STEVEN RATTNER, THE DEPUTY CHIEF EXECUTIVE OF LAZARD FRERES, hasn't had much luck holding on to all his top talent. In recent weeks, three senior bankers have bailed out. Gerald Rosenfeld, who was Lazard's head of investment banking, departed to join NationsBanc Montgomery Securities; Kendrick Wilson III, a managing director in the financial services group, joined Goldman Sachs; and Ira Harris, a senior banker in Lazard's Chicago office, went to work for the Pritzker family. "This is a firm with 1,200 people and 70 partners," says a senior insider. "There's a generational change going on."

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