Lazard CEO Peter Orszag has unveiled a bold new direction for the storied financial advisory firm, marking the second anniversary of its Lazard 2030 strategic roadmap with a renewed focus on artificial intelligence, talent acquisition, and global expansion. In a detailed memo to employees, Orszag emphasized that the firm is entering a “new AI-enabled era,” and laid out a plan designed to transform Lazard’s operating model, elevate performance benchmarks, and broaden its global footprint in key financial markets.
At the heart of the strategy is a belief that artificial intelligence is no longer just a support function but an essential pillar of competitive advantage. Orszag described AI as a transformative force that will reshape not only how Lazard works internally but also how it delivers value to clients. The firm plans to deploy AI to streamline internal processes, optimize workflows, and enhance the precision and speed of its advisory services. By fully integrating AI into its operational model, Lazard aims to achieve higher levels of efficiency and responsiveness in a complex and fast-moving global financial environment.
In pursuit of its ambitious goals, Lazard is aiming to double its returns by 2030. This target will be supported by a measured increase in the number of managing directors (MDs), with plans to add between 10 to 15 MDs annually over the next five years. Alongside this increase in leadership headcount, the firm is also setting a higher bar for individual productivity. Lazard expects to raise the average revenue per MD from $8.6 million in 2024 to $10 million by the end of the decade. Achieving this will require not only deeper client relationships but also a more specialized and focused approach to deal-making.
A significant component of the strategy involves investing in people. Lazard is adopting a dual-track approach to talent development, combining internal growth opportunities with targeted lateral hiring. The firm is committed to developing its existing talent pool through mentorship, training, and exposure to complex deal environments, while also bringing in experienced dealmakers from outside the firm. The goal is to create a dynamic and resilient workforce that blends institutional knowledge with fresh perspectives.
The firm is also extending its global reach through the strategic opening of new offices in emerging financial hubs. In recent months, Lazard has launched operations in Denmark and Abu Dhabi, reflecting its intent to deepen its presence in both the Nordic region and the Middle East. The Abu Dhabi office, in particular, marks a significant step in expanding Lazard’s advisory capabilities in the United Arab Emirates, positioning the firm closer to clients and investors in a region that continues to see rising financial activity and deal volume.
This global expansion strategy reflects a broader understanding that today’s economic opportunities—and risks—are distributed across geographies. By diversifying its footprint, Lazard aims to better manage geopolitical and market risk, while also tapping into growth opportunities in regions that are rapidly modernizing their financial systems and infrastructure.
Orszag described this new phase as the cultivation of an “agile culture,” one that is fast-moving, adaptive, and prepared to navigate the uncertainties of a globalized economy. Lazard’s leadership believes that the convergence of human expertise and machine learning will offer a powerful edge in a sector increasingly defined by speed, data, and specialization.
The strategic recalibration at Lazard is also reflective of a wider trend in the financial services industry. Many firms are investing in AI and digital technologies to gain competitive differentiation, especially in advisory and investment banking segments where relationship-based services are being augmented by data-driven insights. Lazard’s approach appears particularly integrated—using AI not only to automate routine tasks but also to enrich client interactions and decision-making processes.
However, the strategy is not without challenges. The goal of doubling revenue per managing director puts significant pressure on performance and may necessitate sharper specialization or even shifts in the firm’s portfolio of services. There are also risks associated with international expansion, such as navigating regulatory environments, cultural differences, and the operational complexities of new markets. Additionally, technology investments, while potentially transformative, come with high upfront costs and ongoing maintenance demands.
Investors and industry analysts will likely watch closely to see how well Lazard balances growth with margin discipline. The firm’s ability to generate meaningful returns from its new markets will be a key indicator of success. Similarly, the integration of AI into core workflows will be scrutinized to determine whether it translates into tangible gains or remains largely aspirational.
If executed effectively, Lazard’s AI-driven transformation could set a new standard for the integration of human capital and technological innovation in the world of financial advisory. By aligning its workforce strategy with its global ambitions and technology investments, Lazard is positioning itself to lead in an industry undergoing rapid evolution. The coming years will determine whether this ambitious roadmap delivers on its promise or highlights the difficulties of navigating change in an established firm.
