PJT Partners (PJT) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 01, 2017
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	PJT
Entity Registrant Name	PJT Partners Inc.
Entity Central Index Key	1,626,115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Class A Common Stock
Entity Common Stock, Shares Outstanding		18,522,710
Class B Common Stock
Entity Common Stock, Shares Outstanding		262

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and Cash Equivalents		$ 73,465	$ 152,431
Investments		24,937
Accounts Receivable (net of allowance for doubtful accounts of $2,020 and $4,374 at March 31, 2017 and December 31, 2016, respectively)		200,358	227,560
Intangible Assets, Net	[1]	14,046	14,713
Goodwill		72,286	72,286
Furniture, Equipment and Leasehold Improvements, Net		37,137	38,155
Other Assets		15,062	14,374
Deferred Tax Asset, Net		73,305	70,957
Total Assets		510,596	590,476
Liabilities, Redeemable Non-Controlling Interests and Equity (Deficit)
Accrued Compensation and Benefits		39,274	140,076
Accounts Payable, Accrued Expenses and Other Liabilities		16,999	17,354
Deferred Rent Liability		16,179	16,353
Amount Due Pursuant to Tax Receivable Agreement		1,911	964
Taxes Payable		2,288	1,527
Deferred Revenue		1,419	786
Total Liabilities		78,070	177,060
Commitments and Contingencies
Redeemable Non-Controlling Interests		494,563	421,976
Equity (Deficit)
Additional Paid-In Capital			9,145
Retained Deficit		(62,284)	(17,946)
Accumulated Other Comprehensive Income		62	61
Total Equity (Deficit)		(62,037)	(8,560)
Total Liabilities, Redeemable Non-Controlling Interests and Equity (Deficit)		510,596	590,476
Class A Common Stock
Equity (Deficit)
Common stock, value		185	180
Total Equity (Deficit)		185	180
Class B Common Stock
Equity (Deficit)
Common stock, value		$ 0	$ 0
[1]	Excludes fully amortized intangible assets.

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accounts Receivable, allowance for doubtful accounts	$ 2,020	$ 4,374
Class A Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	3,000,000,000	3,000,000,000
Common Stock, Shares Issued	18,519,225	18,003,272
Common Stock, Shares Outstanding	18,519,225	18,003,272
Class B Common Stock
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Shares Issued	262	271
Common Stock, Shares Outstanding	262	271

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues
Advisory Fees	$ 99,339	$ 81,554
Placement Fees	19,502	31,951
Interest Income and Other	2,128	1,799
Total Revenues	120,969	115,304
Expenses
Compensation and Benefits	95,676	88,171
Occupancy and Related	6,206	6,418
Travel and Related	2,883	2,745
Professional Fees	4,189	3,496
Communications and Information Services	2,413	2,053
Depreciation and Amortization	2,092	3,901
Other Expenses	5,422	5,787
Total Expenses	118,881	112,571
Income Before Provision (Benefit) for Taxes	2,088	2,733
Provision (Benefit) for Taxes	(871)	1,302
Net Income	2,959	1,431
Net Income Attributable to Redeemable Non-Controlling Interests	1,626	1,176
Net Income Attributable to PJT Partners Inc.	$ 1,333	$ 255
Class A Common Stock
Net Income Per Share of Class A Common Stock
Net Income Per Share of Class A Common Stock — Basic and Diluted	$ 0.07	$ 0.01
Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted	18,479,025	18,261,984
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 2,959	$ 1,431
Other Comprehensive Income, Net of Tax — Currency Translation Adjustment	2	136
Comprehensive Income	2,961	1,567
Comprehensive Income Attributable to Redeemable Non-Controlling Interests	1,627	1,240
Comprehensive Income Attributable to PJT Partners Inc.	$ 1,334	$ 327

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Additional Paid-in Capital	Additional Paid-in CapitalClass A Common Stock	Retained Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance at Dec. 31, 2015	$ 32,080	$ 180		$ 43,132		$ (11,184)	$ (48)
Beginning Balance (in shares) at Dec. 31, 2015		17,966,456	300
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2015	309,855
Net Income	255					255
Redeemable Non-Controlling Interests, Net Income	1,176
Currency Translation Adjustment	136						136
Dividends	(934)					(934)
Non-Cash Contributions from Former Parent	2,376			2,376
Equity-Based Compensation	11,701			11,701
Redeemable Non-Controlling Interests, Equity-Based Compensation	8,934
Forfeiture Liability for Equity Awards	331			331
Issuances of Common Stock (in shares)			4
Redeemable Non-Controlling Interests, Issuances of Shares	3,401
Forfeitures of Class B Common Stock	1,511			1,511
Forfeitures of Shares (in shares)			(1)
Redeemable Non-Controlling Interests, Forfeitures of Class B Common Stock	(1,511)
Issuance of Shares of Class B Common Stock	(3,401)			(3,401)
Adjustment of Redeemable Non-Controlling Interests to Redemption Value	35,295			35,295
Redeemable Non-Controlling Interests, Adjustment of Redeemable Non-Controlling Interests to Redemption Value	(35,295)
Ending Balance at Mar. 31, 2016	79,350	$ 180		90,945		(11,863)	88
Ending Balance (in shares) at Mar. 31, 2016		17,966,456	303
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2016	286,560
Beginning Balance at Dec. 31, 2016	(8,560)	$ 180		9,145		(17,946)	61
Beginning Balance (in shares) at Dec. 31, 2016		18,003,272	271
Redeemable Non-Controlling Interests, Beginning Balance at Dec. 31, 2016	421,976
Net Income	1,333					1,333
Redeemable Non-Controlling Interests, Net Income	1,626
Currency Translation Adjustment	1						1
Redeemable Non-Controlling Interests, Currency Translation Adjustment	1
Dividends	(950)					(950)
Equity-Based Compensation	21,952			21,952
Redeemable Non-Controlling Interests, Equity-Based Compensation	11,304
Forfeiture Liability for Equity Awards	94			94
Net Share Settlement	(3,368)			(3,368)
Issuances of Common Stock		$ 5			$ (5)
Issuances of Common Stock (in shares)		515,953	5
Redeemable Non-Controlling Interests, Issuances of Shares	1,283
Issuance of Shares of Class B Common Stock	(1,283)			(1,283)
Cash Settled Exchanges of Partnership Units	167			167
Cash Settled Exchanges of Partnership Units (in shares)			(14)
Redeemable Non-Controlling Interests, Cash Settled Exchanges of Partnership Units	(13,050)
Adjustment of Redeemable Non-Controlling Interests to Redemption Value	(71,423)			$ (26,702)		(44,721)
Redeemable Non-Controlling Interests, Adjustment of Redeemable Non-Controlling Interests to Redemption Value	71,423
Ending Balance at Mar. 31, 2017	(62,037)	$ 185				$ (62,284)	$ 62
Ending Balance (in shares) at Mar. 31, 2017		18,519,225	262
Redeemable Non-Controlling Interests, Ending Balance at Mar. 31, 2017	$ 494,563

