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COST-SAVING INITIATIVES | 6 Months Ended
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Jun. 30, 2023
Restructuring and Related Activities [Abstract] |
COST-SAVING INITIATIVES | COST-SAVING INITIATIVES The Company is conducting firm-wide cost-saving initiatives including closing certain offices over the course of 2023. Expenses associated with the cost-saving initiatives for the three month and six month periods ended June 30, 2023 consisted of the following:
| Three Months Ended June 30, 2023
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Severance and other employee termination costs (included in "compensation and benefits" expense) | $ | 81,266 |  |  | $ | 29,533 |  |  | $ | 25,809 |  |  | $ | 136,608 |
Technology asset impairments (included in "technology and information services") | 88 |  |  | 7,297 |  |  | - |  |  | 7,385 |
Other | 522 |  |  | 280 |  |  | 1,910 |  |  | 2,712 |
Total | $ | 81,876 |  |  | $ | 37,110 |  |  | $ | 27,719 |  |  | $ | 146,705 |
| Six Months Ended June 30, 2023
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Severance and other employee termination costs (included in "compensation and benefits" expense) | $ | 90,043 |  |  | $ | 40,768 |  |  | $ | 26,537 |  |  | $ | 157,348 |
Technology asset impairments (included in "technology and information services") | 88 |  |  | 7,297 |  |  | - |  |  | 7,385 |
Other | 522 |  |  | 280 |  |  | 1,910 |  |  | 2,712 |
Total | $ | 90,653 |  |  | $ | 48,345 |  |  | $ | 28,447 |  |  | $ | 167,445 |
Activity related to the obligations pursuant to the cost-saving initiatives during the six month period ended June 30, 2023 was as follows:
| Accrued Compensation and Benefits |  | Other |  | Total
Balance, January 1, 2023 | $ | - |  |  | $ | - |  |  | $ | - |
Total expenses | 157,348 |  |  | 10,097 |  |  | 167,445 |
Less: |  |  |  |  |
Noncash expenses (a) | 28,481 |  |  | 7,490 |  |  | 35,971 |
Payments | 46,052 |  |  | 1,535 |  |  | 47,587 |
Balance, June 30, 2023 | $ | 82,815 |  |  | $ | 1,072 |  |  | $ | 83,887 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//420/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2 + Details
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