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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Select Financial Information and Reconciliation of Adjusted Operating Income (Loss) to Consolidated |
| Three Months Ended June 30, 2025
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 497,306 |  |  | $ | 292,478 |  |  | $ | 6,213 |  |  | $ | 795,997 |
Adjusted Compensation and Benefits Expense | 317,036 |  |  | 139,655 |  |  | 47,572 |  |  | 504,263 |
Adjusted Non-compensation Expense | 52,426 |  |  | 63,597 |  |  | 41,348 |  |  | 157,371 |
Other Segment Items | (5,947) |  |  | (23,987) |  |  | 3,803 |  |  | (26,131) |
Adjusted Operating Income (Loss) | $ | 121,897 |  |  | $ | 65,239 |  |  | $ | (78,904) |  |  | $ | 108,232 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 1,903 |  |  | $ | 2,136 |  |  | $ | 5,168 |  |  | $ | 9,207 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 2,165 |  |  | $ | 1,407 |  |  | $ | 5,041 |  |  | $ | 8,613 |
| Six Months Ended June 30, 2025
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 864,665 |  |  | $ | 580,578 |  |  | $ | (1,195) |  |  | $ | 1,444,048 |
Adjusted Compensation and Benefits Expense | 557,004 |  |  | 282,482 |  |  | 86,063 |  |  | 925,549 |
Adjusted Non-compensation Expense | 104,987 |  |  | 122,808 |  |  | 77,458 |  |  | 305,253 |
Other Segment Items | (3,763) |  |  | (47,593) |  |  | 20,359 |  |  | (30,997) |
Adjusted Operating Income (Loss) | $ | 198,911 |  |  | $ | 127,695 |  |  | $ | (144,357) |  |  | $ | 182,249 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 3,100 |  |  | $ | 4,583 |  |  | $ | 13,186 |  |  | $ | 20,869 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 4,175 |  |  | $ | 2,788 |  |  | $ | 10,081 |  |  | $ | 17,044 |
| Three Months Ended June 30, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue (Loss) - U.S. GAAP Basis | $ | 411,308 |  |  | $ | 285,487 |  |  | $ | (11,446) |  |  | $ | 685,349 |
Adjusted Compensation and Benefits Expense | 275,324 |  |  | 134,318 |  |  | 42,222 |  |  | 451,864 |
Adjusted Non-compensation Expense | 51,112 |  |  | 55,687 |  |  | 41,813 |  |  | 148,612 |
Other Segment Items | (3,372) |  |  | (20,268) |  |  | 22,933 |  |  | (707) |
Adjusted Operating Income (Loss) | $ | 81,500 |  |  | $ | 75,214 |  |  | $ | (72,548) |  |  | $ | 84,166 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 1,310 |  |  | $ | 3,809 |  |  | $ | 7,735 |  |  | $ | 12,854 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 2,166 |  |  | $ | 1,392 |  |  | $ | 5,646 |  |  | $ | 9,204 |
| Six Months Ended June 30, 2024
| Financial Advisory |  | Asset Management |  | Corporate |  | Total
Net Revenue - U.S. GAAP Basis | $ | 864,815 |  |  | $ | 580,963 |  |  | $ | 4,324 |  |  | $ | 1,450,102 |
Adjusted Compensation and Benefits Expense | 577,404 |  |  | 285,016 |  |  | 82,177 |  |  | 944,597 |
Adjusted Non-compensation Expense | 98,977 |  |  | 111,262 |  |  | 72,666 |  |  | 282,905 |
Other Segment Items | (10,245) |  |  | (39,810) |  |  | 31,160 |  |  | (18,895) |
Adjusted Operating Income (Loss) | $ | 178,189 |  |  | $ | 144,875 |  |  | $ | (119,359) |  |  | $ | 203,705 |
Other Segment Disclosures: |  |  |  |  |  |  |
Interest income (included in net revenue) | $ | 2,276 |  |  | $ | 7,520 |  |  | $ | 14,529 |  |  | $ | 24,325 |
Depreciation and amortization of property (included in adjusted non-compensation expense) | $ | 4,415 |  |  | $ | 2,681 |  |  | $ | 11,197 |  |  | $ | 18,293 |
The table below provides a reconciliation of the Company's consolidated adjusted operating income to the Company’s consolidated U.S. GAAP operating income.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Adjusted Operating Income | $ | 108,232 |  |  | $ | 84,166 |  |  | $ | 182,249 |  |  | $ | 203,705 |
Adjustments: |  |  |  |  |  |  |
Operating income related to noncontrolling interests and similar arrangements (a) | 5,970 |  |  | 2,142 |  |  | 7,583 |  |  | 6,611 |
Interest expense (b) | (21,095) |  |  | (22,600) |  |  | (42,064) |  |  | (43,250) |
Amortization and other acquisition-related costs | (26) |  |  | (68) |  |  | (52) |  |  | (136) |
Losses associated with cost-saving initiatives (c) | – |  |  | – |  |  | – |  |  | (587) |
Expenses associated with cost-saving initiatives | – |  |  | – |  |  | – |  |  | (48,142) |
Operating Income - U.S. GAAP Basis | $ | 93,081 |  |  | $ | 63,640 |  |  | $ | 147,716 |  |  | $ | 118,201 |
_____________________ (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 the reclassification of currency translation adjustments to earnings from accumulated other comprehensive loss in the six month period ended June 30, 2024.

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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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