniversary of the grant date, otherwise the profits interest participation rights will be forfeited. Upon satisfaction of such conditions, profits interest participation rights that are in parity with the value of 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, the Minimum Value Condition was met during the nine month period ended September 30, 2020. 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. PRPUs, like outstanding PRSUs, are subject to the achievement of incremental pre-established performance conditions and financial metrics and only result in value to the recipient to the extent the conditions are satisfied. 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 financial metrics. 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 each PRPU award will range from zero to two times the target number. Unless applicable performance conditions are satisfied during the three year performance period, and the Minimum Value Condition is satisfied within five years following the grant date, all PRPUs will be forfeited, and the recipients will not be entitled to any such awards. In addition, the performance metrics applicable to each PRPU will be evaluated on an annual basis at the end of each fiscal year during the performance period, and, if Lazard Ltd has achieved a threshold level of performance with respect to the fiscal year, 25% of the target number of PRPUs will no longer be at risk of forfeiture based on the achievement of performance criteria. Profits interest participation rights are allocated income, subject to vesting and settled in cash, in respect of dividends paid on common stock. The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2020: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,462,702 $ 38.65 Granted 1,060,373 $ 42.89 Balance, September 30, 2020 (a) 2,523,075 $ 40.43 (a) Table includes 1,050,778 PRPUs, which represents the target number of PRPUs granted as of September 30, 2020, including 486,611 PRPUs granted during the nine month period ended September 30, 2020. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2020 and those granted during the nine month period ended September 30, 2020 were, in each case, the same for PRPUs and other profits interest participation rights. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2020 were $40.61 and $40.30, 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 September 30, 2020, the total estimated unrecognized compensation expense was $25,754, and the Company expects to amortize such expense over a weighted-average period of approximately 1.0 years subsequent to September 30, 2020 . LFI and Other Similar Deferred Compensation Arrangements Commencing in February 2011, the Company granted LFI to eligible employees. In connection with LFI and other similar deferred compensation arrangements, which generally require future service as a condition for vesting, the Company recorded a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable vesting periods or requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statement of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments. The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2020: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2020 $ 74,597 $ 226,026 Granted 143,289 143,289 Settled - (102,946 ) Forfeited (1,367 ) (4,485 ) Amortization (91,314 ) - Change in fair value related to: Increase in fair value of underlying investments - 15,427 Adjustment for estimated forfeitures - 7,126 Other 100 1,147 Balance, September 30, 2020 $ 125,305 $ 285,584 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.0 years subsequent to September 30, 2020. The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amortization, net of forfeitures $ 25,897 $ 23,325 $ 95,322 $ 85,469 Change in the fair value of underlying investments 11,261 1,764 15,427 22,118 Total $ 37,158 $ 25,089 $ 110,749 $ 107,587

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	1 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 — other” for the other components of benefit costs on the condensed consolidated statements of operations. Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans. The following table summarizes the components of net periodic benefit cost (credit) related to the Company’s pension plans for the three month and nine month periods ended September 30, 2020 and 2019: Pension Plans Three Months Ended September 30, 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 224 $ 223 Interest cost 3,013 3,716 Expected return on plan assets (6,750 ) (6,697 ) Amortization of: Prior service cost 28 26 Net actuarial loss (gain) 1,729 1,220 Settlement loss 622 2,280 Net periodic benefit cost (credit) $ (1,134 ) $ 768 Pension Plans Nine Months Ended September 30, 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 594 $ 635 Interest cost 8,906 11,476 Expected return on plan assets (19,813 ) (20,596 ) Amortization of: Prior service cost 82 82 Net actuarial loss (gain) 5,861 3,761 Settlement loss 2,132 5,802 Net periodic benefit cost (credit) $ (2,238 ) $ 1,160

Business Realignment

Business Realignment	9 Months Ended
	Sep. 30, 2020
Restructuring And Related Activities [Abstract]
Business Realignment	15. BUSINESS REALIGNMENT The Company conducted a review of its business, which resulted in a realignment that included employee reductions and the closing of subscale offices and investment strategies, most of which were completed during the third quarter of 2019. Expenses associated with the business realignment for the three month and nine month periods ended September 30, 2019 were as follows: Financial Advisory Asset Management Corporate Total Compensation and benefits $ 35,658 $ 13,144 $ 317 $ 49,119 Other - 1,335 1,000 2,335 Total $ 35,658 $ 14,479 $ 1,317 $ 51,454 Activity related to the obligations pursuant to the business realignment during the nine month period ended September 30, 2020 was as follows: Accrued Compensation and Benefits Other Liabilities Total Balance, January 1, 2020 $ 20,210 $ 5,068 $ 25,278 Less: Costs paid or otherwise settled (18,304 ) (5,068 ) (23,372 ) Balance, September 30, 2020 $ 1,906 $ - $ 1,906

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	1 6 . INCOME TAXES Although a portion of Lazard Group’s income is subject to U.S. federal income taxes, Lazard Group primarily operates in the U.S. as a limited liability company that is treated as a partnership for U.S. federal income tax purposes. As a result, Lazard Group’s income from its U.S. operations is generally not subject to U.S. federal income taxes because such income is attributable to its partners. Lazard Group, through its subsidiaries, is subject to state and local taxes on its income apportioned to various state and local jurisdictions. Outside the U.S., Lazard Group operates principally through subsidiary corporations that are subject to local income taxes in foreign jurisdictions. Lazard Group is also subject to Unincorporated Business Tax (“UBT”) attributable to its operations apportioned to New York City. The Company recorded income tax provisions of $17,983 and $40,886 for the three month and nine month periods ended September 30, 2020, respectively, and $9,433 and $42,697 for the three month and nine month periods ended September 30, 2019, respectively, representing effective tax rates of 16.6%, 13.9%, 17.9% and 15.9%, respectively. The difference between the U.S. federal statutory rate of 21.0% and the effective tax rates reflected above principally relates to (i) Lazard Group primarily operating as a limited liability company in the U.S., (ii) taxes payable to foreign jurisdictions, (iii) the tax impact of differences in the value of share based incentive compensation and other discrete items, (iv) change in the valuation allowance affecting the provision for income taxes, (v) U.S. state and local taxes, which are incremental to the U.S. federal statutory tax rate, and (vi) impact of U.S. tax reform, including base erosion and anti-abuse tax.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Parties	1 7 . RELATED PARTIES Receivables from and Payables to Lazard Ltd Subsidiaries Interest income relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $64 for the nine month period ended September 30, 2020 and $89 for the nine month period ended September 30, 2019, respectively. Lazard Group’s payables to subsidiaries of Lazard Ltd at December 31, 2019 included interest-bearing loans, including interest thereon, of $57,160. Interest expense relating to interest-bearing loans with subsidiaries of Lazard Ltd amounted to $54 for the nine month period ended September 30, 2020, and $872 and $2,688 for the three month and nine month periods ended September 30, 2019, respectively. In the first quarter of 2020, a subsidiary of Lazard Ltd contributed an interest-bearing intercompany loan, including interest thereon, 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 $131,885 and $386,413 for the three month and nine month periods ended September 30, 2020, respectively, and $141,365 and $438,733 for the three month and nine month periods ended September 30, 2019, respectively, and are included in “asset management fees” on the condensed consolidated statements of operations. Of such amounts, $40,402 and $54,561 remained as receivables at September 30, 2020 and December 31, 2019, respectively, and are included in “fees receivable” on the condensed consolidated statements of financial condition. See Note 12 for information regarding related party transactions pertaining to shares repurchased from certain of our executive officers.

Regulatory Authorities

Regulatory Authorities	9 Months Ended
	Sep. 30, 2020
Regulatory Capital Requirements [Abstract]
Regulatory Authorities	1 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 0.32:1 Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited (collectively, the “U.K. Subsidiaries”) are regulated by the Financial Conduct Authority. At September 30, 2020, the aggregate regulatory net capital of the U.K. Subsidiaries was $163,187, which exceeded the minimum requirement by $140,741. CFLF, under which asset management and commercial banking activities are carried out in France, is subject to regulation by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”) for its banking activities conducted through its subsidiary, LFB. LFB, as a registered bank, is engaged primarily in commercial and private banking services for clients and funds managed by LFG (asset management) and other clients, and asset-liability management. The investment services activities of the Paris group, exercised through LFB and other subsidiaries of CFLF, primarily LFG, also are subject to regulation and supervision by the Autorité des Marchés Financiers. At September 30, 2020, the consolidated regulatory net capital of CFLF was $141,052, which exceeded the minimum requirement set for regulatory capital levels by $80,801. In addition, pursuant to the consolidated supervision rules in the European Union, LFB, in particular, as a French credit institution, is required to be supervised by a regulatory body, either in the U.S. or in the European Union. During the third quarter of 2013, the Company and the ACPR agreed on terms for the consolidated supervision of LFB and certain other non-Financial Advisory European subsidiaries of the Company (referred to herein, on a combined basis, as the “combined European regulated group”) under such rules. Under this supervision, the combined European regulated group is required to comply with minimum requirements for regulatory net capital to be reported on a quarterly basis and satisfy periodic financial and other reporting obligations. At June 30, 2020, the regulatory net capital of the combined European regulated group was $168,490, which exceeded the minimum requirement set for regulatory capital levels by $66,347. Additionally, the combined European regulated group, together with our European Financial Advisory entities, is required to perform an annual risk assessment and provide certain other information on a periodic basis, including financial reports and information relating to financial performance, balance sheet data and capital structure. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At September 30, 2020, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $154,340, which exceeded the minimum required capital by $126,722. At September 30, 2020, 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 Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Information	19 . SEGMENT INFORMATION The Company’s reportable segments offer different products and services and are managed separately as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed to determine the allocation of resources and to assess its performance. The Company’s principal operating activities are included in its Financial Advisory and Asset Management business segments as described in Note 1. In addition, as described in Note 1, the Company records selected other activities in its Corporate segment. The Company’s segment information for the three month and nine month periods ended September 30, 2020 and 2019 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 Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Financial Advisory Net Revenue $ 305,478 $ 304,174 $ 908,878 $ 953,863 Operating Expenses 263,572 303,966 756,591 847,322 Operating Income $ 41,906 $ 208 $ 152,287 $ 106,541 Asset Management Net Revenue $ 277,243 $ 300,015 $ 814,613 $ 917,439 Operating Expenses 200,194 225,819 600,012 652,188 Operating Income $ 77,049 $ 74,196 $ 214,601 $ 265,251 Corporate Net Revenue $ (4,940 ) $ (16,171 ) $ (36,055 ) $ (29,132 ) Operating Expenses 5,960 5,415 37,083 73,366 Operating Loss $ (10,900 ) $ (21,586 ) $ (73,138 ) $ (102,498 ) Total Net Revenue $ 577,781 $ 588,018 $ 1,687,436 $ 1,842,170 Operating Expenses 469,726 535,200 1,393,686 1,572,876 Operating Income $ 108,055 $ 52,818 $ 293,750 $ 269,294 As Of September 30, 2020 December 31, 2019 Total Assets Financial Advisory $ 1,066,854 $ 1,113,266 Asset Management 800,309 821,641 Corporate 3,119,095 3,116,721 Total $ 4,986,258 $ 5,051,628

Consolidated VIEs

Consolidated VIEs	9 Months Ended
	Sep. 30, 2020
Variable Interest Entity Measure Of Activity [Abstract]
Consolidated VIEs	2 0 . CONSOLIDATED VIEs The Company’s consolidated VIEs as of September 30, 2020 and December 31, 2019 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 ASSETS Cash and cash equivalents $ 3,848 $ 3,826 Customers and other receivables 1,061 102 Investments (a) 154,454 97,474 Other assets 397 245 Total Assets $ 159,760 $ 101,647 LIABILITIES Deposits and other customer payables $ 215 $ 62 Other liabilities 985 513 Total Liabilities $ 1,200 $ 575 (a) Includes $120,608 and $83,036 of LFI held by Lazard Group which is eliminated in the condensed consolidated statements of financial condition as of September 30, 2020 and December 31, 2019, respectively.

