Lazard Accelerates Consulting Growth Amid Global M&A Recovery

As global mergers and acquisitions continue to rebound in 2026, advisory firms are racing to strengthen their competitive positions. Among them, Lazard is advancing a broad transformation strategy aimed at capturing a larger share of the expanding deal market while modernizing its consulting and advisory capabilities.

The firm's latest quarterly performance reflects a mixed but strategically significant picture. Although financial advisory revenue softened compared with the previous year, Lazard continues to invest heavily in long-term growth initiatives. Under CEO Peter Orszag's leadership, the company has streamlined its organizational structure, reduced management layers, and expanded into high-growth advisory segments, particularly private capital advisory.

One of the most notable milestones in this strategy has been the acquisition of Campbell Lutyens, a specialist private capital advisory firm. The move enhances Lazard's ability to advise institutional investors, private equity firms, sovereign wealth funds, and infrastructure investors on increasingly complex transactions. The acquisition also aligns with the industry's growing demand for diversified advisory services beyond traditional M&A.

Consulting and advisory firms worldwide are witnessing a shift in client expectations. Organizations no longer seek advisers solely for transaction execution; instead, they expect strategic partners capable of providing guidance on digital transformation, capital allocation, ESG strategy, geopolitical risk, AI adoption, and post-merger integration. Firms with multidisciplinary consulting capabilities are therefore gaining a competitive advantage.

Despite reporting lower advisory revenues during the latest quarter, Lazard remains among the world's leading M&A advisers by deal value. Asset management continued to provide stability through positive client inflows, helping offset softer advisory performance. The company also reaffirmed its long-term ambition of reaching approximately $5 billion in annual revenue by 2030, supported by investments in talent, technology, and specialized advisory businesses.

The broader consulting sector is experiencing similar transformation. Intense competition from boutique advisory firms and independent consulting specialists has forced established global firms to rethink their operating models. Clients increasingly value sector-specific expertise, faster execution, and technology-enabled consulting over traditional large-scale engagements.

Private capital has emerged as one of the fastest-growing advisory segments. Record levels of dry powder across private equity, infrastructure, and private credit markets continue to generate demand for consultants capable of delivering due diligence, valuation support, transaction advisory, operational improvements, and post-deal integration services.

Another major trend influencing consulting firms is artificial intelligence. While AI is improving research, financial modelling, and document analysis, firms continue to emphasize that human expertise remains essential for strategic negotiations, stakeholder management, and complex decision-making. The combination of AI-enabled productivity and experienced advisory professionals is increasingly becoming the industry's preferred delivery model.

Looking ahead, analysts expect global M&A activity to remain resilient despite ongoing macroeconomic uncertainties. Falling inflation in several major economies, stabilizing interest rates, and improved corporate confidence are supporting renewed deal activity. This environment presents significant opportunities for consulting firms that can offer integrated transaction, strategy, and transformation services.

For the consulting industry, Lazard's ongoing restructuring demonstrates a broader shift underway across professional services. Success is increasingly determined not only by deal volume but also by the ability to deliver end-to-end advisory solutions spanning strategy, execution, digital transformation, and long-term value creation. Firms investing in specialized expertise and technology are likely to emerge as the strongest beneficiaries of the next phase of global M&A growth.