Lazard is a global independent financial advisory and asset management firm. Financial Advisory (~60% of revenue) advises corporations, private equity sponsors, governments, and institutions on M&A, restructuring and liability management, private capital advisory, sovereign debt, and shareholder defense. M&A represents roughly 60% of Financial Advisory revenue, with the remaining ~40% from non-M&A practices. Asset Management (~40% of revenue) manages $244B in AUM for institutional clients, intermediaries, and high-net-worth individuals, focusing on active equity strategies — particularly global, international, and emerging market equities — as well as quantitative strategies, fixed income, and listed infrastructure. Financial Advisory earns transaction fees upon deal completion, making revenue lumpy and deal-volume-dependent. MD productivity is the key operating metric, since non-MD costs are largely fixed, giving Lazard meaningful operating leverage as productivity rises. Asset Management earns recurring management fees as a percentage of AUM plus incentive fees tied to outperformance. Lazard argues its independence — no lending or underwriting business — differentiates it from bulge-bracket banks by eliminating conflicts of interest. Lazard's "Lazard 2030" plan targets roughly doubling firm-wide revenue from 2023 to 2030, driven by net MD additions, growing private capital advisory toward ~50% of advisory revenue, deepening North American coverage, and improving net flows in Asset Management.