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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following tables present, as of March 31, 2024 and December 31, 2023, 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, 2024
Level 1Level 2Level 3NAVTotal
Assets:
Cash and cash equivalents:
U.S. treasury securities$164,589 $– $– $– $164,589 
Investments:
Debt – 546 – – 546 
Equity58,673 – 475 – 59,148 
Funds:
Alternative investments12,263 – – 47,155 59,418 
Debt140,310 15,954 – 5 156,269 
Equity263,067 34,761 – 49 297,877 
Private equity– – 267 47,090 47,357 
Derivatives– 3,257 – – 3,257 
Total$638,902 $54,518 $742 $94,299 $788,461 
Liabilities:
Securities sold, not yet purchased$6,166 $– $– $– $6,166 
Contingent consideration liability– – 4,336 – 4,336 
Derivatives– 286,036 – – 286,036 
Total$6,166 $286,036 $4,336 $– $296,538 
December 31, 2023
Level 1Level 2Level 3NAVTotal
Assets:
Investments:
Debt$4,285 $– $– $– $4,285 
Equity54,224 – 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 
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 periods ended March 31, 2024 and 2023:
Three Months Ended March 31, 2024
Beginning
Balance		Net Unrealized/
Realized
Gains/Losses
Included In
Earnings (a)		Purchases/
Issuances		Sales/
Settlements 		Foreign
Currency
Translation
Adjustments		Ending
Balance
Assets:
Investments:
Equity$493 $– $– $– $(18)$475 
Private equity funds273 – – – (6)267 
Total Level 3 assets$766 $– $– $– $(24)$742 
Liabilities:
Contingent consideration
   liability (b)		$6,583 $53 $– $(2,300)$– $4,336 
Total Level 3 liabilities$6,583 $53 $– $(2,300)$– $4,336 

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:
Equity$646 $1 $– $– $(13)$634 
Private equity funds18,772 – – – 367 19,139 
Total Level 3 assets$19,418 $1 $– $– $354 $19,773 
Liabilities:
Contingent consideration
   liability (b)		$– $33 $7,754 $(1,445)$– $6,342 
Total Level 3 liabilities$– $33 $7,754 $(1,445)$– $6,342 
__________________________________

(a)Unrealized losses of $53 and $33 were recorded in “amortization and other acquisition-related costs” for the contingent consideration liability for the three month periods ended March 31, 2024 and 2023, respectively.
(b)For the three month period ended March 31, 2023, acquisitions represent the initial recognition of the contingent consideration liability (noncash transaction). Settlements for the three month periods ended March 31, 2024 and 2023 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 March 31, 2024 and December 31, 2023, certain investments that are valued using NAV or its equivalent as a practical expedient in determining fair value:
March 31, 2024
Investments Redeemable
NAV
Unfunded
Commitments
% of
NAV
Not
Redeemable
Redemption
Frequency
Redemption
Notice Period
Alternative investment funds:
Hedge funds$46,475 $– NA(a)
30-60 days
Other680 – NA(b)
<30-30 days
Debt funds5 – NA(c)
<30 days
Equity funds49 – NA(d)
<30-60 days
Private equity funds:
Equity growth47,090 5,487 (e)100%(f)NANA
Total$94,299 $5,487 
___________________________________

(a)monthly (75%) and quarterly (25%)
(b)daily (4%) and monthly (96%)
(c)daily (100%)
(d)monthly (31%) and annually (69%)
(e)Unfunded commitments to private equity investments consolidated but not owned by Lazard of $9,356 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, 2023
Investments Redeemable
NAVUnfunded
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.