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating Activities
Net Income	$ 2,959	$ 1,431
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Equity-Based Compensation Expense	33,256	20,618
Depreciation and Amortization Expense	2,092	3,901
Bad Debt Expense (Recovery)	199	(25)
Foreign Currency Transaction Gains	(599)	(421)
Deferred Taxes	(1,239)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	28,336	(11,941)
Deferred Tax Assets		(666)
Other Assets	(603)	(5,803)
Accrued Compensation and Benefits	(101,042)	(12,310)
Accounts Payable, Accrued Expenses and Other Liabilities	(245)	12,554
Deferred Rent Liability	(222)	2,872
Deferred Tax Liability		15
Taxes Payable	759	759
Deferred Revenue	635	(140)
Net Cash Provided by (Used in) Operating Activities	(35,714)	10,844
Investing Activities
Proceeds from Repayment of Note Issued to Employee		538
Purchases of Investments	(25,000)
Purchases of Furniture, Equipment and Leasehold Improvements	(346)	(6,432)
Net Cash Used in Investing Activities	(25,346)	(5,894)
Financing Activities
Dividends	(950)	(934)
Employee Taxes Paid for Shares Withheld	(3,368)
Cash-Settled Exchanges of Partnership Units	(13,050)
Principal Payments on Capital Lease Obligations	(23)	(25)
Net Cash Used in Financing Activities	(17,391)	(959)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(515)	(330)
Net Increase (Decrease) in Cash and Cash Equivalents	(78,966)	3,661
Cash and Cash Equivalents, Beginning of Period	152,431	82,322
Cash and Cash Equivalents, End of Period	73,465	85,983
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$ 2,160	722
Supplemental Disclosure of Significant Non-Cash Activities
Non-Cash Contributions from Former Parent		$ 2,376

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) delivers a wide array of strategic advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments around the world. The Company offers a unique portfolio of advisory services designed to help its clients realize major corporate milestones and solve complex issues. Also, through Park Hill Group, the Company provides private fund advisory and placement services for alternative investment managers, including private equity funds, real estate funds and hedge funds. On October 1, 2015, The Blackstone Group L.P. (“Blackstone” or the “former Parent”) distributed on a pro rata basis to its common unitholders all of the issued and outstanding shares of Class A common stock of PJT Partners Inc. held by it. This pro rata distribution is referred to as the “Distribution.” The separation of the PJT Partners business from Blackstone and related transactions, including the Distribution, the internal reorganization that preceded the Distribution and the acquisition by PJT Partners of PJT Capital LP (together with its general partner and their respective subsidiaries, “PJT Capital”) that occurred substantially concurrently with the Distribution, is referred to as the “spin-off.” Following the spin-off, PJT Partners Inc. became the sole general partner of PJT Partners Holdings LP. PJT Partners Inc. owns less than 100% of the economic interest in PJT Partners Holdings LP, but has 100% of the voting power and controls the management of PJT Partners Holdings LP. As of March 31, 2017, the non-controlling interest was 45.3%. As the sole general partner of PJT Partners Holdings LP, PJT Partners Inc. operates and controls all of the business and affairs and consolidates the financial results of PJT Partners Holdings LP and its subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, Park Hill Group LLC, PJT Partners (UK) Limited and PJT Partners (HK) Limited. The spin-off, including the consummation of the acquisition of PJT Capital and the Distribution is described in Note 3. “Reorganization and Spin-off” and information regarding the Class A and Class B common stock issued in connection with the spin-off and Redeemable Non-Controlling Interests is described in Note 11. “Stockholders’ Equity (Deficit)” in the “Notes to Consolidated and Combined Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated and combined financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated and Combined Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. During the second quarter of 2016, a misstatement was identified in the accounting for certain partnership interests in PJT Partners Holdings LP, which resulted in a reclassification from Redeemable Non-Controlling Interests to Retained Deficit and Additional Paid-In Capital. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. As originally proposed, the guidance was effective prospectively for annual periods beginning after December 15, 2016 including interim periods within that reporting period. In recent re-deliberations, the FASB approved a one-year deferral of the effective date of this guidance, such that it will be effective for annual reporting periods beginning after December 31, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The Company plans to adopt the standard using the modified retrospective approach as of January 1, 2018. The Company is still in the process of determining the full impact that adoption of this guidance will have on its financial statements and continues to evaluate the authoritative literature issued from the various standard setters. The Company will provide additional information about the expected impact of adoption as available. In February 2016, the FASB issued new guidance regarding leases. The guidance requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases. Entities are also required to provide enhanced disclosure about leasing arrangements. The amendments retain lease classifications, distinguishing finance leases from operating leases, using criteria that are substantially similar for distinguishing capital leases from operating leases in previous guidance. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Adoption requires a modified retrospective approach. While the Company is still in the process of determining the full impact this guidance will have on its financial statements, the Company has tentatively determined the following based on its evaluation to date: (a) the Company will adopt the standard as of January 1, 2019, and (b) the Company currently expects that adoption of this guidance will have a material impact on the statement of financial condition due to assets and liabilities related to current operating leases being recorded in the statement of financial condition. In June 2016, the FASB issued guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In November 2016, the FASB issued guidance that requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. Adoption requires a retrospective approach. The Company is currently assessing the impact of the adoption of this guidance, but does not expect that adoption of this guidance on January 1, 2018 will have a material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. This new guidance becomes effective for the Company in the first quarter of 2019 and is applied prospectively. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued guidance intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This new guidance becomes effective for the Company in and is applied prospectively, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Doubtful Accounts	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Accounts Receivable and Allowance for Doubtful Accounts	3 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Included in Accounts Receivable are long-term receivables of $65.7 million and $73.1 million as of March 31, 2017 and December 31, 2016, respectively, related to placement fees that are generally paid in installments over a period of three to four years. The carrying value of such long-term receivables approximates fair value. Long-term receivables are classified as Level II in the fair value hierarchy. The Company does not have any long-term receivables on non-accrual status. Long-term receivables which were more than 90 days past due as of March 31, 2017 and December 31, 2016 were $2.1 million and $2.7 million, respectively. There was no allowance for doubtful accounts with respect to long-term receivables as of March 31, 2017 or December 31, 2016.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	4 . INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, 2017 2016 Finite-Lived Intangible Assets Customer Relationships $ 26,476 $ 26,476 Trade Name 5,700 5,700 Client Mandates and Other — 1,276 Total Intangible Assets 32,176 33,452 Accumulated Amortization (18,130 ) (18,739 ) Intangible Assets, Net (a) $ 14,046 $ 14,713 ( a ) Excludes fully amortized intangible assets. Amortization expense was $0.7 million and $2.8 million for the three months ended March 31, 2017 and 2016, respectively. Amortization of intangible assets held at March 31, 2017 is expected to be $2.4 million for the year ending December 31, 2017 and $2.3 million for each of the years ending December 31, 2018, 2019, 2020 and 2021. The intangible assets as of March 31, 2017 are expected to amortize over a weighted-average period of 8.5 years.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	5 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, December 31, 2017 2016 Office Equipment $ 1,800 $ 1,778 Leasehold Improvements 33,106 32,889 Furniture and Fixtures 11,547 11,364 Total Furniture, Equipment and Leasehold Improvements 46,453 46,031 Accumulated Depreciation (9,316 ) (7,876 ) Furniture, Equipment and Leasehold Improvements, Net $ 37,137 $ 38,155 Depreciation expense was $1.4 million and $1.1 million for the three months ended March 31, 2017 and 2016, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. FAIR VALUE MEASUREMENTS The Company generally invests in U.S. Treasury securities with remaining maturities of less than twelve months. As of March 31, 2017 and December 31, 2016, the Company held investments in U.S. Treasury securities of $25.9 million and $50.0 million, respectively, of which $1.0 million and $50.0 million were included in Cash and Cash Equivalents in the Condensed Consolidated Statements of Financial Condition. U.S. Treasury securities with remaining maturities of greater than 90 days are included in Investments in the Condensed Consolidated Statements of Financial Condition. In making an assessment of the fair value hierarchy classification, the Company considers the amount of trading activity, observability of pricing inputs as well as whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band). As of March 31, 2017 and December 31, 2016, all U.S. Treasury securities held by the Company were classified as Level II in the fair value hierarchy. During the three months ended March 31, 2017, there were no transfers from Level I to Level II related to U.S. Treasury securities that were initially acquired as on-the-run and classified as Level I, but subsequently transferred to Level II as a result of becoming off-the-run. There were also no transfers between Level I, Level II or Level III during the three months ended March 31, 2017.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	7. INCOME TAXES The Company’s effective tax rate was -41.7% and 47.6% for the three months ended March 31, 2017 and 2016, respectively. The Company’s income tax benefit was $0.9 million for the three months ended March 31, 2017 and income tax provision was $1.3 million for the three months ended March 31, 2016. The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2017 due to corporate entities subject to U.S. federal, state, local and foreign income taxes; to non-corporate entities that are subject to New York City Unincorporated Business Tax and to certain compensation charges that are not deductible for income tax purposes. The decrease in tax rate for the three months ended March 31, 2017 from the three months ended March 31, 2016 was primarily attributable to a tax benefit recorded related to the delivery of vested shares at a value in excess of their amortized cost. As of March 31, 2017, the Company had no unrecognized tax benefits.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	8. NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2017 and 2016 is presented below: Three Months Ended March 31, 2017 2016 Numerator: Net Income $ 2,959 $ 1,431 Net Income Attributable to Redeemable Non-Controlling Interests 1,626 1,176 Net Income Attributable to PJT Partners Inc. $ 1,333 $ 255 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted 18,479,025 18,261,984 Net Income Per Share of Class A Common Stock — Basic and Diluted $ 0.07 $ 0.01 Common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable lock-up, vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, Class A common stock outstanding would be 33,986,500, excluding unvested restricted stock units (“RSUs”) and participating RSUs, as of March 31, 2017. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three months ended March 31, 2017 and 2016, such exchange is not reflected in diluted net income per share as the assumed exchange is anti-dilutive. During the three months ended March 31, 2017 and 2016, unvested RSUs, participating RSUs and Partnership Units were all determined to be anti-dilutive and excluded from the calculation of net income per share of Class A common stock. The following amounts would have been included in this calculation if their effect were dilutive for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Weighted-Average Unvested RSUs 3,260,169 1,186,918 Weighted-Average Participating RSUs 575,275 789,924 Weighted-Average Partnership Units 15,507,475 16,123,221

