Arthur Lazarus Sr., 86, a retired corporate management and financial consultant, died of natural causes Sunday at George Washington University Hospital.

Born in New York City, Mr. Lazarus received his undergraduate degree and then his master's degree in 1917 from Columbia University. He later became a lawyer and certified public accountant, practicing in New York.

Mr. Lazarus worked in Washington on two occasions before settling here 11 years ago and opening his own management consulting firm, Arthur Lazarus Company, from which he retired two years ago.

Mr. Lazarus first came to Washington in 1920, and remained here for four years as the first director of the U.S. Chamber of Commerce's cost accounting bureau. In 1933, he returned to Washington from New York to draft the insurance codes for the newly established National Recovery Administration. He left Washington three years later.

In 1950, while living in New York, Mr. Lazarus established his management consulting firm, moving it first to Los Angeles in 1962 and then to Washington in 1967.

Survivors include his two sons, Arthur Jr., of Washington, and Richard C., of New York City; and a daughter, Margy Elin, of PHiladelphia; 10 grandchildren and one great grandchild.