Personal Liability as Nationalization Shield

"a particularity made a difference between Lazard and the others. It is what, in any case, spared it the guillotine of nationalizations in 1981."

"chose to keep its legal structure, while its competitors became very standard public companies: the Lazards and the Weills continue to share profits, but they are also liable with their personal assets in case of bankruptcy. Similarly, although the accumulated accounts of small savers confer a huge financial clout to major deposit banks, the Lazards refrain from playing any role in draining national savings. This does not mean that they refrain from participating in the country’s economy. Their interventions in the field of gold transfers, brokerage, and foreign exchange operations gradually build the power of this bank without tellers."

"Lazard Partners is indeed an unusual bank, which has always operated on three legs - Lazard Frères in New York, Lazard Brothers in London, and Lazard Frères in Paris - and is endowed with a very rare legal status: that of a partnership. Its members are therefore liable with their personal assets."