PJT Partners (PJT) 10-Q 1 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 27, 2020
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
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		24,074,927
Class B Common Stock
Entity Common Stock, Shares Outstanding		210

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and Cash Equivalents	$ 88,344	$ 215,950
Investments	24,354	1,543
Accounts Receivable (net of allowance for credit losses of $1,410 and $0 at March 31, 2020 and December 31, 2019, respectively)	245,746	227,516
Intangible Assets, Net	37,879	39,806
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	39,946	37,123
Operating Lease Right-of-Use Assets	158,359	166,519
Other Assets	61,372	43,358
Deferred Tax Asset, Net	49,986	48,237
Total Assets	878,711	952,777
Liabilities and Equity
Accrued Compensation and Benefits	63,275	120,750
Accounts Payable, Accrued Expenses and Other Liabilities	18,822	24,767
Operating Lease Liabilities	175,552	182,924
Amount Due Pursuant to Tax Receivable Agreement	10,363	9,289
Taxes Payable	7,685	4,841
Deferred Revenue	12,701	14,189
Loan Payable		21,500
Total Liabilities	288,398	378,260
Commitments and Contingencies
Equity
Additional Paid-In Capital	349,932	290,896
Accumulated Deficit	(128,214)	(144,919)
Accumulated Other Comprehensive Income (Loss)	(1,334)	146
Treasury Stock at Cost (3,083,954 and 2,544,657 shares at March 31, 2020 and December 31, 2019, respectively)	(140,178)	(114,984)
Total PJT Partners Inc. Equity	80,472	31,390
Non-Controlling Interests	509,841	543,127
Total Equity	590,313	574,517
Total Liabilities and Equity	878,711	952,777
Class A Common Stock
Equity
Common stock, value	266	251
Total Equity	266	251
Class B Common Stock
Equity
Common stock, value	$ 0	$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Receivable, allowance for credit losses	$ 1,410	$ 0
Treasury Stock, Shares	3,083,954	2,544,657
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	27,158,722	25,621,451
Common Stock, Shares Outstanding	24,074,768	23,076,794
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	210	204
Common Stock, Shares Outstanding	210	204

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Revenues	$ 198,928	$ 130,229
Revenues	200,171	128,056
Expenses
Compensation and Benefits	134,024	95,151
Occupancy and Related	8,654	7,136
Travel and Related	5,296	6,959
Professional Fees	4,523	5,802
Communications and Information Services	3,546	3,213
Depreciation and Amortization	3,820	3,620
Other Expenses	6,749	6,262
Total Expenses	166,612	128,143
Income (Loss) Before Provision (Benefit) for Taxes	33,559	(87)
Provision (Benefit) for Taxes	1,550	(1,024)
Net Income	32,009	937
Net Income (Loss) Attributable to Non-Controlling Interests	13,149	(164)
Net Income Attributable to PJT Partners Inc.	18,860	1,101
Advisory Fees
Revenues
Revenues	156,591	104,467
Placement Fees
Revenues
Revenues	38,992	23,312
Interest Income and Other
Revenues
Revenues	$ 4,588	$ 277
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 0.78	$ 0.05
Diluted	$ 0.72	$ 0.04
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	24,097,715	23,760,876
Diluted	40,353,624	40,019,889

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 32,009	$ 937
Other Comprehensive Income (Loss), Net of Tax — Currency Translation Adjustment	(2,782)	1,261
Comprehensive Income	29,227	2,198
Comprehensive Income Attributable to Non- Controlling Interests	11,847	437
Comprehensive Income Attributable to PJT Partners Inc.	$ 17,380	$ 1,761

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance at Dec. 31, 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 Class A Common Stock		$ 11			(11)
Deliveries of Vested Shares of Class A 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, 2019	574,517	$ 251		$ (114,984)	290,896	(144,919)	146	543,127
Beginning Balance (in shares) at Dec. 31, 2019		25,621,451	204	(2,544,657)
Net Income (Loss)	32,009					18,860		13,149
Other Comprehensive Income (Loss)	(2,782)						(1,480)	(1,302)
Dividends Declared ($0.05 Per Share of Class A Common Stock)	(1,217)					(1,217)
Equity-Based Compensation	37,332				35,043			2,289
Forfeiture Liability for Equity Awards	1				1
Net Share Settlement	(12,124)				(12,124)
Deliveries of Vested Shares of Class A Common Stock		$ 15			(15)
Deliveries of Vested Shares of Class A Common Stock (in shares)		1,537,271
Change in Ownership Interest	(11,291)				36,131			(47,422)
Change in Ownership Interest (in shares)			6
Treasury Stock Purchases	$ (25,194)			$ (25,194)
Treasury Stock Purchases (in shares)	(539,297)			(539,297)
Ending Balance at Mar. 31, 2020	$ 590,313	$ 266		$ (140,178)	$ 349,932	(128,214)	$ (1,334)	$ 509,841
Ending Balance (in shares) at Mar. 31, 2020		27,158,722	210	(3,083,954)
Adoption of Accounting Standard	$ (938)					$ (938)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.05	$ 0.05

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net Income	$ 32,009	$ 937
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
Equity-Based Compensation Expense	37,332	34,973
Depreciation and Amortization Expense	3,820	3,620
Amortization of Operating Lease Right-of-Use Assets	5,193	3,632
Provision for Credit Losses	997	286
Deferred Taxes	(92)	(1,438)
Other	279	489
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(21,982)	13,858
Other Assets	(18,319)	(19,998)
Accrued Compensation and Benefits	(55,645)	(63,913)
Accounts Payable, Accrued Expenses and Other Liabilities	(5,957)	(3,043)
Operating Lease Liabilities	(4,118)	(5,137)
Taxes Payable	2,838	(3,855)
Deferred Revenue	(1,414)	(329)
Net Cash Used in Operating Activities	(25,059)	(39,918)
Investing Activities
Purchases of Investments	(23,918)
Proceeds from Sales and Maturities of Investments	1,324
Purchases of Furniture, Equipment and Leasehold Improvements	(5,364)	(1,561)
Settlement of Acquisition-Related Escrow		7,485
Net Cash Provided by (Used in) Investing Activities	(27,958)	5,924
Financing Activities
Dividends	(1,217)	(1,188)
Proceeds from Revolving Credit Facility	16,000	15,000
Payments on Revolving Credit Facility	(16,000)	(15,000)
Principal Payments on Term Loan	(21,500)
Employee Taxes Paid for Shares Withheld	(12,124)	(8,604)
Cash-Settled Exchanges of Partnership Units	(11,480)	(9,437)
Treasury Stock Purchases	(25,194)
Payments Pursuant to Tax Receivable Agreement		(210)
Principal Payments on Finance Leases	(39)	(40)
Net Cash Used in Financing Activities	(71,554)	(19,479)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(3,035)	1,710
Net Decrease in Cash and Cash Equivalents	(127,606)	(51,763)
Cash and Cash Equivalents, Beginning of Period	215,950	106,110
Cash and Cash Equivalents, End of Period	88,344	54,347
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	2,407	4,253
Payments for Interest	$ 109	$ 475

