UNITED STATES


        SECURITIES AND EXCHANGE COMMISSION
        Washington, D.C.  20549

        FORM 13F

        FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  12/31/2003

Check here if Amendment [ ]; Amendment Number:  ____
  This Amendment (Check only one.):     [ ] is a restatement.
                                        [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:           Lazard Freres & Co. LLC
Address:        30 Rockefeller Plaza
                New York, NY 10020


13F File Number:  028-00061

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:   Donald E. Klein
Title:  Senior Vice President
Phone:  212-632-6513

Signature, Place, and Date of Signing:

    ___________________________        New York                   __________
    [Signature]                        [City, State]              [Date]

Report Type (Check only one.):

[X]   13F HOLDINGS REPORT.  (Check here if all holdings of this reporting
manager are reported in this report.)

[ ]   13F NOTICE.  (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)

[ ]   13F COMBINATION REPORT.  (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)



        FORM 13F SUMMARY PAGE


Report Summary:


Number of Other Included Managers:

Form 13F Information Table Entry Total: 2

Form 13F Information Table Value Total: 355 (thousands)


List of Other Included Managers:  NONE





COLUMN 1         COLUMN 2         COLUMN 3   COLUMN 4     COLUMN 5              COL. 6   COL7  COLUMN 8
---------------  ---------------  ---------  -----------  --------------------  -------  ----  -------------------------------------
                                                                                               VOTING AUTHORITY
                                                          SHARES OR                            -------------------------------------
                 TITLE OF                    VALUE        PRINCIPAL   SH/ PUT/  INVEST   OTHR
NAME OF ISSUER   CLASS            CUSIP      (x$1000)     AMOUNT      PRN CALL  DISC.    MGR.  SOLE         SHARED       NONE
---------------  ---------------  ---------  -----------  ----------- --- ----  -------  ----  -----------  -----------  -----------
                                                                                        
BRANDYWINE REAL  Common Stock     105368203           15          560 shs       sole                   560            0            0
NORTEL NETWORKS  Common Stock     656568102          340       80,367 shs       sole                80,367            0            0