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	9. EQUITY-BASED COMPENSATION Overview Further information regarding equity-based compensation awards granted in connection with the spin-off is described in Note 10. “Equity-Based Compensation” in the “Notes to Consolidated and Combined Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. On October 1, 2015, the Company adopted the PJT Partners Inc. 2015 Omnibus Incentive Plan (the “PJT Equity Plan”) for the purpose of providing incentive compensation measured by reference to the value of the Company’s Class A common stock or Partnership Units. The PJT Equity Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, partnership interests and other stock-based or cash-based awards. The Company has initially authorized 12.2 million shares of Class A common stock for issuance under the PJT Equity Plan. The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 Equity-Based Compensation Expense $ 33,256 $ 20,618 Income Tax Benefit $ 4,670 $ 4,135 Restricted Stock Units Pursuant to the PJT Equity Plan and in connection with the Company’s spin-off from Blackstone, annual compensation process and ongoing hiring process, the Company has issued RSUs, which generally vest over a service life of three to five years. Awards are generally forfeited if the employee ceases to be employed by the Company prior to vesting. A summary of the status of the Company’s unvested RSUs in PJT Partners Inc. and PJT Partners Holdings LP as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Number of Grant Date Number of Fair Value Partnership Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2016 5,776,114 $ 21.71 443,689 $ 25.58 Granted 1,309,570 36.68 — — Vested (611,448 ) 23.84 — — Forfeited (40,827 ) 21.54 — — Dividends Reinvested on Participating RSUs 2,738 33.07 — — Balance, March 31, 2017 6,436,147 $ 24.56 443,689 $ 25.58 As of March 31, 2017, there was $95.2 million of estimated unrecognized compensation expense related to unvested RSU awards. The Company assumes a forfeiture rate of 1.0% to 14.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 1.3 years. Partnership Units In connection with the spin-off on October 1, 2015, certain individuals were issued Class A common stock of PJT Partners Inc., as well as Partnership Units that, subject to certain terms and conditions, are redeemable at the option of the holder for cash, or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis. These Partnership Units generally vest over a service life of five years. A summary of the status of the Company’s unvested Partnership Units as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2016 5,591,357 $ 21.23 Granted 34,894 36.76 Vested (4,571 ) 28.29 Balance, March 31, 2017 5,621,680 $ 21.32 As of March 31, 2017, there was $73.2 million of estimated unrecognized compensation expense related to unvested Partnership Units. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 1.8 years. Equity-Based Awards with Both Service and Market Conditions In connection with the spin-off, the Company also granted equity-based awards containing both service and market conditions. The effect of the market condition is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such equity-based awards is five years with 20% vesting in the third year, 30% in the fourth year and 50% in the fifth year. The market condition requirement will be satisfied upon the publicly traded shares of Class A common stock achieving certain volume-weighted average share price targets over any consecutive 30-day trading period following the consummation of the spin-off, pro ratably at $48, $55, $63, $71 and $79 per share of Class A common stock. The market condition requirements must be met prior to the sixth anniversary of the consummation of the spin-off. No portion of these awards will become vested until both the service and market conditions have been satisfied. A summary of the status of the Company’s unvested equity-based awards in PJT Partners Holdings LP with both a service and market condition as of March 31, 2017 and December 31, 2016 is presented below: Equity-Based Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2016 6,503,464 $ 5.72 Balance, March 31, 2017 6,503,464 $ 5.72 As of March 31, 2017, there was $21.3 million of estimated unrecognized compensation expense related to equity-based awards with both a service and market condition. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 2.2 years. Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2017, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 11,498,051 2.0 Restricted Stock Units 6,545,070 1.3 Total Equity-Based Awards 18,043,121 1.8

