PJT Partners (PJT) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	PJT
Security Exchange Name	NYSE
Entity Registrant Name	PJT Partners Inc.
Entity Central Index Key	0001626115
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-36869
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4797143
Entity Address, Address Line One	280 Park Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	364-7800
Class A Common Stock
Entity Common Stock, Shares Outstanding		23,108,421
Class B Common Stock
Entity Common Stock, Shares Outstanding		206

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Cash and Cash Equivalents	$ 84,214	$ 106,110
Investments	1,412	2,157
Accounts Receivable (net of allowance for doubtful accounts of $350 and $726 at June 30, 2019 and December 31, 2018, respectively)	221,901	217,768
Intangible Assets, Net	45,192	49,160
Goodwill	170,914	176,031
Furniture, Equipment and Leasehold Improvements, Net	35,911	34,805
Operating Lease Right-of-Use Assets	140,553
Other Assets	43,138	26,935
Deferred Tax Asset, Net	58,309	58,851
Total Assets	801,544	671,817
Liabilities and Equity (Deficit)
Accrued Compensation and Benefits	60,040	89,642
Accounts Payable, Accrued Expenses and Other Liabilities	18,567	24,657
Operating Lease Liabilities	155,979
Deferred Rent Liability		16,417
Amount Due Pursuant to Tax Receivable Agreement	8,916	8,456
Taxes Payable	2,576	7,040
Deferred Revenue	5,965	7,856
Loan Payable	30,000	30,000
Total Liabilities	282,043	184,068
Commitments and Contingencies
Equity (Deficit)
Additional Paid-In Capital	278,053	210,939
Accumulated Deficit	(166,257)	(169,836)
Accumulated Other Comprehensive Loss	(615)	(627)
Treasury Stock at Cost (1,992,602 and 1,353,398 shares at June 30, 2019 and December 31, 2018, respectively)	(92,856)	(67,172)
Total PJT Partners Inc. Equity (Deficit)	18,576	(26,456)
Non-Controlling Interests	500,925	514,205
Total Equity	519,501	487,749
Total Liabilities and Equity	801,544	671,817
Class A Common Stock
Equity (Deficit)
Common stock, value	251	240
Total Equity	251	240
Class B Common Stock
Equity (Deficit)
Common stock, value	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accounts Receivable, allowance for doubtful accounts	$ 350	$ 726
Treasury Stock, Shares	1,992,602	1,353,398
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	25,101,023	23,940,185
Common Stock, Shares Outstanding	23,108,421	22,586,787
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	203	199
Common Stock, Shares Outstanding	203	199

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues
Revenues	$ 166,704	$ 130,670	$ 294,760	$ 264,712
Expenses
Compensation and Benefits	119,165	94,273	214,316	197,905
Occupancy and Related	7,802	6,573	14,938	13,376
Travel and Related	6,721	5,987	13,680	11,457
Professional Fees	5,667	4,019	11,469	9,218
Communications and Information Services	3,493	3,260	6,706	6,740
Depreciation and Amortization	3,635	2,092	7,255	4,099
Other Expenses	6,629	4,328	12,891	9,160
Total Expenses	153,112	120,532	281,255	251,955
Income Before Provision (Benefit) for Taxes	13,592	10,138	13,505	12,757
Provision (Benefit) for Taxes	3,566	(882)	2,542	(4,992)
Net Income	10,026	11,020	10,963	17,749
Net Income Attributable to Non-Controlling Interests	5,200	4,075	5,036	5,568
Net Income Attributable to PJT Partners Inc.	4,826	6,945	5,927	12,181
Advisory Fees
Revenues
Revenues	133,035	98,294	237,502	201,757
Placement Fees
Revenues
Revenues	28,695	28,132	52,007	54,252
Interest Income and Other
Revenues
Revenues	$ 4,974	$ 4,244	$ 5,251	$ 8,703
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.20	$ 0.30	$ 0.24	$ 0.57
Diluted	$ 0.20	$ 0.30	$ 0.24	$ 0.55
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	24,572,535	22,641,562	24,157,671	20,987,863
Diluted	24,572,535	24,185,020	24,157,671	22,689,344

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 10,026	$ 11,020	$ 10,963	$ 17,749
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment	(1,228)	(1,231)	33	(462)
Comprehensive Income	8,798	9,789	10,996	17,287
Comprehensive Income Attributable to Non- Controlling Interests	4,620	3,476	5,057	5,334
Comprehensive Income Attributable to PJT Partners Inc.	$ 4,178	$ 6,313	$ 5,939	$ 11,953

Condensed Consolidated Statem_5

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
Adoption of Accounting Standard	$ (6,696)					$ (6,696)
Beginning Balance at Dec. 31, 2017	422,454	$ 186		$ (2,302)	$ 23,891	(185,991)	$ 155	$ 586,515
Beginning Balance (in shares) at Dec. 31, 2017		18,599,454	221	(60,333)
Net Income (Loss)	6,729					5,236		1,493
Other Comprehensive Income (Loss)	769						404	365
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(967)					(967)
Equity-Based Compensation	37,062				25,666			11,396
Forfeiture Liability for Equity Awards	91				91
Net Share Settlement	(19,468)				(19,468)
Deliveries of Vested Shares of Common Stock		$ 11			(11)
Deliveries of Vested Shares of Common Stock (in shares)		1,135,047
Change in Ownership Interest	(24,078)				81,350			(105,428)
Change in Ownership Interest (in shares)			(6)
Treasury Stock Purchases	(3,890)			$ (3,890)
Treasury Stock Purchases (in shares)				(81,810)
Ending Balance at Mar. 31, 2018	412,006	$ 197		$ (6,192)	111,519	(188,418)	559	494,341
Ending Balance (in shares) at Mar. 31, 2018		19,734,501	215	(142,143)
Beginning Balance at Dec. 31, 2017	422,454	$ 186		$ (2,302)	23,891	(185,991)	155	586,515
Beginning Balance (in shares) at Dec. 31, 2017		18,599,454	221	(60,333)
Net Income (Loss)	17,749
Other Comprehensive Income (Loss)	(462)
Ending Balance at Jun. 30, 2018	417,876	$ 213		$ (28,029)	86,191	(182,588)	(73)	542,162
Ending Balance (in shares) at Jun. 30, 2018		21,261,616	213	(539,127)
Beginning Balance at Mar. 31, 2018	412,006	$ 197		$ (6,192)	111,519	(188,418)	559	494,341
Beginning Balance (in shares) at Mar. 31, 2018		19,734,501	215	(142,143)
Net Income (Loss)	11,020					6,945		4,075
Other Comprehensive Income (Loss)	(1,231)						(632)	(599)
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,115)					(1,115)
Tax Distributions	(15)							(15)
Equity-Based Compensation	27,092				15,774			11,318
Forfeiture Liability for Equity Awards	18				18
Net Share Settlement	(1,584)				(1,584)
Deliveries of Vested Shares of Common Stock		$ 16			(16)
Deliveries of Vested Shares of Common Stock (in shares)		1,527,115
Change in Ownership Interest	(6,478)				(39,520)			33,042
Change in Ownership Interest (in shares)			(2)
Treasury Stock Purchases	(21,837)			$ (21,837)
Treasury Stock Purchases (in shares)				(396,984)
Ending Balance at Jun. 30, 2018	417,876	$ 213		$ (28,029)	86,191	(182,588)	(73)	542,162
Ending Balance (in shares) at Jun. 30, 2018		21,261,616	213	(539,127)
Beginning Balance at Dec. 31, 2018	487,749	$ 240		$ (67,172)	210,939	(169,836)	(627)	514,205
Beginning Balance (in shares) at Dec. 31, 2018		23,940,185	199	(1,353,398)
Net Income (Loss)	937					1,101		(164)
Other Comprehensive Income (Loss)	1,261						660	601
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,188)					(1,188)
Equity-Based Compensation	34,973				23,884			11,089
Forfeiture Liability for Equity Awards	6				6
Net Share Settlement	(8,604)				(8,604)
Deliveries of Vested Shares of Common Stock		$ 11			(11)
Deliveries of Vested Shares of Common Stock (in shares)		1,088,396
Acquisition-Related Equity Issuance	2,287				1,889			398
Acquisition-Related Equity Issuance (in shares)		49,764
Change in Ownership Interest	(9,265)				53,377			(62,642)
Change in Ownership Interest (in shares)			1
Ending Balance at Mar. 31, 2019	508,156	$ 251		$ (67,172)	281,480	(169,923)	33	463,487
Ending Balance (in shares) at Mar. 31, 2019		25,078,345	200	(1,353,398)
Beginning Balance at Dec. 31, 2018	487,749	$ 240		$ (67,172)	210,939	(169,836)	(627)	514,205
Beginning Balance (in shares) at Dec. 31, 2018		23,940,185	199	(1,353,398)
Net Income (Loss)	10,963
Other Comprehensive Income (Loss)	$ 33
Treasury Stock Purchases (in shares)	(639,204)
Ending Balance at Jun. 30, 2019	$ 519,501	$ 251		$ (92,856)	278,053	(166,257)	(615)	500,925
Ending Balance (in shares) at Jun. 30, 2019		25,101,023	203	(1,992,602)
Beginning Balance at Mar. 31, 2019	508,156	$ 251		$ (67,172)	281,480	(169,923)	33	463,487
Beginning Balance (in shares) at Mar. 31, 2019		25,078,345	200	(1,353,398)
Net Income (Loss)	10,026					4,826		5,200
Other Comprehensive Income (Loss)	(1,228)						(648)	(580)
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,160)					(1,160)
Tax Distributions	(20)							(20)
Equity-Based Compensation	30,676				19,465			11,211
Forfeiture Liability for Equity Awards	3				3
Net Share Settlement	(673)				(673)
Deliveries of Vested Shares of Common Stock (in shares)		22,678
Change in Ownership Interest	(595)				(22,222)			21,627
Change in Ownership Interest (in shares)			3
Treasury Stock Purchases	(25,684)			$ (25,684)
Treasury Stock Purchases (in shares)				(639,204)
Ending Balance at Jun. 30, 2019	$ 519,501	$ 251		$ (92,856)	$ 278,053	$ (166,257)	$ (615)	$ 500,925
Ending Balance (in shares) at Jun. 30, 2019		25,101,023	203	(1,992,602)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Deficit) (Parenthetical) (Unaudited) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating Activities
Net Income	$ 10,963	$ 17,749
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
Equity-Based Compensation Expense	65,649	64,154
Depreciation and Amortization Expense	7,255	4,099
Amortization of Operating Lease Right-of-Use Assets	8,796
Deferred Taxes	1,320	(3,498)
Other	912	(1,178)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(3,541)	(30,308)
Other Assets	(17,159)	(7,655)
Accrued Compensation and Benefits	(29,638)	(28,095)
Accounts Payable, Accrued Expenses and Other Liabilities	(4,889)	3,053
Operating Lease Liabilities	(10,015)
Deferred Rent Liability		14
Taxes Payable	(4,540)	(314)
Deferred Revenue	(1,897)	2,133
Net Cash Provided by Operating Activities	23,216	20,154
Investing Activities
Purchases of Investments		(20,861)
Maturities of Investments		35,185
Purchases of Furniture, Equipment and Leasehold Improvements	(4,477)	(5,960)
Settlement of Acquisition-Related Escrow	7,485
Net Cash Provided by Investing Activities	3,008	8,364
Financing Activities
Dividends	(2,348)	(2,082)
Proceeds from Revolving Credit Facility	15,000
Payments on Revolving Credit Facility	(15,000)
Tax Distributions	(20)	(15)
Employee Taxes Paid for Shares Withheld	(9,277)	(21,052)
Cash-Settled Exchanges of Partnership Units	(10,050)	(30,918)
Treasury Stock Purchases	(25,684)	(25,727)
Payments Pursuant to Tax Receivable Agreement	(210)	(10)
Principal Payments on Finance Leases	(70)	(51)
Net Cash Used in Financing Activities	(47,659)	(79,855)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(461)	1,252
Net Decrease in Cash and Cash Equivalents	(21,896)	(50,085)
Cash and Cash Equivalents, Beginning of Period	106,110	145,619
Cash and Cash Equivalents, End of Period	84,214	95,534
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	5,667	647
Payments for Interest	$ 839
Non-Cash Receipt of Shares		$ 2,254