Organization

Organization	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	PJT Partners Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) (All Dollars Are in Thousands, Except Share and Per Share Data, Except Where Noted) 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 fundraising 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 March 31, 2020, the non-controlling interest was 39.2%. 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	3 Months Ended
	Mar. 31, 2020
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, 2019. Given the uncertainty of the COVID-19 pandemic and resulting economic impact, estimates may need to be revised in the future, which could materially impact the Company’s future results of operations and/or financial condition. Intercompany transactions have been eliminated for all periods presented. During the second quarter of 2019, an adjustment was identified relating to the presentation of changes in the Company’s ownership interest in PJT Partners Holdings LP, which resulted in a reclassification between Additional Paid-In Capital and Non-Controlling Interests. This immaterial correction had no impact on the Company’s Condensed Consolidated Statements of Operations and Statements of Cash Flows. The adjustment increased Additional Paid-In Capital by $169.2 million as of March 31, 2019, with a corresponding decrease to Non-Controlling Interests. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections and qualitative perspectives, and concluded that it was immaterial to the prior periods. Consequently, the Company revised the historical condensed consolidated financial information presented herein. 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, 2019. Certain prior year amounts have been reclassified to conform to the current year presentation. Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at three major U.S. financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $15.8 million and $16.8 million as of March 31, 2020 and December 31, 2019, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. These securities are recorded at fair value using broker quotes, reflecting inputs from auction yields. Recent Accounting Developments In June 2016, the Financial Accounting Standards Board (“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 current expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which primarily impacts the Company’s allowance for credit losses on accounts receivable balances. The Company adopted this guidance using the modified retrospective method as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of adoption of the credit loss guidance on January 1, 2020 was as follows: December 31, 2019 Adjustments January 1, 2020 Accounts Receivable, Net $ 227,516 $ (1,107 ) $ 226,409 Deferred Tax Asset, Net 48,237 169 48,406 Accumulated Deficit (144,919 ) (938 ) (145,857 ) 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 Company adopted this guidance on January 1, 2020 for cloud computing arrangements on a prospective basis. 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 Company adopted this guidance on January 1, 2020 with no material impact on its condensed consolidated financial statements. In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments , interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenues from Contracts with Customers	3 . REVENUES FROM CONTRACTS WITH CUSTOMERS The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Advisory Fees $ 156,591 $ 104,467 Placement Fees 38,992 23,312 Interest Income from Placement Fees and Other 3,345 2,450 Revenues from Contracts with Customers $ 198,928 $ 130,229 Remaining Performance Obligations and Revenue Recognized from Past Performance As of March 31, 2020, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied is $15.2 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 $5.8 million and $4.6 million for the three months ended March 31, 2020 and 2019, 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 Advisory Fees and Placement Fees recognized by the Company during the three months ended March 31, 2020 and 2019 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 months ended March 31, 2020 and 2019. For the three months ended March 31, 2020 and 2019, $8.1 million and $5.1 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 March 31, 2020 and December 31, 2019, the Company recorded $2.3 million and $2.2 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 Credit Losses	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	4 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES The Company adopted the new credit losses guidance as of January 1, 2020, which is further discussed in Note 2. “Summary of Significant Accounting Policies—Recent Accounting Developments.” The Company estimates the allowance for credit losses using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience , including write-offs and recoveries that have occurred during the period, provides the basis for the estimation of expected credit losses . The allowance for credit losses is measured on a collective basis when similar risk characteristics exist in the Company’s accounts receivable. The Company has classified its accounts receivable into short-term and long-term receivables, both of which relate to revenues from contracts with customers, in estimating the allowance for credit losses. Short-term receivables generally have payment terms less than one year and share similar historical credit loss patterns including write-offs and recoveries. These receivables arise from the Company’s performance obligation of standing ready to perform. Long-term receivables are generally paid in installments over a period of three to four years. These receivables share similar historical credit loss patterns including write-offs and recoveries, and arise from the Company’s performance obligation of providing capital advisory services. The Company measures the allowance for credit losses using the loss-rate method by multiplying the historical loss rate by the asset’s amortized cost (including accrued interest) at the balance sheet date. The historical loss rate is derived from the Company’s historical loss experience over the prior three year period. The Company reduces both the gross receivable and the allowance for credit losses in the period in which the receivable(s) are deemed uncollectible. The Company considers a receivable to be uncollectible at the point when all efforts at collection have been exhausted. A recovery may occur if cash is received after a receivable balance has been written-off. Such recovery would be recorded as an increase to the allowance at the time of the recovery. The following table presents the aggregate change in the allowance for credit losses for the three months ended March 31, 2020: Balance, December 31, 2019 $ — Adoption of ASC 326 1,107 Provision for Credit Losses 997 Write-offs (1,019 ) Recoveries 325 Balance, March 31, 2020 $ 1,410 Included in Accounts Receivable is accrued interest of $2.7 million and $3.1 million as of March 31, 2020 and December 31, 2019, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $77.4 million and $77.6 million as of March 31, 2020 and December 31, 2019, 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 $9.5 million and $11.3 million as of March 31, 2020 and December 31, 2019, respectively, which were outstanding more than 90 days. As of March 31, 2020, the Company’s allowance for credit losses with respect to long-term receivables was $0.5 million. There was no allowance for credit losses with respect to such receivables as of December 31, 2019.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	5 . INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, December 31, 2020 2019 Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships (29,095 ) (27,566 ) Trade Name (4,102 ) (3,704 ) Total Accumulated Amortization (33,197 ) (31,270 ) Intangible Assets, Net $ 37,879 $ 39,806 Amortization expense was $1.9 million and $2.0 million for the three months ended March 31, 2020 and 2019, respectively. Amortization of Intangible Assets held at March 31, 2020 is expected to be $5.8 million for the remainder of the year ending December 31, 2020; $7.7 million for the year ending December 31, 2021; $6.5 million for the year ending December 31, 2022 and $4.9 million for each of the years ending December 31, 2023 and 2024.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Furniture, Equipment and Leasehold Improvements	6 . FURNITURE, EQUIPMENT AND LEASEHOLD IMPROVEMENTS Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, December 31, 2020 2019 Office Equipment $ 2,298 $ 2,324 Leasehold Improvements 49,344 45,368 Furniture and Fixtures 16,574 16,040 Total Furniture, Equipment and Leasehold Improvements 68,216 63,732 Accumulated Depreciation (28,270 ) (26,609 ) Furniture, Equipment and Leasehold Improvements, Net $ 39,946 $ 37,123 Depreciation expense was $1.9 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	7 . FAIR VALUE MEASUREMENTS The following tables summarize the valuation of the Company’s investments by the fair value hierarchy: March 31, 2020 Level I Level II Level III Total Treasury Instruments $ — $ 24,104 $ — $ 24,104 December 31, 2019 Level I Level II Level III Total Treasury Instruments $ — $ 23,821 $ — $ 23,821 Investments in Treasury securities were included in Investments at March 31, 2020 and in both Cash and Cash Equivalents and Investments at December 31, 2019 in the Condensed Consolidated Statements of Financial Condition. The carrying value of the loan payable approximates fair value based on Level II inputs.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	8 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended March 31, 2020 2019 Income (Loss) Before Provision (Benefit) for Taxes $ 33,559 $ (87 ) Provision (Benefit) for Taxes $ 1,550 $ (1,024 ) Effective Income Tax Rate 4.6 % N/M N/M Not meaningful. The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2020 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, to certain compensation charges that are not deductible for income tax purposes and the impact of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). On March 27, 2020, the President of the United States signed the CARES Act into law, which includes several provisions for corporations regarding the tax treatment of net operating losses, interest deductions As of March 31, 2020, the Company had no unrecognized tax benefits.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income Per Share of Class A Common Stock	9 . NET INCOME PER SHARE OF CLASS A COMMON STOCK Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, 2020 2019 Numerator: Net Income Attributable to PJT Partners Inc. $ 18,860 $ 1,101 Less: Dividends on Participating Securities 3 — Net Income Attributable to Participating Securities 13 — Net Income Attributable to Shares of Class A Common Stock — Basic 18,844 1,101 Incremental Net Income from Dilutive Securities 10,270 540 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 29,114 $ 1,641 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,097,715 23,760,876 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 16,255,909 16,259,013 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 40,353,624 40,019,889 Net Income Per Share of Class A Common Stock Basic $ 0.78 $ 0.05 Diluted $ 0.72 $ 0.04 The ownership interests of holders (other than PJT Partners Inc.) of the common units of partnership interest in PJT Partners Holdings LP (“Partnership Units”) may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 39,775,315 for the three months ended March 31, 2020, 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). The following table summarizes the anti-dilutive securities for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted-Average Unvested RSUs (a) (a) Weighted-Average Participating RSUs 26,482 51,809 Weighted-Average Partnership Units (a) (a) (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. 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 three months ended March 31, 2020, the Company repurchased 539,297 shares of Class A common stock at an average price of $46.71, or $25.2 million in aggregate, pursuant to the share repurchase program. As of March 31, 2020, the available amount remaining for repurchases under this program was $59.9 million.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	3 Months Ended