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Transactions With Related Parties	10. TRANSACTIONS WITH RELATED PARTIES Exchange Agreement The Company has entered into an exchange agreement with the limited partners of PJT Partners Holdings LP pursuant to which they (or certain permitted transferees) have the right, subject to the terms and conditions set forth in the limited partnership agreement of PJT Partners Holdings LP, on a quarterly basis, from and after the first anniversary of the date of the consummation of the spin-off (subject to the terms of the exchange agreement), to exchange all or part of their Partnership Units for cash, or, at the Company’s election, for shares of PJT Partners Inc. Class A common stock on a one-for-one basis, subject to customary conversion rate adjustments for splits, unit distributions and reclassifications. Pursuant to the terms in the partnership agreement of PJT Partners Holdings LP, the Company may also require holders of Partnership Units who are not Service Providers (as defined in the partnership agreement of PJT Partners Holdings LP) to exchange such Partnership Units. The price per Partnership Unit to be received in a cash-settled exchange will be equal to the fair value of a share of PJT Partners Inc. Class A common stock (determined in accordance with and subject to adjustment under the exchange agreement). In the event cash-settled exchanges of Partnership Units are funded with new issuances of Class A common stock, the fair value of a share of PJT Partners Inc. Class A common stock will be deemed to be equal to the net proceeds per share of Class A common stock received by PJT Partners Inc. in the related issuance. Accordingly, in this event, the price per Partnership Unit to which an exchanging Partnership Unitholder will be entitled may be greater than or less than the then-current market value of PJT Partners Inc. Class A common stock. The exchange agreement also provides that a holder of Partnership Units will not have the right to exchange Partnership Units in the event that PJT Partners Inc. determines that such exchange would be prohibited by law, or would result in any breach of any debt agreement or other material contract of PJT Partners Inc. or PJT Partners Holdings LP. During the first quarter of 2017, the Company was presented with 526,733 Partnership Units to be exchanged. The Company elected to settle the exchange of these Partnership Units on May 9, 2017 for an aggregate payment of $19.1 million with cash from the Company’s working capital. The price per Partnership Unit paid by the Company was $36.29, which is equal to the volume-weighted average price of a share of the Company’s Class A common stock on May 4, 2017. With respect to the fourth quarter 2016 exchange, certain Partnership Unitholders exchanged 361,588 Partnership Units for cash in the amount of $13.0 million, which was paid on February 16, 2017. Registration Rights Agreement The Company entered into a registration rights agreement with the limited partners of PJT Partners Holdings LP pursuant to which the Company granted them, their affiliates and certain of their transferees the right, under certain circumstances and subject to certain restrictions, to require the Company to register under the Securities Act of 1933 shares of Class A common stock delivered in exchange for Partnership Units. Tax Receivable Agreement The Company entered into a tax receivable agreement with the holders of Partnership Units (other than PJT Partners Inc.) that provides for the payment by PJT Partners Inc. to exchanging holders of Partnership Units of 85% of the benefits, if any, that PJT Partners Inc. is deemed to realize as a result of the increases in tax basis related to such exchanges of Partnership Units and of certain other tax benefits related to entering into the tax receivable agreement, including tax benefits attributable to payments under the tax receivable agreement. As of March 31, 2017 and December 31, 2016, the Company had amounts due of $1.9 million and $1.0 million, respectively, pursuant to the tax receivable agreement, which represent management’s best estimate of the amounts currently expected to be owed in connection with the tax receivable agreement. Actual payments may differ significantly from estimated payments. Aircraft Lease On occasion, certain of the Company’s executive officers, employees and their families may make use of aircraft in which the Company owns a fractional interest (the “Aircraft”). Any such personal use of the Aircraft is charged to the executive officer or employee based on market rates and usage. The amount is not material to the condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On October 1, 2015, PJT Partners Holdings LP entered into a Loan Agreement (the “Loan Agreement”) and related documents with First Republic Bank. The Loan Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $60.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Loan Agreement, to up to $80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility will mature and the commitments thereunder will terminate on October 2, 2017. The proceeds of the revolving credit facility are available for working capital and general corporate purposes. Interest on the borrowings is based on the prime rate minus 1.0% and undrawn commitments bear a commitment fee. The Loan Agreement contains customary representations, covenants and events of default. Financial covenants consist of a minimum consolidated tangible net worth, maximum leverage ratio, minimum consolidated liquidity ratio and limitation on additional indebtedness, each tested quarterly. On October 10, 2016, PJT Partners Holdings LP entered into a Renewal Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, amending the terms of the Company’s revolving credit facility under the Loan Agreement. The Renewal Agreement provides for a one-year extension of the maturity of the revolving credit facility to October 2, 2018. As of March 31, 2017, there were no borrowings under the revolving credit facility and the Company was in compliance with the debt covenants. Leases The Company leases office space under non-cancelable lease agreements, which expire at Occupancy lease agreements, in addition to base rentals, generally are subject to escalation provisions based on certain costs incurred by the landlord and are recognized on a straight-line basis over the term of the lease agreement. Total rent expense was $5.9 million and $6.3 million for the three months ended March 31, 2017 and 2016, respectively. Rent expense is included in Occupancy and Related in the Condensed Consolidated Statements of Operations. These amounts include variable operating escalation payments, which are paid when invoiced. As of March 31, 2017 and December 31, 2016, the Company maintained an irrevocable standby letter of credit for certain operating leases of $4.6 million and $4.5 million, respectively. Capital lease obligations recorded are payable through 2021 at a weighted-average interest rate of 2.3%. The net book value of all assets recorded under capital leases aggregated $0.3 million and $0.4 million as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2017 $ 75 $ 16,992 2018 101 20,617 2019 101 20,033 2020 77 19,086 2021 4 19,581 Thereafter — 105,966 Total Minimum Lease Payments 358 202,275 Less: Amount Representing Interest 15 Capital Lease Obligation $ 343 Less: Sublease Proceeds 17,749 Net Minimum Lease Payments $ 184,526 Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Some of these matters may involve claims of substantial amounts. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, after consultation with external counsel, the Company believes it is not probable and/or reasonably possible that any current legal proceedings or claims would individually or in the aggregate have a material adverse effect on the condensed consolidated financial statements of the Company. As previously disclosed, the Company terminated Andrew Caspersen on March 28, 2016 after learning of a number of unauthorized and unlawful transactions outside the scope of his employment with Park Hill. The Company recorded an expense of $8.9 million during the three months ended March 31, 2016, which represented the amount that was considered to be probable and reasonably estimable, as well as a related insurance reimbursement of $5.6 million deemed probable of receipt. The Company made payments totaling $8.9 million related to the charge and also received a $5.6 million insurance reimbursement during the year ended December 31, 2016. With respect to potential additional claims related to funds fraudulently obtained by Mr. Caspersen, the Company believes that any such claims would be without merit and would vigorously defend any such actions. For other matters, the Company is not currently able to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support such an assessment, including quantification of a damage demand from plaintiffs, discovery from other parties and investigation of factual allegations, rulings by courts on motions or appeals, analysis by experts or the status of any settlement negotiations. Indemnifications The Company has entered and may continue to enter into contracts, including contracts with Blackstone relating to the spin-off, which contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is not known. However, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Transactions and Agreements with Blackstone During the three months ended March 31, 2016, the Company recorded $0.3 million related to certain professional fees payable to Blackstone. Such amounts were paid during the three months ended March 31, 2017. As of March 31, 2017, the Company had no amounts payable to Blackstone for such expenses and $0.3 million as of December 31, 2016. During the three months ended March 31, 2016, the Company recorded $2.4 million in non-cash contributions related to the settlement of balances due to and from Blackstone. Transition Services Agreement In connection with the spin-off, the Company entered into a Transition Services Agreement with Blackstone under which Blackstone or its respective affiliates may provide the Company with certain services for a period of up to 24 months from the date of the spin-off (subject to the earlier termination of the agreement or any or all of the services provided thereunder in the circumstances set forth therein) to help ensure an orderly transition for each of the Company and Blackstone following the distribution. Pursuant to the Transition Services Agreement, Blackstone agreed to provide the Company certain finance, information technology, human resources and compensation, facilities, legal and compliance, external relations and public company services. The Company pays Blackstone for any such services at agreed amounts as set forth in the Transition Services Agreement. In addition, from time to time during the term of the agreement, the Company and Blackstone may mutually agree on additional services to be provided by Blackstone to the Company at pricing based on market rates that are reasonably agreed by the parties. The Company had amounts payable to Blackstone with respect to the Transition Services Agreement of $25 thousand as of March 31, 2017 and December 31, 2016. Employee Matters Agreement The Company is required to reimburse Blackstone for the value of forfeited unvested equity awards granted to former Blackstone employees that transitioned to PJT Partners in connection with the spin-off. Such reimbursement is recorded in Accounts Payable, Accrued Expenses and Other Liabilities with an offset to Equity in the Condensed Consolidated Statements of Financial Condition. The Company will cash settle the liability to Blackstone quarterly as the forfeitures attributable to these employees crystallize. The accrual for these forfeitures was $0.4 million and $0.5 million as of March 31, 2017 and December 31, 2016, respectively. Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Condensed Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of March 31, 2017 and December 31, 2016, the Company had accrued $5.7 million and $4.1 million, respectively, which the Company anticipates will be payable to Blackstone after the Company files its respective tax returns. The tax deduction and corresponding payable to Blackstone related to such deliveries will fluctuate primarily based on the price of Blackstone common units at the time of delivery. Tax Matters Agreement The Company entered into a Tax Matters Agreement with Blackstone that governs the respective rights, responsibilities and obligations of the Company and Blackstone after the spin-off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. The Company has joint and several liability with Blackstone to the Internal Revenue Service (“IRS”) for the consolidated U.S. federal income taxes of the Blackstone consolidated group relating to the taxable periods in which the Company was part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which the Company bears responsibility, and Blackstone agrees to indemnify the Company against any amounts for which the Company is not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the spin-off is determined not to be tax-free. Though valid as between the parties, the Tax Matters Agreement is not binding on the IRS.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2017
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	12. EMPLOYEE BENEFIT PLANS The Company contributes to employer sponsored defined contribution plans for certain employees, subject to eligibility and statutory requirements. The Company incurred expenses with respect to these defined contribution plans in the amounts of $0.3 million for the three months ended March 31, 2017 and 2016, which are included in Compensation and Benefits in the Condensed Consolidated Statements of Operations.

