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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of Select Financial Information and Reconciliation of Adjusted Operating Income (Loss) to Consolidated | The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non-compensation expense (both of which are significant expense categories on which the CODM is regularly provided information), other segments items, and adjusted operating income (loss). Adjusted compensation and benefits expense and adjusted non-compensation expense include costs directly incurred by each segment, with certain adjustments. Adjusted non-compensation expense includes expenses for occupancy and equipment, marketing and business development, technology and information services, professional services, fund administration and outsourced services. Other segment items include certain adjustments to calculate adjusted operating income, including: •Noncontrolling interests; •Certain distribution, introducer and management fees paid to third parties and reimbursable deal costs; •Provision for credit losses; •Changes in the fair value of investments held in connection with LFI and other similar deferred compensation arrangements; •Interest expense, excluding interest expense incurred by LFB; •Asset impairment charges; •Losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss and transactions related to foreign currency exchange; and •The gain on sale of an owned office building. Inter-segment revenues are not material for all periods presented. The CODM does not regularly receive asset information by segment and does not use segment asset information to assess performance or allocate resources.
| Year Ended December 31, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 1,756,183 |  |  | $ | 1,186,977 |  |  | $ | 108,677 |  |  | $ | 3,051,837 |
Adjusted Compensation and Benefits Expense | 1,132,017 |  |  | 603,333 |  |  | 168,113 |  |  | 1,903,463 |
Adjusted Non-compensation Expense | 202,007 |  |  | 229,960 |  |  | 143,179 |  |  | 575,146 |
Other Segment Items | (25,134) |  |  | (87,103) |  |  | (50,046) |  |  | (162,283) |
Adjusted Operating Income (Loss) | $ | 397,025 |  |  | $ | 266,581 |  |  | $ | (252,661) |  |  | $ | 410,945 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 4,730 |  |  | $ | 14,457 |  |  | $ | 34,417 |  |  | $ | 53,604 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 8,398 |  |  | $ | 5,704 |  |  | $ | 22,129 |  |  | $ | 36,231 |
| Year Ended December 31, 2023
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 1,385,357 |  |  | $ | 1,151,496 |  |  | $ | (21,364) |  |  | $ | 2,515,489 |
Adjusted Compensation and Benefits Expense | 1,014,352 |  |  | 545,308 |  |  | 142,877 |  |  | 1,702,537 |
Adjusted Non-compensation Expense | 193,661 |  |  | 218,903 |  |  | 158,940 |  |  | 571,504 |
Other Segment Items | (28,522) |  |  | (83,937) |  |  | 36,589 |  |  | (75,870) |
Adjusted Operating Income (Loss) | $ | 148,822 |  |  | $ | 303,348 |  |  | $ | (286,592) |  |  | $ | 165,578 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 1,561 |  |  | $ | 19,752 |  |  | $ | 20,709 |  |  | $ | 42,022 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 8,458 |  |  | $ | 6,448 |  |  | $ | 27,860 |  |  | $ | 42,766 |
| Year Ended December 31, 2022
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 1,666,156 |  |  | $ | 1,204,927 |  |  | $ | (97,512) |  |  | $ | 2,773,571 |
Adjusted Compensation and Benefits Expense | 939,164 |  |  | 557,887 |  |  | 159,787 |  |  | 1,656,838 |
Adjusted Non-compensation Expense | 184,439 |  |  | 205,061 |  |  | 128,673 |  |  | 518,173 |
Other Segment Items | (13,734) |  |  | (106,262) |  |  | 115,483 |  |  | (4,513) |
Adjusted Operating Income (Loss) | $ | 528,819 |  |  | $ | 335,717 |  |  | $ | (270,489) |  |  | $ | 594,047 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 4,074 |  |  | $ | 6,247 |  |  | $ | 19,136 |  |  | $ | 29,457 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 8,968 |  |  | $ | 9,363 |  |  | $ | 20,922 |  |  | $ | 39,253 |
The table below provides a reconciliation of the Company's consolidated adjusted operating income (loss) to the Company’s consolidated U.S. GAAP operating income (loss).