	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based and Other Deferred Compensation	1 0 . 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, 2019. The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 Equity-Based Compensation Expense $ 37,332 $ 34,973 Income Tax Benefit $ 5,082 $ 3,379 Restricted Stock Units A summary of the status of the Company’s unvested RSUs as of March 31, 2020 and for changes during the three months ended March 31, 2020 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2019 4,137,595 $ 44.84 18,302 $ 41.57 Granted 2,405,781 52.61 — — Vested (1,805,161 ) 42.51 — — Forfeited (14,107 ) 47.93 — — Dividends Reinvested on RSUs 10,009 47.61 — — Balance, March 31, 2020 4,734,117 $ 49.67 18,302 $ 41.57 As of March 31, 2020, there was $173.4 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.6 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 RSUs with both a service and market condition as of December 31, 2019 and March 31, 2020 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, 2019 262,342 $ 24.84 Balance, March 31, 2020 262,342 $ 24.84 As of March 31, 2020, there was $3.8 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 2.5 years. The Company assumes a forfeiture rate of 4.0% to 9.0% annually based on expected turnover and periodically reassesses this rate. Restricted Share Awards In connection with the acquisition of CamberView Partners Holdings, LLC, 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 three months ended March 31, 2020, no restricted share awards were granted. For the three months ended March 31, 2019, 3,591 restricted share awards were granted. As of March 31, 2020, no restricted shares have vested or have been forfeited and there was $0.2 million of estimated unrecognized compensation expense related to restricted share awards. This cost is expected to be recognized over a weighted-average period of 1.5 years. Partners hip Units A summary of the status of the Company’s unvested Partnership Units as of March 31, 2020 and for changes during the three months ended March 31, 2020 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2019 564,437 $ 38.18 Granted 65,160 44.85 Vested (224,926 ) 29.23 Balance, March 31, 2020 404,671 $ 44.24 As of March 31, 2020, there was $14.2 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.5 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically 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 March 31, 2020 and for changes during the three months ended March 31, 2020 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, 2019 3,806,183 $ 5.72 Vested (158,541 ) 5.72 Balance, March 31, 2020 3,647,642 $ 5.72 As of March 31, 2020, there was no unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2020, are expected to vest: Weighted- Average Service Period Units in Years Partnership Units 390,447 1.5 Restricted Stock Units 4,716,150 1.7 Restricted Share Awards 7,605 1.5 Total Equity-Based Awards 5,114,202 1.6 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 $7.7 million and $6.7 million for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, there was $58.3 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.1 years.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	1 1 . LEASES The components of lease expense were as follows: Three Months Ended March 31, 2020 2019 Operating Lease Cost $ 7,317 $ 5,807 Finance Lease Cost Amortization of Right-of-Use Assets 38 38 Interest on Lease Liabilities 1 2 Total Finance Lease Cost 39 40 Short-Term Lease Cost — 116 Variable Lease Cost 771 574 Sublease Income (911 ) (910 ) Total Lease Cost $ 7,216 $ 5,627 Supplemental information related to leases was as follows: Three Months Ended March 31, 2020 2019 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,118 $ 5,137 Operating Cash Flows from Finance Leases 1 3 Financing Cash Flows from Finance Leases 39 40 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases $ — $ 149,581 Finance Leases — 5 March 31, December 31, 2020 2019 Weighted-Average Remaining Lease Term (in years) Operating Leases 8.9 9.0 Finance Leases 2.0 2.1 Weighted-Average Discount Rate Operating Leases 4.8 % 4.8 % Finance Leases 3.6 % 3.5 % The following is a maturity analysis of the annual undiscounted cash flows of the finance and operating lease liabilities as of March 31, 2020: Year Ending December 31, Finance Operating 2020 (April 1 through December 31) $ 94 $ 17,717 2021 28 27,642 2022 15 27,551 2023 10 27,598 2024 7 25,974 Thereafter — 90,238 Total Lease Payments 154 216,720 Less: Imputed Interest 6 41,168 Total $ 148 $ 175,552 In October 2019, the Company entered into a lease agreement for office space. Such lease has not been included in Operating Lease Right-of-Use Assets and Operating Lease Liabilities on the Condensed Consolidated Statement of Financial Condition as the Company does not yet have the right to use the premises. Commencement of the lease is currently anticipated to occur in 2020 with an initial term that expires in 2025.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Transactions With Related Parties	1 2 . 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 14. “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, 2019. Certain Partnership Unitholders exchanged 226,784 and 216,330 Partnership Units, respectively, for cash in the amounts of $11.5 million and $9.4 million, respectively, for the three months ended March 31, 2020 and 2019. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. During the first quarter of 2020, the Company was presented with 176,929 Partnership Units to be exchanged. The Company will settle the exchange of these Partnership Units on May 5, 2020 for cash for an aggregate payment of $8.8 million. The price per Partnership Unit to be paid by the Company is $49.60, which is equal to the volume-weighted average price of a share of the Company’s Class A common stock on April 30, 2020. 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 March 31, 2020 and December 31, 2019, the Company had amounts due of $10.4 million and $9.3 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 We make available to our partners, including the Company’s executive officers, personal use of a company leased business aircraft when the aircraft is not being used for business purposes, for which the executive officers pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements. On occasion, family members of the Company’s executive officers also may accompany the executive officers on the company leased business aircraft when the aircraft is being used for business purposes at de minimis incremental cost to the Company.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . 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 the maturity date, subject to extension by agreement of the Borrower and Lender. On February 4, 2020, the Amended and Restated Loan Agreement was further amended to extend the maturity date to October 1, 2021. As of March 31, 2020 and December 31, 2019, there were no 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 had an original maturity date of January 2, 2021, but was repaid in full during the three months ended March 31, 2020. 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. Outstanding 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 March 31, 2020 and December 31, 2019, the Company was in compliance with the debt covenants under the Amended and Restated Loan Agreement. 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. 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 $8.7 million and $8.0 million as of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019. Pursuant to the Employee Matters Agreement, the Company has agreed to pay Blackstone the net realized cash benefit resulting from certain compensation-related tax deductions. The amount payable to Blackstone arising from the tax deductions has been recorded in Other Expenses in the Condensed Consolidated Statements of Operations and is payable annually (for periods in which a cash benefit is realized) within nine months of the end of the relevant tax period. As of March 31, 2020 and December 31, 2019, the Company had accrued $1.9 million and $1.8 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 stock at the time of delivery. Tax Matters Agreement The Company entered into a Tax Matters Agreement with Blackstone that governs the respective rights, responsibilities and obligations of the Company and Blackstone after the spin-off with respect to tax liabilities and benefits, tax attributes, tax contests and other tax sharing regarding U.S. federal, state, local and foreign income taxes, other tax matters and related tax returns. The Company has joint and several liability with Blackstone to the Internal Revenue Service (“IRS”) for the consolidated U.S. federal income taxes of the Blackstone consolidated group relating to the taxable periods in which the Company was part of that group. However, the Tax Matters Agreement specifies the portion, if any, of this tax liability for which the Company bears responsibility, and Blackstone agrees to indemnify the Company against any amounts for which the Company is not responsible. The Tax Matters Agreement also provides special rules for allocating tax liabilities in the event that the spin-off is determined not to be tax-free. Though valid as between the parties, the Tax Matters Agreement is not binding on the IRS.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plans	1 4 . 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 $1.5 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively, which are included in Compensation and Benefits in the Condensed Consolidated Statements of Operations.

