PJT Partners (PJT) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 30, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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	Large Accelerated Filer
Class A Common Stock
Entity Common Stock, Shares Outstanding		20,536,031
Class B Common Stock
Entity Common Stock, Shares Outstanding		213

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and Cash Equivalents		$ 95,534	$ 145,619
Investments		25,363	37,121
Accounts Receivable (net of allowance for doubtful accounts of $1,934 at June 30, 2018 and December 31, 2017)		211,808	190,389
Intangible Assets, Net	[1]	11,128	12,295
Goodwill		72,286	72,286
Furniture, Equipment and Leasehold Improvements, Net		36,732	33,789
Deferred Tax Asset, Net		50,030	44,002
Taxes Receivable		10,579	8,666
Other Assets		20,284	14,798
Total Assets		533,744	558,965
Liabilities and Equity (Deficit)
Accrued Compensation and Benefits		68,304	96,944
Accounts Payable, Accrued Expenses and Other Liabilities		20,082	16,873
Deferred Rent Liability		16,974	17,042
Amount Due Pursuant to Tax Receivable Agreement		4,896	2,857
Taxes Payable		2,091	2,413
Deferred Revenue		3,521	382
Total Liabilities		115,868	136,511
Commitments and Contingencies
Equity (Deficit)
Additional Paid-In Capital		48,487	30,674
Accumulated Deficit		(182,588)	(185,991)
Accumulated Other Comprehensive Income (Loss)		(73)	155
Treasury Stock at Cost (539,127 and 60,333 shares at June 30, 2018 and December 31, 2017, respectively)		(28,029)	(2,302)
Total PJT Partners Inc. Equity (Deficit)		(161,990)	(157,278)
Non-Controlling Interests		579,866	579,732
Total Equity		417,876	422,454
Total Liabilities and Equity		533,744	558,965
Class A Common Stock
Equity (Deficit)
Common stock, value		213	186
Total Equity		213	186
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	Jun. 30, 2018	Dec. 31, 2017
Accounts Receivable, allowance for doubtful accounts	$ 1,934	$ 1,934
Treasury Stock, Shares	539,127	60,333
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	21,261,616	18,599,454
Common Stock, Shares Outstanding	20,722,489	18,539,121
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	213	221
Common Stock, Shares Outstanding	213	221

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Revenues	$ 129,539		$ 262,795
Interest Income and Other	4,244	$ 2,458	8,703	$ 4,586
Total Revenues	130,670	109,310	264,712	230,279
Expenses
Compensation and Benefits	94,273	87,564	197,905	183,240
Occupancy and Related	6,573	6,659	13,376	12,865
Travel and Related	5,987	3,073	11,457	5,956
Professional Fees	4,019	4,803	9,218	8,992
Communications and Information Services	3,260	2,854	6,740	5,267
Depreciation and Amortization	2,092	2,022	4,099	4,114
Other Expenses	4,328	4,418	9,160	9,840
Total Expenses	120,532	111,393	251,955	230,274
Income (Loss) Before Benefit for Taxes	10,138	(2,083)	12,757	5
Benefit for Taxes	(882)	(1,518)	(4,992)	(2,389)
Net Income (Loss)	11,020	(565)	17,749	2,394
Net Income (Loss) Attributable to Non-Controlling Interests	4,075	(780)	5,568	846
Net Income Attributable to PJT Partners Inc.	6,945	215	12,181	1,548
Advisory Fees
Revenues
Revenues	98,294	73,349	201,757	172,688
Placement Fees
Revenues
Revenues	$ 28,132	$ 33,503	$ 54,252	$ 53,005
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.30	$ 0.01	$ 0.57	$ 0.08
Diluted	$ 0.30	$ 0.01	$ 0.55	$ 0.08
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	22,641,562	18,825,696	20,987,863	18,654,187
Diluted	24,185,020	18,825,696	22,689,344	18,654,187
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05	$ 0.10	$ 0.10

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net Income (Loss)	$ 11,020	$ (565)	$ 17,749	$ 2,394
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment	(1,231)	60	(462)	62
Comprehensive Income (Loss)	9,789	(505)	17,287	2,456
Comprehensive Income (Loss) Attributable to Non-Controlling Interests	3,476	(744)	5,334	883
Comprehensive Income Attributable to PJT Partners Inc.	$ 6,313	$ 239	$ 11,953	$ 1,573

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Changes in Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
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	2,394
Net Income	1,548					1,548
Redeemable Non-Controlling Interests, Net Income	846
Currency Translation Adjustment	25						25
Redeemable Non-Controlling Interests, Currency Translation Adjustment	37
Dividends	(1,900)					(1,900)
Redeemable Non-Controlling Interests, Tax Distributions	(13,691)
Equity-Based Compensation	38,716				38,716
Redeemable Non-Controlling Interests, Equity-Based Compensation	21,974
Forfeiture Liability for Equity Awards	147				147
Net Share Settlement	(3,463)				(3,463)
Redeemable Non-Controlling Interests, Net Share Settlement	(35)
Deliveries of Vested Shares of Common Stock		$ 5			(5)
Deliveries of Vested Shares of Common Stock (in shares)		519,573
Issuance of Shares of Class B Common Stock	(1,662)				(1,662)
Issuance of Shares of Common Stock (in shares)			7
Redeemable Non-Controlling Interests, Issuance of Shares of Class B Common Stock	1,662
Forfeitures of Shares of Class B Common Stock (in shares)			(1)
Cash-Settled Exchanges of Partnership Units	416				416
Cash-Settled Exchanges of Partnership Units (in shares)			(27)
Redeemable Non-Controlling Interests, Cash-Settled Exchanges of Partnership Units	(32,166)
Adjustment of Redeemable Non-Controlling Interests to Redemption Value	(174,988)				(43,294)	(131,694)
Redeemable Non-Controlling Interests, Adjustment of Redeemable Non-Controlling Interests to Redemption Value	174,988
Ending Balance at Jun. 30, 2017	(149,721)	$ 185				(149,992)	86
Ending Balance (in shares) at Jun. 30, 2017		18,522,845	250
Redeemable Non-Controlling Interests, Ending Balance at Jun. 30, 2017	575,591
Adoption of Accounting Standard	(6,696)					(6,696)
Beginning Balance at Dec. 31, 2017	422,454	$ 186		$ (2,302)	30,674	(185,991)	155	$ 579,732
Beginning Balance at Dec. 31, 2017	(157,278)
Beginning Balance (in shares) at Dec. 31, 2017		18,599,454	221	(60,333)
Net Income	17,749					12,181		5,568
Net Income	12,181
Currency Translation Adjustment	(462)						(228)	(234)
Dividends	(2,082)					(2,082)
Tax Distributions	(15)							(15)
Equity-Based Compensation	64,154				41,440			22,714
Forfeiture Liability for Equity Awards	109				109
Net Share Settlement	(21,052)				(21,052)
Deliveries of Vested Shares of Common Stock		$ 27			(27)
Deliveries of Vested Shares of Common Stock (in shares)		2,662,162
Issuance of Shares of Class B Common Stock					(3,019)			3,019
Issuance of Shares of Common Stock (in shares)			6
Cash-Settled Exchanges of Partnership Units	(30,556)				362			(30,918)
Cash-Settled Exchanges of Partnership Units (in shares)			(14)
Treasury Stock Purchases	$ (25,727)			$ (25,727)
Treasury Stock Purchases (in shares)	(478,794)			(478,794)
Ending Balance at Jun. 30, 2018	$ 417,876	$ 213		$ (28,029)	$ 48,487	$ (182,588)	$ (73)	$ 579,866
Ending Balance at Jun. 30, 2018	$ (161,990)
Ending Balance (in shares) at Jun. 30, 2018		21,261,616	213	(539,127)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net Income	$ 17,749	$ 2,394
Adjustments to Reconcile Net Income to Net Cash Provided by (Used in) Operating Activities
Equity-Based Compensation Expense	64,154	60,690
Depreciation and Amortization Expense	4,099	4,114
Bad Debt Expense		607
Foreign Currency Transaction Loss (Gain)	860	(1,229)
Deferred Taxes	(3,498)	(1,370)
Other	(2,038)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(30,308)	9,252
Taxes Receivable	(1,913)	(15,635)
Other Assets	(5,742)	3,939
Accrued Compensation and Benefits	(28,095)	(67,586)
Accounts Payable, Accrued Expenses and Other Liabilities	3,053	1,091
Deferred Rent Liability	14	(122)
Taxes Payable	(314)	(295)
Deferred Revenue	2,133	(355)
Net Cash Provided by (Used in) Operating Activities	20,154	(4,505)
Investing Activities
Purchases of Investments	(20,861)	(34,995)
Maturities of Investments	35,185
Purchases of Furniture, Equipment and Leasehold Improvements	(5,960)	(527)
Net Cash Provided by (Used in) Investing Activities	8,364	(35,522)
Financing Activities
Dividends	(2,082)	(1,900)
Tax Distributions	(15)	(13,691)
Employee Taxes Paid for Shares Withheld	(21,052)	(3,498)
Cash-Settled Exchanges of Partnership Units	(30,918)	(32,166)
Treasury Stock Purchases	(25,727)
Payments Pursuant to Tax Receivable Agreement	(10)
Principal Payments on Capital Lease Obligations	(51)	(47)
Net Cash Used in Financing Activities	(79,855)	(51,302)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	1,252	(222)
Net Decrease in Cash and Cash Equivalents	(50,085)	(91,551)
Cash and Cash Equivalents, Beginning of Period	145,619	152,431
Cash and Cash Equivalents, End of Period	95,534	60,880
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	647	$ 14,838
Non-Cash Receipt of Shares	$ 2,254