Regulated Entities

Regulated Entities	3 Months Ended
	Mar. 31, 2017
Regulatory Capital Requirements [Abstract]
Regulated Entities	13. REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom and Hong Kong, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which strategic advisory and restructuring and special situations services are conducted in the United States and is subject to the net capital requirements of Rule 15c3‑1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). PJT Partners LP computes net capital based upon the aggregate indebtedness standard, which requires the maintenance of minimum net capital, as defined, which shall be the greater of $100 thousand or 6 2/3% of aggregate indebtedness, as defined, and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. PJT Partners LP had net capital of $50.3 million and $65.6 million as of March 31, 2017 and December 31, 2016, respectively, which exceeded the minimum net capital requirement by $49.6 million and $64.1 million, respectively. Park Hill Group LLC is a registered broker-dealer through which private fund advisory and placement services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Park Hill Group LLC elected to adopt the alternative standard, which defines minimum net capital as the greater of $250 thousand or 2% of aggregate debit items computed in accordance with the reserve requirement. Park Hill Group LLC had net capital of $12.3 million and $18.1 million as of March 31, 2017 and December 31, 2016, respectively, which exceeded the minimum net capital requirement by $12.1 million and $17.9 million, respectively. PJT Partners LP and Park Hill Group LLC do not carry customer accounts and do not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, are both exempt from the SEC Customer Protection Rule (Rule 15c3‑3). PJT Partners (UK) Limited is licensed with the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. As of March 31, 2017 and December 31, 2016, both of these entities were in compliance with local capital adequacy requirements.