Regulated Entities

Regulated Entities	3 Months Ended
	Mar. 31, 2020
Regulatory Capital Requirements [Abstract]
Regulated Entities	1 5 . 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 Park Hill Group LLC is a registered broker-dealer through which private fund advisory and fundraising services are conducted in the United States and is subject to the net capital requirements of Rule 15c3-1 under the Exchange Act. Park Hill Group LLC elected to adopt the alternative standard, which defines minimum net capital as the greater of $250 thousand or 2% of aggregate debit items computed in accordance with the reserve requirement. Park Hill Group LLC had net capital of $6.4 million and $22.1 million as of March 31, 2020 and December 31, 2019, respectively, which exceeded the minimum net capital requirement by $6.1 million and $21.8 million, respectively. PJT Partners LP and Park Hill Group LLC do not carry customer accounts and do not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, are both exempt from the SEC Customer Protection Rule (Rule 15c3-3). PJT Partners (UK) Limited is licensed with the United Kingdom’s Financial Conduct Authority and is required to maintain regulatory net capital of €50 thousand. PJT Partners (HK) Limited is licensed with the Hong Kong Securities and Futures Commission and is subject to a minimum liquid capital requirement of HK$3 million. As of March 31, 2020 and December 31, 2019, both of these entities were in compliance with local capital adequacy requirements.