COVID-19

COVID-19	9 Months Ended
	Sep. 30, 2020
Risks And Uncertainties [Abstract]
COVID-19	2 1 . COVID-19 On March 11, 2020, the World Health Organization declared the coronavirus (“COVID-19”) a pandemic. In response, on March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, and the United States Congress continues to discuss additional stimulus measures. Several governments in jurisdictions that encompass the Company’s largest offices and most significant operations implemented strict social distancing measures in the first quarter of 2020, and such governments continue to review and modify such measures. In response, the Company implemented remote work arrangements for most of its employees and restricted business travel in the first quarter of 2020; these arrangements and restrictions have been modified as governments modified applicable social distancing measures. These arrangements have not materially affected our ability to maintain and conduct our business operations, including the operation of financial reporting systems, internal controls over financial reporting and disclosure controls and procedures. While the COVID-19 pandemic has adversely affected the global economy, the nature and extent of COVID-19’s effect on the Company’s operational and financial performance will continue to depend on future developments, including the course of the pandemic, the success of governments in relaxing social distancing measures and restarting economic activity, the efficacy of monetary and fiscal measures taken or that may be taken in the future and the potential for structural damage to the economy due to the sharp drop in aggregate demand and, particularly in the U.S., a high level of unemployment, all of which are uncertain and difficult to predict considering the rapidly evolving landscape.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	Organization The accompanying condensed consolidated financial statements are those of Lazard Group LLC and its subsidiaries (collectively referred to as “Lazard Group”, “we” or the “Company”). Lazard Group is a Delaware limited liability company, which is governed by an Amended and Restated Operating Agreement dated as of February 4, 2019 (the “Operating Agreement”). Lazard Ltd, a Bermuda holding company, and its subsidiaries (collectively referred to as “Lazard Ltd”), including its indirect investment in Lazard Group, is one of the world’s preeminent financial advisory and asset management firms and has long specialized in crafting solutions to the complex financial and strategic challenges of our clients. We serve a diverse set of clients around the world, including corporations, governments, institutions, partnerships and individuals. Lazard Ltd indirectly held 100% Lazard Group’s principal operating activities are included in two business segments: • Financial Advisory, which offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a wide array of financial advisory services regarding mergers and acquisitions (“M&A”), capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising and other strategic advisory 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 Lazard Group’s Paris-based subsidiary, Lazard Frères Banque SA (“LFB”).
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Lazard Group have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements and should be read in conjunction with the audited consolidated financial statements and notes thereto included in Lazard Group’s Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying December 31, 2019 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 and nine month periods ended September 30, 2020 are not indicative of the results to be expected for any future interim or annual period. The condensed consolidated financial statements include Lazard Group and Lazard Group’s principal operating subsidiaries: Lazard Frères & Co. LLC (“LFNY”), a New York limited liability company, along with its subsidiaries, including Lazard Asset Management LLC and its subsidiaries (collectively referred to as “LAM”); the French limited liability companies Compagnie Financière Lazard Frères SAS (“CFLF”) along with its subsidiaries, LFB and Lazard Frères Gestion SAS (“LFG”), and Maison Lazard SAS and its subsidiaries; and Lazard & Co., Limited (“LCL”), through Lazard & Co., Holdings Limited (“LCH”), an English private limited company, together with their jointly owned affiliates and subsidiaries. The Company’s policy is to consolidate entities in which it has a controlling financial interest. The Company consolidates: • Voting interest entities (“VOEs”) where the Company holds a majority of the voting interest in such VOEs, and • Variable interest entities (“VIEs”) where the Company is the primary beneficiary having the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of, or receive benefits from, the VIE that could be potentially significant to the VIE (see Note 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.
Recent Accounting Developments	Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments —In June 2016, the FASB issued new guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology in the current guidance with a methodology that reflects current expected credit losses (“CECL”) and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company adopted the new guidance on January 1, 2020 using a modified retrospective approach and recorded a $7,571 cumulative-effect adjustment to retained earnings upon adoption. The impact of the new guidance primarily relates to the Company’s fee receivables. To comply with the CECL model, the Company applies a bad debt charge-off rate, determined based on historical charge-off experience and adjusted for specific allowance based on current conditions of individual customers, to measure the expected credit loss for fee receivables. 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. See Note 4 for further details on the Company’s receivables and allowance for doubtful accounts. Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment —In January 2017, the FASB issued updated guidance that eliminated Step 2 from the goodwill impairment test. Step 2 is the process of measuring a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. The new guidance requires entities to measure a goodwill impairment loss as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the carrying amount of goodwill. The FASB also eliminated the requirements for entities that have reporting units with zero or negative carrying amounts to perform a qualitative assessment for the goodwill impairment test. Instead, those entities would be required to disclose the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount. The Company adopted the new guidance on January 1, 2020 and, in accordance with the new guidance, applied it prospectively to goodwill impairment tests performed after the adoption date. Intangibles—Internal-Use Software: Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract —In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The new guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The Company adopted the new guidance as of January 1, 2020 and, in accordance with the new guidance, applied it prospectively to implementation costs incurred after the adoption date. Related Party Guidance for Variable Interest Entities —In October 2018, the FASB issued updated guidance that requires consideration of indirect interest held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The amendments are required to be applied retrospectively with a cumulative-effect adjustment. The Company adopt ed the new guidance as of January 1, 2020 and its application did not have a material impact to the Company’s financial statements . Fair Value Measurement: Changes to the Disclosure Requirements for Fair Value Measurement —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements on fair value measurement. The updated guidance eliminates or modifies various required disclosures under the current guidance and includes additional requirements. The additional disclosures related to Level 3 fair value measurements are to be applied prospectively and other amendments are to be applied retrospectively. The Company adopted the new guidance on January 1, 2020 and its application did not have a material impact to the Company’s financial statements. Compensation–Retirement Benefits: Changes to the Disclosure Requirements for Defined Benefit Plans —In August 2018, the FASB issued updated guidance which modifies the disclosure requirements regarding defined benefit plans and other postretirement plans. The updated guidance eliminates or clarifies certain currently required disclosures and includes additional requirements. The Company adopted the new guidance on January 1, 2020 and will update its annual disclosures in accordance with the new guidance. Simplifying the Accounting for Income Taxes —In December 2019, the FASB issued new guidance to simplify the accounting for income taxes. The amendments include the removal of certain exceptions and various improvements. These improvements are related to the accounting for franchise tax based on income, evaluation of step up in tax basis of goodwill, allocation of consolidated tax expense to standalone legal entities, recognition of enacted change in tax laws or rates, and other minor changes. The new guidance is effective for annual and interim reporting periods beginning after December 15, 2020. The Company plans to adopt the new guidance on January 1, 2021 and does not expect the adoption of the amendments to have a material impact to the Company’s financial statements.
Revenue Recognition Policy	Investment Banking and Other Advisory —Fees for Financial Advisory services are recorded when: (i) a contract with a client has been identified, (ii) the performance obligations in the contract have been identified, (iii) the fee or other transaction price has been determined, (iv) the fee or other transaction price has been allocated to each performance obligation in the contract, and (v) the Company has satisfied the applicable performance obligation. The expenses that are directly related to such transactions are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within investment banking and other advisory fees. Asset Management Fees —Fees for Asset Management services are primarily comprised of management fees and incentive fees. Management fees are derived from fees for investment management and other services provided to clients. Revenue is recorded in accordance with the same five criteria as Financial Advisory fees, which generally results in management fees being recorded on a daily, monthly or quarterly basis, primarily based on a percentage of client assets managed. Fees vary with the type of assets managed, with higher fees earned on equity assets, alternative investment (such as hedge fund) and private equity funds, and lower fees earned on fixed income and money market products. Expenses that are directly related to the sale or distribution of fund interests are recorded as incurred and presented within operating expenses when the Company is primarily responsible for fulfilling the promise of the arrangement. Revenues associated with the reimbursement of such expenses are recorded when the Company is contractually entitled to reimbursement and presented within asset management fees. In addition, the Company earns performance-based incentive fees on various investment products, including traditional products and alternative investment funds such as hedge funds and private equity funds. For hedge funds, incentive fees are calculated based on a specific percentage of a fund’s net appreciation, in some cases in excess of established benchmarks or thresholds. The Company records incentive fees on traditional products and hedge funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance measurement period. The incentive fee measurement period is generally an annual period (unless an account is terminated during the year). The incentive fees received at the end of the measurement period are not subject to reversal or payback. Incentive fees on hedge funds generally are subject to loss carryforward provisions in which losses incurred by the hedge funds in any year are applied against certain gains realized by the hedge funds in future periods before any incentive fees can be earned. For private equity funds, incentive fees may be earned in the form of a “carried interest” if profits arising from realized investments exceed a specified threshold. Typically, such carried interest is ultimately calculated on a whole-fund basis and, therefore, clawback of carried interests during the life of the fund can occur. As a result, the Company records incentive fees earned on our private equity funds when a significant reversal in the amount of the cumulative revenue to be recognized is not probable, which is typically at the end of the relevant performance period. Receivables relating to asset management and incentive fees are reported in “fees receivable” on the consolidated statements of financial condition.
Allowance for Doubtful Accounts	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 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 Policy	Fair Value Hierarchy of Investments and Certain Other Assets and Liabilities —Lazard categorizes its investments and certain other assets and liabilities recorded at fair value into a three-level fair value hierarchy as follows: Level 1. Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that Lazard has the ability to access. Level 2. Assets and liabilities whose values are based on (i) quoted prices for similar assets or liabilities in an active market, or quoted prices for identical or similar assets or liabilities in non-active markets, or (ii) inputs other than quoted prices that are directly observable or derived principally from, or corroborated by, market data. Level 3. Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs reflect our own assumptions about the assumptions a market participant would use in pricing the asset or liability. Items included in Level 3 include securities or other financial assets whose trading volume and level of activity have significantly decreased when compared with normal market activity and there is no longer sufficient frequency or volume to provide pricing information on an ongoing basis. The fair value of debt is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of equities is classified as Level 1 or Level 3 as follows: marketable equity securities are classified as Level 1 and are valued based on the last trade price on the primary exchange for that security as provided by external pricing services; equity securities in private companies are generally classified as Level 3. The fair value of investments in alternative investment funds, debt funds and equity funds is classified as Level 1 when the fair values are primarily based on the publicly reported closing price for the fund. The fair value of investments in private equity funds is classified as Level 3 for certain investments that are valued based on the potential transaction value as of September 30, 2020. The fair value of securities sold, not yet purchased, is classified as Level 1 when the fair values are based on unadjusted quoted prices in active markets. The fair value of the contingent consideration liability is classified as Level 3 and the fair value of the liability is remeasured at each reporting period. The inputs used to derive the fair value of the contingent consideration include the application of probabilities when assessing certain performance thresholds for the relevant periods. The fair value of derivatives entered into by the Company is classified as Level 2 and is based on the values of the related underlying assets, indices or reference rates as follows: the fair value of forward foreign currency exchange rate contracts is a function of the spot rate and the interest rate differential of the two currencies from the trade date to settlement date; the fair value of total return swaps is based on the change in fair value of the related underlying equity security, financial instrument or index and a specified notional holding; the fair value of interest rate swaps is based on the interest rate yield curve; and the fair value of derivative liabilities related to LFI and other similar deferred compensation arrangements is based on the value of the underlying investments, adjusted for forfeitures. See Note 7. Investments Mea sured 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.
Derivative Instruments	The Company enters into forward foreign currency exchange rate contracts, interest rate swaps, interest rate futures, total return swap contracts on various equity and debt indices and other derivative contracts to economically hedge exposures to fluctuations in currency exchange rates, interest rates and equity and debt prices. The Company reports its derivative instruments separately as assets and liabilities unless a legal right of set-off exists under a master netting agreement enforceable by law. The Company’s derivative instruments are recorded at their fair value, and are included in “other assets” and “other liabilities” on the condensed consolidated statements of financial condition. Gains and losses on the Company’s derivative instruments are generally included in “interest income” and “interest expense”, respectively, or “revenue-other”, depending on the nature of the underlying item, in the condensed consolidated statements of operations. In addition to the derivative instruments described above, the Company records derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements, the fair value of which is based on the value of the underlying investments, adjusted for estimated forfeitures, and is included in “accrued compensation and benefits” in the condensed consolidated statements of financial condition. Changes in the fair value of the derivative liabilities are included in “compensation and benefits” in the condensed consolidated statements of operations, the impact of which equally offsets the changes in the fair value of investments which are currently expected to be delivered upon settlement of LFI and other similar deferred compensation arrangements, which are reported in “revenue-other” in the condensed consolidated statements of operations.
Share-Based Incentive Plan Awards	Share-Based Incentive Plan Awards A description of Lazard Ltd’s 2018 Plan, 2008 Plan and 2005 Equity Incentive Plan (the “2005 Plan”) and activity with respect thereto during the three month and nine month periods ended September 30, 2020 and 2019 is presented below. Shares Available Under the 2018 Plan, 2008 Plan and 2005 Plan The 2018 Plan became effective on April 24, 2018 and replaced the 2008 Plan, which was terminated on April 24, 2018. The 2018 Plan authorizes the issuance of up to 30,000,000 shares of common stock pursuant to the grant or exercise of stock options, stock appreciation rights, restricted stock units (“RSUs”), performance-based restricted stock units (“PRSUs”), profits interest participation rights, 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 Plans	Employer Contributions to Pension Plans —The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund when required or when applicable upon an agreement with the plans’ trustees. Management also evaluates from time to time whether to make voluntary contributions to the plans.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue Recognition [Abstract]
Revenue Based on Business Segment Results	The Company disaggregates revenue based on its business segment results and believes that the following information provides a reasonable representation of how performance obligations relate to the nature, amount, timing and uncertainty of revenue and cash flows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net Revenue: Financial Advisory (a) $ 305,478 $ 304,174 $ 908,878 $ 953,863 Asset Management: Management Fees and Other (b) $ 273,964 $ 298,752 $ 809,071 $ 910,321 Incentive Fees (c) 3,279 1,263 5,542 7,118 Total Asset Management $ 277,243 $ 300,015 $ 814,613 $ 917,439 (a) Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events. (b) Management fees and other is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services generally includes management fees, which are based on assets under management and recognized over the period in which the management services are performed. The selling or distribution of fund interests is a separate performance obligation within management fees and other, and the benefits of such services are transferred to the Company’s clients at the point in time that such fund interests are sold or distributed. (c) Incentive fees is primarily comprised of management services. The benefits of these management services are transferred to the Company’s clients over time. Consideration for these management services is generally variable and includes performance or incentive fees. The fees allocated to these management services that are unrecognized as of the end of the reporting period are generally amounts that are subject to constraints due to the uncertainty associated with performance targets and clawbacks.

