I did a quick search on newspapers.com , which of course requires a yearly subscription, so unless you had that you wouldn't see this.
She won the Student Designer of the Year Award from Parsons Critics Award Show in 1975.
Lam came to NYC from Hong Kong in 1972, worked in the design rooms of Calvin Klein and Geoffrey Beene before producing her own line of leathers and suedes in a SoHo loft. In 1980 she put together a full line of ready-to-wear. Her emphasis at that time was on hand knits, handlooms and leathers. A sweater knit from soft leather, which cost $1000, was her first big seller.
Her clothing items were carried by Nieman Marcus and Saks Fifth Avenue in 1983. She “designs for the confident career woman”. Well-made suits were a focus for her at the time.
I see her associated with Jewelry in 1988, and by 1990, “Isabel Lam Inc.” and housewares.
I would estimate your suit to date from about '83.