Business Information

Business Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Business Information	1 6 . BUSINESS INFORMATION The Company’s activities providing strategic advisory, shareholder advisory, restructuring and special situations and private fund advisory and fundraising services constitute a single reportable segment. An operating segment is a component of an entity that conducts business and 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 single 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 March 31, 2020 2019 Revenues Domestic $ 185,809 $ 122,294 International 14,362 5,762 Total $ 200,171 $ 128,056 March 31, December 31, 2020 2019 Assets Domestic $ 768,538 $ 792,403 International 110,173 160,374 Total $ 878,711 $ 952,777 The Company had one client that represented 13.5% and 15.6% of total revenues for the three months ended March 31, 2020 and 2019, respectively. The Company had one client that represented 11.0% of accounts receivable as of March 31, 2020. As of December 31, 2019, the Company was not subject to any material concentrations of credit risk with respect to its accounts receivable.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	1 7 . SUBSEQUENT EVENTS The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.05 per share of Class A common stock, which will be paid on June 17, 2020 to Class A common stockholders of record on June 3, 2020. The Company did not identify any other subsequent events besides the exchange of Partnership Units described in Note 12. “Transactions with Related Parties—Exchange Agreement.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2019. Given the uncertainty of the COVID-19 pandemic and resulting economic impact, estimates may need to be revised in the future, which could materially impact the Company’s future results of operations and/or financial condition. Intercompany transactions have been eliminated for all periods presented. During the second quarter of 2019, an adjustment was identified relating to the presentation of changes in the Company’s ownership interest in PJT Partners Holdings LP, which resulted in a reclassification between Additional Paid-In Capital and Non-Controlling Interests. This immaterial correction had no impact on the Company’s Condensed Consolidated Statements of Operations and Statements of Cash Flows. The adjustment increased Additional Paid-In Capital by $169.2 million as of March 31, 2019, with a corresponding decrease to Non-Controlling Interests. In accordance with Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections and qualitative perspectives, and concluded that it was immaterial to the prior periods. Consequently, the Company revised the historical condensed consolidated financial information presented herein. 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, 2019. Certain prior year amounts have been reclassified to conform to the current year presentation. Cash, Cash Equivalents and Investments Cash and Cash Equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less from the date of purchase. Cash and Cash Equivalents are primarily held at three major U.S. financial institutions. Also included in Cash and Cash Equivalents are amounts held in bank accounts that are subject to advance notification to withdraw. Such amounts totaled $15.8 million and $16.8 million as of March 31, 2020 and December 31, 2019, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition. These securities are recorded at fair value using broker quotes, reflecting inputs from auction yields.
Recent Accounting Developments	Recent Accounting Developments In June 2016, the Financial Accounting Standards Board (“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 current expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates, which primarily impacts the Company’s allowance for credit losses on accounts receivable balances. The Company adopted this guidance using the modified retrospective method as of January 1, 2020. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The impact of adoption of the credit loss guidance on January 1, 2020 was as follows: December 31, 2019 Adjustments January 1, 2020 Accounts Receivable, Net $ 227,516 $ (1,107 ) $ 226,409 Deferred Tax Asset, Net 48,237 169 48,406 Accumulated Deficit (144,919 ) (938 ) (145,857 ) 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 Company adopted this guidance on January 1, 2020 for cloud computing arrangements on a prospective basis. 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 Company adopted this guidance on January 1, 2020 with no material impact on its condensed consolidated financial statements. In December 2019, the FASB issued guidance that modifies the accounting for income taxes. The guidance provides clarification on multiple topics, including hybrid tax regimes, the tax basis step-up in goodwill that is not classified as a business combination, separate financial statements of legal entities not subject to tax, intraperiod tax allocation, ownership changes in investments , interim period accounting for enacted changes in tax law and year-to-date loss limitations in interim period tax accounting. The guidance is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the impact that adoption will have on its condensed consolidated financial statements.
Accounts Receivable and Allowance for Credit Losses	The Company estimates the allowance for credit losses using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience , including write-offs and recoveries that have occurred during the period, provides the basis for the estimation of expected credit losses . The allowance for credit losses is measured on a collective basis when similar risk characteristics exist in the Company’s accounts receivable. The Company has classified its accounts receivable into short-term and long-term receivables, both of which relate to revenues from contracts with customers, in estimating the allowance for credit losses. Short-term receivables generally have payment terms less than one year and share similar historical credit loss patterns including write-offs and recoveries. These receivables arise from the Company’s performance obligation of standing ready to perform. Long-term receivables are generally paid in installments over a period of three to four years. These receivables share similar historical credit loss patterns including write-offs and recoveries, and arise from the Company’s performance obligation of providing capital advisory services. The Company measures the allowance for credit losses using the loss-rate method by multiplying the historical loss rate by the asset’s amortized cost (including accrued interest) at the balance sheet date. The historical loss rate is derived from the Company’s historical loss experience over the prior three year period. The Company reduces both the gross receivable and the allowance for credit losses in the period in which the receivable(s) are deemed uncollectible. The Company considers a receivable to be uncollectible at the point when all efforts at collection have been exhausted. A recovery may occur if cash is received after a receivable balance has been written-off. Such recovery would be recorded as an increase to the allowance at the time of the recovery.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Standards Update 2016-13
Impact of Adoption of Credit Loss Guidance	The impact of adoption of the credit loss guidance on January 1, 2020 was as follows: December 31, 2019 Adjustments January 1, 2020 Accounts Receivable, Net $ 227,516 $ (1,107 ) $ 226,409 Deferred Tax Asset, Net 48,237 169 48,406 Accumulated Deficit (144,919 ) (938 ) (145,857 )

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2020
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenues Recognized from Contracts with Customers	The following table provides a disaggregation of revenues recognized from contracts with customers for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Advisory Fees $ 156,591 $ 104,467 Placement Fees 38,992 23,312 Interest Income from Placement Fees and Other 3,345 2,450 Revenues from Contracts with Customers $ 198,928 $ 130,229