Receivables (Tables)

Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of Activity in Allowance for Doubtful Accounts	Activity in the allowance for doubtful accounts for the three month and nine month periods ended September 30, 2020 and 2019 was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Beginning Balance $ 40,951 $ 33,484 $ 27,130 $ 40,115 Adjustment for adoption of new accounting guidance - - 7,571 - Bad debt expense, net of reversals (3,811 ) (546 ) 5,103 (6,097 ) Charge-offs, foreign currency translation and other adjustments 1,100 (1,700 ) (1,564 ) (2,780 ) Ending Balance * $ 38,240 $ 31,238 $ 38,240 $ 31,238 *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)	9 Months Ended
	Sep. 30, 2020
Schedule Of Investments [Abstract]
Company's Investments and Securities Sold, Not Yet Purchased	The Company’s investments and securities sold, not yet purchased, consist of the following at September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Interest-bearing deposits $ - $ 517 Debt - 100,000 Equities 38,103 48,521 Funds: Alternative investments (a) 33,105 16,581 Debt (a) 133,702 113,579 Equity (a) 294,956 218,435 Private equity 35,379 34,362 497,142 382,957 Total investments 535,245 531,995 Less: Interest-bearing deposits - 517 Investments, at fair value $ 535,245 $ 531,478 Securities sold, not yet purchased, at fair value (included in “other liabilities”) $ 1,005 $ 12,894 (a) Interests in alternative investment funds, debt funds and equity funds include investments with fair values of $10,420, $99,356 and $240,433, respectively, at September 30, 2020 and $9,881, $78,360 and $170,897, respectively, at December 31, 2019, 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 vestin g conditions (see Notes 7 and 13 ).
Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses	During the three month and nine month periods ended September 30, 2020 and 2019, the Company reported in “revenue-other” on its condensed consolidated statements of operations net unrealized investment gains and losses pertaining to “equity securities and trading debt securities” still held as of the reporting date as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net unrealized investment gains (losses) $ 17,834 $ (590 ) $ 16,896 $ 26,562

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Classification of Investments and Certain Other Assets and Liabilities Measured at Fair Value on Recurring Basis and Investments Measured at NAV	The following tables present, as of September 30, 2020 and December 31, 2019, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient: September 30, 2020 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Equities $ 36,492 $ - $ 1,611 $ - $ 38,103 Funds: Alternative investments 16,315 - - 16,790 33,105 Debt 133,697 - - 5 133,702 Equity 294,917 - - 39 294,956 Private equity - - 1,165 34,214 35,379 Derivatives - 1,925 - - 1,925 Total $ 481,421 $ 1,925 $ 2,776 $ 51,048 $ 537,170 Liabilities: Securities sold, not yet purchased $ 1,005 $ - $ - $ - $ 1,005 Derivatives - 285,946 - - 285,946 Total $ 1,005 $ 285,946 $ - $ - $ 286,951 December 31, 2019 Level 1 Level 2 Level 3 NAV Total Assets: Investments: Debt $ 100,000 $ - $ - $ - $ 100,000 Equities 46,921 - 1,600 - 48,521 Funds: Alternative investments 15,731 - - 850 16,581 Debt 113,574 - - 5 113,579 Equity 218,393 - - 42 218,435 Private equity - - 1,371 32,991 34,362 Derivatives - 1,395 - - 1,395 Total $ 494,619 $ 1,395 $ 2,971 $ 33,888 $ 532,873 Liabilities: Securities sold, not yet purchased $ 12,894 $ - $ - $ - $ 12,894 Derivatives - 236,273 - - 236,273 Total $ 12,894 $ 236,273 $ - $ - $ 249,167
Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities	The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended September 30, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,580 $ 1 $ - $ - $ 30 $ 1,611 Private equity funds 1,012 152 - - 1 1,165 Total Level 3 Assets $ 2,592 $ 153 $ - $ - $ 31 $ 2,776 Nine Months Ended September 30, 2020 Beginning Balance Net Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,600 $ 58 $ - $ - $ (47 ) $ 1,611 Private equity funds 1,371 (207 ) - - 1 1,165 Total Level 3 Assets $ 2,971 $ (149 ) $ - $ - $ (46 ) $ 2,776 Three Months Ended September 30, 2019 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 $ 1,606 $ 148 $ - $ - $ (30 ) $ 1,724 Private equity funds 2,131 15 - - - 2,146 Total Level 3 Assets $ 3,737 $ 163 $ - $ - $ (30 ) $ 3,870 Liabilities: Contingent consideration liability $ 203 $ 4 $ - $ - $ - $ 207 Total Level 3 Liabilities $ 203 $ 4 $ - $ - $ - $ 207 Nine Months Ended September 30, 2019 Beginning Balance Net Unrealized/ Realized Gains/Losses Included In Earnings (a) Purchases/ Acquisitions/ Transfers (b) Sales/ Dispositions/ Settlements Foreign Currency Translation Adjustments Ending Balance Assets: Investments: Equities $ 1,622 $ 134 $ - $ - $ (32 ) $ 1,724 Private equity funds - 15 2,131 - - 2,146 Total Level 3 Assets $ 1,622 $ 149 $ 2,131 $ - $ (32 ) $ 3,870 Liabilities: Contingent consideration liability $ 1,309 $ (1,102 ) $ - $ - $ - $ 207 Total Level 3 Liabilities $ 1,309 $ (1,102 ) $ - $ - $ - $ 207 (a) Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2020 and 2019 include net unrealized gains (losses) of $153, $(149), $163 and $149, respectively. Earnings recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2019 include unrealized (gains) losses of $4 and $(1,102) , respectively. (b) Certain investments that were valued at NAV as of December 31, 2018 were transferred to Level 3 during the nine month period ended September 30, 2019 as these investments are valued based on a potential transaction value that differs from NAV.
Fair Value of Certain Investments Based on NAV	The following tables present, at September 30, 2020 and December 31, 2019, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value: September 30, 2020 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 16,188 $ - NA (a) 30-60 days Other 602 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 39 - NA (d) <30-60 days Private equity funds: Equity growth 34,214 5,935 (e) 100% (f) NA NA Total $ 51,048 $ 5,935 (a) monthly (99%) and quarterly (1%) (b ) daily (8%) and monthly (92%) (c ) daily (100%) (d ) monthly (36%) and annually (64%) ( e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,014 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, 2019 Investments Redeemable Fair Value Unfunded Commitments % of Fair Value Not Redeemable Redemption Frequency Redemption Notice Period Alternative Hedge funds $ 241 $ - NA (a) 30-60 days Other 609 - NA (b) <30-30 days Debt funds 5 - NA (c) <30 days Equity funds 42 - NA (d) <30-60 days Private equity funds: Equity growth 32,991 6,056 (e) 100 % (f) NA NA Total $ 33,888 $ 6,056 (a) monthly (52%) and quarterly (48%) (b) daily (6%) and monthly (94%) (c ) daily (100%) ( d ) monthly (34%) and annually (66%) (e ) Unfunded commitments to private equity investments consolidated but not owned by Lazard of $11,155 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)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition	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 September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Derivative Assets: Forward foreign currency exchange rate contracts $ 1,127 $ 1,395 Total return swaps and other (a) 798 - $ 1,925 $ 1,395 Derivative Liabilities: Forward foreign currency exchange rate contracts $ 244 $ 1,720 Total return swaps and other (a) 118 8,527 LFI and other similar deferred compensation arrangements 285,584 226,026 $ 285,946 $ 236,273 (a) For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,887 and $1,207 as of September 30, 2020, respectively, and $152 and $8,679 as of December 31, 2019, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets” and “other liabilities” as of September 30, 2020 and December 31, 2019, respectively.
Net Gains and (Losses) With Respect To Derivative Instruments (Including Derivatives Not Designed As Hedging Instruments)	Net gains (losses) with respect to derivative instruments (predominantly reflected in “revenue-other”) and the Company’s derivative liabilities relating to its obligations pertaining to LFI and other similar deferred compensation arrangements (included in “compensation and benefits” expense) as reflected on the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2020 and 2019, were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Forward foreign currency exchange rate contracts $ (3,039 ) $ 3,969 $ (4,816 ) $ 5,065 LFI and other similar deferred compensation arrangements (11,261 ) (1,764 ) (15,427 ) (22,118 ) Total return swaps and other (5,202 ) 1,324 1,835 (8,309 ) Total $ (19,502 ) $ 3,529 $ (18,408 ) $ (25,362 )

