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v3.23.1

Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
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 March 31, 2023 and December 31, 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:
|  | March 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | $ | 4,116 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,116 |
Equities |  |  | 51,454 |  |  |  | - |  |  |  | 634 |  |  |  | - |  |  |  | 52,088 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 28,066 |  |  |  | - |  |  |  | - |  |  |  | 42,167 |  |  |  | 70,233 |
Debt |  |  | 205,696 |  |  |  | - |  |  |  | - |  |  |  | 5 |  |  |  | 205,701 |
Equity |  |  | 358,160 |  |  |  | - |  |  |  | - |  |  |  | 42 |  |  |  | 358,202 |
Private equity |  |  | - |  |  |  | - |  |  |  | 19,139 |  |  |  | 32,389 |  |  |  | 51,528 |
Derivatives |  |  | - |  |  |  | 3,991 |  |  |  | - |  |  |  | - |  |  |  | 3,991 |
Total |  | $ | 647,492 |  |  | $ | 3,991 |  |  | $ | 19,773 |  |  | $ | 74,603 |  |  | $ | 745,859 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased |  | $ | 4,106 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 4,106 |
Contingent consideration liability |  |  | - |  |  |  | - |  |  |  | 6,342 |  |  |  | - |  |  |  | 6,342 |
Derivatives |  |  | - |  |  |  | 368,452 |  |  |  | - |  |  |  | - |  |  |  | 368,452 |
Total |  | $ | 4,106 |  |  | $ | 368,452 |  |  | $ | 6,342 |  |  | $ | - |  |  | $ | 378,900 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | NAV |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 43,243 |  |  | $ | - |  |  | $ | 646 |  |  | $ | - |  |  | $ | 43,889 |
Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alternative investments |  |  | 27,073 |  |  |  | - |  |  |  | - |  |  |  | 29,874 |  |  |  | 56,947 |
Debt |  |  | 178,552 |  |  |  | - |  |  |  | - |  |  |  | 4 |  |  |  | 178,556 |
Equity |  |  | 350,242 |  |  |  | - |  |  |  | - |  |  |  | 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 |
Derivatives |  |  | 115 |  |  |  | 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 three month periods ended March 31, 2023 and 2022:
|  | Three Months Ended March 31, 2023 |
|  | Beginning Balance |  |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  |  | Purchases/ Acquisitions/ Issuances |  |  | Sales/ Settlements |  |  | Foreign Currency Translation Adjustments |  |  | Ending Balance |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 646 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | (13 | ) |  | $ | 634 |
Private equity funds |  |  | 18,772 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 367 |  |  |  | 19,139 |
Total Level 3 assets |  | $ | 19,418 |  |  | $ | 1 |  |  | $ | - |  |  | $ | - |  |  | $ | 354 |  |  | $ | 19,773 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability |  | $ | - |  |  | $ | 33 |  |  | $ | 7,754 |  |  | $ | (1,445 | ) |  | $ | - |  |  | $ | 6,342 |
Total Level 3 liabilities |  | $ | - |  |  | $ | 33 |  |  | $ | 7,754 |  |  | $ | (1,445 | ) |  | $ | - |  |  | $ | 6,342 |
|  | Three Months Ended March 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 |  |  | $ | 7 |  |  | $ | - |  |  | $ | - |  |  | $ | (10 | ) |  | $ | 575 |
Private equity funds |  |  | 293 |  |  |  | - |  |  |  | - |  |  |  | (13 | ) |  |  | (6 | ) |  |  | 274 |
Total Level 3 assets |  | $ | 871 |  |  | $ | 7 |  |  | $ | - |  |  | $ | (13 | ) |  | $ | (16 | ) |  | $ | 849 |
(a) | Earnings recorded in “other revenue” for investments in Level 3 assets for the three month periods ended March 31, 2023 and 2022 include net unrealized gains of $1 and $7, respectively. Unrealized losses of $33 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month period ended March 31, 2023.
Fair Value of Certain Investments Based on NAV | The following tables present, at March 31, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
|  | March 31, 2023
|  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 41,526 |  |  | $ | - |  |  |  | NA |  |  | (a) |  | 30-60 days
Other |  |  | 641 |  |  |  | - |  |  |  | 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 |  |  | 32,389 |  |  |  | 5,455 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total |  | $ | 74,603 |  |  | $ | 5,455 |  |  |  |  |  |  |  |  |
(a) | monthly (73%) and quarterly (27%)
(b) | daily (5%) and monthly (95%)
(c) | daily (100%)
(d) | monthly (34%) and annually (66%)
(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.
|  | December 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Investments Redeemable
|  | Fair Value |  |  | Unfunded Commitments |  |  |  | % of Fair Value Not Redeemable |  |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedge funds |  | $ | 29,259 |  |  | $ | - |  |  |  | NA |  |  |  | (a) |  | 30-60 days
Other |  |  | 615 |  |  |  | - |  |  |  | NA |  |  |  | (b) |  | <30-30 days
Debt funds |  |  | 4 |  |  |  | - |  |  |  | NA |  |  |  | (c) |  | <30 days
Equity funds |  |  | 40 |  |  |  | - |  |  |  | NA |  |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity growth |  |  | 35,050 |  |  |  | 5,455 |  | (e) |  |  | 100 | % | (f) |  | NA |  | NA
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.

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