Lazard Deck
Why is Lazard's business model often described as resilient across cycles?
Model answer
Three offsetting engines
- M&A advisory is cyclical — it booms with confidence, cheap financing, and rising markets
- restructuring is countercyclical — it picks up exactly when M&A slows, as…
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More from Lazard Deck
- When and where was Lazard founded, and what was its original business?
- What were the three 'houses' of Lazard, and why do they matter to the firm's identity today?
- Who was Michel David-Weill, and what happened to Lazard's structure in 2000?
- Who was Felix Rohatyn, and what is he best known for?
- Who was André Meyer, and why does his name still come up at Lazard?
- How and when did Lazard go public, and who drove it?
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