Business Information

Business Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Business Information	14. BUSINESS INFORMATION The Company’s activities providing strategic advisory, restructuring and special situations and private fund advisory and placement services constitute a single reportable segment. An operating segment is a component of an entity which conducts business, incurs revenues and expenses for which discrete financial information is available that is reviewed by the chief operating decision maker in assessing performance and making resource allocation decisions. The Company has a single operating segment and therefore a single reportable segment. The Company is organized as one operating segment in order to maximize the value of our advice to clients by drawing upon the diversified expertise and broad relationships of our senior professionals across the Company. The chief operating decision maker assesses performance and allocates resources based on broad considerations including the market opportunity, available expertise across the Company and the strength and efficacy of professionals’ collaboration, and not based upon profit or loss measures for the Company’s separate product lines. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the Company taken as a whole, not by geographic region. The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located. Three Months Ended March 31, 2017 2016 Revenues Domestic $ 105,421 $ 112,111 International 15,548 3,193 Total $ 120,969 $ 115,304 March 31, December 31, 2017 2016 Assets Domestic $ 480,095 $ 545,049 International 30,501 45,427 Total $ 510,596 $ 590,476 The Company had one client that represented 10.3% of total revenues for the three months ended March 31, 2017. The Company is not subject to any material concentrations with respect to its revenues for the three months ended March 31, 2016 or credit risk with respect to its accounts receivable as of March 31, 2017 and December 31, 2016.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	15 . SUBSEQUENT EVENTS The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on June 22, 2017 to Class A common stockholders of record on June 8, 2017. The Company did not identify any other subsequent events besides the exchange payment described in Note 10. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated and combined financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated and Combined Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. During the second quarter of 2016, a misstatement was identified in the accounting for certain partnership interests in PJT Partners Holdings LP, which resulted in a reclassification from Redeemable Non-Controlling Interests to Retained Deficit and Additional Paid-In Capital. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections
Recent Accounting Developments	Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The guidance requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity is required to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The guidance introduces new qualitative and quantitative disclosure requirements about contracts with customers including revenue and impairments recognized, disaggregation of revenue and information about contract balances and performance obligations. Information is required about significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and determining the transaction price and amounts allocated to performance obligations. Additional disclosures are required about assets recognized from the costs to obtain or fulfill a contract. As originally proposed, the guidance was effective prospectively for annual periods beginning after December 15, 2016 including interim periods within that reporting period. In recent re-deliberations, the FASB approved a one-year deferral of the effective date of this guidance, such that it will be effective for annual reporting periods beginning after December 31, 2017, with early adoption permitted for annual periods beginning after December 15, 2016. The Company plans to adopt the standard using the modified retrospective approach as of January 1, 2018. The Company is still in the process of determining the full impact that adoption of this guidance will have on its financial statements and continues to evaluate the authoritative literature issued from the various standard setters. The Company will provide additional information about the expected impact of adoption as available. In February 2016, the FASB issued new guidance regarding leases. The guidance requires lessees to recognize, on the balance sheet, assets and liabilities for the rights and obligations created by leases. Entities are also required to provide enhanced disclosure about leasing arrangements. The amendments retain lease classifications, distinguishing finance leases from operating leases, using criteria that are substantially similar for distinguishing capital leases from operating leases in previous guidance. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Adoption requires a modified retrospective approach. While the Company is still in the process of determining the full impact this guidance will have on its financial statements, the Company has tentatively determined the following based on its evaluation to date: (a) the Company will adopt the standard as of January 1, 2019, and (b) the Company currently expects that adoption of this guidance will have a material impact on the statement of financial condition due to assets and liabilities related to current operating leases being recorded in the statement of financial condition. In June 2016, the FASB issued guidance regarding the measurement of credit losses on financial instruments. The new guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In November 2016, the FASB issued guidance that requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash or restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new guidance is effective for interim and annual periods beginning after December 15, 2017 and early adoption is permitted. Adoption requires a retrospective approach. The Company is currently assessing the impact of the adoption of this guidance, but does not expect that adoption of this guidance on January 1, 2018 will have a material impact on its Consolidated Statements of Cash Flows. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. This new guidance becomes effective for the Company in the first quarter of 2019 and is applied prospectively. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In January 2017, the FASB issued guidance intended to simplify how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Step 2 measures a goodwill impairment loss by comparing the implied fair value of a reporting unit’s goodwill with the carrying amount of that goodwill. This new guidance becomes effective for the Company in and is applied prospectively, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017.
Fair Value Measurements	In making an assessment of the fair value hierarchy classification, the Company considers the amount of trading activity, observability of pricing inputs as well as whether the securities are of the most recent issuance of that security with the same maturity (referred to as “on-the-run”, which is the most liquid version of the maturity band).

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2017 2016 Finite-Lived Intangible Assets Customer Relationships $ 26,476 $ 26,476 Trade Name 5,700 5,700 Client Mandates and Other — 1,276 Total Intangible Assets 32,176 33,452 Accumulated Amortization (18,130 ) (18,739 ) Intangible Assets, Net (a) $ 14,046 $ 14,713 ( a ) Excludes fully amortized intangible assets.

Furniture, Equipment and Leas25

Furniture, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2017
Property Plant And Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, December 31, 2017 2016 Office Equipment $ 1,800 $ 1,778 Leasehold Improvements 33,106 32,889 Furniture and Fixtures 11,547 11,364 Total Furniture, Equipment and Leasehold Improvements 46,453 46,031 Accumulated Depreciation (9,316 ) (7,876 ) Furniture, Equipment and Leasehold Improvements, Net $ 37,137 $ 38,155

Net Income Per Share of Class26

Net Income Per Share of Class A Common Stock (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Net Income Per Share of Class A Common Stock	Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2017 and 2016 is presented below: Three Months Ended March 31, 2017 2016 Numerator: Net Income $ 2,959 $ 1,431 Net Income Attributable to Redeemable Non-Controlling Interests 1,626 1,176 Net Income Attributable to PJT Partners Inc. $ 1,333 $ 255 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted 18,479,025 18,261,984 Net Income Per Share of Class A Common Stock — Basic and Diluted $ 0.07 $ 0.01
Anti-Dilutive Securities Excluded from Calculation of Net Income Per Share of Class A Common Stock	During the three months ended March 31, 2017 and 2016, unvested RSUs, participating RSUs and Partnership Units were all determined to be anti-dilutive and excluded from the calculation of net income per share of Class A common stock. The following amounts would have been included in this calculation if their effect were dilutive for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Weighted-Average Unvested RSUs 3,260,169 1,186,918 Weighted-Average Participating RSUs 575,275 789,924 Weighted-Average Partnership Units 15,507,475 16,123,221

