Exhibit 12.1

LAZARD LTD

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (a)(b)

The following table sets forth the ratio of earnings to fixed charges for Lazard Ltd and its subsidiaries on a consolidated basis.

	Nine Month Period Ended September 30, 2008			Year Ended December 31,
				2007		2006		2005		2004		2003
	(dollars in thousands)
Operating income (loss) from continuing operations	$	(28,953	)	$	418,295	$	327,209	$	342,362	$	367,824	$	438,736
Add—Fixed charges		126,208			155,374		119,606		94,651		55,327		47,664
Operating income from continuing operations before fixed charges	$	97,255		$	573,669	$	446,815	$	437,013	$	423,151	$	486,400
Fixed Charges:
Interest (c)	$	110,673		$	137,110	$	104,254	$	78,365	$	39,551	$	34,967
Other (d)		15,535			18,264		15,352		16,286		15,776		12,697
Total fixed charges	$	126,208		$	155,374	$	119,606	$	94,651	$	55,327	$	47,664
Ratio of earnings to fixed charges (e)		—			3.69		3.74		4.62		7.65		10.20
Deficiency in the coverage of operating income from continuing operations before fixed charges to total fixed charges (f)	$	28,953
Supplemental information, excluding the impact of the LAM Merger (f):
Operating income from continuing operations, excluding the impact of the LAM Merger	$	170,597
Add-Fixed charges		126,208
Operating income from continuing operations before fixed charges, excluding the impact of the LAM Merger	$	296,805
Total fixed charges	$	126,208
Ratio of earnings to fixed charges, excluding the impact of the LAM Merger		2.35

(a) Data presented relates to the Company’s continuing operations.

(b) For purposes of computing the ratio of earnings to fixed charges:

• earnings for the nine month period ended September 30, 2008 and for the years ended December 31, 2007, 2006, 2005, 2004 and 2003 represent income from continuing operations before income taxes and minority interest in net income, and, for periods prior to May 10, 2005, the date of Lazard Ltd’s equity public offering, before distributions for services rendered by managing directors and employee members of LAM, and before fixed charges; and

• fixed charges represent the interest expense from continuing operations and the portion of rental expense from continuing operations which represents an appropriate interest factor.

(c) The Company’s policy is to include interest expense on unrecognized tax benefits in income tax expense. Accordingly, such interest expense is not included in the computations of the ratio of earnings to fixed charges.

(d) Other fixed charges consists of the interest factor in rentals.

(e) The results of operations for periods until Lazard Ltd’s equity public offering and the financing transactions on May 10, 2005 are not comparable to results of operations for subsequent periods as described below:

• payment for services rendered by Lazard Ltd’s managing directors, which, as a result of Lazard Ltd operating as a limited liability company, historically had been accounted for as distributions from members’ capital, or in some cases as minority

interest, rather than as compensation and benefits expense. As a result, Lazard Ltd’s operating income historically had not reflected payments for services rendered by its managing directors. For periods subsequent to the consummation of the equity public offering, the consolidated financial statements of Lazard Ltd include all payments for services rendered by its managing directors in compensation and benefits expense;

• the use of proceeds from the financing transactions; and

• the net incremental expense related to the financing transactions.

(f) The deficiency for the nine month period ended September 30, 2008 was the result of charges for compensation and benefits expense of $197,550 and non-compensation-related transaction costs of $2,000 recorded in connection with the LAM Merger (see Note 7 of Notes to Condensed Consolidated Financial Statements). Excluding the impact of the LAM Merger, the ratio of earnings to fixed charges would have been 2.35.