Organization

Organization	6 Months Ended
	Jun. 30, 2019
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, shareholder 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 PJT Park Hill, the Company provides private fund advisory and fundraising services for alternative investment managers, including private equity funds, real estate funds and hedge funds. On October 1, 2015, The Blackstone Group Inc. (“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, 2019, the non-controlling interest was 40.2%. 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, 2019
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 financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 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, 2018. Certain prior year amounts have been reclassified to conform to the current year presentation. During the second quarter of 2019, a misstatement was identified in the presentation of changes in the Company’s ownership interest in PJT Partners Holdings LP, which resulted in a reclassification from Non-Controlling Interests to Additional Paid-In Capital. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“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. The lease-related assets will be amortized to expense over the life of the leases and the liability, and related interest expense, will be reduced as lease payments are made over the life of the lease. 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 Company adopted the new guidance as of January 1, 2019 using the transition method that allows such guidance to be applied initially at the adoption date without restating comparative periods. The Company elected the transition package of practical expedients to alleviate certain operational complexities related to the adoption. The impact of adoption of the lease guidance as of January 1, 2019 was as follows: December 31, 2018 Adjustments January 1, 2019 Operating Lease Right-of-Use Assets $ — $ 129,479 $ 129,479 Other Assets 26,935 (866 ) 26,069 Accounts Payable, Accrued Expenses and Other Liabilities 24,657 (1,190 ) 23,467 Operating Lease Liabilities — 146,220 146,220 Deferred Rent Liability 16,417 (16,417 ) — 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 annual and interim periods beginning after December 15, 2019, with early adoption 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 February 2018, the FASB issued guidance that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for annual and interim periods beginning after December 15, 2018, with an option to apply it in the period of adoption or on a retrospective basis for each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. Early adoption of the new guidance is permitted for reporting periods for which financial statements have not yet been issued. The Company adopted this guidance on January 1, 2019 with no material impact on its consolidated financial statements. In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The updated guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. Upon adoption, the Company may elect to apply the new guidance on either a prospective or retrospective basis. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In August 2018, the FASB issued updated guidance that modifies the disclosure requirements on fair value measurements. The updated guidance removes and modifies various disclosures under current guidance and includes additional requirements. The updated guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements.

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
Business Combinations	3. BUSINESS COMBINATIONS Acquisition of CamberView In October 2018, the Company completed the acquisition of CamberView Partners Holdings, LLC (“CamberView”). The preliminary purchase price as of June 30, 2019 was comprised of the following: Cash (a) $ 60,765 Common Stock (b) 71,423 Partnership Units (c) 3,961 Total Purchase Price $ 136,149 (a) Reflects cash paid to selling unitholders and employees of CamberView at closing, payoff of an existing term loan facility held by CamberView at closing and settlement of escrow balances in March 2019. (b) Reflects the value of 1.4 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders of CamberView at closing based on the Company’s closing stock price of $51.55 on October 1, 2018 and the value of an additional 0.1 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders related to the settlement of escrow balances in March 2019 based on the Company’s closing stock price of $40.61 on March 15, 2019. (c) Reflects the value of 0.1 million common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) issued to certain CamberView employees at closing using a fair value of $47.53, which represents the closing stock price of $51.55 on October 1, 2018 discounted for holding period risk as well as an additional 0.1 million Partnership Units issued to certain CamberView employees upon the settlement of escrow balances in March 2019 using a fair value of $37.44, which represents the closing stock price of $40.61 on March 15, 2019 discounted for holding period risk. Partnership Units shall be eligible for exchange in accordance with the Exchange Agreement starting on the first exchange date when the Partnership Units have been both outstanding and fully vested for at least six months as of the applicable exchange date. The total preliminary purchase price includes Securityholder Representative Funds, as defined in the agreement and plan of merger, of $1.0 million, which may be used to cover post-closing obligations of the selling unitholders. Any release of these proceeds to PJT Partners Inc. will adjust the components of the purchase price allocation. The following table summarizes the preliminary allocation of the total purchase price: December 31, 2018 Measurement Period Adjustments June 30, 2019 Assets Cash $ 6,787 $ — $ 6,787 Accounts Receivable 2,602 — 2,602 Furniture, Equipment and Leasehold Improvements, Net 283 — 283 Other Assets 2,915 (81 ) 2,834 Identifiable Intangible Assets 40,600 — 40,600 Goodwill 103,745 (5,117 ) 98,628 Deferred Tax Asset 111 — 111 Total Assets 157,043 (5,198 ) 151,845 Liabilities Accrued Compensation and Benefits 192 — 192 Accounts Payable, Accrued Expenses and Other Liabilities 8,660 — 8,660 Deferred Rent Liability 230 — 230 Taxes Payable 54 — 54 Deferred Revenue 6,560 — 6,560 Total Liabilities 15,696 — 15,696 Net Assets $ 141,347 $ (5,198 ) $ 136,149 The Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Total Revenues $ 148,328 $ 290,538 Net Income Attributable to PJT Partners Inc. $ 10,813 $ 14,637

Revenues from Contracts with Cu

Revenues from Contracts with Customers	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	4 . REVENUES FROM CONTRACTS WITH CUSTOMERS The following table reconciles revenues recognized from contracts with customers to Total Revenues in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Advisory Fees $ 133,035 $ 98,294 $ 237,502 $ 201,757 Placement Fees 28,695 28,132 52,007 54,252 Interest Income from Placement Fees 927 1,015 2,093 2,420 Reimbursable Expenses 1,582 2,098 2,866 4,366 Revenues from Contracts with Customers 164,239 129,539 294,468 262,795 Sublease Income and Other 2,465 1,131 292 1,917 Total Revenues $ 166,704 $ 130,670 $ 294,760 $ 264,712 Remaining Performance Obligations and Revenue Recognized from Past Performance As of June 30, 2019, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $12.8 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. The Company recognized revenue of $4.6 million and $9.2 million for the three and six months ended June 30, 2019, respectively, and $5.9 million and $12.1 million for the three and six months ended June 30, 2018, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Fee Revenue recognized by the Company during the three and six months ended June 30, 2019 and 2018 was predominantly related to performance obligations that were partially satisfied in prior periods. Contract Balances There were no significant impairments related to contract balances during the three and six months ended June 30, 2019 and 2018. 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, 2019 and 2018, $7.4 million and $1.3 million, respectively, 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, 2019 and December 31, 2018, the Company recorded $1.4 million and $1.1 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Doubtful Accounts	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Accounts Receivable and Allowance for Doubtful Accounts	5 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Included in Accounts Receivable are long-term receivables of $75.9 million and $77.9 million as of June 30, 2019 and December 31, 2018, 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 $10.0 million and $7.5 million as of June 30, 2019 and December 31, 2018, respectively, which were outstanding more than 90 days. There was no allowance for doubtful accounts with respect to such receivables as of June 30, 2019 or December 31, 2018.