Organization

Organization	6 Months Ended
	Jun. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) deliver 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 clients achieve their strategic objectives. 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.” PJT Partners Inc. is 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 June 30, 2018, the non-controlling interest was 42.8%. 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 operating subsidiaries. The Company operates through the following subsidiaries: PJT Partners LP, Park Hill Group LLC, PJT Partners (UK) Limited and PJT Partners (HK) Limited.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
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, 2017. 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, 2017. Certain prior year amounts have been reclassified to conform to the current year presentation. Recent Accounting Developments In June 2014, the Financial Accounting Standards Board (“FASB”) issued amended guidance on revenue from contracts with customers. The Company adopted the guidance using the modified retrospective approach as of January 1, 2018 applied to those contracts that were not completed as of January 1, 2018. The Company recognized the cumulative effect of initially applying the new revenue guidance as an adjustment to the opening balance of Accumulated Deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. On an ongoing basis, the effect of the change in timing of revenue and expense recognition could be material to any given reporting period. The impact of the changes to the Company’s Condensed Consolidated Statement of Financial Condition for the adoption of the new revenue guidance was as follows: December 31, 2017 Adjustments January 1, 2018 Assets Accounts Receivable, Net $ 190,389 $ (5,681 ) $ 184,708 Liabilities Deferred Revenue 382 1,015 1,397 Equity (Deficit) Accumulated Deficit (185,991 ) (6,696 ) (192,687 ) In accordance with the new revenue guidance requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statement of Financial Condition and Statement of Operations is as follows as of and for the three and six months ended June 30, 2018: Three Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 98,294 $ 96,999 $ 1,295 Interest Income and Other 4,244 2,146 2,098 Expenses Occupancy and Related 6,573 6,530 43 Travel and Related 5,987 4,170 1,817 Professional Fees 4,019 4,189 (170 ) Communications and Information Services 3,260 3,126 134 Other Expenses 4,328 4,279 49 Income Before Benefit for Taxes 10,138 8,618 1,520 Benefit for Taxes (882 ) (1,265 ) 383 Net Income 11,020 9,883 1,137 As of and Six Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 201,757 $ 201,975 $ (218 ) Interest Income and Other 8,703 4,337 4,366 Expenses Occupancy and Related 13,376 13,295 81 Travel and Related 11,457 7,741 3,716 Professional Fees 9,218 8,750 468 Communications and Information Services 6,740 6,538 202 Other Expenses 9,160 9,062 98 Income Before Benefit for Taxes 12,757 13,174 (417 ) Benefit for Taxes (4,992 ) (4,860 ) (132 ) Net Income 17,749 18,034 (285 ) Statement of Financial Condition Accounts Receivable, Net 211,808 217,688 (5,880 ) Taxes Receivable 10,579 10,447 132 Deferred Revenue 3,521 2,288 1,233 Total Equity 417,876 424,857 (6,981 ) The change between the balances as reported under new and previous accounting guidance is primarily related to the accounting for reimbursable expenses, which were previously reported net and are now reported on a gross basis in both revenues and expenses on the statement of operations. Additionally, under the new revenue guidance, the Company has applied a measure of progress to certain fees that are recognized over time but were previously earned in full at the time of the revenue event. 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. Based on the Company’s initial evaluation, . 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 adopted this guidance on January 1, 2018 with no impact on its Condensed Consolidated Statements of Cash Flows. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of assisting entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The 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 May 2017, the FASB issued updated guidance on modifications to share-based payment awards. The updated guidance requires entities to account for the effects of a modification to a share-based payment award unless the following are all the same immediately before and after the modification: (a) the fair value of the award, (b) the vesting conditions of the award, and (c) the classification of the award as an equity instrument or a liability instrument. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The guidance is to be applied on a prospective basis. The Company adopted this guidance on January 1, 2018 with no impact on its consolidated financial statements. In February 2018, the FASB issued guidance, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Legislation”). The guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the new guidance, but does not expect the impact to be material on its consolidated financial statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	3 . REVENUES FROM CONTRACTS WITH CUSTOMERS The following table reconciles revenues earned from contracts with customers to Total Revenues on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2018: Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Advisory Fees $ 98,294 $ 201,757 Placement Fees 28,132 54,252 Interest Income from Placement Fees 1,015 2,420 Reimbursable Expenses 2,098 4,366 Revenues from Contracts with Customers 129,539 262,795 Sublease Income and Other 1,131 1,917 Total Revenues $ 130,670 $ 264,712 The services provided under contracts with customers include advisory and placement services, which are recorded as Advisory Fees and Placement Fees, respectively, on the Condensed Consolidated Statements of Operations. Additionally, the Company is typically reimbursed for certain professional fees and other expenses incurred that are necessary in order to provide services to the customer. These fees are charged to the relevant expense caption in the Condensed Consolidated Statements of Operations when incurred and recognized as revenue and recorded in accounts receivable when these amounts are invoiced to the customer. Such revenue amounts are recorded in Interest Income and Other on the Condensed Consolidated Statements of Operations. At contract inception, the Company assesses the services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or a bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Advisory Fees Strategic advisory services include a broad range of financial advisory and restructuring services, which includes providing financial advice regarding acquisitions, mergers, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance, distressed sales, recapitalizations and restructurings, including raising various forms of financing, and portfolio liquidity solutions related to unfunded commitment relief and investments in secondary markets. With respect to contracts for which Advisory Fees are recognized, the Company’s primary performance obligation is to stand ready to perform a broad range of services the client may need over the course of the engagement For such engagements, the customer obtains a benefit from the assurance that the Company is available to it, when-and-if needed or desired. Fees related to these stand-ready performance obligations are recognized over time using a time-based measure of progress The Company may also be engaged to provide a fairness opinion to the client or . The Company determines that the delivery of either of these items represents a separate performance obligation that is satisfied at a point in time when the opinion or interim financing is delivered to the client as the customer is able to direct the use of, and obtain substantially all of the benefits from, the service at that point. Advisory Fees are predominantly considered variable as they are susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees The Company’s fund placement services are provided within Park Hill Group and primarily serve private equity, real estate and hedge funds. Park Hill advises on all aspects of the fundraising process including competitive positioning and market assessment, marketing materials and related documentation and partnership terms and conditions most prevalent in the current environment. The Company also provides private placement fundraising services to corporate clients and earns placement fees based on successful completion of the transaction. With respect to placement engagements, the Company has determined that the provision of overall capital advisory services in contemplation of a potential fund placement or capital raise is satisfied over time. Fees related to this performance obligation are recognized over time using a time-based method as the customer simultaneously receives and consumes the benefits of the capital advisory services as they are provided. Placement Fees are predominantly considered variable as they are susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees are typically payable upon completion of a fund closing or may be Company has determined there is not a significant financing component related to such contracts. Placement fees earned for services to corporate clients are typically payable upon completion. . Determining the Timing of Satisfaction of Performance Obligations For performance obligations that are satisfied over time, determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the methods described above provide a faithful depiction of the transfer of services to the customer. For performance obligations that are satisfied at a point in time, the Company has determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the output of the service at the time it is provided to the client. Additionally, the