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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present, as of September 30, 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:
| September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Debt | $ | 3,524 |  |  | $ | 957 |  |  | $ | - |  |  | $ | - |  |  | $ | 4,481 |
Equities | 40,119 |  |  | - |  |  | 540 |  |  | - |  |  | 40,659 |
Funds: |  |  |  |  |  |  |  |  |
Alternative investments | 15,534 |  |  | - |  |  | - |  |  | 44,676 |  |  | 60,210 |
Debt | 173,546 |  |  | 10,240 |  |  | - |  |  | 4 |  |  | 183,790 |
Equity | 324,197 |  |  | - |  |  | - |  |  | 42 |  |  | 324,239 |
Private equity | - |  |  | - |  |  | 261 |  |  | 44,240 |  |  | 44,501 |
Derivatives | - |  |  | 3,678 |  |  | - |  |  | - |  |  | 3,678 |
Total | $ | 556,920 |  |  | $ | 14,875 |  |  | $ | 801 |  |  | $ | 88,962 |  |  | $ | 661,558 |
Liabilities: |  |  |  |  |  |  |  |  |
Securities sold, not yet purchased | $ | 1,724 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 1,724 |
Contingent consideration liability | - |  |  | - |  |  | 6,503 |  |  | - |  |  | 6,503 |
Derivatives | - |  |  | 342,483 |  |  | - |  |  | - |  |  | 342,483 |
Total | $ | 1,724 |  |  | $ | 342,483 |  |  | $ | 6,503 |  |  | $ | - |  |  | $ | 350,710 |
| 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 |
Schedule 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, 2023 and 2022:
| Three Months Ended September 30, 2023
| Beginning Balance |  | Net Unrealized/ Realized Gains/Losses Included In Earnings (a) |  | Purchases/ Issuances |  | Sales/ Settlements |  | Foreign Currency Translation Adjustments |  | Ending Balance
Assets: |  |  |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |  |  |
Equities | $ | 642 |  |  | $ | (95) |  |  | $ | - |  |  | $ | - |  |  | $ | (7) |  |  | $ | 540 |
Private equity funds | 268 |  |  | - |  |  | - |  |  | - |  |  | (7) |  |  | 261 |
Total Level 3 assets | $ | 910 |  |  | $ | (95) |  |  | $ | - |  |  | $ | - |  |  | $ | (14) |  |  | $ | 801 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability | $ | 6,422 |  |  | $ | 81 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,503 |
Total Level 3 liabilities | $ | 6,422 |  |  | $ | 81 |  |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | 6,503 |
| Nine Months Ended September 30, 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 |  |  | $ | (81) |  |  | $ | - |  |  | $ | - |  |  | $ | (25) |  |  | $ | 540 |
Private equity funds | 18,772 |  |  | - |  |  | - |  |  | (18,508) |  |  | (3) |  |  | 261 |
Total Level 3 assets | $ | 19,418 |  |  | $ | (81) |  |  | $ | - |  |  | $ | (18,508) |  |  | $ | (28) |  |  | $ | 801 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent consideration liability (c) | $ | - |  |  | $ | 194 |  |  | $ | 7,754 |  |  | $ | (1,445) |  |  | $ | - |  |  | $ | 6,503 |
Total Level 3 liabilities | $ | - |  |  | $ | 194 |  |  | $ | 7,754 |  |  | $ | (1,445) |  |  | $ | - |  |  | $ | 6,503 |
| Three Months Ended September 30, 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 | $ | 542 |  |  | $ | 28 |  |  | $ | - |  |  | $ | - |  |  | $ | (41) |  |  | $ | 529 |
Private equity funds | 256 |  |  | - |  |  | - |  |  | - |  |  | (16) |  |  | 240 |
Total Level 3 assets | $ | 798 |  |  | $ | 28 |  |  | $ | - |  |  | $ | - |  |  | $ | (57) |  |  | $ | 769 |
| Nine Months Ended September 30, 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 |  |  | $ | 35 |  |  | $ | - |  |  | $ | - |  |  | $ | (84) |  |  | $ | 529 |
Private equity funds | 293 |  |  | - |  |  | - |  |  | (13) |  |  | (40) |  |  | 240 |
Total Level 3 assets | $ | 871 |  |  | $ | 35 |  |  | $ | - |  |  | $ | (13) |  |  | $ | (124) |  |  | $ | 769 |
__________________________________ (a)Earnings recorded in “other revenue” for investments in Level 3 assets for the three month and nine month periods ended September 30, 2023 and 2022 include net unrealized gains (losses) of $(76), $(62), $28 and $35, respectively. Unrealized losses of $81 and $194 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month and nine month periods ended September 30, 2023. (b)Transfers out of Level 3 private equity funds in the nine month period ended September 30, 2023 reflect investments valued at NAV as of September 30, 2023. (c)For the nine month period ended September 30, 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.
Schedule of Fair Value of Certain Investments Based on NAV | The following tables present, at September 30, 2023 and December 31, 2022, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
| September 30, 2023
|  |  |  |  |  |  |  |  | Investments Redeemable
| NAV |  | Unfunded Commitments |  |  | % of NAV Not Redeemable |  |  | Redemption Frequency |  | Redemption Notice Period
Alternative investment funds: |  |  |  |  |  |  |  |  |  |  |
Hedge funds | $ | 44,022 |  |  | $ | - |  |  |  | NA |  |  | (a) |  | 30-60 days
Other | 654 |  |  | - |  |  |  | NA |  |  | (b) |  | <30-30 days
Debt funds | 4 |  |  | - |  |  |  | NA |  |  | (c) |  | <30 days
Equity funds | 42 |  |  | - |  |  |  | NA |  |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |  |  |
Equity growth | 44,240 |  |  | 5,547 |  | (e) |  | 100% | (f) |  | NA |  | NA
Total | $ | 88,962 |  |  | $ | 5,547 |  |  |  |  |  |  |  |  |
___________________________________ (a)monthly (73%) and quarterly (27%) (b)daily (5%) and monthly (95%) (c)daily (100%) (d)monthly (33%) and annually (67%) (e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $10,206 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
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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