Goodwill And Intangible Assets

Goodwill And Intangible Assets	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	6. GOODWILL AND INTANGIBLE ASSETS Changes in the carrying value of goodwill consist of the following: Balance, December 31, 2018 $ 176,031 Measurement Period Adjustment (a) (5,117 ) Balance, June 30, 2019 $ 170,914 (a) During the six months ended June 30, 2019, the Company recorded $5.1 million of measurement period adjustments related to the acquisition of CamberView. Intangible Assets, Net consists of the following: June 30, December 31, 2019 2018 Finite-Lived Intangible Assets Customer Relationships $ 62,876 $ 62,876 Trade Name 9,900 9,900 Total Intangible Assets 72,776 72,776 Accumulated Amortization Customer Relationships (24,659 ) (21,501 ) Trade Name (2,925 ) (2,115 ) Total Accumulated Amortization (27,584 ) (23,616 ) Intangible Assets, Net $ 45,192 $ 49,160 Amortization expense was $2.0 million and $4.0 million for the three and six months ended June 30, 2019, respectively, and $0.6 million and $1.2 million for the three and six months ended June 30, 2018, respectively. Amortization of intangible assets held at June 30, 2019 is expected to be $4.0 million for the remainder of the year ending December 31, 2019; $7.9 million for the years ending December 31, 2020 and 2021; $6.7 million for the year ending December 31, 2022; and $5.1 million for the year ending December 31, 2023.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	6 Months Ended
	Jun. 30, 2019
Property Plant And Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	7 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: June 30, December 31, 2019 2018 Office Equipment $ 2,285 $ 2,151 Leasehold Improvements 41,821 38,745 Furniture and Fixtures 14,727 13,558 Total Furniture, Equipment and Leasehold Improvements 58,833 54,454 Accumulated Depreciation (22,922 ) (19,649 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,911 $ 34,805 Depreciation expense was $1.7 million and $3.3 million for the three and six months ended June 30, 2019, respectively, and $1.5 million and $2.9 million for the three and six months ended June 30, 2018, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	8 . FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: June 30, 2019 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,275 $ — $ 3,275 Common Stock 1,412 — — 1,412 Total Investments $ 1,412 $ 3,275 $ — $ 4,687 December 31, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,297 $ — $ 3,297 Common Stock 2,157 — — 2,157 Total Investments $ 2,157 $ 3,297 $ — $ 5,454 Investments in U.S. Treasury securities were included in Cash and Cash Equivalents in the Condensed Consolidated Statements of Financial Condition as of June 30, 2019 and December 31, 2018 . During the three and six months ended June 30, 2019 and 2018, there were no transfers from Level I to Level II related to U.S. Treasury securities that were initially acquired as on-the-run and classified as Level I, but subsequently transferred to Level II as a result of becoming off-the-run. There were also no transfers between Level I, Level II or Level III during the three and six months ended June 30, 2019 and 2018. The carrying value of the loan payable approximates fair value based on Level II inputs.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	9 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Income Before Provision (Benefit) for Taxes $ 13,592 $ 10,138 $ 13,505 $ 12,757 Provision (Benefit) for Taxes $ 3,566 $ (882 ) $ 2,542 $ (4,992 ) Effective Income Tax Rate 26.2 % -8.7 % 18.8 % -39.1 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three and six months ended June 30, 2019 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, 2019 and 2018 was primarily due to a decreased tax benefit related to the deliveries of vested shares at values in excess of their amortized cost. As of June 30, 2019, 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, 2019
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	10 . 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, 2019 and 2018 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net Income Attributable to PJT Partners Inc. $ 4,826 $ 6,945 $ 5,927 $ 12,181 Less: Dividends on Participating Securities 6 73 11 83 Net Income Attributable to Participating Securities 7 39 7 73 Net Income Attributable to Shares of Class A Common Stock — Basic 4,813 6,833 5,909 12,025 Incremental Net Income from Dilutive Securities (a) 378 (a) 496 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 4,813 $ 7,211 $ 5,909 $ 12,521 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,572,535 22,641,562 24,157,671 20,987,863 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units (a) 1,543,458 (a) 1,701,481 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,572,535 24,185,020 24,157,671 22,689,344 Net Income Per Share of Class A Common Stock Basic $ 0.20 $ 0.30 $ 0.24 $ 0.57 Diluted $ 0.20 $ 0.30 $ 0.24 $ 0.55 (a) These securities were determined to be anti-dilutive and therefore were excluded from the calculation of net income per share of Class A common stock. 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 40,523,710 and 40,130,115 for the three and six months ended June 30, 2019, 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, 2019, such exchange is not reflected in diluted net income per share as the assumed exchange is not dilutive. The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2019 and 2018 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, 2019 2018 2019 2018 Weighted-Average Unvested RSUs 566,311 (a) 898,124 (a) Weighted-Average Participating RSUs 54,762 151,707 53,294 153,243 Weighted-Average Partnership Units 15,951,175 15,498,371 15,972,444 15,012,188 (a) These securities were determined to be dilutive. Share Repurchase Program On April 24, 2019, 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, which is in addition to the previous October 26, 2017 authorization. Under the 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 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, 2019, the Company repurchased 639,204 shares of Class A common stock at an average price of $40.15, or $25.7 million in aggregate, pursuant to the share repurchase program. As of June 30, 2019, the available amount remaining for repurchases under this program was $107.2 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	6 Months Ended
	Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based and Other Deferred Compensation	1 1 . EQUITY-BASED AND OTHER DEFERRED COMPENSATION Overview Further information regarding the Company’s equity-based compensation awards is described in Note 11. “Equity-Based and Other Deferred Compensation” in the “Notes to Consolidated 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, 2018. The following table represents equity-based compensation expense and related income tax benefit for the three and six months ended June 30, 2019 and 2018, respectively: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity-Based Compensation Expense $ 30,676 $ 27,092 $ 65,649 $ 64,154 Income Tax Benefit $ 2,895 $ 2,217 $ 6,274 $ 5,456 Restricted Stock Units A summary of the status of the Company’s unvested RSUs as of June 30, 2019 and for changes during the six months ended June 30, 2019 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, 2018 4,254,205 $ 40.99 98,295 $ 37.17 Granted 1,955,929 44.02 — — Vested (1,795,850 ) 35.69 (1,255 ) 26.86 Forfeited (62,541 ) 42.22 — — Dividends Reinvested on RSUs 11,146 42.61 — — Balance, June 30, 2019 4,362,889 $ 44.51 97,040 $ 37.30 As of June 30, 2019, there was $126.1 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.4 years. The Company assumes a forfeiture rate of 1.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. RSU Awards with Both Service and Market Conditions A summary of the status of the Company’s unvested RSU awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2018 253,152 $ 26.19 Granted 12,658 10.63 Forfeited (15,968 ) 26.19 Balance, June 30, 2019 249,842 $ 25.40 As of June 30, 2019, there was $4.5 million of estimated unrecognized compensation expense related to RSU awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 2.7 years. The Company assumes a forfeiture rate of 4.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. The following table presents the assumptions used to determine the fair value of the RSU awards in PJT Partners Inc. with both a service and market condition granted during the six months ended June 30, 2019: Risk-Free Interest Rate 2.3 % Dividend Yield 0.5 % Weighted-Average Volatility Factor 28.2 % Weighted-Average Expected Life (in years) 2.8 Weighted-Average Fair Value (in dollars) $ 10.63 Restricted Share Awards In connection with the acquisition of CamberView, certain individuals were issued restricted shares of the Company’s Class A common stock. Based on the terms of the award, compensation expense will be recognized over four years. For the six months ended June 30, 2019, 3,591 restricted share awards were granted. For the year ended December 31, 2018, 5,100 restricted share awards were granted. As of June 30, 2019, no restricted shares have vested or have forfeited and there was $0.3 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 2.3 years. Partnership Units A summary of the status of the Company’s unvested Partnership Units as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2018 3,323,948 $ 24.23 Granted 78,278 39.78 Vested (156,354 ) 30.64 Balance, June 30, 2019 3,245,872 $ 24.30 As of June 30, 2019 , there was $ million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized ove r a weighted-average period of 0.5 years . The Company assumes a forfeiture rate of 4.0 % annually based on expected turnover and per iodically reassesses this rate. Partnership Unit Awards with Both Service and Market Conditions A summary of the status of the Company’s unvested Partnership Unit awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2018 5,118,133 $ 5.72 Vested (122,902 ) 5.72 Forfeited (3,798 ) 5.72 Balance, June 30, 2019 4,991,433 $ 5.72 As of June 30, 2019, there was $2.0 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 0.3 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. Units Expected to Vest The following unvested units, after expected forfeitures, as of June 30, 2019, are expected to vest: Weighted- Average Service Period Units in Years Partnership Units 8,212,410 0.4 Restricted Stock Units 4,468,637 1.5 Restricted Share Awards 7,447 2.3 Total Equity-Based Awards 12,688,494 0.8 Deferred Cash Compensation The Company has periodically issued deferred cash compensation in connection with annual incentive compensation as well as other hiring or retention related awards. These awards typically vest over a period of one to four years. Compensation expense related to deferred cash awards was $6.1 million and $12.7 million for the three and six months ended June 30, 2019, respectively, and $2.1 million and $5.9 million for the three and six months ended June 30, 2018, respectively. As of June 30, 2019, there was $48.4 million of unrecognized compensation expense related to these awards. This cost is expected to be recognized over a weighted-average period of 2.6 years.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	12. LEASES The Company adopted the new lease accounting guidance as of January 1, 2019, which is further discussed in Note 2. “Summary of Significant Accounting Policies—Recent Accounting Developments.” The Company determines if an arrangement is, or contains, a lease at inception. The Company leases office space under non-cancelable lease agreements, which expire at The lease arrangements for office space typically contain payments to the lessor for common area maintenance charges and reimbursement for certain other costs that are not fixed. The Company accounts for these costs as variable lease costs and does not include them in the lease component. Such amounts recorded during the are included in the table below. The Company has also entered into arrangements to sublease a portion of its office space, which expire at various dates through 2025. The Company leases certain office equipment pursuant to finance leases, which expire at various dates through 2022. The Company does not elect the practical expedient to include the non-lease component with the lease component as a single lease component. Right-of-Use Assets (“ROU assets”) represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company’s lease agreements generally do not provide an implicit rate, so the Company estimates the incremental borrowing rate considering the collateral, term and the economic environment of the lease arrangement with reference to the Company’s term loan. Certain leases may include options to extend or terminate; however, the Company only reflects such renewal or termination option in the lease term when it is reasonably certain to exercise the option. The Company records ROU assets and lease liabilities for operating leases in Operating Lease Right-of-Use Assets and Operating Lease Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition. The Company records ROU assets and lease liabilities for finance leases in Furniture, Equipment and Leasehold Improvements, Net and Accounts Payable, Accrued Expenses and Other Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition. The Company does not record ROU assets or lease liabilities for leases with a term of twelve months or less. Lease expense for such leases is recognized on a straight-line basis. For the three and six months ended June 30, 2019, the components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating Lease Cost $ 6,300 $ 12,107 Finance Lease Cost Amortization of Right-of-Use Assets 31 69 Interest on Lease Liabilities 1 3 Total Finance Lease Cost 32 72 Short-Term Lease Cost 109 225 Variable Lease Cost 719 1,293 Sublease Income (913 ) (1,823 ) Total Lease Cost $ 6,247 $ 11,874 Supplemental information related to leases was as follows: Six Months Ended June 30, 2019 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 10,015 Operating Cash Flows from Finance Leases 4 Financing Cash Flows from Finance Leases 70 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases 150,020 Finance Leases 5 June 30, 2019 Weighted-Average Remaining Lease Term (in years) Operating Leases 7.9 Finance Leases 1.5 Weighted-Average Discount Rate Operating Leases 4.9 % Finance Leases 3.0 % For the three and six months ended June 30, 2018, rent expense was $6.0 million and $12.3 million, respectively. Rent expense is included in Occupancy and Related in the Condensed Consolidated Statements of Operations. This amount includes escalation payments, which are paid when invoiced. As of December 31, 2018, the Company maintained an irrevocable standby letter of credit for certain operating leases of $4.7 million. The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of June 30, 2019: Year Ending December 31, Finance Operating 2019 (July 1 through December 31) $ 73 $ 12,461 2020 119 22,878 2021 12 24,839 2022 1 24,672 2023 — 24,638 Thereafter — 79,638 Total Lease Payments 205 189,126 Less: Imputed Interest 4 33,147 Total $ 201 $ 155,979 As of December 31, 2018 , the aggregate minimum future payments required on non-cancelable leases, under legacy accounting guidance, were as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2019 $ 130 $ 26,877 2020 104 23,445 2021 9 22,305 2022 2 22,190 2023 — 22,227 Thereafter — 67,871 Total Minimum Lease Payments 245 184,915 Less: Amount Representing Interest 11 Capital Lease Obligation $ 234 Less: Sublease Proceeds 14,182 Net Minimum Lease Payments $ 170,733

