Exhibit 12.1

LAZARD LTD

COMPUTATION OF RATIO AND PRO FORMA RATIO OF EARNINGS TO FIXED CHARGES (a)(b)

The following table sets forth the ratio of earnings to fixed charges and the pro forma ratio of earnings to fixed charges for Lazard Ltd and its subsidiaries on a consolidated basis.

											Pro Forma
	Year Ended December 31,										Year Ended December 31, 2005
	2005		2004		2003		2002		2001
	(dollars in thousands)
Operating income from continuing operations	$	342,362	$	367,824	$	438,736	$	357,861	$	304,880	$	248,856
Add: Fixed charges		94,651		55,327		47,664		40,039		38,999		115,616
Operating income from continuing operations before fixed charges	$	437,013	$	423,151	$	486,400	$	397,900	$	343,879	$	364,472
Fixed Charges:
Interest	$	78,365	$	39,551	$	34,967	$	29,966	$	30,154	$	99,330
Other (c)		16,286		15,776		12,697		10,073		8,845		16,286
Total fixed charges	$	94,651	$	55,327	$	47,664	$	40,039	$	38,999	$	115,616
Ratio of earnings to fixed charges		4.62		7.65		10.20		9.94		8.82		3.15

(a) Data presented relates to the Company’s continuing operations.

(b) For purposes of computing the ratio of earnings to fixed charges and pro forma ratio of earnings to fixed charges:

• historical earnings for the years ended December 31, 2005, 2004, 2003, 2002 and 2001 represent income from continuing operations before income taxes and minority interest in net income, and, for periods prior to May 10, 2005, the date of our equity public offering as described in Note 1 of the accompanying Notes to Consolidated Financial Statements, before distributions for services rendered by managing directors and employee members of LAM, and before fixed charges,

• earnings on a pro forma basis for the year ended December 31, 2005 represent income from continuing operations before income taxes and minority interest in net income, and before fixed charges, and

• fixed charges represent the interest expense from continuing operations and the portion of rental expense from continuing operations which represents an appropriate interest factor.

The pro forma ratio of earnings to fixed charges was derived from Lazard Ltd’s audited consolidated financial statements for the year ended December 31, 2005 and was prepared as if the separation and recapitalization transactions had occurred on January 1, 2005. The pro forma ratio to fixed charges is illustrative only and does not purport to represent what the ratio of earnings to fixed charges actually would have been had the separation and recapitalization transactions occurred on the date indicated or what Lazard Ltd’s future performance will be. The pro forma ratio of earnings to fixed charges gives pro forma effect to a number of items including the following:

• Payment for services rendered by Lazard Ltd’s managing directors, which, as a result of Lazard Ltd operating as a limited liability company, historically has been accounted for as distributions from members’ capital, or in some cases as minority interest, rather than as compensation and benefits expense. As a result, Lazard Ltd’s operating income historically has not reflected payments for services rendered by its managing directors. Subsequent to the consummation of the equity public offering, Lazard Ltd now includes all payments for services rendered by our managing directors and distributions to profit participation members in compensation and benefits expense in future periods.

• The use of proceeds from the financing transactions.

• The net incremental expense related to the financing transactions.

(c) Other fixed charges consists of the interest factor in rentals.