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2020
Receivables [Abstract]
Schedule of Aggregate Change in the Allowance for Credit Losses	The following table presents the aggregate change in the allowance for credit losses for the three months ended March 31, 2020: Balance, December 31, 2019 $ — Adoption of ASC 326 1,107 Provision for Credit Losses 997 Write-offs (1,019 ) Recoveries 325 Balance, March 31, 2020 $ 1,410

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, December 31, 2020 2019 Finite-Lived Intangible Assets Customer Relationships $ 61,276 $ 61,276 Trade Name 9,800 9,800 Total Intangible Assets 71,076 71,076 Accumulated Amortization Customer Relationships (29,095 ) (27,566 ) Trade Name (4,102 ) (3,704 ) Total Accumulated Amortization (33,197 ) (31,270 ) Intangible Assets, Net $ 37,879 $ 39,806

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2020
Property Plant And Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements	Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, December 31, 2020 2019 Office Equipment $ 2,298 $ 2,324 Leasehold Improvements 49,344 45,368 Furniture and Fixtures 16,574 16,040 Total Furniture, Equipment and Leasehold Improvements 68,216 63,732 Accumulated Depreciation (28,270 ) (26,609 ) Furniture, Equipment and Leasehold Improvements, Net $ 39,946 $ 37,123

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
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: March 31, 2020 Level I Level II Level III Total Treasury Instruments $ — $ 24,104 $ — $ 24,104 December 31, 2019 Level I Level II Level III Total Treasury Instruments $ — $ 23,821 $ — $ 23,821

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended March 31, 2020 2019 Income (Loss) Before Provision (Benefit) for Taxes $ 33,559 $ (87 ) Provision (Benefit) for Taxes $ 1,550 $ (1,024 ) Effective Income Tax Rate 4.6 % N/M N/M Not meaningful.

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of Net Income Per Share of Class A Common Stock	Basic and diluted net income per share of Class A common stock for the three months ended March 31, 2020 and 2019 is presented below: Three Months Ended March 31, 2020 2019 Numerator: Net Income Attributable to PJT Partners Inc. $ 18,860 $ 1,101 Less: Dividends on Participating Securities 3 — Net Income Attributable to Participating Securities 13 — Net Income Attributable to Shares of Class A Common Stock — Basic 18,844 1,101 Incremental Net Income from Dilutive Securities 10,270 540 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 29,114 $ 1,641 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,097,715 23,760,876 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 16,255,909 16,259,013 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 40,353,624 40,019,889 Net Income Per Share of Class A Common Stock Basic $ 0.78 $ 0.05 Diluted $ 0.72 $ 0.04
Schedule of Anti-Dilutive Securities	The following table summarizes the anti-dilutive securities for the three months ended March 31, 2020 and 2019: Three Months Ended March 31, 2020 2019 Weighted-Average Unvested RSUs (a) (a) Weighted-Average Participating RSUs 26,482 51,809 Weighted-Average Partnership Units (a) (a) (a) These securities were determined to be dilutive.

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	3 Months Ended
	Mar. 31, 2020
Equity-Based Compensation Expense and Related Income Tax Benefit	The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2020 and 2019, respectively: Three Months Ended March 31, 2020 2019 Equity-Based Compensation Expense $ 37,332 $ 34,973 Income Tax Benefit $ 5,082 $ 3,379
Summary of Unvested Restricted Stock Units	A summary of the status of the Company’s unvested RSUs as of March 31, 2020 and for changes during the three months ended March 31, 2020 is presented below: Restricted Stock Units PJT Partners Inc. PJT Partners Holdings LP Weighted- Weighted- Average Average Grant Date Grant Date Number of Fair Value Number of Fair Value Units (in dollars) Units (in dollars) Balance, December 31, 2019 4,137,595 $ 44.84 18,302 $ 41.57 Granted 2,405,781 52.61 — — Vested (1,805,161 ) 42.51 — — Forfeited (14,107 ) 47.93 — — Dividends Reinvested on RSUs 10,009 47.61 — — Balance, March 31, 2020 4,734,117 $ 49.67 18,302 $ 41.57
Summary of Status of Company's Unvested Partnership Units	A summary of the status of the Company’s unvested Partnership Units as of March 31, 2020 and for changes during the three months ended March 31, 2020 is presented below: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2019 564,437 $ 38.18 Granted 65,160 44.85 Vested (224,926 ) 29.23 Balance, March 31, 2020 404,671 $ 44.24
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of March 31, 2020, are expected to vest: Weighted- Average Service Period Units in Years Partnership Units 390,447 1.5 Restricted Stock Units 4,716,150 1.7 Restricted Share Awards 7,605 1.5 Total Equity-Based Awards 5,114,202 1.6
RSU Awards Containing Service and Market Conditions
Summary of Unvested Restricted Stock Units	A summary of the status of the Company’s unvested RSUs with both a service and market condition as of December 31, 2019 and March 31, 2020 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, 2019 262,342 $ 24.84 Balance, March 31, 2020 262,342 $ 24.84
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 March 31, 2020 and for changes during the three months ended March 31, 2020 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, 2019 3,806,183 $ 5.72 Vested (158,541 ) 5.72 Balance, March 31, 2020 3,647,642 $ 5.72

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended March 31, 2020 2019 Operating Lease Cost $ 7,317 $ 5,807 Finance Lease Cost Amortization of Right-of-Use Assets 38 38 Interest on Lease Liabilities 1 2 Total Finance Lease Cost 39 40 Short-Term Lease Cost — 116 Variable Lease Cost 771 574 Sublease Income (911 ) (910 ) Total Lease Cost $ 7,216 $ 5,627
Schedule of Supplemental Information Related to Leases	Supplemental information related to leases was as follows: Three Months Ended March 31, 2020 2019 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 4,118 $ 5,137 Operating Cash Flows from Finance Leases 1 3 Financing Cash Flows from Finance Leases 39 40 Right-of-Use Assets Obtained in Exchange for Lease Liabilities Operating Leases $ — $ 149,581 Finance Leases — 5 March 31, December 31, 2020 2019 Weighted-Average Remaining Lease Term (in years) Operating Leases 8.9 9.0 Finance Leases 2.0 2.1 Weighted-Average Discount Rate Operating Leases 4.8 % 4.8 % Finance Leases 3.6 % 3.5 %
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 March 31, 2020: Year Ending December 31, Finance Operating 2020 (April 1 through December 31) $ 94 $ 17,717 2021 28 27,642 2022 15 27,551 2023 10 27,598 2024 7 25,974 Thereafter — 90,238 Total Lease Payments 154 216,720 Less: Imputed Interest 6 41,168 Total $ 148 $ 175,552

