PJT Partners (PJT) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
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		24,632,442
Class B Common Stock
Entity Common Stock, Shares Outstanding		164

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and Cash Equivalents	$ 75,807	$ 200,481
Investments	19,974
Accounts Receivable (net of allowance for credit losses of $3,317 and $1,853 at March 31, 2022 and December 31, 2021, respectively)	352,245	289,267
Intangible Assets, Net	22,458	24,386
Goodwill	172,725	172,725
Furniture, Equipment and Leasehold Improvements, Net	35,338	37,147
Operating Lease Right-of-Use Assets	131,362	137,916
Other Assets	89,230	61,921
Deferred Tax Asset, Net	64,732	63,782
Total Assets	963,871	987,625
Liabilities and Equity
Accrued Compensation and Benefits	63,058	121,717
Accounts Payable, Accrued Expenses and Other Liabilities	21,758	23,753
Operating Lease Liabilities	150,050	157,013
Amount Due Pursuant to Tax Receivable Agreement	31,714	31,131
Taxes Payable	2,553	3,492
Deferred Revenue	14,702	12,947
Revolving Credit Facility Payable	25,000
Total Liabilities	308,835	350,053
Commitments and Contingencies
Equity
Additional Paid-In Capital	438,634	391,242
Retained Earnings (Deficit)	14,503	(4,933)
Accumulated Other Comprehensive Income (Loss)	(156)	631
Treasury Stock at Cost (5,815,973 and 4,929,044 shares at March 31, 2022 and December 31, 2021, respectively)	(323,569)	(267,000)
Total PJT Partners Inc. Equity	129,717	120,232
Non-Controlling Interests	525,319	517,340
Total Equity	655,036	637,572
Total Liabilities and Equity	963,871	987,625
Class A Common Stock
Equity
Common stock, value	$ 305	$ 292

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, allowance for credit losses	$ 3,317	$ 1,853
Treasury Stock, Shares	5,815,973	4,929,044
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	30,593,822	29,248,457
Common Stock, Shares Outstanding	24,777,849	24,319,413
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	164	159
Common Stock, Shares Outstanding	164	159

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Revenues	$ 244,131	$ 204,763
Interest Income and Other	4,310	3,717
Revenues	246,319	206,700
Expenses
Compensation and Benefits	159,232	132,793
Occupancy and Related	8,942	8,459
Travel and Related	4,458	517
Professional Fees	7,051	7,717
Communications and Information Services	4,423	4,174
Depreciation and Amortization	4,307	3,834
Other Expenses	7,758	5,317
Total Expenses	196,171	162,811
Income Before Provision for Taxes	50,148	43,889
Provision for Taxes	5,680	93
Net Income	44,468	43,796
Net Income Attributable to Non-Controlling Interests	18,764	17,114
Net Income Attributable to PJT Partners Inc.	25,704	26,682
Advisory Fees
Revenues
Revenues	181,658	152,600
Placement Fees
Revenues
Revenues	$ 60,351	$ 50,383
Class A Common Stock
Net Income Per Share of Class A Common Stock
Basic	$ 1.03	$ 1.07
Diluted	$ 1	$ 1.03
Weighted-Average Shares of Class A Common Stock Outstanding
Basic	24,989,152	24,969,388
Diluted	26,551,835	42,858,757

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net Income	$ 44,468	$ 43,796
Other Comprehensive Income (Loss), Net of Tax —Currency Translation Adjustment	(1,436)	124
Comprehensive Income	43,032	43,920
Comprehensive Income Attributable to Non-Controlling Interests	18,115	17,171
Comprehensive Income Attributable to PJT Partners Inc.	$ 24,917	$ 26,749

