Lazard partners are getting furious about the delay in company’s initial public offering, people say.

Lazard Chairman Michel David-Weill has said he would accede to a $3 billion-plus listing of Lazard about three weeks ago. Partners are getting angry as they wait more from Mr. David-Weill who set a series of conditions for Lazard Head Bruce Wasserstein to meet. But Mr. Wasserstein rejected demands and making partners even more agitated as IPO does not have any certain date.

"Whether it’s right or wrong, we’re at a point now where we have to go forward," said one partner declining to be identified.