Company considers control to have transferred at that point because the Company has a present right to payment, the Company has transferred the output of the service and the customer has significant risks and rewards of ownership. Remaining Performance Obligations and Revenue Recognized from Past Performance As of June 30, 2018, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied is $9.8 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform. During the six months ended June 30, 2018, the Company recognized revenue of $12.1 million related to performance obligations that were satisfied in prior periods, mainly due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. Contract Balances The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The beginning and ending balances of Accounts Receivable, Net are included in the Condensed Consolidated Statements of Financial Condition. There were no significant impairments related to these receivables during the six months ended June 30, 2018. The Company may receive non-refundable up-front fees in its contracts with customers, which are recorded as revenues in the period over which services are estimated to be provided. Additionally, the Company may receive payment of certain announcement, retainer or milestone fees before the performance obligation has been fully satisfied. Such fees give rise to a contract liability and are recorded as Deferred Revenue in the Condensed Consolidated Statements of Financial Condition. The beginning and ending balances of Deferred Revenue are included in the Condensed Consolidated Statements of Financial Condition. For the six months ended June 30, 2018, $1.3 million of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of June 30, 2018 and December 31, 2017, the Company recorded $1.5 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Company does not establish a provision for refunds or similar obligations. Additionally, the Company is the principal in the satisfaction of performance obligations. To obtain a contract with a customer, the Company may incur costs such as advertising, marketing costs, bid and proposal costs and legal fees. The Company has determined that these costs would have been incurred regardless of whether the contract with the customer was obtained. Additionally, the Company does not expect to recover any of these costs from the customer; therefore, the costs of obtaining contracts with customers are expensed as incurred. The compensation of employees assigned to provide services to customers are direct costs of fulfilling the contract. In addition, out-of-pocket expenses may be incurred as part of fulfilling the promised services under the contract. As these costs are related to performance obligations that are satisfied over time, the costs do not meet the criteria for capitalization.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Doubtful Accounts	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Accounts Receivable and Allowance for Doubtful Accounts	4 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Included in Accounts Receivable are long-term receivables of $76.2 million and $77.7 million as of June 30, 2018 and December 31, 2017, 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. Of receivables that originated as long-term, there were $7.7 million and $2.5 million as of June 30, 2018 and December 31, 2017, respectively, which were outstanding more than 90 days. There was no allowance for doubtful accounts with respect to long-term receivables as of June 30, 2018 or December 31, 2017.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	5 . INTANGIBLE ASSETS Intangible Assets, Net consists of the following: June 30, December 31, 2018 2017 Finite-Lived Intangible Assets Customer Relationships $ 26,476 $ 26,476 Trade Name 5,700 5,700 Total Intangible Assets 32,176 32,176 Accumulated Amortization (21,048 ) (19,881 ) Intangible Assets, Net (a) $ 11,128 $ 12,295 ( a ) Excludes fully amortized intangible assets. Amortization expense was $0.6 million and $1.2 million for the three and six months ended June 30, 2018, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2017, respectively. Amortization of intangible assets held at June 30, 2018 is expected to be $2.3 million for each of the years ending December 31, 2018, 2019, 2020 and 2021; and $1.4 million for the year ending December 31, 2022.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	6 Months Ended
	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	6 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: June 30, December 31, 2018 2017 Office Equipment $ 2,145 $ 1,758 Leasehold Improvements 37,984 33,713 Furniture and Fixtures 13,030 11,886 Total Furniture, Equipment and Leasehold Improvements 53,159 47,357 Accumulated Depreciation (16,427 ) (13,568 ) Furniture, Equipment and Leasehold Improvements, Net $ 36,732 $ 33,789 Depreciation expense was $1.5 million and $2.9 million for the three and six months ended June 30, 2018, respectively, and $1.4 million and $2.9 million for the three and six months ended June 30, 2017, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	7 . FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: June 30, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 22,920 $ — $ 22,920 Common Stock 2,443 — — 2,443 Total Investments $ 2,443 $ 22,920 $ — $ 25,363 December 31, 2017 Level I Level II Level III Total U.S. Treasury Securities $ — $ 37,121 $ — $ 37,121 Investments in common stock are measured based on quoted closing exchange prices and are categorized within Level I of the fair value hierarchy. To the extent these securities are actively traded, valuation adjustments are not applied. There were no transfers between Level I, Level II or Level III during the three and six months ended June 30, 2018 and 2017.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	8 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Income (Loss) Before Benefit for Taxes $ 10,138 $ (2,083 ) $ 12,757 $ 5 Benefit for Taxes $ (882 ) $ (1,518 ) $ (4,992 ) $ (2,389 ) Effective Income Tax Rate -8.7 % 72.9 % -39.1 % N/M N/M Not meaningful. The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2018 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 change in tax rate between the six months ended June 30, 2018 and 2017 was primarily due to the decrease in U.S. corporate income tax rate related to the passage of the Tax Legislation in December 2017 as well as an increased tax benefit related to the deliveries of vested shares during the six months ended June 30, 2018 at values in excess of their amortized cost. As of June 30, 2018, the Company continues to evaluate it provisional estimate as it relates to (a) the measurement of deferred tax assets and liabilities subject to the income tax rate change from 35% to 21%, including the state tax impact on these items; (b) potential changes in interpretations of the Tax Legislation; and (c) changes in interpretation of accounting standards for income taxes. As the Company finalizes the analysis of the impact of the Tax Legislation, additional adjustments may be recorded during the measurement period, which could be material. As of June 30, 2018, the Company had no unrecognized tax benefits.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	9 . NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three and six months ended June 30, 2018 and 2017 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net Income Attributable to PJT Partners Inc. $ 6,945 $ 215 $ 12,181 $ 1,548 Less: Dividends on Participating Securities 73 — 83 — Net Income Attributable to Participating Securities 39 — 73 — Net Income Attributable to Shares of Class A Common Stock — Basic 6,833 215 12,025 1,548 Incremental Net Income from Dilutive Securities 378 (a) 496 (a) Net Income Attributable to Shares of Class A Common Stock — Diluted $ 7,211 $ 215 $ 12,521 $ 1,548 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 22,641,562 18,825,696 20,987,863 18,654,187 Weighted-Average Number of Incremental Shares from Unvested RSUs 1,543,458 (a) 1,701,481 (a) Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,185,020 18,825,696 22,689,344 18,654,187 Net Income Per Share of Class A Common Stock Basic $ 0.30 $ 0.01 $ 0.57 $ 0.08 Diluted $ 0.30 $ 0.01 $ 0.55 $ 0.08 (a) These securities were determined to be anti-dilutive for the three and six months ended June 30, 2017 and therefore were excluded from the calculation of net income per share of Class A common stock. 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 vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 38,139,933 and 36,000,051 for the three and six months ended June 30, 2018, respectively, excluding unvested restricted stock units (“RSUs”) and participating RSUs. 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 and six months ended June 30, 2018, such exchange is reflected in diluted net income per share. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2018 and 2017 that have been excluded from the calculation of net income per share of Class A common stock: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted-Average Unvested RSUs (a) 3,576,351 (a) 3,368,471 Weighted-Average Participating RSUs 151,707 461,417 153,243 517,719 Weighted-Average Partnership Units 15,498,371 15,031,239 15,012,188 15,268,534 (a) These securities were determined to be dilutive. Share Repurchase Program On October 26, 2017, the Company’s board of directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $100 million. Under this repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased will depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date. During the six months ended June 30, 2018, the Company repurchased 478,794 shares of Class A common stock at an average price of $53.70, or $25.7 million in aggregate, pursuant to this share repurchase program. As of June 30, 2018, the available amount remaining for repurchases under this program was $72.0 million.