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Treasury Stock	Additional Paid-in Capital	Retained Earnings Accumulated (Deficit)	Accumulated Other Comprehensive Income (Loss)	Non-Controlling Interests
Beginning Balance at Dec. 31, 2020	$ 687,846		$ 267		$ (163,658)	$ 349,363	$ (33,127)	$ 1,414	$ 533,587
Beginning Balance (in shares) at Dec. 31, 2020			27,293,085	194	(3,476,731)
Net Income	43,796						26,682		17,114
Other Comprehensive Income (Loss)	124							67	57
Dividends Declared	(1,270)						(1,270)
Equity-Based Compensation	29,948					27,938			2,010
Net Share Settlement	(20,415)					(20,415)
Deliveries of Vested Shares of Common Stock	2		$ 2
Deliveries of Vested Shares of Common Stock (in shares)			1,818,722
Change in Ownership Interest	(47,559)					20,939			(68,498)
Change in Ownership Interest (in shares)				(24)
Treasury Stock Purchases	(45,896)				$ (45,896)
Treasury Stock Purchases (in shares)					(657,907)
Ending Balance at Mar. 31, 2021	646,576		$ 269		$ (209,554)	377,825	(7,715)	1,481	484,270
Ending Balance (in shares) at Mar. 31, 2021			29,111,807	170	(4,134,638)
Beginning Balance at Dec. 31, 2021	637,572		$ 292		$ (267,000)	391,242	(4,933)	631	517,340
Beginning Balance (in shares) at Dec. 31, 2021			29,248,457	159	(4,929,044)
Net Income	44,468						25,704		18,764
Other Comprehensive Income (Loss)	(1,436)							(787)	(649)
Dividends Declared	(6,268)						(6,268)
Equity-Based Compensation	59,069					53,717			5,352
Net Share Settlement	(15,367)					(15,367)
Deliveries of Vested Shares of Common Stock			$ 13			(13)
Deliveries of Vested Shares of Common Stock (in shares)			1,345,365
Change in Ownership Interest	(6,433)					9,055			(15,488)
Change in Ownership Interest (in shares)				5
Treasury Stock Purchases	(56,569)				$ (56,569)
Treasury Stock Purchases (in shares)		(900,000)			(886,929)
Ending Balance at Mar. 31, 2022	$ 655,036		$ 305		$ (323,569)	$ 438,634	$ 14,503	$ (156)	$ 525,319
Ending Balance (in shares) at Mar. 31, 2022			30,593,822	164	(5,815,973)

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Class A Common Stock
Dividends Declared Per Share of Class A Common Stock	$ 0.25	$ 0.05

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net Income	$ 44,468	$ 43,796
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities
Equity-Based Compensation Expense	59,069	29,948
Depreciation and Amortization Expense	4,307	3,834
Amortization of Operating Lease Right-of-Use Assets	5,362	4,780
Provision for Credit Losses	1,464	(192)
Other	(1,836)	(1,414)
Cash Flows Due to Changes in Operating Assets and Liabilities
Accounts Receivable	(64,972)	(41,087)
Other Assets	(25,721)	(4,236)
Accrued Compensation and Benefits	(57,744)	(177,771)
Accounts Payable, Accrued Expenses and Other Liabilities	(1,862)	(102)
Operating Lease Liabilities	(5,640)	(5,351)
Taxes Payable	(889)	(1,109)
Deferred Revenue	1,755	(856)
Net Cash Used in Operating Activities	(42,239)	(149,760)
Investing Activities
Purchases of Investments	(19,979)	(97,638)
Proceeds from Sales and Maturities of Investments		162,813
Purchases of Furniture, Equipment and Leasehold Improvements	(806)	(43)
Net Cash Provided by (Used in) Investing Activities	(20,785)	65,132
Financing Activities
Dividends	(6,268)	(1,270)
Proceeds from Revolving Credit Facility	42,000	15,000
Payments on Revolving Credit Facility	(17,000)	(15,000)
Employee Taxes Paid for Shares Withheld	(15,367)	(20,415)
Cash-Settled Exchanges of Partnership Units	(6,559)	(48,478)
Treasury Stock Purchases	(56,569)	(45,896)
Payments Pursuant to Tax Receivable Agreement		(1,165)
Net Cash Used in Financing Activities	(59,763)	(117,224)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(1,887)	1,943
Net Decrease in Cash and Cash Equivalents	(124,674)	(199,909)
Cash and Cash Equivalents, Beginning of Period	200,481	299,513
Cash and Cash Equivalents, End of Period	75,807	99,604
Supplemental Disclosure of Cash Flows Information
Payments for Income Taxes, Net of Refunds Received	$ 2,071	4,458
Non-Cash Receipt of Shares		$ 1,125