Property (Tables)

Property (Tables)	9 Months Ended
	Sep. 30, 2020
Property Plant And Equipment [Abstract]
Components of Property	At September 30, 2020 and December 31, 2019, property consisted of the following: Estimated Depreciable September 30, December 31, Life in Years 2020 2019 Buildings 33 $ 148,303 $ 142,298 Leasehold improvements 3-20 226,887 196,277 Furniture and equipment 3-10 231,346 214,700 Construction in progress 23,643 32,476 Total 630,179 585,751 Less - Accumulated depreciation and amortization 397,454 366,880 Property $ 232,725 $ 218,871

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Components of Goodwill and Other Intangible Assets	The components of goodwill and other intangible assets at September 30, 2020 and December 31, 2019 are presented below: September 30, December 31, 2020 2019 Goodwill $ 352,092 $ 350,029 Other intangible assets (net of accumulated amortization) 646 1,768 $ 352,738 $ 351,797
Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill for the nine month periods ended September 30, 2020 and 2019 are as follows: Nine Months Ended September 30, 2020 2019 Balance, January 1 $ 350,029 $ 350,829 Foreign currency translation adjustments 2,063 (5,265 ) Balance, September 30 $ 352,092 $ 345,564
Gross Cost and Accumulated Amortization of Other Intangible Assets	The gross cost and accumulated amortization of other intangible assets as of September 30, 2020 and December 31, 2019, by major intangible asset category, are as follows: September 30, 2020 December 31, 2019 Gross Cost Accumulated Amortization Net Carrying Amount Gross Cost Accumulated Amortization Net Carrying Amount Success/incentive fees $ 33,040 $ 32,665 $ 375 $ 33,040 $ 31,542 $ 1,498 Management fees, customer relationships and non-compete agreements 34,671 34,400 271 34,485 34,215 270 $ 67,711 $ 67,065 $ 646 $ 67,525 $ 65,757 $ 1,768
Estimated Future Amortization Expense	Estimated future amortization expense is as follows: Year Ending December 31, Amortization Expense 2020 (October 1 through December 31) $ 436 2021 60 2022 60 2023 60 2024 30 Total amortization expense $ 646

Senior Debt (Tables)

Senior Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Senior Debt	Senior debt is comprised of the following as of September 30, 2020 and December 31, 2019: Outstanding as of Initial Annual September 30, 2020 December 31, 2019 Principal Amount Maturity Date Interest Rate(b) 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 $ 2,062 $ 397,938 $ 400,000 $ 2,416 $ 397,584 Lazard Group 2027 Senior Notes 300,000 3/1/27 3.625 % 300,000 2,526 297,474 300,000 2,822 297,178 Lazard Group 2028 Senior Notes 500,000 9/19/28 4.50 % 500,000 7,142 492,858 500,000 7,814 492,186 Lazard Group 2029 Senior Notes (a) 500,000 3/11/29 4.375 % 500,000 6,783 493,217 500,000 7,386 492,614 Total $ 1,700,000 $ 18,513 $ 1,681,487 $ 1,700,000 $ 20,438 $ 1,679,562 (a) During March 2019, Lazard Group completed an offering of $500,000 aggregate principal amount of 4.375% senior notes due 2029 (the “2029 Notes”). Interest on the 2029 Notes is payable semi-annually on March 11 and September 11 of each year, beginning September 11, 2019. Lazard Group used a portion of the net proceeds of the 2029 Notes to redeem or otherwise retire $250,000 aggregate principal amount of the 4.25% senior notes due 2020 (the “2020 Notes”). In March 2019, $167,943 aggregate principal amount was redeemed or otherwise retired, and the remaining $82,057 was redeemed or otherwise retired in April 2019. (b) The effective interest rates of Lazard Group’s 3.75% senior notes due February 13, 2025 (the “2025 Notes”), Lazard Group’s 3.625% senior notes due March 1, 2027 (the “2027 Notes”), Lazard Group’s 4.50% senior notes due September 19, 2028 (the “2028 Notes”), and the 2029 Notes are 3.87%, 3.76%, 4.68% and 4.54%, respectively.

Members' Equity (Tables)

Members' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Schedule of Share Repurchase Authorized by Board of Directors	Share Repurchase Program — Since 2018 and through the nine month period ended September 30, 2020, the Board of Directors of Lazard authorized the repurchase of common stock, as set forth in the table below: Date Repurchase Authorization Expiration April 2018 $ 300,000 December 31, 2020 October 2018 $ 300,000 December February 2019 $ 300,000 December October 2019 $ 300,000 December 31, 2021
Schedule of Shares Repurchased Under the Share Repurchase Program	The Company expects that the share repurchase program will continue to be used to offset a portion of the shares that have been or will be issued under the Lazard Ltd 2008 Incentive Compensation Plan (the “2008 Plan”) and the Lazard Ltd 2018 Incentive Compensation Plan (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below: Nine Months Ended September 30: Number of Shares Purchased Average Price Per Share 2019 11,946,943 $ 36.01 2020 2,912,035 $ 32.70
Accumulated Other Comprehensive Income (Loss), Net of Tax	Accumulated Other Comprehensive Income (Loss), Net of Tax —The tables below reflect the balances of each component of AOCI at September 30, 2020 and 2019 and activity during the three month and nine month periods then ended: Three Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, July 1, 2020 $ (99,984 ) $ (162,946 ) $ (262,930 ) $ (1 ) $ (262,929 ) Activity: Other comprehensive income (loss) before reclassifications 33,763 (6,534 ) 27,229 1 27,228 Adjustments for items reclassified to earnings, net of tax - 1,345 1,345 - 1,345 Net other comprehensive income (loss) 33,763 (5,189 ) 28,574 1 28,573 Balance, September 30, 2020 $ (66,221 ) $ (168,135 ) $ (234,356 ) $ - $ (234,356 ) Nine Months Ended September 30, 2020 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2020 $ (74,369 ) $ (176,035 ) $ (250,404 ) $ - $ (250,404 ) Activity: Other comprehensive income before reclassifications 8,148 3,045 11,193 - 11,193 Adjustments for items reclassified to earnings, net of tax - 4,855 4,855 - 4,855 Net other comprehensive income 8,148 7,900 16,048 - 16,048 Balance, September 30, 2020 $ (66,221 ) $ (168,135 ) $ (234,356 ) $ - $ (234,356 ) Three Months Ended September 30, 2019 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, July 1, 2019 $ (86,869 ) $ (140,725 ) $ (227,594 ) $ - $ (227,594 ) Activity: Other comprehensive income (loss) before reclassifications (24,321 ) 9,050 (15,271 ) (1 ) (15,270 ) Adjustments for items reclassified to earnings, net of tax - 1,074 1,074 - 1,074 Net other comprehensive income (loss) (24,321 ) 10,124 (14,197 ) (1 ) (14,196 ) Balance, September 30, 2019 $ (111,190 ) $ (130,601 ) $ (241,791 ) $ (1 ) $ (241,790 ) Nine Months Ended September 30, 2019 Currency Translation Adjustments Employee Benefit Plans Total AOCI Amount Attributable to Noncontrolling Interests Total Lazard Group AOCI Balance, January 1, 2019 $ (82,829 ) $ (145,831 ) $ (228,660 ) $ - $ (228,660 ) Activity: Other comprehensive income (loss) before reclassifications (28,361 ) 11,911 (16,450 ) (1 ) (16,449 ) Adjustments for items reclassified to earnings, net of tax - 3,319 3,319 - 3,319 Net other comprehensive income (loss) (28,361 ) 15,230 (13,131 ) (1 ) (13,130 ) Balance, September 30, 2019 $ (111,190 ) $ (130,601 ) $ (241,791 ) $ (1 ) $ (241,790 )
Adjustments for Items Reclassified Out of AOCI	The table below reflects adjustments for items reclassified out of AOCI, by component, for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amortization relating to employee benefit plans (a) $ 1,757 $ 1,246 $ 5,943 $ 3,843 Less - related income taxes 412 172 1,088 524 Total reclassifications, net of tax $ 1,345 $ 1,074 $ 4,855 $ 3,319 (a) Included in the computation of net periodic benefit cost (see Note 14). Such amounts are included in “operating expenses —
Net Income Attributable to Noncontrolling Interests	The tables below summarize net income (loss) attributable to noncontrolling interests for the three month and nine month periods ended September 30, 2020 and 2019 and noncontrolling interests as of September 30, 2020 and December 31, 2019 in the Company’s condensed consolidated financial statements: Net Income (Loss) Attributable to Noncontrolling Interests Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Edgewater $ 168 $ 1,302 $ (4,179 ) $ 8,237 Consolidated VIEs 1,253 189 (474 ) 423 Other 2 1 3 2 Total $ 1,423 $ 1,492 $ (4,650 ) $ 8,662 Noncontrolling Interests as of September 30, December 31, 2020 2019 Edgewater $ 44,119 $ 50,151 Consolidated VIEs 38,158 18,241 Other 15 14 Total $ 82,292 $ 68,406

