Cost-Saving Initiatives

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

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

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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 impairments of certain operating lease right-of-use assets and certain foreign exchange related losses.