Organization

Organization	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	1. ORGANIZATION PJT Partners Inc. and its consolidated subsidiaries (the “Company” or “PJT Partners”) offer a unique portfolio of advisory services designed to help clients achieve their strategic objectives. The Company’s team of senior professionals delivers a range of strategic advisory, capital markets advisory, restructuring and special situations and shareholder advisory services to corporations, financial sponsors, institutional investors and governments around the world. The Company also provides private fund advisory and fundraising services for alternative investment strategies, including private equity, real estate, hedge funds and private credit. On October 1, 2015, Blackstone 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, 2022, the non-controlling interest was 37.9%. 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, PJT Partners (UK) Limited, PJT Partners (HK) Limited, PJT Partners Park Hill (Spain) A.V., S.A.U. and PJT Partners (Germany) GmbH.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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, 2021. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 four major 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 $0.7 million and $41.2 million as of March 31, 2022 and December 31, 2021, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Advisory Fees $ 181,658 $ 152,600 Placement Fees 60,351 50,383 Interest Income from Placement Fees and Other 2,122 1,780 Revenues from Contracts with Customers $ 244,131 $ 204,763 Remaining Performance Obligations and Revenue Recognized from Past Performance As of March 31, 2022, the aggregate amount of the transaction price allocated to performance obligations yet to be satisfied was $40.8 million and the Company generally expects to recognize this revenue within the next twelve months. Such amounts relate to the Company’s performance obligations of providing capital advisory services and standing ready to perform. The Company recognized revenue of $24.0 million and $7.2 million for the three months ended March 31, 2022 and 2021, respectively, related to performance obligations that were fully satisfied in prior periods, primarily due to constraints on variable consideration in prior periods being resolved. Such amounts related primarily to the provision of capital advisory services. The majority of Fee Revenue recognized by the Company during the three months ended March 31, 2022 and 2021 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, 2022 and 2021. For the three months ended March 31, 2022 and 2021, $6.3 million and $4.7 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, 2022 and December 31, 2021, the Company recorded $1.1 million and $1.2 million, respectively, of customer deposits in Accounts Payable, Accrued Expenses and Other Liabilities in the Condensed Consolidated Statements of Financial Condition.

Accounts Receivable and Allowan

Accounts Receivable and Allowance for Credit Losses	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Accounts Receivable and Allowance for Credit Losses	4 . ACCOUNTS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES Changes in the allowance for credit losses consist of the following: Three Months Ended March 31, 2022 2021 Beginning Balance $ 1,853 $ 1,330 Provision for Credit Losses 1,464 (192 ) Recoveries — 63 Ending Balance $ 3,317 $ 1,201 Included in Accounts Receivable, Net is accrued interest of $2.1 million and $1.9 million as of March 31, 2022 and December 31, 2021, respectively, related to placement fees. Included in Accounts Receivable, Net are long-term receivables of $151.4 million and $104.6 million as of March 31, 2022 and December 31, 2021, respectively, related to placement fees that are generally paid in installments over a period of three to four years. The Company does not have any long-term receivables on non-accrual status. Of receivables that originated as long-term, there were $3.1 million and $3.4 million as of March 31, 2022 and December 31, 2021, respectively, which were outstanding more than 90 days. The Company’s allowance for credit losses with respect to long-term receivables was $0.8 million as of March 31, 2022 and December 31, 2021.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible Assets, Net consists of the following: March 31, 2022 December 31, 2021 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 (41,325 ) (39,797 ) Trade Name (7,293 ) (6,893 ) Total Accumulated Amortization (48,618 ) (46,690 ) Intangible Assets, Net $ 22,458 $ 24,386 Amortization expense was $1.9 million for each of the three months ended March 31, 2022 and 2021. Amortization of Intangible Assets held at March 31, 2022 is expected to be $4.6 million for the remainder of the year ending December 31, 2022; $4.9 million for each of the years ending December 31, 2023 and 2024; $4.8 million for the year ending December 31, 2025; and $3.3 million for the year ending December 31, 2026.