Equity-Based Compensation

Equity-Based Compensation	6 Months Ended
	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation	10 . EQUITY-BASED COMPENSATION Overview Further information regarding the Company’s equity-based compensation awards 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, 2017. The following table represents equity-based compensation expense and related income tax benefit for the three and six months ended June 30, 2018 and 2017, respectively: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity-Based Compensation Expense $ 27,092 $ 27,434 $ 64,154 $ 60,690 Income Tax Benefit $ 2,217 $ 3,640 $ 5,456 $ 8,310 Restricted Stock Units Pursuant to the PJT Partners Inc. 2015 Omnibus Incentive Plan and in connection with the spin-off, 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 June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 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, 2017 6,455,734 $ 25.00 244,000 $ 31.76 Granted 2,021,704 47.77 — — Vested (4,377,209 ) 22.42 — — Forfeited (13,834 ) 39.70 — — Dividends Reinvested on RSUs 6,559 41.67 — — Balance, June 30, 2018 4,092,954 $ 38.99 244,000 $ 31.76 As of June 30, 2018, there was $104.9 million of estimated unrecognized compensation expense related to unvested RSU awards. The Company assumes a forfeiture rate of 1.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. This cost is expected to be recognized over a weighted-average period of 1.4 years. Partnership Units In connection with the spin-off, annual compensation process and ongoing hiring process, certain individuals were issued 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 three to five years. A summary of the status of the Company’s unvested Partnership Units as of June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 4,698,423 $ 21.54 Granted 61,773 48.87 Vested (72,523 ) 24.72 Balance, June 30, 2018 4,687,673 $ 21.85 As of June 30, 2018, there was $44.1 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 0.9 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. During the six months ended June 30, 2018, the $48 and $55 share price targets were achieved. 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 June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 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, 2017 6,262,957 $ 5.72 Vested (500,511 ) 5.72 Balance, June 30, 2018 5,762,446 $ 5.72 As of June 30, 2018, there was $9.3 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 1.2 years. Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2018, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 10,301,483 1.1 Restricted Stock Units 4,148,276 1.4 Total Equity-Based Awards 14,449,759 1.2

Transactions With Related Parti

Transactions With Related Parties	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Transactions With Related Parties	1 1 . 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, 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. Further, 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. Further information regarding the exchange agreement is described in Note 12. “Transactions with Related Parties—Exchange Agreement” 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, 2017. Certain Partnership Unitholders exchanged 662,146 and 888,321 Partnership Units for the six months ended June 30, 2018 and 2017, respectively, for cash in the amounts of $30.9 million and $32.2 million, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests and Redeemable Non-Controlling Interests, respectively, in the Condensed Consolidated Statements of Financial Condition. During the second quarter of 2018, the Company was presented with 256,083 Partnership Units to be exchanged. The Company expects to settle the exchange of these Partnership Units on August 7, 2018 for cash. The price per Partnership Unit to be paid by the Company will be equal to the volume-weighted average price of a share of the Company’s Class A common stock on August 2, 2018. Registration Rights Agreement The Company has 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 has 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 June 30, 2018 and December 31, 2017, the Company had amounts due of $4.9 million and $2.9 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	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 2 . 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 proceeds of the revolving credit facility are available for working capital and general corporate purposes. Beginning October 30, 2017, drawings under the credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%. 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 30, 2017, 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 an extension of the maturity of the revolving credit facility to October 1, 2019. As of June 30, 2018 and December 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 $6.0 million and $12.3 million for the three and six months ended June 30, 2018, respectively, and $6.2 million and $12.1 million for the three and six months ended June 30, 2017, 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 June 30, 2018 and December 31, 2017, the Company maintained an irrevocable standby letter of credit for certain operating leases of $4.9 million and $5.0 million, respectively. Capital lease obligations recorded are payable through 2022 at a weighted-average interest rate of 2.4%. The net book value of all assets recorded under capital leases aggregated $0.2 million and $0.3 million as of June 30, 2018 and December 31, 2017, respectively. As of June 30, 2018, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2018 $ 55 $ 12,014 2019 110 23,978 2020 83 22,866 2021 7 22,417 2022 1 22,304 Thereafter — 90,925 Total Minimum Lease Payments 256 194,504 Less: Amount Representing Interest 8 Capital Lease Obligation $ 248 Less: Sublease Proceeds 16,206 Net Minimum Lease Payments $ 178,298 Contingencies 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, with respect to actual and potential additional claims related to funds fraudulently obtained by Andrew Caspersen, the Company believes that any such claims are without merit and the Company will vigorously defend any such matters. With respect to the Company’s other litigation 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. Guarantee The Company provides a guarantee to a lending institution for certain loans held by employees for investment in funds of its former Parent, which are secured by the underlying investments in those funds. The amount guaranteed was $9.9 million and $9.7 million as of June 30, 2018 and December 31, 2017, respectively. 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 indemnification obligations. The Company’s maximum exposure under these arrangements is not known; however, the Company currently expects any associated risk of loss to be insignificant. In connection with these matters, the Company has incurred and may continue to incur legal expenses, which are expensed as incurred. Transactions and Agreements with Blackstone 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 $0.3 million and $0.4 million as of June 30, 2018 and December 31, 2017, 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 June 30, 2018 and December 31, 2017, the Company had accrued $3.9 million and $3.1 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	6 Months Ended
	Jun. 30, 2018
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	1 3 . 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 and $0.6 million for the three and six months ended June 30, 2018, respectively, and $0.1 million and $0.4 million for the three and six months ended June 30, 2017, respectively, which are included in Compensation and Benefits in the Condensed Consolidated Statements of Operations.

Regulated Entities

Regulated Entities	6 Months Ended
	Jun. 30, 2018
Regulatory Capital Requirements [Abstract]
Regulated Entities	1 4 . 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 $52.2 million and $96.6 million as of June 30, 2018 and December 31, 2017, respectively, which exceeded the minimum net capital requirement by $51.5 million and $96.4 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 $6.2 million and $15.9 million as of June 30, 2018 and December 31, 2017, respectively, which exceeded the minimum net capital requirement by $6.0 million and $15.7 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 June 30, 2018 and December 31, 2017, both of these entities were in compliance with local capital adequacy requirements.

