An adjustable armrest assembly for a stool or chair comprises an armrest base, an armrest support member and an adjustment assembly. The armrest base is connectible to the stool or chair and has a first opening. The armrest support member has a first end with a second opening. The first end is positionable with the second opening aligned with the first opening. The armrest support member has a second end opposite the first end and extending distally to support an armrest. An adjustment assembly is positionable to extend through the second opening and the first opening to define a pivot axis and an adjustable pivot connection between the support member and the base. The assembly is movable within at least one of the first opening and the second opening to laterally reposition the pivot axis. A variable friction member applies a selected degree of resistance to the adjustable pivot connection.