Furniture, Equipment and Leaseh

Furniture, Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2022
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, 2022 December 31, 2021 Leasehold Improvements $ 56,260 $ 56,230 Furniture and Fixtures 18,059 18,044 Office Equipment 4,730 4,423 Total Furniture, Equipment and Leasehold Improvements 79,049 78,697 Accumulated Depreciation (43,711 ) (41,550 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,338 $ 37,147 Depreciation expense was $2.4 million and $1.9 million for the three months ended March 31, 2022 and 2021, respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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, 2022 Level I Level II Level III Total Treasury Securities $ — $ 19,974 $ — $ 19,974 December 31, 2021 Level I Level II Level III Total Treasury Securities $ — $ 40,000 $ — $ 40,000 Investments in Treasury securities were included in Investments as of March 31, 2022 and in Cash and Cash Equivalents as of December 31, 2021 in the Condensed Consolidated Statements of Financial Condition.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	8 . INCOME TAXES The following table summarizes the Company’s tax position: Three Months Ended March 31, 2022 2021 Income Before Provision for Taxes $ 50,148 $ 43,889 Provision for Taxes $ 5,680 $ 93 Effective Income Tax Rate 11.3 % 0.2 % The Company’s effective tax rate differed from the U.S. federal statutory tax rate for the three months ended March 31, 2022 primarily due to partnership income not being subject to U.S. corporate income taxes and permanent differences related to compensation. The Company had no unrecognized tax benefits as of March 31, 2022.

Net Income Per Share of Class A

Net Income Per Share of Class A Common Stock	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 is presented below: Three Months Ended March 31, 2022 2021 Numerator: Net Income Attributable to Shares of Class A Common Stock — Basic $ 25,704 $ 26,682 Incremental Net Income from Dilutive Securities 786 17,409 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 26,490 $ 44,091 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,989,152 24,969,388 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 1,562,683 17,889,369 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 26,551,835 42,858,757 Net Income Per Share of Class A Common Stock Basic $ 1.03 $ 1.07 Diluted $ 1.00 $ 1.03 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 40,185,805 for the three months ended March 31, 2022, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three months ended March 31, 2022, there were 15,196,653 weighted-average Partnership Units that were anti-dilutive. For the three months ended March 31, 2021, there were no anti-dilutive securities. Share Repurchase Program On April 25, 2022, the Company’s Board of Directors authorized a $200 million repurchase program of the Company’s Class A common stock, which is in addition to the previous Board authorizations, of which $26.6 million remained as of March 31, 2022. 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, 2022, the Company repurchased 0.9 million shares of the Company’s Class A common stock at an average price per share of $63.75, or $56.6 million in aggregate, pursuant to this share repurchase program.

