The fourth quarter was brutal for investment banks. But for Lazard Ltd. (NYSE: LAZ), things weren't so bad. After all, the company focuses on corporate advisory, and as a result didn't get dinged by principal trading and investments in subprime deals.

In Q4, Lazard's earnings spiked 43% to $122.6 million, or $0.104 per share. Revenues were up 26% to $618 million.

The main boost came from advisory fees, such as for M&A transactions and restructurings. This business increased 27% to $313.6 million in revenues. Oh, and restructuring revenues were up 58% to $32.3 million. In light of the wreckage in the market, I suspect that this segment will continue to thrive.

Of course, a key to the success is Bruce Wasserstein, who is Lazard's CEO and uber dealmaker. For his efforts, he got a hefty $96.3 million restricted stock grant as well as a five-year employment agreement.

However, with the credit crunch and economic uncertainty, the M&A market has been fairly soft in January. If this continues, Lazard will certainly feel some pain.

But in today's trading, Lazard's stock was up 4.46% to $37.25.

Tom Taulli is the author of various books, including The Complete M&A Handbook. He also operates DealProfiles.com.