Business Information (Tables)

Business Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of Geographical Distribution of Revenues and Assets	The following tables set forth the geographical distribution of revenues and assets based on the location of the office that generates the revenues or holds the assets and therefore may not be reflective of the geography in which the Company’s clients are located. Three Months Ended March 31, 2020 2019 Revenues Domestic $ 185,809 $ 122,294 International 14,362 5,762 Total $ 200,171 $ 128,056 March 31, December 31, 2020 2019 Assets Domestic $ 768,538 $ 792,403 International 110,173 160,374 Total $ 878,711 $ 952,777

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Mar. 31, 2020
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	39.20%
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	Mar. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Cash subject to notice requirement		$ 15.8	$ 16.8
Additional Paid-in Capital
Significant Accounting Policies [Line Items]
Reclassifications between additional paid in capital and non-controlling Interests	$ 169.2
Non-Controlling Interests
Significant Accounting Policies [Line Items]
Reclassifications between additional paid in capital and non-controlling Interests	$ (169.2)

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Impact of Adoption of Credit Loss Guidance (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accounts Receivable, Net	$ 245,746		$ 227,516
Deferred Tax Asset, Net	49,986		48,237
Accumulated Deficit	$ (128,214)		$ (144,919)
Accounting Standards Update 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accounts Receivable, Net		$ 226,409
Deferred Tax Asset, Net		48,406
Accumulated Deficit		(145,857)
Accounting Standards Update 2016-13 | Adjustments
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Accounts Receivable, Net		(1,107)
Deferred Tax Asset, Net		169
Accumulated Deficit		$ (938)

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation of Revenues Recognized from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 198,928	$ 130,229
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	156,591	104,467
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	38,992	23,312
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 3,345	$ 2,450

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: 2020-04-01 $ in Millions	Mar. 31, 2020USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 15.2
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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 8,100	$ 5,100
Contract liabilities	12,701		$ 14,189
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	$ 2,300		$ 2,200
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	$ 5,800	$ 4,600

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 9,500,000	$ 11,300,000
Allowance for credit loss, long-term receivables	500,000	0
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Accrued Interest	2,700,000	3,100,000
Long-term receivables	$ 77,400,000	$ 77,600,000
Short-Term Receivables
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	1 year
Long-Term Receivables | Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Long-Term Receivables | Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Schedule of Aggregate Change in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Receivables [Abstract]
Beginning balance	$ 0
Adoption of ASC 326	1,107
Provision for Credit Losses	997	$ 286
Write-offs	(1,019)
Recoveries	325
Ending balance	$ 1,410

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(33,197)	(31,270)
Intangible Assets, Net	37,879	39,806
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(29,095)	(27,566)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (4,102)	$ (3,704)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.9	$ 2
Expected amortization of intangible assets, remainder of year	5.8
Expected amortization of intangible assets, 2021	7.7
Expected amortization of intangible assets, 2022	6.5
Expected amortization of intangible assets, 2023	4.9
Expected amortization of intangible assets, 2024	$ 4.9

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 68,216	$ 63,732
Accumulated Depreciation	(28,270)	(26,609)
Furniture, Equipment and Leasehold Improvements, Net	39,946	37,123
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	2,298	2,324
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	49,344	45,368
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 16,574	$ 16,040

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Property Plant And Equipment [Abstract]
Depreciation expense	$ 1.9	$ 1.6

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - Treasury Instruments - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Treasury Instruments	$ 24,104	$ 23,821
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Treasury Instruments	$ 24,104	$ 23,821

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income (Loss) Before Provision (Benefit) for Taxes	$ 33,559	$ (87)
Provision (Benefit) for Taxes	$ 1,550	$ (1,024)
Effective Income Tax Rate	4.60%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Income Tax Disclosure [Abstract]
Decrease in provision for income taxes from carryback of net operating losses related to CARES Act	$ 3,700,000
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
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net Income Attributable to PJT Partners Inc.	$ 18,860	$ 1,101
Dividends on Participating Securities	3
Net Income Attributable to Participating Securities	13
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	18,844	1,101
Incremental Net Income from Dilutive Securities	10,270	540
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 29,114	$ 1,641
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	24,097,715	23,760,876
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	40,353,624	40,019,889
Net Income Per Share of Class A Common Stock
Basic	$ 0.78	$ 0.05
Diluted	$ 0.72	$ 0.04
Class A Common Stock | Unvested Restricted Stock Units And Partnership Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	16,255,909	16,259,013

Net Income Per Share of Class_4

Net Income Per Share of Class A Common Stock - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Apr. 24, 2019
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	39,775,315
Treasury stock, shares	539,297
Treasury stock, average price per share	$ 46.71
Aggregate amount of shares repurchased	$ 25,194,000
Class A Common Stock
Earnings Per Share Basic [Line Items]
Available amount remaining for repurchases	$ 59,900,000
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 (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Weighted-Average Participating RSUs | Class A Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	26,482	51,809

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
	Mar. 31, 2020	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 37,332	$ 34,973
Income Tax Benefit	$ 5,082	$ 3,379

Equity-Based and Other Deferr_4

Equity-Based and Other Deferred Compensation - Summary of Unvested Restricted Stock Units (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Restricted Stock Units
Number of Units
Beginning Balance | shares	4,137,595
Granted | shares	2,405,781
Vested | shares	(1,805,161)
Forfeited | shares	(14,107)
Dividends Reinvested on RSUs | shares	10,009
Ending Balance | shares	4,734,117
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 44.84
Granted | $ / shares	52.61
Vested | $ / shares	42.51
Forfeited | $ / shares	47.93
Dividends Reinvested on RSUs | $ / shares	47.61
Ending Balance | $ / shares	$ 49.67
Restricted Stock Units | PJT Partners Holdings LP
Number of Units
Beginning Balance | shares	18,302
Ending Balance | shares	18,302
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 41.57
Ending Balance | $ / shares	$ 41.57
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance | shares	262,342
Ending Balance | shares	262,342
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 24.84
Ending Balance | $ / shares	$ 24.84