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Adjusted Operating Income | $ | 410,945 |  |  | $ | 165,578 |  |  | $ | 594,047 |
Adjustments: |  |  |  |  |
Operating income related to noncontrolling interests and similar arrangements (a) | 6,787 |  |  | 18,169 |  |  | 34,963 |
Interest expense (b) | (87,795) |  |  | (77,457) |  |  | (76,528) |
Amortization and other acquisition-related costs | (242) |  |  | (334) |  |  | (60) |
Asset impairment charges | – |  |  | (19,129) |  |  | – |
Losses associated with cost-saving initiatives (c) | (587) |  |  | (4,878) |  |  | – |
Expenses associated with cost-saving initiatives | (48,142) |  |  | (195,126) |  |  | – |
Gain on sale of property (d) | 114,271 |  |  | – |  |  | – |
Expenses associated with sale of property (e) | (17,002) |  |  | – |  |  | – |
Expenses related to office space reorganization (f) | – |  |  | – |  |  | (3,764) |
Expenses associated with senior management transition (g) | – |  |  | (10,674) |  |  | (33,019) |
Benefit pursuant to tax receivable obligation ("TRA") (h) | 8,237 |  |  | 43,894 |  |  | 1,209 |
Operating Income (Loss) - U.S. GAAP Basis | $ | 386,472 |  |  | $ | (79,957) |  |  | $ | 516,848 |
_____________________ (a)Revenue and expenses related to the consolidation of noncontrolling interests and similar arrangements are excluded because the Company has no economic interest in such amounts. (b)Interest expense (excluding interest expense incurred by LFB) is added back in determining adjusted net revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business. (c)Represents losses associated with the closing of certain offices as part of the cost-saving initiatives, including the reclassification of currency translation adjustments to earnings from accumulated other comprehensive losses in the years ended December 31, 2024 and 2023 and transactions related to foreign currency exchange in the year ended December 31, 2023. (d)Represents gain on the sale of an owned office building. (e)Represents estimated statutory profit-sharing expenses associated with the sale of an owned office building. (f)Represents building depreciation and other costs related to office space reorganization. (g)Represents expenses associated with senior management transition reflecting the departure of certain executive officers. (h)Represents the effect of the periodic revaluation of the TRA liability.
Schedule of Operating Income, Revenue and Identifiable Assets by Geographical Areas | The following table sets forth the net revenue from, and total assets for, the Company and its consolidated subsidiaries by geographic region allocated on the basis described above. In the table below, Americas principally includes the U.S., EMEA principally includes the U.K. and France, and Asia Pacific principally includes Australia.
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Net Revenue - U.S. GAAP basis: |  |  |  |  |
Americas | $ | 1,536,298 |  |  | $ | 1,193,056 |  |  | $ | 1,487,056 |
EMEA | 1,360,784 |  |  | 1,162,052 |  |  | 1,136,636 |
Asia Pacific | 154,755 |  |  | 160,381 |  |  | 149,879 |
Total | $ | 3,051,837 |  |  | $ | 2,515,489 |  |  | $ | 2,773,571 |
Operating Income (Loss) - U.S. GAAP basis: |  |  |  |  |
Americas | $ | 101,675 |  |  | $ | (224,857) |  |  | $ | 235,640 |
EMEA | 256,938 |  |  | 108,058 |  |  | 248,404 |
Asia Pacific | 27,859 |  |  | 36,842 |  |  | 32,804 |
Total | $ | 386,472 |  |  | $ | (79,957) |  |  | $ | 516,848 |
| December 31,
| 2024 |  | 2023
Total Assets: |  |  |
Americas | $ | 2,908,489 |  |  | $ | 2,808,962 |
EMEA | 1,757,275 |  |  | 1,679,644 |
Asia Pacific | 128,229 |  |  | 147,175 |
Total | $ | 4,793,993 |  |  | $ | 4,635,781 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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