Equity-Based and Other Deferred

Equity-Based and Other Deferred Compensation	3 Months Ended
	Mar. 31, 2022
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 10. “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, 2021. The following table represents equity-based compensation expense and related income tax benefit for the three months ended March 31, 2022 and 2021, respectively: Three Months Ended March 31, 2022 2021 Equity-Based Compensation Expense $ 59,069 $ 29,948 Income Tax Benefit $ 8,022 $ 4,027 Restricted Stock Units The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2022: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 4,098,671 $ 60.14 Granted 1,836,887 63.62 Dividends Reinvested on RSUs (49,604 ) 45.59 Forfeited (21,872 ) 64.97 Vested (1,502,562 ) 50.52 Balance, March 31, 2022 4,361,520 $ 65.06 As of March 31, 2022, there was $185.6 million of estimated unrecognized compensation expense related to unvested RSU awards. This cost is expected to be recognized over a weighted-average period of 1.9 years. The Company assumes a forfeiture rate of 1.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to RSUs granted for the three months ended March 31, 2021 was $73.08. RSU Awards with Both Service and Market Conditions The Company has granted RSU awards containing both service and market conditions. The service condition requirement for these awards is generally three to five years. The market condition will generally be satisfied upon the publicly traded shares of Class A common stock achieving certain volume weighted average share price targets over various trading periods during the life of the award. Effective February 10, 2022, the Company granted RSU awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such RSU awards is five years with 20% vesting per annum. The market condition requirement will be 50% satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a volume-weighted average share price over any consecutive 20-day trading period (“20-day VWAP”) of $100 and the other 50% will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $100 with the market condition fully satisfied upon achieving a 20-day VWAP of $130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2022: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 50,280 $ 36.53 Granted 1,514,748 41.97 Dividends Reinvested on RSUs 11 34.00 Vested (4,167 ) 13.52 Balance, March 31, 2022 1,560,872 $ 41.87 As of March 31, 2022, there was $50.3 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 3.0 years. The Company assumes a forfeiture rate of 4.0% to 6.0% annually based on expected turnover and periodically reassesses this rate. The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 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, 2022, no restricted share awards were granted. As of March 31, 2022, there were 2,592 restricted shares outstanding and $47 thousand of estimated unrecognized compensation expense related to such restricted share awards. This cost is expected to be recognized over a weighted-average period of 0.5 years. Partnership Units The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2022: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 248,595 $ 53.42 Granted 47,588 59.84 Vested (79,268 ) 49.26 Balance, March 31, 2022 216,915 $ 56.35 As of March 31, 2022, there was $9.5 million of estimated unrecognized compensation expense related to unvested Partnership Units. This cost is expected to be recognized over a weighted-average period of 1.2 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The weighted-average grant date fair value with respect to Partnership Units granted for the three months ended March 31, 2021 was $68.10. Partnership Unit Awards with Both Service and Market Conditions Effective February 10, 2022, the Company granted Partnership Unit awards containing both service and market conditions. The effect of the service and market conditions is reflected in the grant date fair value of the award. Compensation cost is recognized over the requisite service period, provided that the service period is completed, irrespective of whether the market condition is satisfied. The service condition requirement with respect to such Partnership Unit awards is five years with 20% vesting per annum. The market condition requirement will be 50% satisfied upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP of $100 and the other 50% will be satisfied ratably upon the dividend-adjusted publicly traded shares of Class A common stock achieving a 20-day VWAP above $100 with the market condition fully satisfied upon achieving a 20-day VWAP of $130 prior to February 26, 2027. No portion of these awards will become vested until both the service and market conditions have been satisfied. The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2022: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 — $ — Granted 1,107,768 39.10 Balance, March 31, 2022 1,107,768 $ 39.10 As of March 31, 2022, there was $35.1 million of estimated unrecognized compensation expense related to Partnership Unit awards with both a service and market condition. This cost is expected to be recognized over a weighted-average period of 3.1 years. The Company assumes a forfeiture rate of 4.0% annually based on expected turnover and periodically reassesses this rate. The Company estimated the fair value of Partnership Unit awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0 Units Expected to Vest The following unvested units, after expected forfeitures, as of March 31, 2022, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 5,431,907 2.2 Partnership Units 1,202,741 2.8 Restricted Share Awards 2,584 0.5 Total Equity-Based Awards 6,637,232 2.3 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 $7.0 million and $8.2 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, there was $30.2 million of unrecognized compensation expense related to these awards. The weighted-average period over which this compensation cost is expected to be recognized is 2.3 years.

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	1 1 . LEASES The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating Lease Cost $ 6,724 $ 6,846 Variable Lease Cost 1,004 852 Sublease Income (210 ) (270 ) Total Lease Cost $ 7,518 $ 7,428 Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 5,640 $ 5,351 March 31, 2022 December 31, 2021 Weighted-Average Remaining Lease Term (in years) 7.5 7.6 Weighted-Average Discount Rate 4.7 % 4.7 % The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2022: Year Ending December 31, Operating 2022 (April 1 through December 31) $ 22,123 2023 29,809 2024 28,288 2025 24,614 2026 19,254 Thereafter 54,182 Total Lease Payments 178,270 Less: Imputed Interest 28,220 Total $ 150,050 In March 2022, 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 as of March 31, 2022 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 2022 with an initial term that expires in 2027.