Incentive Plans (Tables)

Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense	The following reflects the amortization expense recorded with respect to share-based incentive plans within “compensation and benefits” expense (with respect to RSUs, PRSUs, 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 and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Share-based incentive awards: RSUs $ 29,295 $ 37,206 $ 112,435 $ 140,597 PRSUs 636 14,291 5,627 16,540 Restricted Stock 5,423 7,274 22,969 24,871 Profits interest participation rights 4,121 6,224 37,172 42,105 DSUs 97 97 1,086 1,079 Total $ 39,572 $ 65,092 $ 179,289 $ 225,192
Summary of LFI and Other Similar Deferred Compensation Arrangements	The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2020: Prepaid Compensation Asset Compensation Liability Balance, January 1, 2020 $ 74,597 $ 226,026 Granted 143,289 143,289 Settled - (102,946 ) Forfeited (1,367 ) (4,485 ) Amortization (91,314 ) - Change in fair value related to: Increase in fair value of underlying investments - 15,427 Adjustment for estimated forfeitures - 7,126 Other 100 1,147 Balance, September 30, 2020 $ 125,305 $ 285,584 The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2020 and 2019: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Amortization, net of forfeitures $ 25,897 $ 23,325 $ 95,322 $ 85,469 Change in the fair value of underlying investments 11,261 1,764 15,427 22,118 Total $ 37,158 $ 25,089 $ 110,749 $ 107,587
Restricted Stock Units and Deferred Stock Units [Member]
Schedule of Activity Relating to Share-based Awards	The following is a summary of activity relating to RSUs and DSUs during the nine month period ended September 30, 2020: RSUs DSUs Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value Balance, January 1, 2020 10,387,566 $ 44.66 395,973 $ 38.01 Granted (including 489,971 RSUs relating to dividend participation) 3,332,581 $ 42.63 77,776 $ 27.94 Forfeited (70,964 ) $ 41.50 - - Settled (4,469,676 ) $ 46.66 - - Balance, September 30, 2020 9,179,507 $ 42.98 473,749 $ 36.35
Restricted Stock [Member]
Schedule of Activity Relating to Share-based Awards	The following is a summary of activity related to shares of restricted common stock associated with compensation arrangements during the nine month period ended September 30, 2020: Restricted Shares Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,039,306 $ 41.79 Granted (including 28,948 relating to dividend participation) 690,800 $ 42.09 Forfeited (17,371 ) $ 39.37 Settled (513,792 ) $ 43.52 Balance, September 30, 2020 1,198,943 $ 41.25
PRSUs [Member]
Schedule of Activity Relating to Share-based Awards	The following is a summary of activity relating to PRSUs during the nine month period ended September 30, 2020: PRSUs Weighted Average Grant Date Fair Value Balance, January 1, 2020 797,705 $ 47.65 Settled (550,650 ) $ 43.54 Balance, September 30, 2020 247,055 $ 56.80
Profits Interest Participation Rights [Member]
Schedule of Activity Relating to Share-based Awards	The following is a summary of activity relating to profits interest participation rights, including PRPUs, during the nine month period ended September 30, 2020: Profits Interest Participation Rights Weighted Average Grant Date Fair Value Balance, January 1, 2020 1,462,702 $ 38.65 Granted 1,060,373 $ 42.89 Balance, September 30, 2020 (a) 2,523,075 $ 40.43 (a) Table includes 1,050,778 PRPUs, which represents the target number of PRPUs granted as of September 30, 2020, including 486,611 PRPUs granted during the nine month period ended September 30, 2020. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of January 1, 2020 and those granted during the nine month period ended September 30, 2020 were, in each case, the same for PRPUs and other profits interest participation rights. The weighted average grant date fair values for PRPUs and other profits interest participation rights outstanding as of September 30, 2020 were $40.61 and $40.30, respectively.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2020
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 and nine month periods ended September 30, 2020 and 2019: Pension Plans Three Months Ended September 30, 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 224 $ 223 Interest cost 3,013 3,716 Expected return on plan assets (6,750 ) (6,697 ) Amortization of: Prior service cost 28 26 Net actuarial loss (gain) 1,729 1,220 Settlement loss 622 2,280 Net periodic benefit cost (credit) $ (1,134 ) $ 768 Pension Plans Nine Months Ended September 30, 2020 2019 Components of Net Periodic Benefit Cost (Credit): Service cost $ 594 $ 635 Interest cost 8,906 11,476 Expected return on plan assets (19,813 ) (20,596 ) Amortization of: Prior service cost 82 82 Net actuarial loss (gain) 5,861 3,761 Settlement loss 2,132 5,802 Net periodic benefit cost (credit) $ (2,238 ) $ 1,160

Business Realignment (Tables)

Business Realignment (Tables)	9 Months Ended
	Sep. 30, 2020
Restructuring And Related Activities [Abstract]
Expenses Associated with Business Realignment Activity	Expenses associated with the business realignment for the three month and nine month periods ended September 30, 2019 were as follows: Financial Advisory Asset Management Corporate Total Compensation and benefits $ 35,658 $ 13,144 $ 317 $ 49,119 Other - 1,335 1,000 2,335 Total $ 35,658 $ 14,479 $ 1,317 $ 51,454
Activity Related to the Obligations Pursuant to Business Realignment	Activity related to the obligations pursuant to the business realignment during the nine month period ended September 30, 2020 was as follows: Accrued Compensation and Benefits Other Liabilities Total Balance, January 1, 2020 $ 20,210 $ 5,068 $ 25,278 Less: Costs paid or otherwise settled (18,304 ) (5,068 ) (23,372 ) Balance, September 30, 2020 $ 1,906 $ - $ 1,906

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment's Contribution with Respect to Net Revenue, Operating Expenses, Operating Income (Loss) and Total Assets	Management evaluates segment results based on net revenue and operating income (loss) and believes that the following information provides a reasonable representation of each segment’s contribution with respect to net revenue, operating income (loss) and total assets: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Financial Advisory Net Revenue $ 305,478 $ 304,174 $ 908,878 $ 953,863 Operating Expenses 263,572 303,966 756,591 847,322 Operating Income $ 41,906 $ 208 $ 152,287 $ 106,541 Asset Management Net Revenue $ 277,243 $ 300,015 $ 814,613 $ 917,439 Operating Expenses 200,194 225,819 600,012 652,188 Operating Income $ 77,049 $ 74,196 $ 214,601 $ 265,251 Corporate Net Revenue $ (4,940 ) $ (16,171 ) $ (36,055 ) $ (29,132 ) Operating Expenses 5,960 5,415 37,083 73,366 Operating Loss $ (10,900 ) $ (21,586 ) $ (73,138 ) $ (102,498 ) Total Net Revenue $ 577,781 $ 588,018 $ 1,687,436 $ 1,842,170 Operating Expenses 469,726 535,200 1,393,686 1,572,876 Operating Income $ 108,055 $ 52,818 $ 293,750 $ 269,294 As Of September 30, 2020 December 31, 2019 Total Assets Financial Advisory $ 1,066,854 $ 1,113,266 Asset Management 800,309 821,641 Corporate 3,119,095 3,116,721 Total $ 4,986,258 $ 5,051,628

Consolidated VIEs (Tables)

Consolidated VIEs (Tables)	9 Months Ended
	Sep. 30, 2020
Variable Interest Entity Measure Of Activity [Abstract]
Summary of Consolidated VIE Assets and Liabilities	The Company’s consolidated VIE assets and liabilities as reflected in the condensed consolidated statements of financial condition consist of the following at September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 ASSETS Cash and cash equivalents $ 3,848 $ 3,826 Customers and other receivables 1,061 102 Investments (a) 154,454 97,474 Other assets 397 245 Total Assets $ 159,760 $ 101,647 LIABILITIES Deposits and other customer payables $ 215 $ 62 Other liabilities 985 513 Total Liabilities $ 1,200 $ 575 (a) Includes $120,608 and $83,036 of LFI held by Lazard Group which is eliminated in the condensed consolidated statements of financial condition as of September 30, 2020 and December 31, 2019, respectively.

Organization and Basis of Pre_3

Organization and Basis of Presentation - Additional Information (Detail) - Segment	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Organization And Basis Of Presentation [Line Items]
Governing operating agreement, date	Feb. 4, 2019
Number of business segments	2
Lazard Group LLC [Member]
Organization And Basis Of Presentation [Line Items]
Percentage of common membership interests held	100.00%	100.00%

Recent Accounting Developments

Recent Accounting Developments - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Adjustments for New Accounting Principle, Early Adoption [Member]
Cumulative-effect adjustment to retained ernings related to fee receivables recorded from adoption of new guidance	$ 7,571

Revenue Recognition - Represent

Revenue Recognition - Representation of Performance Obligations Relate to Nature, Amount, Timing and Uncertainty of Revenue and Cash Flows (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Financial Advisory Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	[1]	$ 305,478	$ 304,174	$ 908,878	$ 953,863
Asset Management Segment [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue		277,243	300,015	814,613	917,439
Asset Management Segment [Member] | Management Fees and Other [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	[2]	273,964	298,752	809,071	910,321
Asset Management Segment [Member] | Incentive Fees [Member]
Disaggregation Of Revenue [Line Items]
Net Revenue	[3]	$ 3,279	$ 1,263	$ 5,542	$ 7,118
[1]	Financial Advisory is comprised of M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients. The benefits of these advisory services are generally transferred to the Company’s clients over time, and consideration for these advisory services typically includes transaction completion, transaction announcement and retainer fees. Retainer fees are generally fixed and recognized over the period in which the advisory services are performed. However, transaction announcement and transaction completion fees are variable and subject to constraints, and they are typically not recognized until there is an announcement date or a completion date, respectively, due to the uncertainty associated with those events. Therefore, in any given period, advisory fees recognized for certain transactions will relate to services performed in prior periods. The advisory fees that may be unrecognized as of the end of a reporting period, primarily comprised of fees associated with transaction announcements and transaction completions, generally remain unrecognized due to the uncertainty associated with those events.
[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 Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts receivables, Beginning balance		$ 40,951	$ 33,484	$ 27,130	$ 40,115
Bad debt expense, net of reversals		(3,811)	(546)	5,103	(6,097)
Charge-offs, foreign currency translation and other adjustments		1,100	(1,700)	(1,564)	(2,780)
Allowance for doubtful accounts receivables, Ending balance	[1]	$ 38,240	$ 31,238	38,240	$ 31,238
Adjustments for New Accounting Principle, Early Adoption [Member]
Accounts Notes And Loans Receivable [Line Items]
Adjustment for adoption of new accounting guidance				$ 7,571
[1]	The allowance for doubtful accounts balances are substantially all related to M&A and Restructuring fee receivables that include recoverable expense receivables.

