"Everyone does better when the markets arerngreat, but Lazard has a business-restructuring-that actually does well when the markets are not doing well," notes banking analyst Douglas Sipkin of New York-based Pali Capital.rnIndeed. In the first nine months of last year, Lazard's restructuring efforts brought in a record $273 million, or only one fifth less than the firm's fabled M&A franchise. And as fees typically come in a year or more after a restructuring gets done, the 2009 windfall may be traced to a sharp pickup in business during the darkest days of the financial crisis.
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