Cost-Saving Initiatives

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

COST-SAVING INITIATIVES

The Company conducted firm-wide cost-saving initiatives that will continue through the first quarter of 2024.

Expenses and losses associated with the cost-saving initiatives for the year ended December 31, 2023 consisted of the following:


	Year Ended December 31, 2023
	Financial Advisory		Asset Management		Corporate		Total
Severance and other employee termination expenses (included in "compensation and benefits" expense)	$	98,219	$	49,152	$	34,732	$	182,103
Technology asset impairments (included in "technology and information services")	144		7,877		–		8,021
Foreign exchange related losses associated with closing of certain offices (included in "revenue-other")	1,824		–		3,054		4,878
Other	2,241		470		2,291		5,002
Total	$	102,428	$	57,499	$	40,077	$	200,004

Additional compensation and benefits expense of approximately $40,000 was incurred in the first quarter of 2024.

Activity related to the obligations pursuant to the cost-saving initiatives during the year ended December 31, 2023 was as follows:


	Accrued Compensation and Benefits		Other		Total
Balance, January 1, 2023	$	–	$	–	$	–
Total expenses	182,103		17,901		200,004
Less:
Noncash expenses (a)	33,790		10,626		44,416
Payments and settlements	96,967		6,323		103,290
Balance, December 31, 2023	$	51,346	$	952	$	52,298

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(a)Noncash expenses reflected in “accrued compensation and benefits” activity principally represents accelerated amortization of deferred incentive compensation awards. Noncash expenses reflected in “other” activity principally relates to technology asset impairments and certain foreign exchange related losses.