Receivables - Additional Inform

Receivables - Additional Information (Detail) - USD ($)	Sep. 30, 2020		Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	[1]	Jun. 30, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Interest-bearing financing fee receivables	$ 82,179,000			$ 77,052,000
Allowance for doubtful accounts receivables	38,240,000	[1]	$ 40,951,000	27,130,000	$ 31,238,000		$ 33,484,000	$ 40,115,000
Aggregate carrying amount of non-interest bearing receivables	537,477,000			620,599,000
Financing Receivables [Member]
Accounts Notes And Loans Receivable [Line Items]
Allowance for doubtful accounts receivables	$ 0			$ 0
[1]	The allowance for doubtful accounts balances are substantially all related to M&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 Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Total investments	$ 535,245	$ 531,995
Investments, at fair value	535,245	531,478
Securities sold, not yet purchased, at fair value (included in "other liabilities")	1,005	12,894
Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Total investments		517
Debt [Member]
Schedule of Investments [Line Items]
Total investments		100,000
Investments, at fair value		100,000
Equities [Member]
Schedule of Investments [Line Items]
Total investments	38,103	48,521
Investments, at fair value	38,103	48,521
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Total investments	33,105	16,581
Investments, at fair value	33,105	16,581
Debt Funds [Member]
Schedule of Investments [Line Items]
Total investments	133,702	113,579
Investments, at fair value	133,702	113,579
Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments	294,956	218,435
Investments, at fair value	294,956	218,435
Private Equity Funds [Member]
Schedule of Investments [Line Items]
Total investments	35,379	34,362
Investments, at fair value	35,379	34,362
Funds Total [Member]
Schedule of Investments [Line Items]
Total investments	$ 497,142	$ 382,957

Investments - Company's Inves_2

Investments - Company's Investments and Securities Sold, Not Yet Purchased (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Investments [Line Items]
Investments	$ 535,245	$ 531,995
Alternative Investment Funds [Member]
Schedule of Investments [Line Items]
Investments	33,105	16,581
Alternative Investment Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	10,420	9,881
Debt Funds [Member]
Schedule of Investments [Line Items]
Investments	133,702	113,579
Debt Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	99,356	78,360
Equity Funds [Member]
Schedule of Investments [Line Items]
Investments	294,956	218,435
Equity Funds [Member] | Lazard Fund Interests [Member]
Schedule of Investments [Line Items]
Investments	$ 240,433	$ 170,897

Investments - Additional Inform

Investments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020
Minimum [Member] | Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Deposits maturity period	3 months
Minimum [Member] | Debt [Member] | U.S. Treasury Securities [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period	3 months
Maximum [Member] | Interest-bearing Deposits [Member]
Schedule of Investments [Line Items]
Deposits maturity period	1 year
Maximum [Member] | Debt [Member] | U.S. Treasury Securities [Member]
Schedule of Investments [Line Items]
US Treasury securities maturity period	1 year

Investments - Schedule of Equit

Investments - Schedule of Equity Securities and Trading Debt Securities Net Unrealized Investment Gains and Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Realized Or Unrealized Gain Loss On Trading Securities [Abstract]
Net unrealized investment gains (losses)	$ 17,834	$ (590)	$ 16,896	$ 26,562

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 Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	$ 535,245	$ 531,478
Total Derivative Assets	1,925	1,395
Total investments measured at fair value	537,170	532,873
Securities sold, not yet purchased	1,005	12,894
Total Derivative Liabilities	285,946	236,273
Total of Liabilities Measured at Fair Value	286,951	249,167
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	481,421	494,619
Securities sold, not yet purchased	1,005	12,894
Total of Liabilities Measured at Fair Value	1,005	12,894
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total Derivative Assets	1,925	1,395
Total investments measured at fair value	1,925	1,395
Total Derivative Liabilities	285,946	236,273
Total of Liabilities Measured at Fair Value	285,946	236,273
Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	2,776	2,971
NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total investments measured at fair value	51,048	33,888
Equities [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	38,103	48,521
Equities [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	36,492	46,921
Equities [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	1,611	1,600
Alternative Investment Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	33,105	16,581
Alternative Investment Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	16,315	15,731
Alternative Investment Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	16,790	850
Debt Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	133,702	113,579
Debt Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	133,697	113,574
Debt Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	5	5
Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	294,956	218,435
Equity Funds [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	294,917	218,393
Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	39	42
Private Equity Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	35,379	34,362
Private Equity Funds [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	1,165	1,371
Private Equity Funds [Member] | NAV [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	$ 34,214	32,991
Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments		100,000
Debt [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments		$ 100,000

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Assets:
Beginning Balance	$ 2,592	$ 3,737	$ 2,971	$ 1,622
Net Unrealized/Realized Gains/Losses Included In Earnings	153	163	(149)	149
Purchases/Acquisitions	0	0	0	2,131
Sales/Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	31	(30)	(46)	(32)
Ending Balance	2,776	3,870	2,776	3,870
Liabilities:
Beginning Balance		203		1,309
Net Unrealized/Realized Gains/Losses Included In Earnings		4		(1,102)
Purchases/Acquisitions		0		0
Sales/Dispositions/Settlements		0		0
Foreign Currency Translation Adjustments		0		0
Ending Balance		207		207
Contingent Consideration Liability [Member]
Liabilities:
Beginning Balance		203		1,309
Net Unrealized/Realized Gains/Losses Included In Earnings		4		(1,102)
Purchases/Acquisitions		0		0
Sales/Dispositions/Settlements		0		0
Foreign Currency Translation Adjustments		0		0
Ending Balance		207		207
Equities [Member]
Assets:
Beginning Balance	1,580	1,606	1,600	1,622
Net Unrealized/Realized Gains/Losses Included In Earnings	1	148	58	134
Purchases/Acquisitions	0	0	0	0
Sales/Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	30	(30)	(47)	(32)
Ending Balance	1,611	1,724	1,611	1,724
Private Equity Funds [Member]
Assets:
Beginning Balance	1,012	2,131	1,371	0
Net Unrealized/Realized Gains/Losses Included In Earnings	152	15	(207)	15
Purchases/Acquisitions	0	0	0	2,131
Sales/Dispositions/Settlements	0	0	0	0
Foreign Currency Translation Adjustments	1	0	1	0
Ending Balance	$ 1,165	$ 2,146	$ 1,165	$ 2,146

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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Contingent Consideration Liability [Member]
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Net unrealized (gains) losses		$ 4		$ (1,102)
Equities [Member]
Fair Value of Assets and Liabilities Measured on Recurring Basis Unobservable Input Reconciliation [Line Items]
Net unrealized gains (losses)	$ 153	$ 163	$ (149)	$ 149

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value Option Quantitative Disclosures [Line Items]
No other transfers into or out of Level 3	$ 0	$ 0	$ 0	$ 0
Unfunded Commitments	5,935,000		5,935,000		$ 6,056,000
EGCP III [Member]
Fair Value Option Quantitative Disclosures [Line Items]
Unfunded Commitments	$ 5,370,000		$ 5,370,000
End of the investment period			Oct. 12, 2016
Remaining obligation date			Oct. 12, 2023

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 51,048	$ 33,888
Unfunded Commitments	5,935	6,056
Hedge Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 16,188	$ 241
Hedge Funds [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	99.00%	52.00%
Hedge Funds [Member] | Quarterly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	1.00%	48.00%
Hedge Funds [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Hedge Funds [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Other [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 602	$ 609
Other [Member] | Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	8.00%	6.00%
Other [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	92.00%	94.00%
Other [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Other [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 5	$ 5
Investments Redeemable, Redemption Notice Period	30 days	30 days
Debt Funds [Member] | Daily [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	100.00%	100.00%
Equity Funds [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 39	$ 42
Equity Funds [Member] | Monthly [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	36.00%	34.00%
Equity Funds [Member] | Annually [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Percent	64.00%	66.00%
Equity Funds [Member] | Minimum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	30 days	30 days
Equity Funds [Member] | Maximum [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Investments Redeemable, Redemption Notice Period	60 days	60 days
Private Equity Funds [Member] | Equity Growth [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Fair Value	$ 34,214	$ 32,991
Unfunded Commitments	$ 5,935	$ 6,056
% of Fair Value Not Redeemable	100.00%	100.00%

Fair Value Measurements - Fai_2

Fair Value Measurements - Fair Value of Certain Investments Based on NAV (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 5,935	$ 6,056
Private Equity Funds [Member] | Consolidated But Not Owned [Member]
Fair Value Investments Entities That Calculate Net Asset Value Per Share [Line Items]
Unfunded Commitments	$ 11,014	$ 11,155

Derivatives - Fair Values of De

Derivatives - Fair Values of Derivatives Reported on Condensed Consolidated Statements of Financial Condition (Detail) - USD ($) $ in Thousands		Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative Assets		$ 1,925	$ 1,395
Derivative Liabilities		285,946	236,273
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets		1,127	1,395
Derivative Liabilities		244	1,720
Total Return Swaps and Other [Member]
Derivatives, Fair Value [Line Items]
Derivative Assets	[1]	798
Derivative Liabilities	[1]	118	8,527
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivatives, Fair Value [Line Items]
Derivative Liabilities		$ 285,584	$ 226,026
[1]	For total return swaps, amounts represent the netting of gross derivative assets and liabilities of $1,887 and $1,207 as of September 30, 2020, respectively, and $152 and $8,679 as of December 31, 2019, respectively, for contracts with the same counterparty under legally enforceable master netting agreements. Such amounts are recorded “net” in “other assets” and “other liabilities” as of September 30, 2020 and December 31, 2019, respectively.