Business Information

Business Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Business Information	1 5 . 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 advice to clients by drawing upon the diversified expertise and broad relationships of 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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues Domestic $ 121,003 $ 101,447 $ 232,598 $ 206,868 International 9,667 7,863 32,114 23,411 Total $ 130,670 $ 109,310 $ 264,712 $ 230,279 June 30, December 31, 2018 2017 Assets Domestic $ 486,791 $ 494,718 International 46,953 64,247 Total $ 533,744 $ 558,965 The Company is not subject to any material concentrations with respect to its revenues for the three and six months ended June 30, 2018. The Company was not subject to any material concentrations with respect to its revenues for the six months ended June 30, 2017 and had one client that represented 11.4% of total revenues for the three months ended June 30, 2017. The Company is not subject to any material concentrations of credit risk with respect to its accounts receivable as of June 30, 2018 and December 31, 2017.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	1 6 . 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 September 19, 2018 to Class A common stockholders of record on September 5, 2018. The Company did not identify any other subsequent events besides the exchange of Partnership Units described in Note 11. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
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, 2017. 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, 2017. Certain prior year amounts have been reclassified to conform to the current year presentation.
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 Company adopted the guidance using the modified retrospective approach as of January 1, 2018 applied to those contracts that were not completed as of January 1, 2018. The Company recognized the cumulative effect of initially applying the new revenue guidance as an adjustment to the opening balance of Accumulated Deficit. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. On an ongoing basis, the effect of the change in timing of revenue and expense recognition could be material to any given reporting period. The impact of the changes to the Company’s Condensed Consolidated Statement of Financial Condition for the adoption of the new revenue guidance was as follows: December 31, 2017 Adjustments January 1, 2018 Assets Accounts Receivable, Net $ 190,389 $ (5,681 ) $ 184,708 Liabilities Deferred Revenue 382 1,015 1,397 Equity (Deficit) Accumulated Deficit (185,991 ) (6,696 ) (192,687 ) In accordance with the new revenue guidance requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statement of Financial Condition and Statement of Operations is as follows as of and for the three and six months ended June 30, 2018: Three Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 98,294 $ 96,999 $ 1,295 Interest Income and Other 4,244 2,146 2,098 Expenses Occupancy and Related 6,573 6,530 43 Travel and Related 5,987 4,170 1,817 Professional Fees 4,019 4,189 (170 ) Communications and Information Services 3,260 3,126 134 Other Expenses 4,328 4,279 49 Income Before Benefit for Taxes 10,138 8,618 1,520 Benefit for Taxes (882 ) (1,265 ) 383 Net Income 11,020 9,883 1,137 As of and Six Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 201,757 $ 201,975 $ (218 ) Interest Income and Other 8,703 4,337 4,366 Expenses Occupancy and Related 13,376 13,295 81 Travel and Related 11,457 7,741 3,716 Professional Fees 9,218 8,750 468 Communications and Information Services 6,740 6,538 202 Other Expenses 9,160 9,062 98 Income Before Benefit for Taxes 12,757 13,174 (417 ) Benefit for Taxes (4,992 ) (4,860 ) (132 ) Net Income 17,749 18,034 (285 ) Statement of Financial Condition Accounts Receivable, Net 211,808 217,688 (5,880 ) Taxes Receivable 10,579 10,447 132 Deferred Revenue 3,521 2,288 1,233 Total Equity 417,876 424,857 (6,981 ) The change between the balances as reported under new and previous accounting guidance is primarily related to the accounting for reimbursable expenses, which were previously reported net and are now reported on a gross basis in both revenues and expenses on the statement of operations. Additionally, under the new revenue guidance, the Company has applied a measure of progress to certain fees that are recognized over time but were previously earned in full at the time of the revenue event. 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. Based on the Company’s initial evaluation, . 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 adopted this guidance on January 1, 2018 with no impact on its Condensed Consolidated Statements of Cash Flows. In January 2017, the FASB issued guidance clarifying the definition of a business with the objective of assisting entities with evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The 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 May 2017, the FASB issued updated guidance on modifications to share-based payment awards. The updated guidance requires entities to account for the effects of a modification to a share-based payment award unless the following are all the same immediately before and after the modification: (a) the fair value of the award, (b) the vesting conditions of the award, and (c) the classification of the award as an equity instrument or a liability instrument. The guidance is effective for annual and interim periods beginning after December 15, 2017 and early adoption is permitted. The guidance is to be applied on a prospective basis. The Company adopted this guidance on January 1, 2018 with no impact on its consolidated financial statements. In February 2018, the FASB issued guidance, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Legislation”). The guidance is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the new guidance, but does not expect the impact to be material on its consolidated financial statements.
Significant Revenue Recognition Accounting Policy	The services provided under contracts with customers include advisory and placement services, which are recorded as Advisory Fees and Placement Fees, respectively, on the Condensed Consolidated Statements of Operations. Additionally, the Company is typically reimbursed for certain professional fees and other expenses incurred that are necessary in order to provide services to the customer. These fees are charged to the relevant expense caption in the Condensed Consolidated Statements of Operations when incurred and recognized as revenue and recorded in accounts receivable when these amounts are invoiced to the customer. Such revenue amounts are recorded in Interest Income and Other on the Condensed Consolidated Statements of Operations. At contract inception, the Company assesses the services promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a service (or a bundle of services) that is distinct. To identify the performance obligations, the Company considers all of the services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Advisory Fees Strategic advisory services include a broad range of financial advisory and restructuring services, which includes providing financial advice regarding acquisitions, mergers, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance, distressed sales, recapitalizations and restructurings, including raising various forms of financing, and portfolio liquidity solutions related to unfunded commitment relief and investments in secondary markets. With respect to contracts for which Advisory Fees are recognized, the Company’s primary performance obligation is to stand ready to perform a broad range of services the client may need over the course of the engagement For such engagements, the customer obtains a benefit from the assurance that the Company is available to it, when-and-if needed or desired. Fees related to these stand-ready performance obligations are recognized over time using a time-based measure of progress The Company may also be engaged to provide a fairness opinion to the client or . The Company determines that the delivery of either of these items represents a separate performance obligation that is satisfied at a point in time when the opinion or interim financing is delivered to the client as the customer is able to direct the use of, and obtain substantially all of the benefits from, the service at that point. Advisory Fees are predominantly considered variable as they are susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees The Company’s fund placement services are provided within Park Hill Group and primarily serve private equity, real estate and hedge funds. Park Hill advises on all aspects of the fundraising process including competitive positioning and market assessment, marketing materials and related documentation and partnership terms and conditions most prevalent in the current environment. The Company also provides private placement fundraising services to corporate clients and earns placement fees based on successful completion of the transaction. With respect to placement engagements, the Company has determined that the provision of overall capital advisory services in contemplation of a potential fund placement or capital raise is satisfied over time. Fees related to this performance obligation are recognized over time using a time-based method as the customer simultaneously receives and consumes the benefits of the capital advisory services as they are provided. Placement Fees are predominantly considered variable as they are susceptible to factors outside of the Company’s influence and/or contain a large number and broad range of possible consideration amounts. As such, these amounts . Placement Fees are typically payable upon completion of a fund closing or may be Company has determined there is not a significant financing component related to such contracts. Placement fees earned for services to corporate clients are typically payable upon completion. . Determining the Timing of Satisfaction of Performance Obligations For performance obligations that are satisfied over time, determining a measure of progress requires management to make judgments that affect the timing of revenue recognized. The Company has determined that the methods described above provide a faithful depiction of the transfer of services to the customer. For performance obligations that are satisfied at a point in time, the Company has determined that the customer is able to direct the use of, and obtain substantially all of the benefits from, the output of the service at the time it is provided to the client. Additionally, the Company considers control to have transferred at that point because the Company has a present right to payment, the Company has transferred the output of the service and the customer has significant risks and rewards of ownership. Contract Balances The timing of revenue recognition may differ from the timing of payment. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. The beginning and ending balances of Accounts Receivable, Net are included in the Condensed Consolidated Statements of Financial Condition. There were no significant impairments related to these receivables during the six months ended June 30, 2018. The Company may receive non-refundable up-front fees in its contracts with customers, which are recorded as revenues in the period over which services are estimated to be provided. Additionally, the Company may receive payment of certain announcement, retainer or milestone fees before the performance obligation has been fully satisfied. Such fees give rise to a contract liability and are recorded as Deferred Revenue in the Condensed Consolidated Statements of Financial Condition. The beginning and ending balances of Deferred Revenue are included in the Condensed Consolidated Statements of Financial Condition. For the six months ended June 30, 2018, $1.3 million of revenue was recognized that was included in the beginning balance of Deferred Revenue, primarily related to the Company’s performance obligation of standing ready to perform. In certain contracts, the Company receives customer deposits, which are also considered to be contract liabilities. As of June 30, 2018 and December 31, 2017, the Company recorded $1.5 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition. The Company does not establish a provision for refunds or similar obligations. Additionally, the Company is the principal in the satisfaction of performance obligations. To obtain a contract with a customer, the Company may incur costs such as advertising, marketing costs, bid and proposal costs and legal fees. The Company has determined that these costs would have been incurred regardless of whether the contract with the customer was obtained. Additionally, the Company does not expect to recover any of these costs from the customer; therefore, the costs of obtaining contracts with customers are expensed as incurred. The compensation of employees assigned to provide services to customers are direct costs of fulfilling the contract. In addition, out-of-pocket expenses may be incurred as part of fulfilling the promised services under the contract. As these costs are related to performance obligations that are satisfied over time, the costs do not meet the criteria for capitalization.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Impact of Changes to Condensed Consolidated Statement of Financial Statements for Adoption of New Revenue Guidance	The impact of the changes to the Company’s Condensed Consolidated Statement of Financial Condition for the adoption of the new revenue guidance was as follows: December 31, 2017 Adjustments January 1, 2018 Assets Accounts Receivable, Net $ 190,389 $ (5,681 ) $ 184,708 Liabilities Deferred Revenue 382 1,015 1,397 Equity (Deficit) Accumulated Deficit (185,991 ) (6,696 ) (192,687 ) In accordance with the new revenue guidance requirements, the disclosure of the impact of adoption on the Condensed Consolidated Statement of Financial Condition and Statement of Operations is as follows as of and for the three and six months ended June 30, 2018: Three Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 98,294 $ 96,999 $ 1,295 Interest Income and Other 4,244 2,146 2,098 Expenses Occupancy and Related 6,573 6,530 43 Travel and Related 5,987 4,170 1,817 Professional Fees 4,019 4,189 (170 ) Communications and Information Services 3,260 3,126 134 Other Expenses 4,328 4,279 49 Income Before Benefit for Taxes 10,138 8,618 1,520 Benefit for Taxes (882 ) (1,265 ) 383 Net Income 11,020 9,883 1,137 As of and Six Months Ended June 30, 2018 As Reported Without Adoption of Revenue Standard Effect of Change Statement of Operations Revenues Advisory Fees $ 201,757 $ 201,975 $ (218 ) Interest Income and Other 8,703 4,337 4,366 Expenses Occupancy and Related 13,376 13,295 81 Travel and Related 11,457 7,741 3,716 Professional Fees 9,218 8,750 468 Communications and Information Services 6,740 6,538 202 Other Expenses 9,160 9,062 98 Income Before Benefit for Taxes 12,757 13,174 (417 ) Benefit for Taxes (4,992 ) (4,860 ) (132 ) Net Income 17,749 18,034 (285 ) Statement of Financial Condition Accounts Receivable, Net 211,808 217,688 (5,880 ) Taxes Receivable 10,579 10,447 132 Deferred Revenue 3,521 2,288 1,233 Total Equity 417,876 424,857 (6,981 )

