Case | HBS Case Collection | June 2007 (Revised March 2008)

Lazard LLC

by Guhan Subramanian and Eliot Sherman


Describes Lazard's situation in 2001, and supplies context for the subsequent negotiation between its Chairman and his hand-picked successor. In 2001 Lazard, the last of the great investment houses to remain both private and in the control of its founding family, is in a state of decline. Infighting throughout the 1990s led to a defection of talent that left many wondering if Lazard could compete with the diversified financial behemoths of the 21st Century. It also left Chairman Michel David-Weill looking for a successor. David-Weill believes he has found one in M&A star Bruce Wasserstein: going into their negotiation, what should Wasserstein's strategy be?

Keywords: Mergers and Acquisitions; Family Business; Talent and Talent Management; Selection and Staffing; Management Succession; Negotiation Tactics; Financial Services Industry;


Subramanian, Guhan, and Eliot Sherman. "Lazard LLC." Harvard Business School Case 907-046, June 2007. (Revised March 2008.)