Transactions With Related Parti

Transactions With Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Transactions With Related Parties	1 3 . 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 13. “Transactions with Related Parties—Exchange Agreement” in the “Notes to Consolidated 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, 2018. Certain Partnership Unitholders exchanged 230,325 and 662,146 Partnership Units, respectively, for cash in the amounts of $10.1 million and $30.9 million, respectively, for the six months ended June 30, 2019 and 2018, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. During the second quarter of 2019, the Company was presented with 108,586 Partnership Units to be exchanged. The Company will settle the exchange of these Partnership Units on August 6, 2019 for cash for an aggregate payment of $4.4 million. The price per Partnership Unit to be paid by the Company is $40.72, which is equal to the volume-weighted average price of a share of the Company’s Class A common stock on August 1, 2019. 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. The registration rights agreement does not contain any penalties associated with failure to file or maintain the effectiveness of a registration statement covering the shares owned by individuals covered by such agreement. 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, 2019 and December 31, 2018, the Company had amounts due of $8.9 million and $8.5 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, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 4 . COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On October 1, 2018, PJT Partners Holdings LP, as borrower (“Borrower”) entered into an Amended and Restated Loan Agreement (the “Amended and Restated Loan Agreement”) and related documents with First Republic Bank, as lender (the “Lender”). The Amended and Restated Loan Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $40.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Amended and Restated Loan Agreement, to up to $60.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility will mature and the commitments thereunder will terminate on October 1, 2020, subject to extension by agreement of the Borrower and Lender. As of June 30, 2019 and December 31, 2018, there were no outstanding borrowings under the revolving credit facility. Term Loan The Amended and Restated Loan Agreement also provides for a term loan with an aggregate commitment of $30.0 million (the “Term Loan”). The Term Loan matures on January 2, 2021. In addition to the payment of interest described below, Borrower shall pay to the Lender installment payments of principal in the amount of (a) $4.25 million on July 1, 2019 and quarterly thereafter to January 2, 2021, and (b) $4.5 million on January 2, 2021. The Amended and Restated Loan Agreement requires the Borrower to maintain certain minimum financial covenants and limits or restricts the ability of the Borrower (subject to certain qualifications and exceptions) to incur additional indebtedness in excess of $20.0 million. Borrowings under the Amended and Restated Loan Agreement are secured by the accounts receivable of Park Hill Group LLC and PJT Partners LP. Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%. Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%. During an event of default, overdue principal under both the revolving credit facility and Term Loan bear interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Amended and Restated Loan Agreement, the Borrower paid the Lender certain closing costs and fees. In addition, on and after the closing date, the Borrower will also pay a commitment fee on the undrawn portion of the revolving credit facility of 0.125% per annum, payable quarterly in arrears. As of June 30, 2019 and December 31, 2018, the Company was in compliance with the debt covenants under the Amended and Restated Loan Agreement. As of June 30, 2019, the future scheduled principal payments on the Term Loan were as follows: Year Ending December 31, 2019 $ 8,500 2020 17,000 2021 4,500 $ 30,000 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 $11.5 million and $8.9 million as of June 30, 2019 and December 31, 2018, respectively. In connection with this guarantee, the Company currently expects any associated risk of loss to be insignificant. 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 $0.9 million as of June 30, 2019 and December 31, 2018. 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, 2019 and December 31, 2018, the Company had accrued $1.4 million and $4.3 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, 2019
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	1 5 . EMPLOYEE BENEFIT PLANS The Company contributes to employer sponsored defined contribution plans for certain of its 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 $0.9 million for the three and six months ended June 30, 2019, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2018, respectively, which are included in Compensation and Benefits in the Condensed Consolidated Statements of Operations.

Regulated Entities

Regulated Entities	6 Months Ended
	Jun. 30, 2019
Regulatory Capital Requirements [Abstract]
Regulated Entities	1 6 . 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, shareholder 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 $17.7 million and $10.6 million as of June 30, 2019 and December 31, 2018, respectively, which exceeded the minimum net capital requirement by $16.8 million and $8.1 million, respectively. Park Hill Group LLC is a registered broker-dealer through which private fund advisory and placement services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Park Hill Group LLC elected to adopt the alternative standard, which defines minimum net capital as the greater of $250 thousand or 2% of aggregate debit items computed in accordance with the reserve requirement. Park Hill Group LLC had net capital of $10.0 million and $15.0 million as of June 30, 2019 and December 31, 2018, respectively, which exceeded the minimum net capital requirement by $9.7 million and $14.7 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, 2019 and December 31, 2018, both of these entities were in compliance with local capital adequacy requirements.