Revenues from Contracts with 26

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue From Contract With Customer [Abstract]
Reconciliation of Revenues Earned from Contracts with Customers to Total Revenues	The following table reconciles revenues earned from contracts with customers to Total Revenues on the Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2018: Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Advisory Fees $ 98,294 $ 201,757 Placement Fees 28,132 54,252 Interest Income from Placement Fees 1,015 2,420 Reimbursable Expenses 2,098 4,366 Revenues from Contracts with Customers 129,539 262,795 Sublease Income and Other 1,131 1,917 Total Revenues $ 130,670 $ 264,712

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, December 31, 2018 2017 Finite-Lived Intangible Assets Customer Relationships $ 26,476 $ 26,476 Trade Name 5,700 5,700 Total Intangible Assets 32,176 32,176 Accumulated Amortization (21,048 ) (19,881 ) Intangible Assets, Net (a) $ 11,128 $ 12,295 ( a ) Excludes fully amortized intangible assets.

Furniture, Equipment and Leas28

Furniture, Equipment and Leasehold Improvements (Tables)	6 Months Ended
	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements, Net consists of the following: June 30, December 31, 2018 2017 Office Equipment $ 2,145 $ 1,758 Leasehold Improvements 37,984 33,713 Furniture and Fixtures 13,030 11,886 Total Furniture, Equipment and Leasehold Improvements 53,159 47,357 Accumulated Depreciation (16,427 ) (13,568 ) Furniture, Equipment and Leasehold Improvements, Net $ 36,732 $ 33,789

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Valuation of the Company's Investments by Fair Value Hierarchy	The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: June 30, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 22,920 $ — $ 22,920 Common Stock 2,443 — — 2,443 Total Investments $ 2,443 $ 22,920 $ — $ 25,363 December 31, 2017 Level I Level II Level III Total U.S. Treasury Securities $ — $ 37,121 $ — $ 37,121

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Income (Loss) Before Benefit for Taxes $ 10,138 $ (2,083 ) $ 12,757 $ 5 Benefit for Taxes $ (882 ) $ (1,518 ) $ (4,992 ) $ (2,389 ) Effective Income Tax Rate -8.7 % 72.9 % -39.1 % N/M N/M Not meaningful.

Net Income Per Share of Class31

Net Income Per Share of Class A Common Stock (Tables)	6 Months Ended
	Jun. 30, 2018
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 and six months ended June 30, 2018 and 2017 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator: Net Income Attributable to PJT Partners Inc. $ 6,945 $ 215 $ 12,181 $ 1,548 Less: Dividends on Participating Securities 73 — 83 — Net Income Attributable to Participating Securities 39 — 73 — Net Income Attributable to Shares of Class A Common Stock — Basic 6,833 215 12,025 1,548 Incremental Net Income from Dilutive Securities 378 (a) 496 (a) Net Income Attributable to Shares of Class A Common Stock — Diluted $ 7,211 $ 215 $ 12,521 $ 1,548 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 22,641,562 18,825,696 20,987,863 18,654,187 Weighted-Average Number of Incremental Shares from Unvested RSUs 1,543,458 (a) 1,701,481 (a) Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,185,020 18,825,696 22,689,344 18,654,187 Net Income Per Share of Class A Common Stock Basic $ 0.30 $ 0.01 $ 0.57 $ 0.08 Diluted $ 0.30 $ 0.01 $ 0.55 $ 0.08 (a) These securities were determined to be anti-dilutive for the three and six months ended June 30, 2017 and therefore were excluded from the calculation of 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	The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2018 and 2017 that have been excluded from the calculation of net income per share of Class A common stock: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Weighted-Average Unvested RSUs (a) 3,576,351 (a) 3,368,471 Weighted-Average Participating RSUs 151,707 461,417 153,243 517,719 Weighted-Average Partnership Units 15,498,371 15,031,239 15,012,188 15,268,534 (a) These securities were determined to be dilutive.

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
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 and six months ended June 30, 2018 and 2017, respectively: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Equity-Based Compensation Expense $ 27,092 $ 27,434 $ 64,154 $ 60,690 Income Tax Benefit $ 2,217 $ 3,640 $ 5,456 $ 8,310
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 June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 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, 2017 6,455,734 $ 25.00 244,000 $ 31.76 Granted 2,021,704 47.77 — — Vested (4,377,209 ) 22.42 — — Forfeited (13,834 ) 39.70 — — Dividends Reinvested on RSUs 6,559 41.67 — — Balance, June 30, 2018 4,092,954 $ 38.99 244,000 $ 31.76
Summary of Status of Company's Unvested Equity-Based Awards	A summary of the status of the Company’s unvested Partnership Units as of June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2017 4,698,423 $ 21.54 Granted 61,773 48.87 Vested (72,523 ) 24.72 Balance, June 30, 2018 4,687,673 $ 21.85
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of June 30, 2018, are expected to vest: Weighted-Average Service Period Units in Years Partnership Units 10,301,483 1.1 Restricted Stock Units 4,148,276 1.4 Total Equity-Based Awards 14,449,759 1.2
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 June 30, 2018 and of changes during the period January 1, 2018 through June 30, 2018 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, 2017 6,262,957 $ 5.72 Vested (500,511 ) 5.72 Balance, June 30, 2018 5,762,446 $ 5.72

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases	As of June 30, 2018, the aggregate minimum future payments required on non-cancelable leases are as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2018 $ 55 $ 12,014 2019 110 23,978 2020 83 22,866 2021 7 22,417 2022 1 22,304 Thereafter — 90,925 Total Minimum Lease Payments 256 194,504 Less: Amount Representing Interest 8 Capital Lease Obligation $ 248 Less: Sublease Proceeds 16,206 Net Minimum Lease Payments $ 178,298

Business Information (Tables)

