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<p>Actually, let me break it down to you some more, nodnard, because you seem to lack basic understanding of the investment banking field.</p>

<p>A ‘boutique’ in the truest sense of the word refers to a pure advisory house with no trading operations or asset management functions. It does no principal investing work; a ‘boutique’ only does M&A and Restructuring advisory. </p>

<p>You admitted yourself that LAM is indeed a big revenue-generating service that LAZ offers. Hence, not a pure advisory house. Thus, not a boutique.</p>

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<p><a href=“http://www.nytimes.com/2006/08/03/business/03lazard.html?adxnnl=1&adxnnlx=1210014150-BWHlTmudTcIkFpVo2cUF6Q[/url]”>http://www.nytimes.com/2006/08/03/business/03lazard.html?adxnnl=1&adxnnlx=1210014150-BWHlTmudTcIkFpVo2cUF6Q&lt;/a&gt;&lt;/p&gt;

<p>Furthermore, they have offices in over 15 countries, making them too large to be labeled a boutique. They’re certainly not a bulge-bracket, but not a boutique either.</p>