Business Information

Business Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Business Information	1 7 . BUSINESS INFORMATION The Company’s activities providing strategic advisory, shareholder 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, 2019 2018 2019 2018 Revenues Domestic $ 154,633 $ 121,003 $ 276,927 $ 232,598 International 12,071 9,667 17,833 32,114 Total $ 166,704 $ 130,670 $ 294,760 $ 264,712 June 30, December 31, 2019 2018 Assets Domestic $ 703,612 $ 628,437 International 97,932 43,380 Total $ 801,544 $ 671,817 The Company had one client that represented 10.5% of total revenues for the three months ended June 30, 2019. The Company is not subject to any material concentrations with respect to its revenues for the six months ended June 30, 2019 or three and six months ended June 30, 2018. The Company is not subject to any material concentrations of credit risk with respect to its accounts receivable as of June 30, 2019 and December 31, 2018.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	1 8 . 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 18, 2019 to Class A common stockholders of record on September 4, 2019. The Company did not identify any other subsequent events besides the exchange of Partnership Units described in Note 13. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. 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 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, 2018. Certain prior year amounts have been reclassified to conform to the current year presentation. During the second quarter of 2019, a misstatement was identified in the presentation of changes in the Company’s ownership interest in PJT Partners Holdings LP, which resulted in a reclassification from Non-Controlling Interests to Additional Paid-In Capital. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections
Recent Accounting Developments	Recent Accounting Developments In February 2016, the Financial Accounting Standards Board (“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. The lease-related assets will be amortized to expense over the life of the leases and the liability, and related interest expense, will be reduced as lease payments are made over the life of the lease. 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 Company adopted the new guidance as of January 1, 2019 using the transition method that allows such guidance to be applied initially at the adoption date without restating comparative periods. The Company elected the transition package of practical expedients to alleviate certain operational complexities related to the adoption. The impact of adoption of the lease guidance as of January 1, 2019 was as follows: December 31, 2018 Adjustments January 1, 2019 Operating Lease Right-of-Use Assets $ — $ 129,479 $ 129,479 Other Assets 26,935 (866 ) 26,069 Accounts Payable, Accrued Expenses and Other Liabilities 24,657 (1,190 ) 23,467 Operating Lease Liabilities — 146,220 146,220 Deferred Rent Liability 16,417 (16,417 ) — 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 annual and interim periods beginning after December 15, 2019, with early adoption 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 February 2018, the FASB issued guidance that allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The guidance is effective for annual and interim periods beginning after December 15, 2018, with an option to apply it in the period of adoption or on a retrospective basis for each period in which the effect of the change in the U.S. federal corporate income tax rate is recognized. Early adoption of the new guidance is permitted for reporting periods for which financial statements have not yet been issued. The Company adopted this guidance on January 1, 2019 with no material impact on its consolidated financial statements. In August 2018, the FASB issued updated guidance on the accounting for implementation costs incurred in a cloud computing arrangement. The updated guidance requires the capitalization of the implementation costs incurred in a cloud computing arrangement to be aligned with the requirements for capitalizing costs incurred to develop or obtain internal-use software. The updated guidance is effective for annual and interim reporting periods beginning after December 15, 2019, with early adoption permitted. Upon adoption, the Company may elect to apply the new guidance on either a prospective or retrospective basis. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In August 2018, the FASB issued updated guidance that modifies the disclosure requirements on fair value measurements. The updated guidance removes and modifies various disclosures under current guidance and includes additional requirements. The updated guidance is effective for annual and interim periods beginning after December 15, 2019, with early adoption permitted. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements.
Leases	The Company adopted the new lease accounting guidance as of January 1, 2019, which is further discussed in Note 2. “Summary of Significant Accounting Policies—Recent Accounting Developments.” The Company determines if an arrangement is, or contains, a lease at inception. The Company leases office space under non-cancelable lease agreements, which expire at The lease arrangements for office space typically contain payments to the lessor for common area maintenance charges and reimbursement for certain other costs that are not fixed. The Company accounts for these costs as variable lease costs and does not include them in the lease component. Such amounts recorded during the are included in the table below. The Company has also entered into arrangements to sublease a portion of its office space, which expire at various dates through 2025. The Company leases certain office equipment pursuant to finance leases, which expire at various dates through 2022. The Company does not elect the practical expedient to include the non-lease component with the lease component as a single lease component. Right-of-Use Assets (“ROU assets”) represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of the lease payments over the lease term. The Company’s lease agreements generally do not provide an implicit rate, so the Company estimates the incremental borrowing rate considering the collateral, term and the economic environment of the lease arrangement with reference to the Company’s term loan. Certain leases may include options to extend or terminate; however, the Company only reflects such renewal or termination option in the lease term when it is reasonably certain to exercise the option. The Company records ROU assets and lease liabilities for operating leases in Operating Lease Right-of-Use Assets and Operating Lease Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition. The Company records ROU assets and lease liabilities for finance leases in Furniture, Equipment and Leasehold Improvements, Net and Accounts Payable, Accrued Expenses and Other Liabilities, respectively, on the Condensed Consolidated Statements of Financial Condition. The Company does not record ROU assets or lease liabilities for leases with a term of twelve months or less. Lease expense for such leases is recognized on a straight-line basis.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Standards Update 2016-02
Impact of Adoption of Lease Guidance	The impact of adoption of the lease guidance as of January 1, 2019 was as follows: December 31, 2018 Adjustments January 1, 2019 Operating Lease Right-of-Use Assets $ — $ 129,479 $ 129,479 Other Assets 26,935 (866 ) 26,069 Accounts Payable, Accrued Expenses and Other Liabilities 24,657 (1,190 ) 23,467 Operating Lease Liabilities — 146,220 146,220 Deferred Rent Liability 16,417 (16,417 ) —

Business Combinations (Tables)

Business Combinations (Tables) - CamberView	6 Months Ended
	Jun. 30, 2019
Business Acquisition [Line Items]
Summary of Preliminary Purchase Price	In October 2018, the Company completed the acquisition of CamberView Partners Holdings, LLC (“CamberView”). The preliminary purchase price as of June 30, 2019 was comprised of the following: Cash (a) $ 60,765 Common Stock (b) 71,423 Partnership Units (c) 3,961 Total Purchase Price $ 136,149 (a) Reflects cash paid to selling unitholders and employees of CamberView at closing, payoff of an existing term loan facility held by CamberView at closing and settlement of escrow balances in March 2019. (b) Reflects the value of 1.4 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders of CamberView at closing based on the Company’s closing stock price of $51.55 on October 1, 2018 and the value of an additional 0.1 million shares of PJT Partners Inc. Class A common stock issued to the selling unitholders related to the settlement of escrow balances in March 2019 based on the Company’s closing stock price of $40.61 on March 15, 2019. (c) Reflects the value of 0.1 million common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) issued to certain CamberView employees at closing using a fair value of $47.53, which represents the closing stock price of $51.55 on October 1, 2018 discounted for holding period risk as well as an additional 0.1 million Partnership Units issued to certain CamberView employees upon the settlement of escrow balances in March 2019 using a fair value of $37.44, which represents the closing stock price of $40.61 on March 15, 2019 discounted for holding period risk. Partnership Units shall be eligible for exchange in accordance with the Exchange Agreement starting on the first exchange date when the Partnership Units have been both outstanding and fully vested for at least six months as of the applicable exchange date.
Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the total purchase price: December 31, 2018 Measurement Period Adjustments June 30, 2019 Assets Cash $ 6,787 $ — $ 6,787 Accounts Receivable 2,602 — 2,602 Furniture, Equipment and Leasehold Improvements, Net 283 — 283 Other Assets 2,915 (81 ) 2,834 Identifiable Intangible Assets 40,600 — 40,600 Goodwill 103,745 (5,117 ) 98,628 Deferred Tax Asset 111 — 111 Total Assets 157,043 (5,198 ) 151,845 Liabilities Accrued Compensation and Benefits 192 — 192 Accounts Payable, Accrued Expenses and Other Liabilities 8,660 — 8,660 Deferred Rent Liability 230 — 230 Taxes Payable 54 — 54 Deferred Revenue 6,560 — 6,560 Total Liabilities 15,696 — 15,696 Net Assets $ 141,347 $ (5,198 ) $ 136,149
Supplemental Information on Unaudited Pro Forma Basis	Supplemental information on an unaudited pro forma basis, as if the acquisition had been consummated as of January 1, 2017 is as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2018 Total Revenues $ 148,328 $ 290,538 Net Income Attributable to PJT Partners Inc. $ 10,813 $ 14,637

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue From Contract With Customer [Abstract]
Reconciliation of Revenues Recognized from Contracts with Customers to Total Revenues	The following table reconciles revenues recognized from contracts with customers to Total Revenues in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Advisory Fees $ 133,035 $ 98,294 $ 237,502 $ 201,757 Placement Fees 28,695 28,132 52,007 54,252 Interest Income from Placement Fees 927 1,015 2,093 2,420 Reimbursable Expenses 1,582 2,098 2,866 4,366 Revenues from Contracts with Customers 164,239 129,539 294,468 262,795 Sublease Income and Other 2,465 1,131 292 1,917 Total Revenues $ 166,704 $ 130,670 $ 294,760 $ 264,712

Goodwill And Intangible Assets

Goodwill And Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying value of goodwill consist of the following: Balance, December 31, 2018 $ 176,031 Measurement Period Adjustment (a) (5,117 ) Balance, June 30, 2019 $ 170,914 (a) During the six months ended June 30, 2019, the Company recorded $5.1 million of measurement period adjustments related to the acquisition of CamberView.
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: June 30, December 31, 2019 2018 Finite-Lived Intangible Assets Customer Relationships $ 62,876 $ 62,876 Trade Name 9,900 9,900 Total Intangible Assets 72,776 72,776 Accumulated Amortization Customer Relationships (24,659 ) (21,501 ) Trade Name (2,925 ) (2,115 ) Total Accumulated Amortization (27,584 ) (23,616 ) Intangible Assets, Net $ 45,192 $ 49,160

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 Office Equipment $ 2,285 $ 2,151 Leasehold Improvements 41,821 38,745 Furniture and Fixtures 14,727 13,558 Total Furniture, Equipment and Leasehold Improvements 58,833 54,454 Accumulated Depreciation (22,922 ) (19,649 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,911 $ 34,805

