{
  "docId": "019dd923-622b-71dc-a6db-3d40ebfdedac",
  "docSlug": "9266edfa9f01",
  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-06-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 29,
  "pageCount": 39,
  "prevPage": 28,
  "nextPage": 30,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 9,
  "notes": "The slide uses a split-chart approach to compare two distinct peer groups.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_vertical",
    "footnote",
    "logo_grid"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-3d40ebfdedac/29",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac#slide-29",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "For both advisory and asset management, non-compensation expense is approximately 20%",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be2d-5d9328679738",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.7,
        "w": 0.85,
        "x": 0.08,
        "y": 0.15
      },
      "kind": "chart",
      "text": "Non-Compensation Expense Ratios (FYE 2011)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a8698312-fb3f-49dc-9ad9-244469625859",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "non-compensation expense ratio: 20%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be2d-61b2a8c1391a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.09,
        "y": 0.09
      },
      "kind": "paragraph",
      "text": "For both advisory and asset management, non-compensation expense is approximately 20%",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f45c3ac-0177-4edf-8ef4-631b4765a4a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.5,
        "x": 0.01,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: SEC filings (1) Asset management margins calculated on revenue net of distribution and servicing expense. Franklin Resources net revenue excludes marketing expense.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad1f6d93-3337-42b0-923f-ed8fe80a8b60",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.75,
        "x": 0.06,
        "y": 0.04
      },
      "kind": "title",
      "text": "Non-Compensation Expense Ratios Average Around 20%",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "96fce548-baf3-421a-bf14-de28e0ee9040",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "0e48ed91-0371-42a4-a93f-69812cee2906",
      "evidence": "Direct comparison of peer groups using bar charts",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 32,
      "from": 24,
      "beatId": "0b2870cd-01e2-4ba1-bd57-f9640da670ce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": null,
      "evidence": "Trian proposes a new strategic plan, margin improvement, and shareholder-friendly capital deployment.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 26,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "9c9f52ae-0a51-480e-aaf6-1907942585f6",
      "evidence": "Trian believes Lazard's margin target is achievable and proposes solutions for improvement.",
      "position": 1,
      "objective": "The potential for margin improvement",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.8,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}