Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 127

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1A
Chunk 127
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 reputation; and the risk that we will be unable to resolve disputes with such third parties.

We are subject to reputational risks that could harm our business.

Maintaining our reputation is critical to our attracting and maintaining clients, investors and employees. If we fail to deal with, or appear to fail to deal with, various issues that may give rise to reputational risk, we could significantly harm our business prospects. These issues include, but are not limited to, any of the risks discussed in this Item 1A, appropriately dealing with potential conflicts of interest, legal and regulatory requirements, ethical issues, money-laundering, cybersecurity and privacy, record keeping, and the proper identification of the legal, reputational, credit, liquidity and market risks inherent in our products. Further, negative publicity regarding us, whether or not true, may also result in harm to our prospects. There is no assurance that we will be able to successfully reverse the negative impact of allegations and rumors in the future and our potential failure to do so could have a material adverse effect on our business, financial position and results of operations.

Our international operations are subject to certain risks, which may affect revenue.

In 2024, we earned a significant portion of our revenues from our international operations. We intend to grow our non‑U.S. business, and this growth is important to our overall success.  Our international operations carry special financial and business risks, which could include the following:

• greater difficulties in managing and staffing foreign operations;

• language and cultural differences;

• fluctuations in foreign currency exchange rates that could adversely affect our results;

• unexpected changes in trading policies, regulatory requirements, tariffs and other barriers;

• longer transaction cycles;

• higher operating costs;

• adverse consequences or restrictions on the repatriation of earnings and/or capital;

• potentially adverse tax consequences, such as trapped foreign losses;

• less stable political and economic environments; and

• civil disturbances or other catastrophic events that reduce business activity.

If our international business increases relative to our total business, these factors could have a more pronounced effect on our operating results.

Other operational risks may disrupt our businesses, result in regulatory action against us or limit our growth.

Our business is highly dependent on communications and information systems, including those of our vendors. Any failure or interruption of these systems, whether caused by fire, other natural disaster, power or telecommunications failure, geopolitical instability, act of terrorism or war, system modification or upgrade or a delay of any modification or upgrade or 

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otherwise, could materially adversely affect our