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,275 $ — $ 3,275 Common Stock 1,412 — — 1,412 Total Investments $ 1,412 $ 3,275 $ — $ 4,687 December 31, 2018 Level I Level II Level III Total U.S. Treasury Securities $ — $ 3,297 $ — $ 3,297 Common Stock 2,157 — — 2,157 Total Investments $ 2,157 $ 3,297 $ — $ 5,454

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 2019 2018 Income Before Provision (Benefit) for Taxes $ 13,592 $ 10,138 $ 13,505 $ 12,757 Provision (Benefit) for Taxes $ 3,566 $ (882 ) $ 2,542 $ (4,992 ) Effective Income Tax Rate 26.2 % -8.7 % 18.8 % -39.1 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 is presented below: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Numerator: Net Income Attributable to PJT Partners Inc. $ 4,826 $ 6,945 $ 5,927 $ 12,181 Less: Dividends on Participating Securities 6 73 11 83 Net Income Attributable to Participating Securities 7 39 7 73 Net Income Attributable to Shares of Class A Common Stock — Basic 4,813 6,833 5,909 12,025 Incremental Net Income from Dilutive Securities (a) 378 (a) 496 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 4,813 $ 7,211 $ 5,909 $ 12,521 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,572,535 22,641,562 24,157,671 20,987,863 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units (a) 1,543,458 (a) 1,701,481 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 24,572,535 24,185,020 24,157,671 22,689,344 Net Income Per Share of Class A Common Stock Basic $ 0.20 $ 0.30 $ 0.24 $ 0.57 Diluted $ 0.20 $ 0.30 $ 0.24 $ 0.55 (a) These securities were determined to be anti-dilutive and therefore were excluded from the calculation of net income per share of Class A common stock.
Schedule of 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, 2019 and 2018 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, 2019 2018 2019 2018 Weighted-Average Unvested RSUs 566,311 (a) 898,124 (a) Weighted-Average Participating RSUs 54,762 151,707 53,294 153,243 Weighted-Average Partnership Units 15,951,175 15,498,371 15,972,444 15,012,188 (a) These securities were determined to be dilutive.

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018, respectively: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity-Based Compensation Expense $ 30,676 $ 27,092 $ 65,649 $ 64,154 Income Tax Benefit $ 2,895 $ 2,217 $ 6,274 $ 5,456
Summary of Unvested Restricted Stock Units	A summary of the status of the Company’s unvested RSUs as of June 30, 2019 and for changes during the six months ended June 30, 2019 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, 2018 4,254,205 $ 40.99 98,295 $ 37.17 Granted 1,955,929 44.02 — — Vested (1,795,850 ) 35.69 (1,255 ) 26.86 Forfeited (62,541 ) 42.22 — — Dividends Reinvested on RSUs 11,146 42.61 — — Balance, June 30, 2019 4,362,889 $ 44.51 97,040 $ 37.30
Summary of Assumptions Used to Determine Fair Value of RSU Awards	The following table presents the assumptions used to determine the fair value of the RSU awards in PJT Partners Inc. with both a service and market condition granted during the six months ended June 30, 2019: Risk-Free Interest Rate 2.3 % Dividend Yield 0.5 % Weighted-Average Volatility Factor 28.2 % Weighted-Average Expected Life (in years) 2.8 Weighted-Average Fair Value (in dollars) $ 10.63
Summary of Status of Company's Unvested Partnership Units	A summary of the status of the Company’s unvested Partnership Units as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2018 3,323,948 $ 24.23 Granted 78,278 39.78 Vested (156,354 ) 30.64 Balance, June 30, 2019 3,245,872 $ 24.30
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of June 30, 2019, are expected to vest: Weighted- Average Service Period Units in Years Partnership Units 8,212,410 0.4 Restricted Stock Units 4,468,637 1.5 Restricted Share Awards 7,447 2.3 Total Equity-Based Awards 12,688,494 0.8
RSU Awards Containing Service and Market Conditions
Summary of Unvested Restricted Stock Units	A summary of the status of the Company’s unvested RSU awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2018 253,152 $ 26.19 Granted 12,658 10.63 Forfeited (15,968 ) 26.19 Balance, June 30, 2019 249,842 $ 25.40
Partnership Unit Awards Containing Service and Market Conditions
Summary of Status of Company's Unvested Partnership Units	A summary of the status of the Company’s unvested Partnership Unit awards with both a service and market condition as of June 30, 2019 and for changes during the six months ended June 30, 2019 is presented below: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2018 5,118,133 $ 5.72 Vested (122,902 ) 5.72 Forfeited (3,798 ) 5.72 Balance, June 30, 2019 4,991,433 $ 5.72

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of Components of Lease Expense	For the three and six months ended June 30, 2019, the components of lease expense were as follows: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Operating Lease Cost $ 6,300 $ 12,107 Finance Lease Cost Amortization of Right-of-Use Assets 31 69 Interest on Lease Liabilities 1 3 Total Finance Lease Cost 32 72 Short-Term Lease Cost 109 225 Variable Lease Cost 719 1,293 Sublease Income (913 ) (1,823 ) Total Lease Cost $ 6,247 $ 11,874
Schedule of Supplemental Information Related to Leases	Supplemental information related to leases was as follows: Six Months Ended June 30, 2019 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 10,015 Operating Cash Flows from Finance Leases 4 Financing Cash Flows from Finance Leases 70 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases 150,020 Finance Leases 5 June 30, 2019 Weighted-Average Remaining Lease Term (in years) Operating Leases 7.9 Finance Leases 1.5 Weighted-Average Discount Rate Operating Leases 4.9 % Finance Leases 3.0 %
Schedule of Maturity Analysis of Finance and Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of June 30, 2019: Year Ending December 31, Finance Operating 2019 (July 1 through December 31) $ 73 $ 12,461 2020 119 22,878 2021 12 24,839 2022 1 24,672 2023 — 24,638 Thereafter — 79,638 Total Lease Payments 205 189,126 Less: Imputed Interest 4 33,147 Total $ 201 $ 155,979
Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases	As of December 31, 2018 , the aggregate minimum future payments required on non-cancelable leases, under legacy accounting guidance, were as follows: Minimum Lease Payments Year Ending December 31, Capital Operating 2019 $ 130 $ 26,877 2020 104 23,445 2021 9 22,305 2022 2 22,190 2023 — 22,227 Thereafter — 67,871 Total Minimum Lease Payments 245 184,915 Less: Amount Representing Interest 11 Capital Lease Obligation $ 234 Less: Sublease Proceeds 14,182 Net Minimum Lease Payments $ 170,733

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Principal Payments on Term Loan	As of June 30, 2019, the future scheduled principal payments on the Term Loan were as follows: Year Ending December 31, 2019 $ 8,500 2020 17,000 2021 4,500 $ 30,000

Business Information (Tables)

Business Information (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 2018 2019 2018 Revenues Domestic $ 154,633 $ 121,003 $ 276,927 $ 232,598 International 12,071 9,667 17,833 32,114 Total $ 166,704 $ 130,670 $ 294,760 $ 264,712 June 30, December 31, 2019 2018 Assets Domestic $ 703,612 $ 628,437 International 97,932 43,380 Total $ 801,544 $ 671,817

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Jun. 30, 2019
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	40.20%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Additional Paid-in Capital
Significant Accounting Policies [Line Items]
Reclassifications between additional paid in capital and non-controlling Interests	$ 169.2	$ 60	$ 32.8	$ 37.7	$ 76.8	$ (6.8)
Non-Controlling Interests
Significant Accounting Policies [Line Items]
Reclassifications between additional paid in capital and non-controlling Interests	$ (169.2)	$ (60)	$ (32.8)	$ (37.7)	$ (76.8)	$ 6.8

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact of Adoption of Lease Guidance (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Significant Accounting Policies [Line Items]
Operating Lease Right-of-Use Assets	$ 140,553
Other Assets	43,138		$ 26,935
Accounts Payable, Accrued Expenses and Other Liabilities	18,567		24,657
Operating Lease Liabilities	$ 155,979
Deferred Rent Liability			$ 16,417
Accounting Standards Update 2016-02
Significant Accounting Policies [Line Items]
Operating Lease Right-of-Use Assets		$ 129,479
Other Assets		26,069
Accounts Payable, Accrued Expenses and Other Liabilities		23,467
Operating Lease Liabilities		146,220
Accounting Standards Update 2016-02 | Adjustments
Significant Accounting Policies [Line Items]
Operating Lease Right-of-Use Assets		129,479
Other Assets		(866)
Accounts Payable, Accrued Expenses and Other Liabilities		(1,190)
Operating Lease Liabilities		146,220
Deferred Rent Liability		$ (16,417)

Business Combinations - Additio

Business Combinations - Additional Information (Details) - CamberView $ in Millions	Oct. 01, 2018USD ($)
Business Acquisition [Line Items]
Business acquisition, effective date	Oct. 1, 2018
Securityholder Representative Funds which may be used to cover post-closing obligations of selling unitholders	$ 1

Business Combinations - Summary

Business Combinations - Summary of Preliminary Purchase Price (Details) - CamberView $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Business Acquisition [Line Items]
Cash	$ 60,765
Common Stock	71,423
Partnership Units	3,961
Total Purchase Price	$ 136,149