Business Information (Tables)	6 Months Ended
	Jun. 30, 2018
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 June 30, Six Months Ended June 30, 2018 2017 2018 2017 Revenues Domestic $ 121,003 $ 101,447 $ 232,598 $ 206,868 International 9,667 7,863 32,114 23,411 Total $ 130,670 $ 109,310 $ 264,712 $ 230,279 June 30, December 31, 2018 2017 Assets Domestic $ 486,791 $ 494,718 International 46,953 64,247 Total $ 533,744 $ 558,965

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Jun. 30, 2018
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	42.80%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Impact of Changes to Condensed Consolidated Statement of Financial Condition for Adoption of New Revenue Guidance (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Jan. 01, 2018	Dec. 31, 2017
Assets
Accounts Receivable, Net	$ 211,808		$ 190,389
Liabilities
Deferred Revenue	3,521		382
Equity (Deficit)
Accumulated Deficit	(182,588)		$ (185,991)
Accounting Standards Update 2014-09
Assets
Accounts Receivable, Net	211,808	$ 184,708
Liabilities
Deferred Revenue	3,521	1,397
Equity (Deficit)
Accumulated Deficit		(192,687)
Accounting Standards Update 2014-09 | Adjustments
Assets
Accounts Receivable, Net	(5,880)	(5,681)
Liabilities
Deferred Revenue	$ 1,233	1,015
Equity (Deficit)
Accumulated Deficit		$ (6,696)

Summary of Significant Accoun37

Summary of Significant Accounting Policies - Impact of Adoption on Condensed Consolidated Statement of Financial Condition and Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Revenues
Revenues	$ 129,539		$ 262,795
Interest Income and Other	4,244	$ 2,458	8,703	$ 4,586
Expenses
Occupancy and Related	6,573	6,659	13,376	12,865
Travel and Related	5,987	3,073	11,457	5,956
Professional Fees	4,019	4,803	9,218	8,992
Communications and Information Services	3,260	2,854	6,740	5,267
Other Expenses	4,328	4,418	9,160	9,840
Income Before Benefit for Taxes	10,138	(2,083)	12,757	5
Benefit for Taxes	(882)	(1,518)	(4,992)	(2,389)
Net Income	11,020	(565)	17,749	2,394
Statement of Financial Condition
Accounts Receivable, Net	211,808		211,808			$ 190,389
Taxes Receivable	10,579		10,579			8,666
Deferred Revenue	3,521		3,521			382
Total Equity	417,876		417,876			$ 422,454
Advisory Fees
Revenues
Revenues	98,294	$ 73,349	201,757	$ 172,688
Accounting Standards Update 2014-09
Revenues
Interest Income and Other	4,244		8,703
Expenses
Occupancy and Related	6,573		13,376
Travel and Related	5,987		11,457
Professional Fees	4,019		9,218
Communications and Information Services	3,260		6,740
Other Expenses	4,328		9,160
Income Before Benefit for Taxes	10,138		12,757
Benefit for Taxes	(882)		(4,992)
Net Income	11,020		17,749
Statement of Financial Condition
Accounts Receivable, Net	211,808		211,808		$ 184,708
Taxes Receivable	10,579		10,579
Deferred Revenue	3,521		3,521		1,397
Total Equity	417,876		417,876
Accounting Standards Update 2014-09 | Without Adoption of Revenue Standard
Revenues
Interest Income and Other	2,146		4,337
Expenses
Occupancy and Related	6,530		13,295
Travel and Related	4,170		7,741
Professional Fees	4,189		8,750
Communications and Information Services	3,126		6,538
Other Expenses	4,279		9,062
Income Before Benefit for Taxes	8,618		13,174
Benefit for Taxes	(1,265)		(4,860)
Net Income	9,883		18,034
Statement of Financial Condition
Accounts Receivable, Net	217,688		217,688
Taxes Receivable	10,447		10,447
Deferred Revenue	2,288		2,288
Total Equity	424,857		424,857
Accounting Standards Update 2014-09 | Effect of Change
Revenues
Interest Income and Other	2,098		4,366
Expenses
Occupancy and Related	43		81
Travel and Related	1,817		3,716
Professional Fees	(170)		468
Communications and Information Services	134		202
Other Expenses	49		98
Income Before Benefit for Taxes	1,520		(417)
Benefit for Taxes	383		(132)
Net Income	1,137		(285)
Statement of Financial Condition
Accounts Receivable, Net	(5,880)		(5,880)		(5,681)
Taxes Receivable	132		132
Deferred Revenue	1,233		1,233		$ 1,015
Total Equity	(6,981)		(6,981)
Accounting Standards Update 2014-09 | Advisory Fees
Revenues
Revenues	98,294		201,757
Accounting Standards Update 2014-09 | Advisory Fees | Without Adoption of Revenue Standard
Revenues
Revenues	96,999		201,975
Accounting Standards Update 2014-09 | Advisory Fees | Effect of Change
Revenues
Revenues	$ 1,295		$ (218)

Revenues from Contracts with 38

Revenues from Contracts with Customers - Reconciliation of Revenues Earned from Contracts with Customers to Total Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 129,539		$ 262,795
Sublease Income and Other	1,131		1,917
Total Revenues	130,670	$ 109,310	264,712	$ 230,279
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	98,294	73,349	201,757	172,688
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	28,132	$ 33,503	54,252	$ 53,005
Interest Income from Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	1,015		2,420
Reimbursable Expenses
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 2,098		$ 4,366

Revenues from Contracts with 39

Revenues from Contracts with Customers - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 1,300,000
Contract liabilities	3,521,000	$ 382,000
Impairments related to receivables	0
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	1,500,000	$ 1,200,000
Advisory Services
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 9,800,000
Explanation of remaining performance obligations expected to be recognized as revenue	the Company generally expects to recognize this revenue within the next twelve months.
Revenue recognized related to performance obligations that were satisfied in prior periods	$ 12,100,000
Minimum
Deferred Revenue Arrangement [Line Items]
Placement fees installment period	3 years
Maximum
Deferred Revenue Arrangement [Line Items]
Placement fees installment period	4 years

Accounts Receivable and Allow40

Accounts Receivable and Allowance for Doubtful Accounts - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables more than 90 days past due	$ 7,700,000	$ 2,500,000
Allowance for doubtful accounts	0	0
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables	$ 76,200,000	$ 77,700,000
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 - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets
Customer Relationships		$ 26,476	$ 26,476
Trade Name		5,700	5,700
Total Intangible Assets		32,176	32,176
Accumulated Amortization		(21,048)	(19,881)
Intangible Assets, Net	[1]	$ 11,128	$ 12,295
[1]	Excludes fully amortized intangible assets.

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 0.6	$ 0.6	$ 1.2	$ 1.3
Expected amortization of intangible assets, remainder of year	2.3		2.3
Expected amortization of intangible assets, 2019	2.3		2.3
Expected amortization of intangible assets, 2020	2.3		2.3
Expected amortization of intangible assets, 2021	2.3		2.3
Expected amortization of intangible assets, 2022	$ 1.4		$ 1.4

Furniture, Equipment and Leas43

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 53,159	$ 47,357
Accumulated Depreciation	(16,427)	(13,568)
Furniture, Equipment and Leasehold Improvements, Net	36,732	33,789
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	2,145	1,758
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	37,984	33,713
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 13,030	$ 11,886

Furniture, Equipment and Leas44

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.5	$ 1.4	$ 2.9	$ 2.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	$ 25,363
Level I
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	2,443
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	22,920
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	22,920	$ 37,121
U.S. Treasury Securities | Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	22,920	$ 37,121
Common Stock
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	2,443
Common Stock | Level I
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	$ 2,443

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Transfers between Level I, Level II or Level III	$ 0	$ 0	$ 0	$ 0

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income (Loss) Before Benefit for Taxes	$ 10,138	$ (2,083)	$ 12,757	$ 5
Benefit for Taxes	$ (882)	$ (1,518)	$ (4,992)	$ (2,389)
Effective Income Tax Rate	(8.70%)	72.90%	(39.10%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Corporate income tax rate	21.00%	35.00%
Unrecognized tax benefits	$ 0