Transactions With Related Parti

Transactions With Related Parties	3 Months Ended
	Mar. 31, 2022
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 13. “Transactions with Related Parties—Exchange Agreement” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Certain Partnership Unitholders exchanged 0.1 million and 0.7 million Partnership Units, respectively, for cash in the amounts of $6.6 million and $48.5 million, respectively, for the three months ended March 31, 2022 and 2021, respectively. Such amounts are recorded as a reduction of Non-Controlling Interests in the Condensed Consolidated Statements of Financial Condition. The Company intends to exchange 65,032 Partnership Units for cash on May 3, 2022 at a price equal to the volume-weighted average price per share of the Company’s Class A common stock on April 28, 2022. 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 to 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, 2022 and December 31, 2021, the Company had amounts due of $31.7 million and $31.1 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 The Company makes available to its partners, and on occasion, family members of these individuals, personal use of a Company leased business aircraft when the aircraft is not being used for business purposes, for which the partners pay the full incremental costs associated with such use. Such amount is not material to the condensed consolidated financial statements.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	1 3 . COMMITMENTS AND CONTINGENCIES Commitments Line of Credit On February 1, 2021, PJT Partners Holdings LP, as borrower (the “Borrower”), entered into a Renewal and Modification Agreement (the “Renewal Agreement”) and related documents with First Republic Bank, as lender (the “Lender”), amending the terms of the Borrower’s revolving credit facility with the Lender under the Amended and Restated Loan Agreement dated October 1, 2018 (the “Amended and Restated Loan Agreement”). The Renewal Agreement provides for a revolving credit facility with aggregate commitments in an amount equal to $60.0 million, which aggregate commitments may be increased, on the terms and subject to the conditions set forth in the Renewal Agreement, to up to $80.0 million during the period beginning December 1 each year through March 1 of the following year. The revolving credit facility was scheduled to mature and the commitments thereunder were scheduled to terminate on October 1, 2022, subject to extension by agreement of the Borrower and Lender. On April 25, 2022, the Renewal Agreement was further amended to extend the maturity date to October 1, 2023. Outstanding borrowings under the revolving credit facility bear interest equal to the greater of a per annum rate of (a) 2.75%, or (b) the prime rate minus 1.0%. During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest. In connection with the closing of the Renewal 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, 2022, the revolving credit facility balance was $25.0 million, and was subsequently repaid in full in April 2022. As of December 31, 2021, there were no borrowings outstanding under the revolving credit facility. The Renewal 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 Renewal Agreement are secured by the accounts receivable of PJT Partners LP. As of March 31, 2022 and December 31, 2021, the Company was in compliance with the debt covenants under the Renewal Agreement and the Amended Restated Loan Agreement, respectively. 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 $4.1 million as of March 31, 2022 and December 31, 2021. 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 that 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 accrual for these forfeitures was $0.9 million as of March 31, 2022 and December 31, 2021. 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. Amounts are 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, 2022 and December 31, 2021, the Company had accrued $2.6 million, 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.

Regulated Entities

Regulated Entities	3 Months Ended
	Mar. 31, 2022
Regulatory Capital Requirements [Abstract]
Regulated Entities	1 4 . REGULATED ENTITIES Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Hong Kong and Spain, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. PJT Partners LP is a registered broker-dealer through which advisory and placement 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 PJT Partners LP does not carry customer accounts and does not otherwise hold funds or securities for, or owe money or securities to, customers and, accordingly, has no obligations under the SEC Customer Protection Rule (Rule 15c3-3). PJT Partners (UK) Limited is authorized and regulated by the United Kingdom’s Financial Conduct Authority and is required to maintain minimum capital of the greater of the permanent minimum requirement of €75 thousand or a fixed overhead requirement, defined as 25% of fixed overheads of the preceding year. One third of the fixed overhead requirement must be held in liquid assets. 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. PJT Partners Park Hill (Spain) A.V., S.A.U. is an investment firm authorized and regulated by Spain’s National Securities Market Commission and is required to maintain minimum capital of the greater of the permanent minimum requirement of €75 thousand or 25% of the fixed overheads of the preceding year. One third of the fixed overhead requirement must be held in liquid assets. As of March 31, 2022 and December 31, 2021, these entities were in compliance with local capital adequacy requirements.

Business Information

Business Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Business Information	1 5 . BUSINESS INFORMATION The Company’s activities providing advisory and placement 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, 2022 2021 Revenues Domestic $ 216,979 $ 164,280 International 29,340 42,420 Total $ 246,319 $ 206,700 March 31, 2022 December 31, 2021 Assets Domestic $ 822,197 $ 824,963 International 141,674 162,662 Total $ 963,871 $ 987,625 The Company was not subject to any material concentrations with respect to its revenues for the three months ended March 31, 2022 and 2021. The Company was not subject to any material concentrations of credit risk with respect to its accounts receivable as of March 31, 2022 and December 31, 2021.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	1 6 . SUBSEQUENT EVENTS The Board of Directors of PJT Partners Inc. has declared a quarterly dividend of $0.25 per share of Class A common stock, which will be paid on June 22, 2022 to Class A common stockholders of record on June 8, 2022. The Company has evaluated the impact of subsequent events through the date these financial statements were issued, and determined there were no subsequent events requiring adjustment or further disclosure to the financial statements besides those described in Note 9. “Net Income Per Share of Class A Common Stock—Share Repurchase Program,” Note 12. “Transactions with Related Parties—Exchange Agreement,” and Note 13. “Commitments and Contingencies—Commitments, Line of Credit.”