Business Combinations - Summa_2

Business Combinations - Summary of Preliminary Purchase Price (Parenthetical) (Details) - CamberView - $ / shares shares in Millions	Mar. 15, 2019	Oct. 01, 2018
Partnership Units
Business Acquisition [Line Items]
Business acquisition, shares issued of common stock	0.1	0.1
Business acquisition, closing stock price/fair value	$ 37.44	$ 47.53
Class A Common Stock
Business Acquisition [Line Items]
Business acquisition, shares issued of common stock	0.1	1.4
Business acquisition, closing stock price/fair value	$ 40.61	$ 51.55

Business Combinations - Allocat

Business Combinations - Allocation of the Purchase Price of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Assets
Goodwill	$ 170,914	$ 176,031
CamberView
Assets
Cash	6,787	6,787
Accounts Receivable	2,602	2,602
Furniture, Equipment and Leasehold Improvements, Net	283	283
Other Assets	2,834	2,915
Identifiable Intangible Assets	40,600	40,600
Goodwill	98,628	103,745
Deferred Tax Asset	111	111
Total Assets	151,845	157,043
Other Assets	(81)
Goodwill	(5,117)
Total Assets	(5,198)
Liabilities
Accrued Compensation and Benefits	192	192
Accounts Payable, Accrued Expenses and Other Liabilities	8,660	8,660
Deferred Rent Liability	230	230
Taxes Payable	54	54
Deferred Revenue	6,560	6,560
Total Liabilities	15,696	15,696
Net Assets	(5,198)
Net Assets	$ 136,149	$ 141,347

Business Combinations - Supplem

Business Combinations - Supplemental Information on Unaudited Pro Forma Basis (Details) - CamberView - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Business Acquisition [Line Items]
Total Revenues	$ 148,328	$ 290,538
Net Income Attributable to PJT Partners Inc.	$ 10,813	$ 14,637

Revenues from Contracts with _3

Revenues from Contracts with Customers - Reconciliation of Revenues Recognized from Contracts with Customers to Total Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 164,239	$ 129,539	$ 294,468	$ 262,795
Sublease Income and Other	2,465	1,131	292	1,917
Total Revenues	166,704	130,670	294,760	264,712
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	133,035	98,294	237,502	201,757
Total Revenues	133,035	98,294	237,502	201,757
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	28,695	28,132	52,007	54,252
Total Revenues	28,695	28,132	52,007	54,252
Interest Income from Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	927	1,015	2,093	2,420
Reimbursable Expenses
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 1,582	$ 2,098	$ 2,866	$ 4,366

Revenues from Contracts with _4

Revenues from Contracts with Customers - Additional Information (Details1) - Advisory Services - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 $ in Millions	Jun. 30, 2019USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 12.8
Revenue remaining performance obligation, expected satisfaction period	12 months

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Deferred Revenue Arrangement [Line Items]
Deferred revenue			$ 7,400	$ 1,300
Contract liabilities	$ 5,965		5,965		$ 7,856
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	1,400		$ 1,400		$ 1,100
Advisory Services
Deferred Revenue Arrangement [Line Items]
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 fully satisfied in prior periods	$ 4,600	$ 5,900	$ 9,200	$ 12,100

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Doubtful Accounts - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 10,000,000	$ 7,500,000
Allowance for doubtful accounts	0	0
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables	$ 75,900,000	$ 77,900,000
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

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Balance, December 31, 2018	$ 176,031
Measurement Period Adjustment	(5,117)	[1]
Balance, June 30, 2019	$ 170,914
[1]	During the six months ended June 30, 2019, the Company recorded $5.1 million of measurement period adjustments related to the acquisition of CamberView.

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Parenthetical) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill [Line Items]
Measurement period adjustment related to acquisition	$ 5,117	[1]
CamberView
Goodwill [Line Items]
Measurement period adjustment related to acquisition	$ 5,100
[1]	During the six months ended June 30, 2019, the Company recorded $5.1 million of measurement period adjustments related to the acquisition of CamberView.

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
Total Intangible Assets	$ 72,776	$ 72,776
Accumulated Amortization
Total Accumulated Amortization	(27,584)	(23,616)
Intangible Assets, Net	45,192	49,160
Customer Relationships
Finite-Lived Intangible Assets
Total Intangible Assets	62,876	62,876
Accumulated Amortization
Total Accumulated Amortization	(24,659)	(21,501)
Trade Names
Finite-Lived Intangible Assets
Total Intangible Assets	9,900	9,900
Accumulated Amortization
Total Accumulated Amortization	$ (2,925)	$ (2,115)

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 2	$ 0.6	$ 4	$ 1.2
Expected amortization of intangible assets, remainder of year	4		4
Expected amortization of intangible assets, 2020	7.9		7.9
Expected amortization of intangible assets, 2021	7.9		7.9
Expected amortization of intangible assets, 2022	6.7		6.7
Expected amortization of intangible assets, 2023	$ 5.1		$ 5.1

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 58,833	$ 54,454
Accumulated Depreciation	(22,922)	(19,649)
Furniture, Equipment and Leasehold Improvements, Net	35,911	34,805
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	2,285	2,151
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	41,821	38,745
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 14,727	$ 13,558

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.7	$ 1.5	$ 3.3	$ 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, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	$ 4,687	$ 5,454
Level I
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	1,412	2,157
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	3,275	3,297
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	3,275	3,297
U.S. Treasury Securities | Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	3,275	3,297
Common Stock
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	1,412	2,157
Common Stock | Level I
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Investments	$ 1,412	$ 2,157

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Transfers between Level I, Level II or Level III	$ 0	$ 0	$ 0	$ 0
U.S. Treasury Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Transfers between Level 1 and Level 2	$ 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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Before Provision (Benefit) for Taxes	$ 13,592	$ 10,138	$ 13,505	$ 12,757
Provision (Benefit) for Taxes	$ 3,566	$ (882)	$ 2,542	$ (4,992)
Effective Income Tax Rate	26.20%	(8.70%)	18.80%	(39.10%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Jun. 30, 2019USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Net Income Per Share of Class_3

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net Income Attributable to PJT Partners Inc.	$ 4,826	$ 6,945	$ 5,927	$ 12,181
Dividends on Participating Securities	6	73	11	83
Net Income Attributable to Participating Securities	7	39	7	73
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	4,813	6,833	5,909	12,025
Incremental Net Income from Dilutive Securities		378		496
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 4,813	$ 7,211	$ 5,909	$ 12,521
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	24,572,535	22,641,562	24,157,671	20,987,863
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	24,572,535	24,185,020	24,157,671	22,689,344
Net Income Per Share of Class A Common Stock
Basic	$ 0.20	$ 0.30	$ 0.24	$ 0.57
Diluted	$ 0.20	$ 0.30	$ 0.24	$ 0.55
Class A Common Stock | Weighted-Average Unvested RSUs and Partnership Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units		1,543,458		1,701,481

Net Income Per Share of Class_4

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Apr. 24, 2019
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	40,523,710	40,130,115
Treasury stock, shares		639,204
Treasury stock, average price per share		$ 40.15
Aggregate amount of shares repurchased		$ 25,684,000	$ 25,727,000
Class A Common Stock
Earnings Per Share Basic [Line Items]
Available amount remaining for repurchases	$ 107,200,000	$ 107,200,000
Class A Common Stock | Maximum
Earnings Per Share Basic [Line Items]
Share repurchase program, authorized amount				$ 100,000,000

Net Income Per Share of Class_5

Net Income Per Share of Class A Common Stock - Schedule of Anti-Dilutive Securities Excluded from Calculation of Net Income Per Share of Class A Common Stock (Details) - Class A Common Stock - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
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	566,311		898,124
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	54,762	151,707	53,294	153,243
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	15,951,175	15,498,371	15,972,444	15,012,188

Equity-Based and Other Deferr_3

Equity-Based and Other Deferred Compensation - Stock-Based Compensation Expense and Related Income Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 30,676	$ 27,092	$ 65,649	$ 64,154
Income Tax Benefit	$ 2,895	$ 2,217	$ 6,274	$ 5,456

Equity-Based and Other Deferr_4

Equity-Based and Other Deferred Compensation - Summary of Unvested Restricted Stock Units (Details)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Restricted Stock Units
Number of Units
Beginning Balance | shares	4,254,205
Granted | shares	1,955,929
Vested | shares	(1,795,850)
Forfeited | shares	(62,541)
Dividends Reinvested on RSUs | shares	11,146
Ending Balance | shares	4,362,889
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 40.99
Granted | $ / shares	44.02
Vested | $ / shares	35.69
Forfeited | $ / shares	42.22
Dividends Reinvested on RSUs | $ / shares	42.61
Ending Balance | $ / shares	$ 44.51
Restricted Stock Units | PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	98,295
Vested | shares	(1,255)
Ending Balance | shares	97,040
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 37.17
Vested | $ / shares	26.86
Ending Balance | $ / shares	$ 37.30
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance | shares	253,152
Granted | shares	12,658
Forfeited | shares	(15,968)
Ending Balance | shares	249,842
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 26.19
Granted | $ / shares	10.63
Forfeited | $ / shares	26.19
Ending Balance | $ / shares	$ 25.40

