Edgar Filing: Lazard Ltd

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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3235-0287

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

GOLDMAN SACHS GROUP INC/

2. Issuer Name and Ticker or Trading Symbol
Lazard Ltd [LAZ, LDZ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

(Last)

(First)

(Middle)

85 BROAD ST,

3. Date of Earliest Transaction (Month/Day/Year)
05/05/2005

(Street)

NEW YORK, NY 10004

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	05/05/2005		P		194,000	A	$ 24.9	3,968,000	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		500,000	A	$ 24.8	4,468,000	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		S		22,500	D	$ 24.5	4,445,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		20,100	A	$ 24.4	4,465,600	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		70,400	A	$ 24.39	4,536,000	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		9,500	A	$ 24.38	4,545,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		85,700	A	$ 24.3	4,631,200	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		64,300	A	$ 24.29	4,695,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		180,000	A	$ 24.25	4,875,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		30,000	A	$ 24.21	4,905,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		70,000	A	$ 24.2	4,975,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		S		80,000	D	$ 24.2	4,895,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		25,000	A	$ 24.19	4,920,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		25,000	A	$ 24.16	4,945,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		800	A	$ 24.1	4,946,300	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		S		800	D	$ 24.04	4,945,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		1,097,000	A	$ 24	6,042,500	I	See Footnote ⁽¹⁾
Class A Common Stock	05/05/2005		P		10,000	A	$ 25	6,052,500	I	See Footnote ⁽²⁾
Class A Common Stock	05/05/2005		P		22,500	A	$ 25	6,075,000	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		P		13,200	A	$ 25	6,088,200	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		33,300	D	$ 24.35	6,054,900	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		12,100	D	$ 24.3	6,042,800	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		3,600	D	$ 24.28	6,039,200	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		200	D	$ 24.26	6,039,000	I	See Footnote ⁽²⁾
Class A Common Stock	05/06/2005		S		4,800	D	$ 24.25	6,034,200	I	See Footnote ⁽²⁾
Class A Common Stock	05/06/2005		S		500	D	$ 24.24	6,033,700	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		4,500	D	$ 24.22	6,029,200	I	See Footnote ⁽²⁾
Class A Common Stock	05/06/2005		S		1,500	D	$ 24.21	6,027,700	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		46,000	D	$ 24.2	5,981,700	I	See Footnote ⁽¹⁾
Class A Common Stock	05/06/2005		S		1,600	D	$ 24.18	5,980,100	I	See Footnote ⁽¹⁾

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

6.625% Equity Security Unit

⁽³⁾

05/05/2005

100,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.3

26,550

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

100,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.65

126,550

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

8,500

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.75

135,050

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

5,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.9

140,050

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

50,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 25

190,050

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

100,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.35

90,050

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/05/2005

55,150

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.15

145,200

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

305,575

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 25

450,775

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

25,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.3

475,775

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

25,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.15

500,775

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

52,750

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24

553,525

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

315,575

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 25

237,950

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/06/2005

5,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 24.4

232,950

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/09/2005

25,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.6

257,950

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/09/2005

1,500

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.35

259,450

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/09/2005

50,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.875

209,450

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

25,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.843

184,450

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

50,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.671

134,450

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

5,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.9

129,450

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

3,600

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.95

125,850

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

250,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.917

375,850

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/10/2005

100,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.945

275,850

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/11/2005

22,700

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.55

298,550

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/11/2005

118,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.572

180,550

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/12/2005

550

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.69

180,000

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/12/2005

1,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.5

179,000

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/12/2005

200

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.34

178,800

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/12/2005

25,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 23.05

203,800

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/13/2005

1,800

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 22.8

202,000

See Footnote ⁽¹⁾

6.625% Equity Security Unit

⁽³⁾

05/13/2005

2,000

⁽⁴⁾

Class A Common Stock

⁽³⁾

$ 22.9

200,000

See Footnote ⁽¹⁾

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
GOLDMAN SACHS GROUP INC/ 85 BROAD ST NEW YORK, NY 10004		X
GOLDMAN SACHS & CO 85 BROAD ST C/O GOLDMAN SACHS & CO NEW YORK, NY 10004		X

Signatures

/s/ Ted Chang, Attorney-in-Fact		05/23/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The securities reported herein as indirectly purchased and sold were beneficially owned directly by Goldman, Sachs & Co. ("Goldman Sachs"). Without admitting any legal obligation, Goldman Sachs will remit appropriate profits, if any, to the Issuer. Goldman Sachs is a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
(2)	The securities reported herein as indirectly purchased and sold were purchased and sold and were beneficially owned directly by Goldman Sachs International ("GSI"). Without admitting any legal obligation, GSI or an affiliate will remit appropriate profits, if any, to the Issuer. GSI is a wholly-owned subsidiary of The Goldman Sachs Group, Inc.
(3)	Each Unit must be converted into Class A Common Stock of the Issuer on May 15, 2008, at a ratio based on the closing price of Class A Common Stock during the twenty trading days starting April 15, 2008. If the closing price is less than or equal to $25.00. If the closing price is less than or equal to $25.00, each Unit will be exchanged for 1 share; if greater than or equal to $30.00, 0.8333 shares; and if between $25.00 and $30.00, a fraction of one share between 0.8333 and 1.
(4)	May 15, 2008, subject to earlier exercise upon certain events.

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Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.