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Equity-Based Compensation Expense and Related Income Tax Benefit	The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2017 and 2016, respectively: Three Months Ended March 31, 2017 2016 Equity-Based Compensation Expense $ 33,256 $ 20,618 Income Tax Benefit $ 4,670 $ 4,135
Summary of Unvested Restricted Stock Units	A summary of the status of the Company’s unvested RSUs in PJT Partners Inc. and PJT Partners Holdings LP as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Number of Grant Date Number of Fair Value Partnership Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2016 5,776,114 $ 21.71 443,689 $ 25.58 Granted 1,309,570 36.68 — — Vested (611,448 ) 23.84 — — Forfeited (40,827 ) 21.54 — — Dividends Reinvested on Participating RSUs 2,738 33.07 — — Balance, March 31, 2017 6,436,147 $ 24.56 443,689 $ 25.58
Summary of Status of Company's Unvested Equity-Based Awards	A summary of the status of the Company’s unvested Partnership Units as of March 31, 2017 and of changes during the period January 1, 2017 through March 31, 2017 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2016 5,591,357 $ 21.23 Granted 34,894 36.76 Vested (4,571 ) 28.29 Balance, March 31, 2017 5,621,680 $ 21.32
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of March 31, 2017, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 11,498,051 2.0 Restricted Stock Units 6,545,070 1.3 Total Equity-Based Awards 18,043,121 1.8
Service and Market Conditions
Summary of Status of Company's Unvested Equity-Based Awards	A summary of the status of the Company’s unvested equity-based awards in PJT Partners Holdings LP with both a service and market condition as of March 31, 2017 and December 31, 2016 is presented below: Equity-Based Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2016 6,503,464 $ 5.72 Balance, March 31, 2017 6,503,464 $ 5.72

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases	As of March 31, 2017, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2017 $ 75 $ 16,992 2018 101 20,617 2019 101 20,033 2020 77 19,086 2021 4 19,581 Thereafter — 105,966 Total Minimum Lease Payments 358 202,275 Less: Amount Representing Interest 15 Capital Lease Obligation $ 343 Less: Sublease Proceeds 17,749 Net Minimum Lease Payments $ 184,526

Business Information (Tables)

Business Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of Geographical Distribution of Revenues and Assets	The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located. Three Months Ended March 31, 2017 2016 Revenues Domestic $ 105,421 $ 112,111 International 15,548 3,193 Total $ 120,969 $ 115,304 March 31, December 31, 2017 2016 Assets Domestic $ 480,095 $ 545,049 International 30,501 45,427 Total $ 510,596 $ 590,476

Organization - Additional Infor

Organization - Additional Information (Detail) - PJT Partners Holdings LP	Mar. 31, 2017
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	45.30%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

Summary of Significant Accoun31

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)
Retained Deficit
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	$ 8.8
Additional Paid-in Capital
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	90.9
Redeemable Non-Controlling Interests
Significant Accounting Policies [Line Items]
Prior period reclassification adjustment	$ (99.7)

Accounts Receivable and Allow32

Accounts Receivable and Allowance for Doubtful Accounts - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables more than 90 days past due	$ 2,100,000	$ 2,700,000
Allowance for doubtful accounts	0	0
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables	$ 65,700,000	$ 73,100,000
Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years

Intangible Assets - Intangible

Intangible Assets - Intangible Assets, Net (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets
Customer Relationships		$ 26,476	$ 26,476
Trade Name		5,700	5,700
Client Mandates and Other			1,276
Total Intangible Assets		32,176	33,452
Accumulated Amortization		(18,130)	(18,739)
Intangible Assets, Net	[1]	$ 14,046	$ 14,713
[1]	Excludes fully amortized intangible assets.

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 0.7	$ 2.8
Expected amortization expense, remainder of year	2.4
Expected amortization expense, year 2018	2.3
Expected amortization expense, year 2019	2.3
Expected amortization expense, year 2020	2.3
Expected amortization expense, year 2021	$ 2.3
Intangible assets, weighted average useful life	8 years 6 months

Furniture, Equipment and Leas35

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 46,453	$ 46,031
Accumulated Depreciation	(9,316)	(7,876)
Furniture, Equipment and Leasehold Improvements, Net	37,137	38,155
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	1,800	1,778
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	33,106	32,889
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 11,547	$ 11,364

Furniture, Equipment and Leas36

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.4	$ 1.1

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments in U.S. Treasury securities	$ 25,900,000	$ 50,000,000
Transfers between Level I, Level II or Level III	0
Cash and Cash Equivalents
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments in U.S. Treasury securities	1,000,000	$ 50,000,000
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Transfers between Level 1 and Level 2	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	(41.70%)	47.60%
Provision (benefit) for taxes	$ (871,000)	$ 1,302,000
Unrecognized tax benefits	$ 0

Net Income Per Share of Class39

Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator:
Net Income	$ 2,959	$ 1,431
Net Income Attributable to Redeemable Non-Controlling Interests	1,626	1,176
Net Income Attributable to PJT Partners Inc.	$ 1,333	$ 255
Class A Common Stock
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic and Diluted	18,479,025	18,261,984
Net Income Per Share of Class A Common Stock — Basic and Diluted	$ 0.07	$ 0.01

Net Income Per Share of Class40

Net Income Per Share of Class A Common Stock - Additional Information (Details)	3 Months Ended
	Mar. 31, 2017shares
Earnings Per Share [Abstract]
Class A common shares outstanding if all Holding Partnership Units exchanged	33,986,500

Net Income Per Share of Class41

Net Income Per Share of Class A Common Stock - Anti-Dilutive Securities Excluded from Calculation of Net Income Per Share of Class A Common Stock (Details) - Class A Common Stock - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted-Average Unvested RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	3,260,169	1,186,918
Weighted-Average Participating RSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	575,275	789,924
Weighted-Average Partnership Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	15,507,475	16,123,221

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Oct. 02, 2015
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 95.2
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 3 months 18 days
Restricted Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Assumed forfeiture rate	1.00%
Restricted Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Assumed forfeiture rate	14.00%
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Estimated unrecognized compensation expense related to unvested awards	$ 73.2
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 9 months 18 days
Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 21.3
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	2 years 2 months 12 days
Equity-based awards service condition requirement	5 years
Weighted-average share price targets on consecutive trading period	30 days
Consummation spin-off price one	$ 48
Consummation spin-off price two	55
Consummation spin-off price three	63
Consummation spin-off price four	71
Consummation spin-off price five	$ 79
Service and Market Conditions | Period Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based awards vesting percentage with service condition	20.00%
Service and Market Conditions | Period Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based awards vesting percentage with service condition	30.00%
Service and Market Conditions | Period Five
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity-based awards vesting percentage with service condition	50.00%
Class A Common Stock | PJT Partners Holdings LP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exchange of Partnership unit to shares, number of shares per each unit	1
2015 Omnibus Incentive Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares authorized		12,200,000

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 33,256	$ 20,618
Income Tax Benefit	$ 4,670	$ 4,135