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 6.1	$ 2.1	$ 12.7	$ 5.9
Unrecognized compensation expense related to deferred cash awards	48.4		$ 48.4
Weighted-average period over compensation cost is expected to be recognized			2 years 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	126.1		$ 126.1
Weighted-average period for recognition of compensation expense related to unvested awards			1 year 4 months 24 days
Granted			1,955,929
Vested			1,795,850
Forfeited			62,541
RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted			12,658
Forfeited			15,968
RSU Awards Containing Service and Market Conditions | CamberView
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	4.5		$ 4.5
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 8 months 12 days
Restricted Share Awards | CamberView | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	0.3		$ 0.3
Weighted-average period for recognition of compensation expense related to unvested awards			2 years 3 months 18 days
Vesting period			4 years
Granted			3,591		5,100
Vested			0
Forfeited			0
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	24		$ 24
Assumed forfeiture rate			4.00%
Weighted-average period for recognition of compensation expense related to unvested awards			6 months
Granted			78,278
Vested			156,354
Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 2		$ 2
Assumed forfeiture rate			4.00%
Weighted-average period for recognition of compensation expense related to unvested awards			3 months 18 days
Vested			122,902
Forfeited			3,798
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Minimum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			1.00%
Minimum | RSU Awards Containing Service and Market Conditions | CamberView
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			4.00%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Maximum | Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			9.00%
Maximum | RSU Awards Containing Service and Market Conditions | CamberView
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate			9.00%

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Assumptions Used to Determine Fair Value of RSU Awards (Details) - RSU Awards Containing Service and Market Conditions	6 Months Ended
	Jun. 30, 2019$ / shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-Free Interest Rate	2.30%
Dividend Yield	0.50%
Weighted-Average Volatility Factor	28.20%
Weighted-Average Expected Life (in years)	2 years 9 months 18 days
Weighted-Average Fair Value (in dollars)	$ 10.63

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Summary of Status of Company's Unvested Partnership Units (Details)	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Partnership Units
Number of Units
Beginning Balance | shares	3,323,948
Granted | shares	78,278
Vested | shares	(156,354)
Ending Balance | shares	3,245,872
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 24.23
Granted | $ / shares	39.78
Vested | $ / shares	30.64
Ending Balance | $ / shares	$ 24.30
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance | shares	5,118,133
Vested | shares	(122,902)
Forfeited | shares	(3,798)
Ending Balance | shares	4,991,433
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 5.72
Vested | $ / shares	5.72
Forfeited | $ / shares	5.72
Ending Balance | $ / shares	$ 5.72

Equity-Based and Other Deferr_8

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	6 Months Ended
	Jun. 30, 2019shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	12,688,494
Weighted-average service period of unit expected to vest (in years)	9 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,468,637
Weighted-average service period of unit expected to vest (in years)	1 year 6 months
Restricted Share Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	7,447
Weighted-average service period of unit expected to vest (in years)	2 years 3 months 18 days
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	8,212,410
Weighted-average service period of unit expected to vest (in years)	4 months 24 days

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Leases [Line Items]
Description of expiration date for operating leases	various dates through 2030		various dates through 2030
Description of expiration date for sublease	various dates through 2025		various dates through 2025
Description of expiration date for office equipment pursuant to finance leases	various dates through 2022		various dates through 2022
Rent expense		$ 6		$ 12.3
Irrevocable Standby Letters of Credit
Leases [Line Items]
Letter of credit					$ 4.7

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating Lease Cost	$ 6,300	$ 12,107
Finance Lease Cost
Amortization of Right-of-Use Assets	31	69
Interest on Lease Liabilities	1	3
Total Finance Lease Cost	32	72
Short-Term Lease Cost	109	225
Variable Lease Cost	719	1,293
Sublease Income	(913)	(1,823)
Total Lease Cost	$ 6,247	$ 11,874

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 10,015
Operating Cash Flows from Finance Leases	4
Financing Cash Flows from Finance Leases	70	$ 51
Right-of-Use Assets Obtained in Exchange for Lease Liabilities
Operating Leases	150,020
Finance Leases	$ 5
Weighted-Average Remaining Lease Term (in years)
Operating Leases	7 years 10 months 24 days
Finance Leases	1 year 6 months
Weighted-Average Discount Rate
Operating Leases	4.90%
Finance Leases	3.00%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Finance Lease, 2019 (July1 through December 31)	$ 73
Finance Lease, 2020	119
Finance Lease, 2021	12
Finance Lease, 2022	1
Finance Lease, Total Lease Payments	205
Finance Lease, Less: Imputed Interest	4
Finance Lease, Total	201
Operating Lease, 2019 (July1 through December 31)	12,461
Operating Lease, 2020	22,878
Operating Lease, 2021	24,839
Operating Lease, 2022	24,672
Operating Lease, 2023	24,638
Operating Lease, Thereafter	79,638
Operating Lease, Total Lease Payments	189,126
Operating Lease, Less: Imputed Interest	33,147
Operating Lease, Total	$ 155,979

Leases - Schedule of Aggregate

Leases - Schedule of Aggregate Minimum Future Payments Required on Non-Cancelable Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Minimum Capital Lease Payments
2019	$ 130
2020	104
2021	9
2022	2
Total Minimum Lease Payments - Capital Leases	245
Less: Amount Representing Interest	11
Capital Lease Obligation	234
Minimum Operating Lease Payments
2019	26,877
2020	23,445
2021	22,305
2022	22,190
2023	22,227
Thereafter	67,871
Total Minimum Lease Payments - Operating Leases	184,915
Less: Sublease Proceeds	14,182
Net Minimum Lease Payments - Operating Leases	$ 170,733

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands	Aug. 06, 2019USD ($)$ / sharesshares	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)shares	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units		$ 10,050	$ 30,918
Amount due to tax receivable agreement		$ 8,916		$ 8,456
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		230,325	662,146
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 settled | shares	108,586
Cash settled exchange of partnership units	$ 4,400
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 40.72
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. 01, 2018	Jun. 30, 2019	Dec. 31, 2018
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		$ 11,500,000	$ 8,900,000
Forfeiture accrual		900,000	900,000
Tax benefit accrual		1,400,000	4,300,000
Term Loan
Commitments And Contingencies [Line Items]
Term loan commitment		$ 30,000,000
Loan Agreement
Commitments And Contingencies [Line Items]
Loan agreement financial covenants maximum additional indebtedness	$ 20,000,000
Loan agreement, interest rate description		Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%. During an event of default, overdue principal under both the revolving credit facility and Term Loan bear interest at a rate 2.0% in excess of the otherwise applicable rate of interest.
Loan Agreement | Term Loan
Commitments And Contingencies [Line Items]
Term loan commitment	$ 30,000,000
Term loan, maturity date	Jan. 2, 2021
Term loan, principal payments	$ 4,250,000
Term loan, date of first required payment	Jul. 1, 2019
Term loan, frequency of periodic payment		quarterly
Notes payable, spread on variable prime rate	0.75%
Term loan bear interest equal to greater of per annum rate	3.25%
Term loan additional interest rate in event of default	2.00%
Loan agreement, interest rate description		Outstanding borrowings under the Term Loan bear interest equal to the greater of a per annum rate of (a) 3.25%, or (b) the prime rate minus 0.75%.
Loan Agreement | Term Loan | Maturing on January 2, 2021
Commitments And Contingencies [Line Items]
Term loan, principal payment of final settlement	$ 4,500,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount outstanding		$ 0	$ 0
Revolving Credit Facility | Loan Agreement
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase	40,000,000
Increase revolving credit facility	$ 60,000,000
Revolving credit facility, maturity date	Oct. 1, 2020
Line of credit facility bear interest equal to greater of per annum rate	3.00%
Notes payable, spread on variable prime rate	1.00%
Line of credit facility revised interest rate in event of default	2.00%
Percentage of commitment fee	0.125%
Line of credit facility, interest rate description		Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 3%, or (b) the prime rate minus 1.0%.
Line of credit facility, frequency of commitment fee payment		quarterly

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Principal Payments on Term Loan (Details) - Term Loan $ in Thousands	Jun. 30, 2019USD ($)
Commitments And Contingencies [Line Items]
2019	$ 8,500
2020	17,000
2021	4,500
Term loan commitment total	$ 30,000

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, expenses incurred	$ 0.3	$ 0.3	$ 0.9	$ 0.6

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	Jun. 30, 2019USD ($)	Jun. 30, 2019EUR (€)	Jun. 30, 2019HKD ($)	Dec. 31, 2018USD ($)
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	$ 10,000			$ 15,000
Net capital in excess of required net capital	9,700			14,700
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	$ 17,700			10,600
Net capital in excess of required net capital	$ 16,800			$ 8,100
Maximum | PJT Partners LP
Regulatory Authorities [Line Items]
Percentage of aggregate indebtedness capital requirement	15	15	15

Business Information - Addition

Business Information - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2019Client	Jun. 30, 2019segment
Segment Reporting Information [Line Items]
Number of operating segments		1
Number of reportable segments		1
Revenue Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client	1
Concentration percentage of revenue	10.50%

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, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Revenues
Revenues	$ 166,704	$ 130,670	$ 294,760	$ 264,712
Assets
Assets	801,544		801,544		$ 671,817
Domestic
Revenues
Revenues	154,633	121,003	276,927	232,598
Assets
Assets	703,612		703,612		628,437
International
Revenues
Revenues	12,071	$ 9,667	17,833	$ 32,114
Assets
Assets	$ 97,932		$ 97,932		$ 43,380

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019
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	$ 0.05	$ 0.05	$ 0.05
Dividends payable, date to be paid					Sep. 18, 2019
Dividends payable, date of record					Sep. 4, 2019