Lazard

Lazard generated approximately $3 billion in revenue in 2025, establishing itself as the premier independent M&A advisory boutique on Wall Street. Founded in 1848, the firm advised on over $200 billion in announced transactions that year, demonstrating deep expertise in complex cross-border deals and sovereign debt restructuring, including high-profile assignments for Greece, Argentina, and Puerto Rico. This revenue figure is 73% lower than that of #9 UBS Americas, yet Lazard's 95% fee share from advisory—compared to the typical large bank's 40%—makes it the dominant pure-play advisor. The firm's 200-year heritage and 30% growth in restructuring mandates from 2024 to 2025 underscore its unique position, while Michael Lewis famously began his finance career at Lazard before writing "Liar's Poker."