With the IPO, he is wresting control of the 157-year-old firm away from a powerful group of nonworking partners led by Michel David-Weill , a descendant of the founder.

FORBES: Lazard's A Laggard

"Boy Leading a Horse" went to MoMA after the death of William S. Paley in 1990, and the Fifth Avenue apartment is now the Manhattan home of French financier Michel David-Weill.

WSJ: Babe and William Paley's Brilliant Fifth Avenue Apartment

Three-quarters of Lazard's revenues are paid back in compensation, a fact that caused much of the initial strife between Wasserstein and Michel David-Weill , scion of the family who founded the firm and the leader of the capitalist group.

FORBES: Magazine Article