Net Income Per Share of Class49

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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net Income Attributable to PJT Partners Inc.	$ 6,945	$ 215	$ 12,181	$ 1,548
Dividends on Participating Securities	73		83
Net Income Attributable to Participating Securities	39		73
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	6,833	215	12,025	1,548
Incremental Net Income from Dilutive Securities	378		496
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 7,211	$ 215	$ 12,521	$ 1,548
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	22,641,562	18,825,696	20,987,863	18,654,187
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	24,185,020	18,825,696	22,689,344	18,654,187
Net Income Per Share of Class A Common Stock
Basic	$ 0.30	$ 0.01	$ 0.57	$ 0.08
Diluted	$ 0.30	$ 0.01	$ 0.55	$ 0.08
Class A Common Stock | Weighted-Average Unvested RSUs
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs	1,543,458		1,701,481

Net Income Per Share of Class50

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Oct. 26, 2017
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Partnership Units exchanged	38,139,933	36,000,051
Treasury stock, shares		478,794
Treasury stock, average price per share		$ 53.70
Aggregate amount of shares repurchased		$ 25,727,000
Class A Common Stock
Earnings Per Share Basic [Line Items]
Available amount remaining for repurchases	$ 72,000,000	$ 72,000,000
Class A Common Stock | Maximum
Earnings Per Share Basic [Line Items]
Share repurchase program, authorized amount			$ 100,000,000

Net Income Per Share of Class51

Net Income Per Share of Class A Common Stock - Anti-Dilutive Securities Excluded from Net Income Per Share of Class A Common Stock (Details) - Class A Common Stock - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
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		3,576,351		3,368,471
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	151,707	461,417	153,243	517,719
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	15,498,371	15,031,239	15,012,188	15,268,534

Equity-Based Compensation - Equ

Equity-Based Compensation - Equity-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 27,092	$ 27,434	$ 64,154	$ 60,690
Income Tax Benefit	$ 2,217	$ 3,640	$ 5,456	$ 8,310

Equity-Based Compensation - Add

Equity-Based Compensation - Additional Information (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share price one achieved	$ 48
Share price two achieved	$ 55
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
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards | $	$ 104.9
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 4 months 24 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	9.00%
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards | $	$ 44.1
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	10 months 24 days
Partnership Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Partnership Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	5 years
Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards | $	$ 9.3
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 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%

Equity-Based Compensation - Sum

Equity-Based Compensation - Summary of Unvested Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2018$ / sharesshares
PJT Partners Inc.
Number of Units
Beginning Balance | shares	6,455,734
Granted | shares	2,021,704
Vested | shares	(4,377,209)
Forfeited | shares	(13,834)
Dividends Reinvested on RSUs | shares	6,559
Ending Balance | shares	4,092,954
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 25
Granted | $ / shares	47.77
Vested | $ / shares	22.42
Forfeited | $ / shares	39.70
Dividends Reinvested on RSUs | $ / shares	41.67
Ending Balance | $ / shares	$ 38.99
PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	244,000
Ending Balance | shares	244,000
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 31.76
Ending Balance | $ / shares	$ 31.76

Equity-Based Compensation - S55

Equity-Based Compensation - Summary of Status of Company's Unvested Equity-Based Awards (Details)	6 Months Ended
	Jun. 30, 2018$ / sharesshares
Partnership Units
Number of Units
Beginning Balance | shares	4,698,423
Granted | shares	61,773
Vested | shares	(72,523)
Ending Balance | shares	4,687,673
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 21.54
Granted | $ / shares	48.87
Vested | $ / shares	24.72
Ending Balance | $ / shares	$ 21.85
Equity-Based Awards with Both Service and Market Conditions | PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	6,262,957
Vested | shares	(500,511)
Ending Balance | shares	5,762,446
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 5.72
Vested | $ / 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)	6 Months Ended
	Jun. 30, 2018shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	14,449,759
Weighted-average service period of unit expected to vest (in years)	1 year 2 months 12 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,148,276
Weighted-average service period of unit expected to vest (in years)	1 year 4 months 24 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	10,301,483
Weighted-average service period of unit expected to vest (in years)	1 year 1 month 6 days

Transactions With Related Par57

Transactions With Related Parties - Additional Information (Details) $ in Thousands	Aug. 07, 2018shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)shares	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units | $		$ 30,918	$ 32,166
Amount due to tax receivable agreement | $		$ 4,896		$ 2,857
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		662,146	888,321
Percentage payment to exchanging holders of partnership units of benefits		85.00%
PJT Partners Holdings LP | Scenario, Forecast
Related Party Transaction [Line Items]
Exchange of partnership units not yet settled | shares	256,083
Class A Common Stock | PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of Partnership unit to shares, number of shares per each unit		1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	Oct. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Oct. 02, 2015
Commitments And Contingencies [Line Items]
Description of expiration date for operating leases				various dates through 2030
Rent expense		$ 6,000,000	$ 6,200,000	$ 12,300,000	$ 12,100,000
Capital lease obligations payable maturity year				2,022
Weighted-average interest rate of capital lease obligations payable				2.40%
Net book value of capital lease obligations		200,000		$ 200,000		$ 300,000
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		9,900,000		9,900,000		9,700,000
Forfeiture accrual		300,000		300,000		400,000
Tax benefit accrual		3,900,000		3,900,000		3,100,000
Irrevocable Standby Letters of Credit
Commitments And Contingencies [Line Items]
Letter of credit		4,900,000		$ 4,900,000		5,000,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase							$ 60,000,000
Increase revolving credit facility							$ 80,000,000
Notes payable, spread on variable prime rate				1.00%
Line of credit facility, interest rate description				Beginning October 30, 2017, drawings under the credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%.
Revolving credit facility, extended maturity date	Oct. 1, 2019
Revolving credit facility, amount outstanding		$ 0		$ 0		$ 0
Revolving Credit Facility | Minimum
Commitments And Contingencies [Line Items]
Line of credit facility bear interest equal to greater of per annum rate		3.00%		3.00%

Commitments and Contingencies59

Commitments and Contingencies - Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases (Details) $ in Thousands	Jun. 30, 2018USD ($)
Minimum Capital Lease Payments
2,018	$ 55
2,019	110
2,020	83
2,021	7
2,022	1
Total Minimum Lease Payments - Capital Leases	256
Less: Amount Representing Interest	8
Capital Lease Obligation	248
Minimum Operating Lease Payments
2,018	12,014
2,019	23,978
2,020	22,866
2,021	22,417
2,022	22,304
Thereafter	90,925
Total Minimum Lease Payments - Operating Leases	194,504
Less: Sublease Proceeds	16,206
Net Minimum Lease Payments - Operating Leases	$ 178,298

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, expenses incurred	$ 0.3	$ 0.1	$ 0.6	$ 0.4

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	Jun. 30, 2018USD ($)	Jun. 30, 2018EUR (€)	Jun. 30, 2018HKD ($)	Dec. 31, 2017USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 50
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement			$ 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	$ 6,200			$ 15,900
Net capital in excess of required net capital	6,000			15,700
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	$ 52,200			96,600
Net capital in excess of required net capital	$ 51,500			$ 96,400
Maximum | PJT Partners LP
Regulatory Authorities [Line Items]
Percentage of aggregate indebtedness capital requirement	15	15	15

Business Information - Addition

Business Information - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2017Client	Jun. 30, 2018segment
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	11.40%

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Revenues
Revenues	$ 130,670	$ 109,310	$ 264,712	$ 230,279
Assets
Assets	533,744		533,744		$ 558,965
Domestic
Revenues
Revenues	121,003	101,447	232,598	206,868
Assets
Assets	486,791		486,791		494,718
International
Revenues
Revenues	9,667	$ 7,863	32,114	$ 23,411
Assets
Assets	$ 46,953		$ 46,953		$ 64,247

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
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	$ 0.10	$ 0.10
Dividends payable, date to be paid			Sep. 19, 2018
Dividends payable, date of record			Sep. 5, 2018