Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 110

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1A
Chunk 110
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 demand for our Restructuring services declines, our Restructuring revenue would suffer.

•Certain of our services are dependent on the availability of private capital for deployment in illiquid asset classes.

•Potential underwriting or deal manager activities or advisory roles on capital raises or exchange transactions may expose us to risk.

•Our investment style in our Asset Management business, including the mix of asset classes and investment strategies comprising our AUM, may underperform or generate less demand than other investment approaches, which may result in significant client or asset departures or a reduction in AUM.

•We could lose clients and suffer a decline in our Asset Management revenue and earnings if the investments we choose in our Asset Management business perform poorly, regardless of overall trends in the prices of securities.

•Because many of our Asset Management clients can remove the assets we manage on short notice, we may experience unexpected declines in revenue and profitability.

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•Access to clients through intermediaries and consultants is important to our Asset Management business, and reductions in referrals from such intermediaries or consultants or poor reviews of our products or our organization by such intermediaries or consultants could materially reduce our revenue and impair our ability to attract new clients.

•Our Asset Management business relies on non-affiliated third-party service providers.

•Certain of our investments are in relatively high-risk, illiquid assets, and we may lose some or all of the principal amount of these investments or fail to realize any profits from these investments for a considerable period of time.

•We may pursue new business lines, acquisitions, dispositions, reorganizations, joint ventures, cooperation agreements or other strategic alternatives that may result in additional risks and uncertainties in our business and could present unforeseen obstacles or costs.

•An inability to access the debt and equity capital markets as a result of our debt obligations, credit ratings or other factors could impair our liquidity, increase our borrowing costs or otherwise adversely affect our financial position or results of operations.

•The soundness of third parties, including our clients, as well as financial, governmental and other institutions, could adversely affect us.

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

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

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

•Extensive regulation of our businesses limits our activities and results in ongoing exposure to the potential for significant penalties, including fines or limitations on our ability to conduct our businesses.

•The financial services industry faces substantial litigation and regulatory risks,