SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                  SCHEDULE 13G
                                 (Rule 13d-102)

     INFORMATION TO BE INCLUDED IN THE STATEMENTS FILED PURSUANT TO RULES
     13d-1(b)(c), AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b)
     
                               (Amendment No. __)*

                                   Lazard Ltd.
                               -------------------
                                (Name of Issuer)

                              Equity Security Units
                    ----------------------------------------
                         (Title of Class of Securities)

                                       N/A
                                 --------------
                                 (CUSIP Number)

                                  May 10, 2005
            -------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

     [ ]  Rule 13d-1(b)

     [X]  Rule 13d-1(c)

     [ ]  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                                  SCHEDULE 13G

CUSIP NO.                                                         Page 2 of 6
_____________________________________________________________________________
     NAMES OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)
1
     Michael A. Roth and Brian J. Stark, as joint filers pursuant to
     Rule 13d-1(k)
_____________________________________________________________________________
2    CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP                (a) [X]
                                                                     (b) [ ]
_____________________________________________________________________________
3    SEC USE ONLY
_____________________________________________________________________________
4    CITIZENSHIP OR PLACE OF ORGANIZATION

     United States of America
_____________________________________________________________________________

NUMBER OF      5    SOLE VOTING POWER

SHARES              0
               ______________________________________________________________
BENEFICIALLY   6    SHARED VOTING POWER

OWNED BY            750,000 Equity Security Units (See Item 4)
               ______________________________________________________________
EACH           7    SOLE DISPOSITIVE POWER

REPORTING           0
               ______________________________________________________________
PERSON         8    SHARED DISPOSITIVE POWER

WITH                750,000 Equity Security Units (See Item 4)
_____________________________________________________________________________
9    AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     750,000 Equity Security Units (See Item 4)
_____________________________________________________________________________
10   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
                                                                          [ ]
_____________________________________________________________________________
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

     6.5% (See Item 4)
_____________________________________________________________________________
12   TYPE OF REPORTING PERSON

     IN
_____________________________________________________________________________

                                  SCHEDULE 13G

CUSIP NO.                                                         Page 3 of 6

Item 1(a).     Name of Issuer:

               Lazard Ltd. (the "Issuer")

Item 1(b).     Address of Issuer's Principal Executive Offices:

               30 Rockefeller Plaza
               New York, NY 10020
 
Items 2(a),
(b) and (c).   Name of Persons Filing, Address of Principal Business Office and
               Citizenship:

               This Schedule 13G is being filed on behalf of Michael A. Roth and
               Brian J. Stark, as joint filers (collectively, the "Reporting
               Persons").

               The Reporting Persons have entered into a Joint Filing Agreement,
               a copy of which is filed with this Schedule 13G as Exhibit 1,
               pursuant to which the Reporting Persons have agreed to file this
               Schedule 13G jointly in accordance with the provisions of Rule
               13d-1(k) of the Securities Exchange Act of 1934, as amended.

               The principal business office of the Reporting Persons is 3600
               South Lake Drive, St. Francis, WI 53235. The Reporting Persons
               are citizens of the United States of America.

Item 2(d).     Title of Class of Securities:

               Equity Security Units of the Issuer

Item 2(e).     CUSIP Number:

               N/A

Item 3.           Not applicable

Item 4.        Ownership.

               (a)  Amount beneficially owned:

                    750,000 Equity Security Units*

               (b)  Percent of class:

                    Based on 11,500,000 Equity Security Units of the Issuer
                    outstanding as of May 10, 2005, as indicated in the Final
                    Prospectus filed pursuant to Rule 424(b)(3), dated May 4,
                    2005, the Reporting Persons hold approximately 6.5%* of the
                    Equity Security Units of the Issuer.

                                  SCHEDULE 13G

CUSIP NO.                                                         Page 4 of 6

               (c)  Number of shares to which such person has:

                    (i)   Sole power to vote or direct the vote: 0

                    (ii)  Shared power to vote or direct the vote: 750,000
                          Equity Security Units*

                    (iii) Sole power to dispose or to direct the disposition of:
                          0

                    (iv)  Shared power to dispose of or direct the disposition
                          of: 750,000 Equity Security Units*

               *The Reporting Persons beneficially own an aggregate of 750,000
               Equity Security Units. The foregoing amount of Equity Security
               Units and percentage ownership represent the combined indirect
               holdings of Michael A. Roth and Brian J. Stark.

               All of the foregoing represents an aggregate of 750,000 Equity
               Security Units held by Shepherd Investments International, Ltd.
               ("Shepherd") and Stark International. The Reporting Persons
               direct the management of Stark Offshore Management, LLC ("Stark
               Offshore"), which acts as the investment manager and has sole
               power to direct the management of Shepherd and Stark Onshore
               Management, LLC ("Stark Onshore"), which acts as managing general
               partner and has sole power to direct the management of Stark
               International. As the Managing Members of Stark Offshore and
               Stark Onshore, the Reporting Persons possess voting and
               dispositive power over all of the foregoing shares. Therefore,
               for the purposes of Rule 13d-3 under the Exchange Act, the
               Reporting Persons may be deemed to be the beneficial owners of,
               but hereby disclaim such beneficial ownership of, the foregoing
               shares.

Item 5.        Ownership of Five Percent or Less of a Class.

               Not applicable

Item 6.        Ownership of More than Five Percent on Behalf of Another Person.

               Not applicable

Item 7.        Identification and Classification of the Subsidiary Which
               Acquired the Security Being Reported By the Parent Holding
               Company.

               Not applicable

Item 8.        Identification and Classification of Members of the Group.

               Not applicable

Item 9.        Notice of Dissolution of a Group.

                                  SCHEDULE 13G

CUSIP NO.                                                         Page 5 of 6

               Not applicable

Item 10.       Certification.

               By signing below I certify that, to the best of my knowledge and
               belief, the securities referred to above were not acquired and
               are not held for the purpose of or with the effect of changing or
               influencing the control of the issuer of the securities and were
               not acquired and are not held in connection with or as a
               participant in any transaction having that purpose or effect.

                                  SCHEDULE 13G

CUSIP NO.                                                         Page 6 of 6

                                    SIGNATURE

     After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  May 19, 2005


                                        /s/ Michael A. Roth
                                        -----------------------
                                        Michael A. Roth

                                        /s/ Brian J. Stark
                                        -----------------------
                                        Brian J. Stark


                                  SCHEDULE 13G

CUSIP NO.

                                                                       Exhibit 1

                             JOINT FILING AGREEMENT

     In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934,
as amended, the undersigned agree to the joint filing on behalf of each of them
of a statement on Schedule 13G (including amendments thereto) with respect to
750,000 Equity Security Units of Lazard Ltd. and further agree that this Joint
Filing Agreement shall be included as an exhibit to such joint filings.

     The undersigned further agree that each party hereto is responsible for the
timely filing of such Schedule 13G and any amendments thereto, and for the
completeness and accuracy of the information concerning such party contained
therein; provided, however, that no party is responsible for the completeness or
accuracy of the information concerning any other party making the filing, unless
such party knows or has reason to believe that such information is inaccurate.

     IN WITNESS WHEREOF, the parties have executed this Joint Filing Agreement
on May 19, 2005.


                                        /s/ Michael A. Roth
                                        -----------------------
                                        Michael A. Roth


                                        /s/ Brian J. Stark
                                        -----------------------
                                        Brian J. Stark