Property and Equipment

12 Months Ended

Dec. 31, 2020

Property and Equipment

Property and Equipment

7. Property and Equipment

Property and equipment consist of the following (in thousands):

		As of December 31,
	Depreciable Life	2020		2019
Leasehold improvements	Shorter of estimated useful life or life of lease	$	4,707	$	3,327
Office furniture, fixtures and equipment	2 - 10 years		17,896		17,057
Total property and equipment			22,603		20,384
Less accumulated depreciation			(14,731)		(14,940)
Total property and equipment, net		$	7,872	$	5,444

Depreciation expense was $1.8 million, $1.7 million and $1.2 million for the years ended December 31, 2020, 2019 and 2018, respectively.