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021. Intercompany transactions have been eliminated for all periods presented. For a comprehensive disclosure of the Company’s significant accounting policies, see Note 2. “Summary of Significant Accounting Policies” in the “Notes to Consolidated Financial Statements” in “Part II. Item 8. Financial Statements and Supplementary Data” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 four major 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 $0.7 million and $41.2 million as of March 31, 2022 and December 31, 2021, respectively. Treasury securities with original maturities greater than three months when purchased are classified as Investments in the Condensed Consolidated Statements of Financial Condition.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Advisory Fees $ 181,658 $ 152,600 Placement Fees 60,351 50,383 Interest Income from Placement Fees and Other 2,122 1,780 Revenues from Contracts with Customers $ 244,131 $ 204,763

Accounts Receivable and Allow_2

Accounts Receivable and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of Changes in the Allowance for Credit Losses	Changes in the allowance for credit losses consist of the following: Three Months Ended March 31, 2022 2021 Beginning Balance $ 1,853 $ 1,330 Provision for Credit Losses 1,464 (192 ) Recoveries — 63 Ending Balance $ 3,317 $ 1,201

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets, Net	Intangible Assets, Net consists of the following: March 31, 2022 December 31, 2021 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 (41,325 ) (39,797 ) Trade Name (7,293 ) (6,893 ) Total Accumulated Amortization (48,618 ) (46,690 ) Intangible Assets, Net $ 22,458 $ 24,386

Furniture, Equipment and Leas_2

Furniture, Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2022
Property Plant And Equipment [Abstract]
Schedule of Furniture, Equipment and Leasehold Improvements, Net	Furniture, Equipment and Leasehold Improvements, Net consists of the following: March 31, 2022 December 31, 2021 Leasehold Improvements $ 56,260 $ 56,230 Furniture and Fixtures 18,059 18,044 Office Equipment 4,730 4,423 Total Furniture, Equipment and Leasehold Improvements 79,049 78,697 Accumulated Depreciation (43,711 ) (41,550 ) Furniture, Equipment and Leasehold Improvements, Net $ 35,338 $ 37,147

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 Level I Level II Level III Total Treasury Securities $ — $ 19,974 $ — $ 19,974 December 31, 2021 Level I Level II Level III Total Treasury Securities $ — $ 40,000 $ — $ 40,000

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Company's Tax Position	The following table summarizes the Company’s tax position: Three Months Ended March 31, 2022 2021 Income Before Provision for Taxes $ 50,148 $ 43,889 Provision for Taxes $ 5,680 $ 93 Effective Income Tax Rate 11.3 % 0.2 %

Net Income Per Share of Class_2

Net Income Per Share of Class A Common Stock (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021 is presented below: Three Months Ended March 31, 2022 2021 Numerator: Net Income Attributable to Shares of Class A Common Stock — Basic $ 25,704 $ 26,682 Incremental Net Income from Dilutive Securities 786 17,409 Net Income Attributable to Shares of Class A Common Stock — Diluted $ 26,490 $ 44,091 Denominator: Weighted-Average Shares of Class A Common Stock Outstanding — Basic 24,989,152 24,969,388 Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units 1,562,683 17,889,369 Weighted-Average Shares of Class A Common Stock Outstanding — Diluted 26,551,835 42,858,757 Net Income Per Share of Class A Common Stock Basic $ 1.03 $ 1.07 Diluted $ 1.00 $ 1.03

