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Fair Value Measurements (Tables) | 12 Months Ended
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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 1 |  | Level 2 |  | Level 3 |  | NAV |  | Total
Assets: |  |  |  |  |  |  |  |  |
Investments: |  |  |  |  |  |  |  |  |
Debt | $ | 4,285 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 4,285 |
Equities | 54,224 |  |  | – |  |  | 493 |  |  | – |  |  | 54,717 |
Funds: |  |  |  |  |  |  |  |  |
Alternative investments | 15,676 |  |  | – |  |  | – |  |  | 46,004 |  |  | 61,680 |
Debt | 180,907 |  |  | 10,413 |  |  | – |  |  | 5 |  |  | 191,325 |
Equity | 343,094 |  |  | – |  |  | – |  |  | 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 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 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 funds | 18,772 |  |  | – |  |  | – |  |  | (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 funds | 293 |  |  | – |  |  | 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 funds | 1,486 |  |  | 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 Value |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 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 cash | 34,091 |  |  | 34,091 |  |  | 34,091 |  |  | – |  |  | – |
Financing receivables | 113,929 |  |  | 113,694 |  |  | – |  |  | – |  |  | 113,694 |
Customer loans | 86,412 |  |  | 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 debt | 1,690,200 |  |  | 1,651,726 |  |  | – |  |  | 1,651,726 |  |  | – |
| December 31, 2022
| Carrying Value |  | Fair 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 cash | 625,381 |  |  | 625,381 |  |  | 625,381 |  |  | – |  |  | – |
Financing receivables | 97,964 |  |  | 98,362 |  |  | – |  |  | – |  |  | 98,362 |
Customer loans | 128,890 |  |  | 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 debt | 1,687,714 |  |  | 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
Other | 680 |  |  | – |  |  | NA |  | (b) |  | <30-30 days
Debt funds | 5 |  |  | – |  |  | NA |  | (c) |  | <30 days
Equity funds | 45 |  |  | – |  |  | NA |  | (d) |  | <30-60 days
Private equity funds: |  |  |  |  |  |  |  |  |
Equity growth | 46,545 |  |  | 5,505 |  | (e) | 100 | % | (f) | NA |  | NA
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
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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