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Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present, as of December 31, 2023 and 2022, the classification of (i) investments and certain other assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy and (ii) investments measured at NAV or its equivalent as a practical expedient:
December 31, 2023
Level 1Level 2Level 3NAVTotal
Assets:
Investments:
Debt$4,285 $– $– $– $4,285 
Equities54,224 – 493 – 54,717 
Funds:
Alternative investments15,676 – – 46,004 61,680 
Debt180,907 10,413 – 5 191,325 
Equity343,094 – – 45 343,139 
Private equity– – 273 46,545 46,818 
Derivatives– 2,789 – – 2,789 
Total$598,186 $13,202 $766 $92,599 $704,753 
Liabilities:
Securities sold, not yet purchased$4,809 $– $– $– $4,809 
Contingent consideration liability – – 6,583 – 6,583 
Derivatives– 368,673 – – 368,673 
Total$4,809 $368,673 $6,583 $– $380,065 
December 31, 2022
Level 1Level 2Level 3NAVTotal
Assets:
Investments:
Equities$43,243 $– $646 $– $43,889 
Funds:
Alternative investments27,073 – – 29,874 56,947 
Debt178,552 – – 4 178,556 
Equity350,242 – – 40 350,282 
Private equity– – 18,772 35,050 53,822 
Derivatives– 14,554 – – 14,554 
Total$599,110 $14,554 $19,418 $64,968 $698,050 
Liabilities:
Securities sold, not yet purchased$4,651 $– $– $– $4,651 
Derivatives115 327,045 – – 327,160 
Total$4,766 $327,045 $– $– $331,811 
Summary of Changes in Fair Value of Company's Level 3 Assets and Liabilities
The following tables provide a summary of changes in fair value of the Company’s Level 3 assets and liabilities for the years ended December 31, 2023, 2022 and 2021:
Year Ended December 31, 2023
Beginning
Balance		Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)		Purchases/
Acquisitions/
Issuances		Sales/
Settlements/
Transfers (b)		Foreign
Currency
Translation
Adjustments		Ending
Balance
Assets:
Investments:
Equities$646 $54 $– $(281)$74 $493 
Private equity funds18,772 – – (18,508)9 273 
Total Level 3 assets$19,418 $54 $– $(18,789)$83 $766 
Liabilities:
Contingent consideration
   liability (c)		$– $274 $7,754 $(1,445)$– $6,583 
Total Level 3 liabilities$– $274 $7,754 $(1,445)$– $6,583 
Year Ended December 31, 2022
Beginning
Balance		Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)		Purchases/
Issuances		Sales/
Settlements		Foreign
Currency
Translation
Adjustments		Ending
Balance
Assets:
Investments:
Equities$578 $99 $– $– $(31)$646 
Private equity funds293 – 18,000 (13)492 18,772 
Total Level 3 assets$871 $99 $18,000 $(13)$461 $19,418 
Year Ended December 31, 2021
Beginning
Balance		Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)		Purchases/
Issuances		Sales/
Settlements/
Transfers (b)		Foreign
Currency
Translation
Adjustments		Ending
Balance
Assets:
Investments:
Equities$1,671 $(796)$– $(235)$(62)$578 
Private equity funds1,486 951 – (2,121)(23)293 
Total Level 3 assets$3,157 $155 $– $(2,356)$(85)$871 
Liabilities:
Derivatives$– $– $11,500 $(11,500)$– $– 
Total Level 3 liabilities$– $– $11,500 $(11,500)$– $– 
_____________________
(a)Earnings recorded in “other revenue” for investments in Level 3 assets for the years ended December 31, 2023, 2022 and 2021 include net unrealized gains (losses) of $(6), $99 and $155, respectively. Unrealized losses of $274 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the year ended December 31, 2023.
(b)Transfers out of Level 3 private equity funds during the years ended December 31, 2023 and 2021 reflect investments valued at NAV as of December 31, 2023 and 2021. Transfers out of Level 3 derivatives during the year ended December 31, 2021 reflected transfers of derivative liabilities for LGAC Warrants to Level 1 principally due to a change in the inputs used to value these derivatives.
(c)For the year ended December 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction), and settlements represent aggregate cash and noncash settlement of contingent consideration after the acquisition date.
Financial Instruments Not Measured at Fair Value
Financial Instruments Not Measured at Fair Value—The tables below present the carrying value, fair value and fair value hierarchy category of certain financial instruments as of December 31, 2023 and 2022 that are not measured at fair value in the Company’s consolidated statement of financial condition.
December 31, 2023
Fair Value Measurements Using:
Carrying ValueFair ValueLevel 1Level 2Level 3
Financial Assets:
Cash and cash equivalents$971,316 $971,316 $971,316 $– $– 
Deposits with banks and short-term investments
219,576 219,576 219,576 – – 
Restricted cash34,091 34,091 34,091 – – 
Financing receivables113,929 113,694 – – 113,694 
Customer loans86,412 86,412 – – 86,412 
Other fees and customers and other receivables
561,978 561,978 561,978 – – 
Financial Liabilities:     
Deposits and other customer payables$443,262 $443,262 $443,262 $– $– 
Senior debt1,690,200 1,651,726 – 1,651,726 – 
December 31, 2022
Carrying ValueFair Value Measurements Using:
Fair Value
Level 1
Level 2
Level 3
Financial Assets:
Cash and cash equivalents$1,234,773 $1,234,773 $1,234,773 $– $– 
Deposits with banks and short-term investments
779,246 779,246 779,246 – – 
Restricted cash625,381 625,381 625,381 – – 
Financing receivables97,964 98,362 – – 98,362 
Customer loans128,890 128,890 – – 128,890 
Other fees and customers and other receivables
425,904 425,904 425,904 – – 
Financial Liabilities:
Deposits and other customer payables$921,834 $921,834 $921,834 $– $– 
Senior debt1,687,714 1,601,917 – 1,601,917 – 
Fair Value of Certain Investments Based on NAV
The following tables present, at December 31, 2023 and 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
December 31, 2023
Investments Redeemable
NAV
Unfunded
Commitments
% of
NAV
Not
Redeemable
Redemption
Frequency
Redemption
Notice Period
Alternative investment funds:
Hedge funds$45,324 $– NA(a)
30-60 days
Other680 – NA(b)
<30-30 days
Debt funds5 – NA(c)
<30 days
Equity funds45 – NA(d)
<30-60 days
Private equity funds:
Equity growth46,545 5,505 
(e)
100 %
(f)
NANA
Total$92,599 $5,505 
_____________________
(a)monthly (74%) and quarterly (26%)
(b)daily (4%) and monthly (96%)
(c)daily (100%)
(d)monthly (34%) and annually (66%)
(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,605 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.
December 31, 2022
Investments Redeemable
NAV
Unfunded
Commitments
% of
NAV
Not
Redeemable
Redemption
Frequency
Redemption
Notice Period
Alternative investment funds:
Hedge funds$29,259 $– NA(a)
30-60 days
Other615 – NA(b)
<30-30 days
Debt funds4 – NA(c)
<30 days
Equity funds40 – NA(d)
<30-60 days
Private equity funds:
Equity growth35,050 5,455 (e)100 %(f)NANA
Total$64,968 $5,455 
_____________________
(a)monthly (68%) and quarterly (32%)
(b)daily (5%) and monthly (95%)
(c)daily (100%)
(d)monthly (35%) and annually (65%)
(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $8,003 are excluded. Such commitments are required to be funded by capital contributions from noncontrolling interest holders.
(f)Distributions from each fund will be received as the underlying investments of the funds are liquidated.