The less than stellar results at Greenhill & Co. led to some talk about the fate of deal advisory boutiques at a time when the big boys of the industry were laser-focused on what appears to be a favorable deal environment.

But Lazard just released solid fourth quarter results, featuring a strong upturn in earnings and 20 percent rise in net revenue. Operating revenue from deal advisory activity, strategic planning and capital markets rose 44 percent year-over-year and 61 percent sequentially.

Among the deals on which Lazard served as an adviser were 3G Capital's buyout of Burger King and Danone's sale of its stake in Wimm-Bill-Dann Foods of Russia, notes DealBook.

"The investment bank is considered a bellwether of the deal economy because of its core reliance on providing advice on mergers and bankruptcies to clients. It also runs an asset management business to help smooth over the volatility of the deals business," according to DealBook.

This is yet another sign that 2011 is going to be a big year for mergers and acquisitions. But the competition will be intense at all levels, premiere banks and boutiques as well as mid-market deals and major deals. There will be winners--and losers.

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