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 7.7	$ 6.7
Unrecognized compensation expense related to deferred cash awards	$ 58.3
Weighted-average period over compensation cost is expected to be recognized	2 years 1 month 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 173.4
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 7 months 6 days
Granted	2,405,781
Vested	1,805,161
Forfeited	14,107
RSU Awards Containing Service and Market Conditions | CamberView Partners Holdings, LLC
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 3.8
Weighted-average period for recognition of compensation expense related to unvested awards	2 years 6 months
Restricted Share Awards | CamberView Partners Holdings, LLC | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards	$ 0.2
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 6 months
Vesting period	4 years
Granted	0	3,591
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	$ 14.2
Assumed forfeiture rate	4.00%
Weighted-average period for recognition of compensation expense related to unvested awards	1 year 6 months
Granted	65,160
Vested	224,926
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	$ 0
Vested	158,541
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 Partners Holdings, LLC
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 Partners Holdings, LLC
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 Status of Company's Unvested Partnership Units (Details)	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Partnership Units
Number of Units
Beginning Balance | shares	564,437
Granted | shares	65,160
Vested | shares	(224,926)
Ending Balance | shares	404,671
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 38.18
Granted | $ / shares	44.85
Vested | $ / shares	29.23
Ending Balance | $ / shares	$ 44.24
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Beginning Balance | shares	3,806,183
Vested | shares	(158,541)
Ending Balance | shares	3,647,642
Weighted-Average Grant Date Fair Value
Beginning Balance | $ / shares	$ 5.72
Vested | $ / shares	5.72
Ending Balance | $ / shares	$ 5.72

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2020shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	5,114,202
Weighted-average service period of unit expected to vest (in years)	1 year 7 months 6 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	4,716,150
Weighted-average service period of unit expected to vest (in years)	1 year 8 months 12 days
Restricted Share Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	7,605
Weighted-average service period of unit expected to vest (in years)	1 year 6 months
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	390,447
Weighted-average service period of unit expected to vest (in years)	1 year 6 months

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating Lease Cost	$ 7,317	$ 5,807
Finance Lease Cost
Amortization of Right-of-Use Assets	38	38
Interest on Lease Liabilities	1	2
Total Finance Lease Cost	39	40
Short-Term Lease Cost		116
Variable Lease Cost	771	574
Sublease Income	(911)	(910)
Total Lease Cost	$ 7,216	$ 5,627

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 4,118	$ 5,137
Operating Cash Flows from Finance Leases	1	3
Financing Cash Flows from Finance Leases	$ 39	40
Right-of-Use Assets Obtained in Exchange for Lease Liabilities
Operating Leases		149,581
Finance Leases		$ 5
Weighted-Average Remaining Lease Term (in years)
Operating Leases	8 years 10 months 24 days		9 years
Finance Leases	2 years		2 years 1 month 6 days
Weighted-Average Discount Rate
Operating Leases	4.80%		4.80%
Finance Leases	3.60%		3.50%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Finance Lease, 2020 (April 1 through December 31)	$ 94
Finance Lease, 2021	28
Finance Lease, 2022	15
Finance Lease, 2023	10
Finance Lease, 2024	7
Finance Lease, Thereafter	0
Finance Lease, Total Lease Payments	154
Finance Lease, Less: Imputed Interest	6
Finance Lease, Total	148
Operating Lease, 2020 (April 1 through December 31)	17,717
Operating Lease, 2021	27,642
Operating Lease, 2022	27,551
Operating Lease, 2023	27,598
Operating Lease, 2024	25,974
Operating Lease, Thereafter	90,238
Operating Lease, Total Lease Payments	216,720
Operating Lease, Less: Imputed Interest	41,168
Operating Lease, Total	$ 175,552	$ 182,924

Leases - Additional Information

Leases - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Description of lease not yet commenced	Commencement of the lease is currently anticipated to occur in 2020
Lease not yet commenced expiration period	2025

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ / shares in Units, $ in Thousands	May 05, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)shares	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units		$ 11,480	$ 9,437
Amount due to tax receivable agreement		$ 10,363		$ 9,289
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		226,784	216,330
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	176,929
Cash settled exchange of partnership units	$ 8,800
Price per partnership unit paid equal to the volume-weighted average price of share | $ / shares	$ 49.60
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 ($)	Feb. 04, 2020	Mar. 31, 2020	Dec. 31, 2019	Oct. 01, 2018
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		$ 8,700,000	$ 8,000,000
Forfeiture accrual		900,000	900,000
Tax benefit accrual		$ 1,900,000	1,800,000
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
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%.
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving credit facility, amount		$ 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, 2021
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

Employee Benefit Plans - Additi

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Defined contribution plan, expenses incurred	$ 1.5	$ 0.6

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	Mar. 31, 2020USD ($)	Mar. 31, 2020EUR (€)	Mar. 31, 2020HKD ($)	Dec. 31, 2019USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 50
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement			$ 3
Park Hill Group LLC
Regulatory Authorities [Line Items]
Minimum net capital requirement	$ 250
Percentage of aggregate indebtedness capital requirement	2	2	2
Net capital	$ 6,400			$ 22,100
Net capital in excess of required net capital	6,100			21,800
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	$ 28,800			74,400
Net capital in excess of required net capital	$ 27,500			$ 72,800
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
	Mar. 31, 2020segmentClient	Mar. 31, 2019Client
Segment Reporting Information [Line Items]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Revenue Benchmark | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client	1	1
Concentration percentage of revenue	13.50%	15.60%
Accounts Receivable | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of clients | Client	1
Concentration percentage of revenue	11.00%

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Revenues
Revenues	$ 200,171	$ 128,056
Assets
Assets	878,711		$ 952,777
Domestic
Revenues
Revenues	185,809	122,294
Assets
Assets	768,538		792,403
International
Revenues
Revenues	14,362	$ 5,762
Assets
Assets	$ 110,173		$ 160,374

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 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
Dividends payable, date to be paid	Jun. 17, 2020
Dividends payable, date of record	Jun. 3, 2020