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Unvested Restricted Stock Units (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2017$ / sharesshares
PJT Partners Inc.
Number of Units
Beginning Balance | shares	5,776,114
Granted (Units) | shares	1,309,570
Vested (Units) | shares	(611,448)
Forfeited (Units) | shares	(40,827)
Dividends reinvested on participating RSUs (Units) | shares	2,738
Ending Balance | shares	6,436,147
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 21.71
Granted (Weighted-Average Grant Date Fair Value) | $ / shares | $ / shares	36.68
Vested (Weighted-Average Grant Date Fair Value) | $ / shares | $ / shares	23.84
Forfeited (Weighted-Average Grant Date Fair Value) | $ / shares | $ / shares	21.54
Dividend reinvested on participating RSUs (Weighted-Average Grant Date Fair Value) | $ / shares | $ / shares	33.07
Ending Balance | $ / shares	$ 24.56
PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	443,689
Ending Balance | shares	443,689
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 25.58
Ending Balance | $ / shares	$ 25.58

Equity-Based Compensation - S45

Equity-Based Compensation - Summary of Status of Company's Unvested Equity-Based Awards (Details)	3 Months Ended
	Mar. 31, 2017$ / sharesshares
Partnership Units
Number of Units
Beginning Balance | shares	5,591,357
Granted (Units) | shares	34,894
Vested (Units) | shares	(4,571)
Ending Balance | shares	5,621,680
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 21.23
Granted (Weighted-Average Grant Date Fair Value) | $ / shares	36.76
Vested (Weighted-Average Grant Date Fair Value) | $ / shares	28.29
Ending Balance | $ / shares	$ 21.32
Equity-Based Awards with Both Service and Market Conditions | PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	6,503,464
Ending Balance | shares	6,503,464
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 5.72
Ending Balance | $ / shares	$ 5.72

Equity-Based Compensation - Unv

Equity-Based Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2017shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	18,043,121
Weighted-average service period of unit expected to vest (in years)	1 year 9 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	6,545,070
Weighted-average service period of unit expected to vest (in years)	1 year 3 months 18 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	11,498,051
Weighted-average service period of unit expected to vest (in years)	2 years

Transactions With Related Par47

Transactions With Related Parties - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	May 09, 2017	May 04, 2017	Feb. 16, 2017	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Aggregate payment on exchange of partnership units settled				$ 13,050
Amount Due Pursuant to Tax Receivable Agreement				$ 1,911	$ 964
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled				526,733	361,588
Aggregate payment on exchange of partnership units settled			$ 13,000
Percentage payment to exchanging holders of partnership units of benefits				85.00%
PJT Partners Holdings LP | Subsequent Event
Related Party Transaction [Line Items]
Aggregate payment on exchange of partnership units settled	$ 19,100
Price per partnership unit paid equal to the volume-weighted average price of share		$ 36.29

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Oct. 10, 2016	Oct. 02, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Commitments And Contingencies [Line Items]
Description of expiration date for operating leases			various dates through 2030
Rent expense			$ 5,900,000	$ 6,300,000
Capital lease obligations payable maturity year			2,021
Weighted-average interest rate of capital lease obligations payable			2.30%
Net book value of capital lease obligations			$ 300,000		$ 400,000
Loss contingency expense				8,900,000
Insurance reimbursement received					5,600,000
Payment related to loss contingency					8,900,000
Professional fees			4,189,000	3,496,000
Due to and from settlement of non cash contributions				2,376,000
Forfeiture accrual			400,000		500,000
Blackstone
Commitments And Contingencies [Line Items]
Professional fees				300,000
Amounts payable related to certain professional fees			0		300,000
Due to and from settlement of non cash contributions				$ 2,400,000
Amount payable under transition services agreement			25,000		25,000
Tax benefit accrual			5,700,000		4,100,000
Irrevocable Standby Letters of Credit
Commitments And Contingencies [Line Items]
Letter of credit			$ 4,600,000		$ 4,500,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase		$ 60,000,000
Revolving credit facility, maturity date		Oct. 2, 2017
Increase revolving credit facility		$ 80,000,000
Notes payable, spread on variable prime rate		1.00%
Line of credit facility, interest rate description			Interest on the borrowings is based on the prime rate minus 1.0%
Revolving credit facility, extended maturity period	1 year
Revolving credit facility, extended maturity date	Oct. 2, 2018
Revolving credit facility, amount outstanding			$ 0

Commitments and Contingencies49

Commitments and Contingencies - Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases (Details) $ in Thousands	Mar. 31, 2017USD ($)
Minimum Capital Lease Payments
2,017	$ 75
2,018	101
2,019	101
2,020	77
2,021	4
Total Minimum Lease Payments - Capital Leases	358
Less: Amount Representing Interest	15
Capital Lease Obligation	343
Minimum Operating Lease Payments
2,017	16,992
2,018	20,617
2,019	20,033
2,020	19,086
2,021	19,581
Thereafter	105,966
Total Minimum Lease Payments - Operating Leases	202,275
Less: Sublease Proceeds	17,749
Net Minimum Lease Payments - Operating Leases	$ 184,526

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, expenses incurred	$ 0.3	$ 0.3

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, HKD in Millions	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)	Mar. 31, 2017HKD	Dec. 31, 2016USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 50
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement | HKD			HKD 3
Park Hill Group LLC
Regulatory Authorities [Line Items]
Minimum net capital requirement	$ 250
Percentage of aggregate indebtedness capital requirement	2	2	2
Net capital	$ 12,300			$ 18,100
Net capital in excess of required net capital	12,100			17,900
PJT Partners LP
Regulatory Authorities [Line Items]
Minimum net capital requirement	$ 100
Percentage of aggregate indebtedness capital requirement	6.67	6.67	6.67
Net capital	$ 50,300			65,600
Net capital in excess of required net capital	$ 49,600			$ 64,100
Maximum | PJT Partners LP
Regulatory Authorities [Line Items]
Percentage of aggregate indebtedness capital requirement	15	15	15

Business Information - Addition

Business Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017segmentClient
Segment Reporting Information [Line Items]
Number of operating segments	1
Number of reportable segments	1
Sales Revenue, Net | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client	1
Concentration percentage of revenue	10.30%

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Revenues
Revenues	$ 120,969	$ 115,304
Assets
Assets	510,596		$ 590,476
Domestic
Revenues
Revenues	105,421	112,111
Assets
Assets	480,095		545,049
International
Revenues
Revenues	15,548	$ 3,193
Assets
Assets	$ 30,501		$ 45,427

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Subsequent Event [Line Items]
Dividend declared, description	The Board of Directors of PJT Partners Inc. has declared a quarterly dividend
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05
Dividends payable, date to be paid	Jun. 22, 2017
Dividends payable, date of record	Jun. 8, 2017