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 Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Gross derivative assets	$ 1,887	$ 152
Gross derivative liability	$ 1,207	$ 8,679

Derivatives - Net Gains (Losses

Derivatives - Net Gains (Losses) with Respect to Derivative Instruments Not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (19,502)	$ 3,529	$ (18,408)	$ (25,362)
Forward Foreign Currency Exchange Rate Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(3,039)	3,969	(4,816)	5,065
LFI and Other Similar Deferred Compensation Arrangements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	(11,261)	(1,764)	(15,427)	(22,118)
Total Return Swaps and Other [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) on derivatives not designated as hedging instruments	$ (5,202)	$ 1,324	$ 1,835	$ (8,309)

Property - Components of Proper

Property - Components of Property (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 630,179	$ 585,751
Less - Accumulated depreciation and amortization	397,454	366,880
Property	232,725	218,871
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 148,303	142,298
Property, plant and equipment, useful life	33 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 226,887	196,277
Leasehold Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	20 years
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 231,346	214,700
Furniture and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Furniture and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 23,643	$ 32,476

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Components of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 352,092	$ 350,029	$ 345,564	$ 350,829
Other intangible assets (net of accumulated amortization)	646	1,768
Goodwill and other intangible assets, Total	$ 352,738	$ 351,797

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 352,092	$ 345,564	$ 352,092	$ 345,564	$ 350,029	$ 350,829
Amortization of intangible assets	443	$ 1,077	1,308	$ 1,901
Financial Advisory Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	287,551		287,551		285,488
Asset Management Segment [Member]
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 64,541		$ 64,541		$ 64,541

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Beginning Balance	$ 350,029	$ 350,829
Foreign currency translation adjustments	2,063	(5,265)
Ending Balance	$ 352,092	$ 345,564

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets - Gross Cost and Accumulated Amortization of Other Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	$ 67,711	$ 67,525
Other intangible assets, accumulated amortization	67,065	65,757
Other intangible assets, Net Carrying Amount	646	1,768
Success/Incentive Fees [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	33,040	33,040
Other intangible assets, accumulated amortization	32,665	31,542
Other intangible assets, Net Carrying Amount	375	1,498
Management Fees, Customer Relationships and Non-Compete Agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Other intangible assets, Gross Cost	34,671	34,485
Other intangible assets, accumulated amortization	34,400	34,215
Other intangible assets, Net Carrying Amount	$ 271	$ 270

Goodwill and Other Intangible_7

Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Detail) $ in Thousands	Sep. 30, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2020 (October 1 through December 31)	$ 436
2021	60
2022	60
2023	60
2024	30
Total amortization expense	$ 646

Senior Debt - Senior Debt (Deta

Senior Debt - Senior Debt (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Senior Debt, Outstanding Principal	$ 1,700,000,000	$ 1,700,000,000
Senior Debt, Outstanding Unamortized Debt Costs	18,513,000	20,438,000
Senior Debt, Outstanding Carrying Value	1,681,487,000	1,679,562,000
Lazard Group 3.75% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 400,000,000
Senior Debt, Maturity Date	Feb. 13, 2025
Senior Debt, Annual Interest Rate	3.75%
Senior Debt, Outstanding Principal	$ 400,000,000	400,000,000
Senior Debt, Outstanding Unamortized Debt Costs	2,062,000	2,416,000
Senior Debt, Outstanding Carrying Value	397,938,000	397,584,000
Lazard Group 3.625% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 300,000,000
Senior Debt, Maturity Date	Mar. 1, 2027
Senior Debt, Annual Interest Rate	3.625%
Senior Debt, Outstanding Principal	$ 300,000,000	300,000,000
Senior Debt, Outstanding Unamortized Debt Costs	2,526,000	2,822,000
Senior Debt, Outstanding Carrying Value	297,474,000	297,178,000
Lazard Group 4.50% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 500,000,000
Senior Debt, Maturity Date	Sep. 19, 2028
Senior Debt, Annual Interest Rate	4.50%
Senior Debt, Outstanding Principal	$ 500,000,000	500,000,000
Senior Debt, Outstanding Unamortized Debt Costs	7,142,000	7,814,000
Senior Debt, Outstanding Carrying Value	492,858,000	492,186,000
Lazard Group 4.375% Senior Notes [Member]
Debt Instrument [Line Items]
Senior Debt, Initial Principal Amount	$ 500,000,000		$ 500,000,000
Senior Debt, Maturity Date	Mar. 11, 2029
Senior Debt, Annual Interest Rate	4.375%		4.375%
Senior Debt, Outstanding Principal	$ 500,000,000	500,000,000
Senior Debt, Outstanding Unamortized Debt Costs	6,783,000	7,386,000
Senior Debt, Outstanding Carrying Value	$ 493,217,000	$ 492,614,000

Senior Debt - Senior Debt (Pare

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

Senior Debt - Additional Inform

Senior Debt - Additional Information (Detail) - USD ($)	Jul. 22, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Senior debt		$ 1,681,487,000	$ 1,679,562,000
Amended and Restated Credit Agreement [Member]
Debt Instrument [Line Items]
Senior revolving credit facility	$ 200,000,000
Duration of senior revolving credit facility, in years	3 years
Expiration of credit facility	2023-07
Outstanding credit facility		0	0
Senior Debt [Member]
Debt Instrument [Line Items]
Senior debt		1,681,487,000	1,679,562,000
Fair value of senior debt		1,917,000,000	$ 1,839,000,000
Unused Lines of Credit [Member]
Debt Instrument [Line Items]
Unused lines of credit		219,000,000
Unused Lines of Credit [Member] | LFB [Member]
Debt Instrument [Line Items]
Unused lines of credit		$ 18,000,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	Sep. 30, 2020USD ($)
LFB [Member]
Other Commitments [Line Items]
Other commitments	$ 0
LFNY [Member]
Other Commitments [Line Items]
Other commitments	$ 0

Members' Equity - Additional In

Members' Equity - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased	$ 78,569	$ 95,227	$ 430,281
Share repurchase remaining authorization		305,598
December 31, 2020 [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase remaining authorization		$ 5,598
Share repurchase authorization expiration date		Dec. 31, 2020
December 31, 2021 [Member]
Schedule Of Stockholders Equity [Line Items]
Share repurchase remaining authorization		$ 300,000
Share repurchase authorization expiration date		Dec. 31, 2021
Lazard Ltd Subsidiaries [Member]
Schedule Of Stockholders Equity [Line Items]
Distribution to members		$ 120,300	178,935
Executive Officers [Member] | Common Stock [Member]
Schedule Of Stockholders Equity [Line Items]
Aggregate value of all shares repurchased		$ 10,000	$ 14,600

Members' Equity - Schedule of S

Members' Equity - Schedule of Share Repurchase Authorized by Board of Directors (Detail)	9 Months Ended
	Sep. 30, 2020USD ($)
April, 2018 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020
October, 2018 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020
February, 2019 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2020
October, 2019 [Member]
Equity, Class of Treasury Stock [Line Items]
Repurchase Authorization	$ 300,000,000
Expiration	Dec. 31, 2021

Members' Equity - Schedule of_2

Members' Equity - Schedule of Shares Repurchased Under the Share Repurchase Program (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share Repurchase Program [Abstract]
Number of Shares Purchased	2,912,035	11,946,943
Average Price Per Share	$ 32.70	$ 36.01

Members' Equity - Accumulated O

Members' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	$ 355,466	$ 301,665	$ 287,326	$ 582,752
Other comprehensive income (loss) before reclassifications	27,229	(15,271)	11,193	(16,450)
Adjustments for items reclassified to earnings, net of tax	1,345	1,074	4,855	3,319
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	28,574	(14,197)	16,048	(13,131)
Balance	512,493	315,341	512,493	315,341
Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(99,984)	(86,869)	(74,369)	(82,829)
Other comprehensive income (loss) before reclassifications	33,763	(24,321)	8,148	(28,361)
Adjustments for items reclassified to earnings, net of tax	0	0	0	0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	33,763	(24,321)	8,148	(28,361)
Balance	(66,221)	(111,190)	(66,221)	(111,190)
Employee Benefit Plans [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(162,946)	(140,725)	(176,035)	(145,831)
Other comprehensive income (loss) before reclassifications	(6,534)	9,050	3,045	11,911
Adjustments for items reclassified to earnings, net of tax	1,345	1,074	4,855	3,319
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	(5,189)	10,124	7,900	15,230
Balance	(168,135)	(130,601)	(168,135)	(130,601)
Total AOCI [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(262,930)	(227,594)	(250,404)	(228,660)
Balance	(234,356)	(241,791)	(234,356)	(241,791)
AOCI Attributable to Noncontrolling Interest [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(1)
Other comprehensive income (loss) before reclassifications	1	(1)		(1)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	1	(1)		(1)
Balance		(1)		(1)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(262,929)	(227,594)	(250,404)	(228,660)
Other comprehensive income (loss) before reclassifications	27,228	(15,270)	11,193	(16,449)
Adjustments for items reclassified to earnings, net of tax	1,345	1,074	4,855	3,319
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX	28,573	(14,196)	16,048	(13,130)
Balance	$ (234,356)	$ (241,790)	$ (234,356)	$ (241,790)

Members' Equity - Adjustments f

Members' Equity - Adjustments for Items Reclassified Out of AOCI (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Total reclassifications, net of tax	$ 1,345	$ 1,074	$ 4,855	$ 3,319
Employee Benefit Plans [Member]
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items]
Amortization relating to employee benefit plans	1,757	1,246	5,943	3,843
Less - related income taxes	412	172	1,088	524
Total reclassifications, net of tax	$ 1,345	$ 1,074	$ 4,855	$ 3,319

Members' Equity - Net Income (L

Members' Equity - Net Income (Loss) Attributable to Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	$ 1,423	$ 1,492	$ (4,650)	$ 8,662
Noncontrolling interests	82,292		82,292		$ 68,406
Consolidated VIEs [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	1,253	189	(474)	423
Noncontrolling interests	38,158		38,158		18,241
Edgewater [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	168	1,302	(4,179)	8,237
Noncontrolling interests	44,119		44,119		50,151
Other Entity [Member]
Change In Ownership Interest [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interests	2	$ 1	3	$ 2
Noncontrolling interests	$ 15		$ 15		$ 14

Incentive Plans - Additional In

Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	Apr. 24, 2018	Sep. 30, 2020
Lazard Fund Interests [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, years		1 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 DSUs		55.00%
RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis		one-for-one
Grant date fair value, amortized periods		generally, one-third after two years and the remaining two-thirds after the third year
Dividend participation rights required the issuance of RSUs		489,971
Unrecognized compensation expense		$ 129,255
Unrecognized compensation expense, years		9 months 18 days
DSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual compensation received for service		60,022
Units granted under the directors deferred unit plan		17,754
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend participation rights required the issuance of RSUs		28,948
Unrecognized compensation expense		$ 22,358
Unrecognized compensation expense, years		9 months 18 days
PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 1,052
Unrecognized compensation expense, years		2 months 12 days
Percentage of target number of shares subject to each PRSU no longer subject to forfeiture due to threshold level of performance being achieved		25.00%
Descriptions of vesting period		PRSUs will vest on a single date approximately three years following the date of the grant
Vesting period		3 years
PRSUs target share distribution for Class A common stock, description		The target number of shares of 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.
Profits Interest Participation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock conversion basis		one-for-one
Unrecognized compensation expense		$ 25,754
Unrecognized compensation expense, years		1 year
Descriptions of vesting period		Profits interest participation rights generally provide for vesting approximately three years following the grant date
Vesting period		3 years
PRSUs target share distribution for Class A common stock, description		The target number of shares of 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 each PRPU award will range from zero to two times the target number.
Percentage of target number of shares subject to the applicable units no longer subject to forfeiture due to threshold level of performance being achieved		25.00%
Common Stock [Member] | RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery		1,623,353
Delivery of common stock associated with stock awards		2,846,323
Common Stock [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery		175,332
Delivery of common stock associated with stock awards		338,460
Common Stock [Member] | PRSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Withholding taxes in lieu of share delivery		91,314
Delivery of common stock associated with stock awards		459,336
Common Stock [Member] | 2018 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized pertaining to share based compensation arrangements	30,000,000
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 plan	30.00%
Compensation plan expiration period	Apr. 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 arrangements		25,000,000

