Lazard LAZ Financial Advisory — Adjusted Non-compensation Expense

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Questions, answered.

What is Lazard's financial advisory — adjusted non-compensation expense?

Lazard (LAZ) reported financial advisory — adjusted non-compensation expense of $51.09M in Q1 2026.

How has Lazard's financial advisory — adjusted non-compensation expense changed year-over-year?

Lazard's financial advisory — adjusted non-compensation expense decreased by 2.8% year-over-year, from $52.56M to $51.09M.

What is the long-term trend for Lazard's financial advisory — adjusted non-compensation expense?

Over 3 years (2022 to 2025), Lazard's financial advisory — adjusted non-compensation expense has grown at a 4.8% compound annual growth rate (CAGR), from $184.44M to $212.03M.

What does financial advisory — adjusted non-compensation expense mean?

Includes all operational costs for the advisory segment excluding personnel expenses, such as technology, office space, and professional services. Monitoring this helps evaluate the firm's ability to manage overhead and maintain operational efficiency in its advisory operations.