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Cost-Saving Initiatives | 12 Months Ended
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Dec. 31, 2024
Restructuring and Related Activities [Abstract] |
Cost-Saving Initiatives | COST-SAVING INITIATIVES The Company conducted firm-wide cost-saving initiatives over the course of 2023, which were completed during the first quarter of 2024. Expenses and losses associated with the cost-saving initiatives for the years ended December 31, 2024 and 2023 consisted of the following:
| Year Ended December 31, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Severance and other employee termination expenses (included in "compensation and benefits" expense) | $ | 32,773 |  |  | $ | 11,545 |  |  | $ | 2,292 |  |  | 46,610 |
Other | 708 |  |  | 14 |  |  | 1,397 |  |  | 2,119 |
Total | $ | 33,481 |  |  | $ | 11,559 |  |  | $ | 3,689 |  |  | $ | 48,729 |
| 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 |
Activity related to the obligations pursuant to the cost-saving initiatives during the year ended December 31, 2024 was as follows:
| Accrued Compensation and Benefits |  | Other |  | Total
Balance, January 1, 2024 | $ | 51,346 |  |  | $ | 952 |  |  | $ | 52,298 |
Total expenses | 46,610 |  |  | 2,119 |  |  | 48,729 |
Less: |  |  |  |  |
Noncash expenses (a) | 9,431 |  |  | 3,018 |  |  | 12,449 |
Payments and settlements | 82,257 |  |  | 53 |  |  | 82,310 |
Balance, December 31, 2024 | $ | 6,268 |  |  | $ | – |  |  | $ | 6,268 |
___________________________________ (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 impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.

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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 S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: 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 + Details
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