Incentive Plans - Summary of Im

Incentive Plans - Summary of Impact of Share-Based Incentive Plans on Compensation and Benefits Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based incentive awards:
Share-based incentive awards	$ 39,572	$ 65,092	$ 179,289	$ 225,192
RSUs [Member]
Share-based incentive awards:
Share-based incentive awards	29,295	37,206	112,435	140,597
PRSUs [Member]
Share-based incentive awards:
Share-based incentive awards	636	14,291	5,627	16,540
Restricted Stock [Member]
Share-based incentive awards:
Share-based incentive awards	5,423	7,274	22,969	24,871
Profits Interest Participation Rights [Member]
Share-based incentive awards:
Share-based incentive awards	4,121	6,224	37,172	42,105
DSUs [Member]
Share-based incentive awards:
Share-based incentive awards	$ 97	$ 97	$ 1,086	$ 1,079

Incentive Plans - Schedule of A

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Detail)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
RSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares	10,387,566
Units, Granted | shares	3,332,581
Units, Forfeited | shares	(70,964)
Units, Settled | shares	(4,469,676)
Units, Ending Balance | shares	9,179,507
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 44.66
Weighted Average Grant Date Fair Value, Granted | $ / shares	42.63
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	41.50
Weighted Average Grant Date Fair Value, Settled | $ / shares	46.66
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 42.98
DSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares	395,973
Units, Granted | shares	77,776
Units, Ending Balance | shares	473,749
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 38.01
Weighted Average Grant Date Fair Value, Granted | $ / shares	27.94
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 36.35

Incentive Plans - Schedule of_2

Incentive Plans - Schedule of Activity Relating to RSUs and DSUs (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2020shares
RSUs [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Dividend participation rights	489,971

Incentive Plans - Summary of Ac

Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Detail) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares	1,039,306
Units, Granted | shares	690,800
Units, Forfeited | shares	(17,371)
Units, Settled | shares	(513,792)
Units, Ending Balance | shares	1,198,943
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 41.79
Weighted Average Grant Date Fair Value, Granted | $ / shares	42.09
Weighted Average Grant Date Fair Value, Forfeited | $ / shares	39.37
Weighted Average Grant Date Fair Value, Settled | $ / shares	43.52
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 41.25

Incentive Plans - Summary of _2

Incentive Plans - Summary of Activity Related to Shares of Restricted Common Stock (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2020shares
Restricted Stock [Member]
Share-based compensation arrangement by share-based payment award [Line Items]
Dividend participation rights required the issuance of RSUs	28,948

Incentive Plans - Summary of _3

Incentive Plans - Summary of Activity Relating to PRSUs (Detail) - PRSUs [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based compensation arrangement by share-based payment award [Line Items]
Units, Beginning Balance | shares	797,705
Units, Settled | shares	(550,650)
Units, Ending Balance | shares	247,055
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 47.65
Weighted Average Grant Date Fair Value, Settled | $ / shares	43.54
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 56.80

Incentive Plans - Summary of _4

Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Detail) - Profits Interest Participation Rights, Including PRPUs [Member]	9 Months Ended
	Sep. 30, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Beginning Balance | shares	1,462,702
Units, Granted | shares	1,060,373
Units, Ending Balance | shares	2,523,075
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 38.65
Weighted Average Grant Date Fair Value, Granted | $ / shares	42.89
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 40.43

Incentive Plans - Summary of _5

Incentive Plans - Summary of Activity Relating to PIPRs, including PRPUs (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2020$ / sharesshares
PRPUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Granted | shares	486,611
Weighted average grant date fair value | $ / shares	$ 40.61
PRPUs [Member] | Target Number of PRPUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units, Granted | shares	1,050,778
Other Profits Interest Participation Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value | $ / shares	$ 40.30

Incentive Plans - Summary of LF

Incentive Plans - Summary of LFI and Other Similar Deferred Compensation Arrangements (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Compensation Liability, Beginning Balance	$ 236,273
Compensation Liability, Ending Balance	285,946
LFI and Other Similar Deferred Compensation Arrangements [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Prepaid Compensation Asset, Beginning Balance	74,597
Prepaid Compensation Asset, Granted	143,289
Prepaid Compensation Asset, Forfeited	(1,367)
Prepaid Compensation Asset, Amortization	(91,314)
Prepaid Compensation Asset, Other	100
Prepaid Compensation Asset, Ending Balance	125,305
Compensation Liability, Beginning Balance	226,026
Compensation Liability, Granted	143,289
Compensation Liability, Settled	(102,946)
Compensation Liability, Forfeited	(4,485)
Compensation Liability, Increase in fair value of underlying investments	15,427
Compensation Liability, Adjustment for estimated forfeitures	7,126
Compensation Liability, Other	1,147
Compensation Liability, Ending Balance	$ 285,584

Incentive Plans - Summary of _6

Incentive Plans - Summary of Impact of LFI and Other Similar Deferred Compensation Arrangements (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation [Abstract]
Amortization, net of forfeitures	$ 25,897	$ 23,325	$ 95,322	$ 85,469
Change in the fair value of underlying investments	11,261	1,764	15,427	22,118
Total	$ 37,158	$ 25,089	$ 110,749	$ 107,587

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Detail) - Pension Plans [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Components of Net Periodic Benefit Cost (Credit):
Service cost	$ 224	$ 223	$ 594	$ 635
Interest cost	3,013	3,716	8,906	11,476
Expected return on plan assets	(6,750)	(6,697)	(19,813)	(20,596)
Amortization of:
Prior service cost	28	26	82	82
Net actuarial loss (gain)	1,729	1,220	5,861	3,761
Settlement loss	622	2,280	2,132	5,802
Net periodic benefit cost (credit)	$ (1,134)	$ 768	$ (2,238)	$ 1,160

Business Realignment Activities

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

Business Realignment Activiti_2

Business Realignment Activities - Activity Related to the Obligations Pursuant to Business Realignment (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Balance, January 1, 2020	$ 25,278
Costs paid or otherwise settled	(23,372)
Balance, September 30, 2020	1,906
Accrued Compensation and Benefits [Member]
Balance, January 1, 2020	20,210
Costs paid or otherwise settled	(18,304)
Balance, September 30, 2020	1,906
Other Liabilities [Member]
Balance, January 1, 2020	5,068
Costs paid or otherwise settled	$ (5,068)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax provisions	$ 17,983	$ 9,433	$ 40,886	$ 42,697
Effective income tax rates	16.60%	17.90%	13.90%	15.90%
U.S. federal statutory income tax rate			21.00%

Related Parties - Additional In

Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Contribution of intercompany loan		$ 55,941
Fees receivable	$ 468,261			$ 468,261		$ 537,342
Lazard Ltd Subsidiaries [Member]
Related Party Transaction [Line Items]
Interest income related to interest-bearing loans				64	$ 89
Interest expense related to interest-bearing loans with subsidiaries			$ 872	54	2,688
Notes payable related parties current and noncurrent						57,160
Sponsored Funds [Member]
Related Party Transaction [Line Items]
Revenue	$ 131,885		$ 141,365	$ 386,413	$ 438,733
Type of Revenue [Extensible List]	us-gaap:AssetManagement1Member		us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member	us-gaap:AssetManagement1Member
Fees receivable	$ 40,402			$ 40,402		$ 54,561

Regulatory Authorities - Additi

Regulatory Authorities - Additional Information (Detail) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
LFNY [Member]
Regulatory Requirements [Line Items]
Specified fixed percentage, minimum required capital	6.67%
Minimum net capital requirement as defined under exchange act	$ 5,000
Regulatory capital	170,634,000
Regulatory capital in excess of minimum requirement	$ 166,999,000
Aggregate indebtedness to net capital ratio	0.32
LFNY [Member] | Maximum [Member]
Regulatory Requirements [Line Items]
Aggregate indebtedness to net capital ratio	15
U.K. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	$ 163,187,000
Regulatory capital in excess of minimum requirement	140,741,000
CFLF [Member]
Regulatory Requirements [Line Items]
Regulatory capital	141,052,000
Regulatory capital in excess of minimum requirement	80,801,000
Combined European Regulated Group [Member]
Regulatory Requirements [Line Items]
Regulatory capital		$ 168,490,000
Regulatory capital in excess of minimum requirement		$ 66,347,000
Other U.S. and Non-U.S. Subsidiaries [Member]
Regulatory Requirements [Line Items]
Regulatory capital	154,340,000
Regulatory capital in excess of minimum requirement	$ 126,722,000

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 Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net Revenue	$ 577,781	$ 588,018	$ 1,687,436	$ 1,842,170
Operating Expenses	469,726	535,200	1,393,686	1,572,876
Operating Income (Loss)	108,055	52,818	293,750	269,294
Total Assets	4,986,258		4,986,258		$ 5,051,628
Operating Segments [Member] | Financial Advisory Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue	305,478	304,174	908,878	953,863
Operating Expenses	263,572	303,966	756,591	847,322
Operating Income (Loss)	41,906	208	152,287	106,541
Total Assets	1,066,854		1,066,854		1,113,266
Operating Segments [Member] | Asset Management Segment [Member]
Segment Reporting Information [Line Items]
Net Revenue	277,243	300,015	814,613	917,439
Operating Expenses	200,194	225,819	600,012	652,188
Operating Income (Loss)	77,049	74,196	214,601	265,251
Total Assets	800,309		800,309		821,641
Corporate [Member]
Segment Reporting Information [Line Items]
Net Revenue	(4,940)	(16,171)	(36,055)	(29,132)
Operating Expenses	5,960	5,415	37,083	73,366
Operating Income (Loss)	(10,900)	$ (21,586)	(73,138)	$ (102,498)
Total Assets	$ 3,119,095		$ 3,119,095		$ 3,116,721

Consolidated VIEs - Summary of

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 1,103,395	$ 1,164,135
Customers and other receivables	106,746	125,697
Investments	535,245	531,995
Other assets	328,041	256,435
Total Assets	4,986,258	5,051,628
LIABILITIES
Deposits and other customer payables	1,244,562	1,246,200
Other liabilities	478,398	527,926
Total Liabilities	4,473,765	4,764,302
Consolidated VIEs [Member]
ASSETS
Cash and cash equivalents	3,848	3,826
Customers and other receivables	1,061	102
Investments	154,454	97,474
Other assets	397	245
Total Assets	159,760	101,647
LIABILITIES
Deposits and other customer payables	215	62
Other liabilities	985	513
Total Liabilities	$ 1,200	$ 575

Consolidated VIEs - Summary o_2

Consolidated VIEs - Summary of Consolidated VIE Assets and Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Investments	$ 535,245	$ 531,995
Lazard Fund Interests [Member] | Lazard Group LLC [Member]
Variable Interest Entity [Line Items]
Investments	$ 120,608	$ 83,036