Equity-Based and Other Deferr_2

Equity-Based and Other Deferred Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 and 2021, respectively: Three Months Ended March 31, 2022 2021 Equity-Based Compensation Expense $ 59,069 $ 29,948 Income Tax Benefit $ 8,022 $ 4,027
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSUs for the three months ended March 31, 2022: Restricted Stock Units Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 4,098,671 $ 60.14 Granted 1,836,887 63.62 Dividends Reinvested on RSUs (49,604 ) 45.59 Forfeited (21,872 ) 64.97 Vested (1,502,562 ) 50.52 Balance, March 31, 2022 4,361,520 $ 65.06
Summary of Assumptions Used for Estimated Fair Value of RSU Awards	The Company estimated the fair value of RSU awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Units for the three months ended March 31, 2022: Partnership Units Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 248,595 $ 53.42 Granted 47,588 59.84 Vested (79,268 ) 49.26 Balance, March 31, 2022 216,915 $ 56.35
Summary of Unvested Units After Expected Forfeitures which are Expected to Vest	The following unvested units, after expected forfeitures, as of March 31, 2022, are expected to vest: Weighted- Average Service Period Units in Years Restricted Stock Units 5,431,907 2.2 Partnership Units 1,202,741 2.8 Restricted Share Awards 2,584 0.5 Total Equity-Based Awards 6,637,232 2.3
RSU Awards Containing Service and Market Conditions
Summary of Activity Related to Unvested Restricted Stock Units	The following table summarizes activity related to unvested RSU awards with both a service and market condition for the three months ended March 31, 2022: RSU Awards with Both Service and Market Conditions Weighted- Average Grant Date Number of Fair Value Units (in dollars) Balance, December 31, 2021 50,280 $ 36.53 Granted 1,514,748 41.97 Dividends Reinvested on RSUs 11 34.00 Vested (4,167 ) 13.52 Balance, March 31, 2022 1,560,872 $ 41.87
Partnership Unit Awards Containing Service and Market Conditions
Summary of Assumptions Used for Estimated Fair Value of RSU Awards	The Company estimated the fair value of Partnership Unit awards with both a service and market condition at grant using a Monte Carlo simulation. The following table presents the assumptions used for the three months ended March 31, 2022: Risk-Free Interest Rate 2.0 % Volatility Factor 37.0 % Expected Life (in years) 5.0
Summary of Activity Related to Unvested Partnership Units	The following table summarizes activity related to unvested Partnership Unit awards with both a service and market condition for the three months ended March 31, 2022: Partnership Unit Awards with Both Service and Market Conditions Weighted- Average Number of Grant Date Partnership Fair Value Units (in dollars) Balance, December 31, 2021 — $ — Granted 1,107,768 39.10 Balance, March 31, 2022 1,107,768 $ 39.10

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating Lease Cost $ 6,724 $ 6,846 Variable Lease Cost 1,004 852 Sublease Income (210 ) (270 ) Total Lease Cost $ 7,518 $ 7,428
Schedule of Supplemental Information Related to Leases	Supplemental information related to the Company’s operating leases was as follows: Three Months Ended March 31, 2022 2021 Cash Paid for Amounts Included in Measurement of Lease Liabilities Operating Cash Flows from Operating Leases $ 5,640 $ 5,351 March 31, 2022 December 31, 2021 Weighted-Average Remaining Lease Term (in years) 7.5 7.6 Weighted-Average Discount Rate 4.7 % 4.7 %
Schedule of Maturity Analysis of Operating Lease Liabilities	The following is a maturity analysis of the annual undiscounted cash flows of the Company’s operating lease liabilities as of March 31, 2022: Year Ending December 31, Operating 2022 (April 1 through December 31) $ 22,123 2023 29,809 2024 28,288 2025 24,614 2026 19,254 Thereafter 54,182 Total Lease Payments 178,270 Less: Imputed Interest 28,220 Total $ 150,050

Business Information (Tables)

Business Information (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2022 2021 Revenues Domestic $ 216,979 $ 164,280 International 29,340 42,420 Total $ 246,319 $ 206,700 March 31, 2022 December 31, 2021 Assets Domestic $ 822,197 $ 824,963 International 141,674 162,662 Total $ 963,871 $ 987,625

Organization - Additional Infor

Organization - Additional Information (Details) - PJT Partners Holdings LP	Mar. 31, 2022
Organization Disclosure [Line Items]
Voting power	100.00%
Non-controlling interest percentage	37.90%
Maximum
Organization Disclosure [Line Items]
Economic interest	100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash subject to notice requirement	$ 0.7	$ 41.2

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, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 244,131	$ 204,763
Advisory Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	181,658	152,600
Placement Fees
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	60,351	50,383
Interest Income from Placement Fees and Other
Disaggregation Of Revenue [Line Items]
Revenues from Contracts with Customers	$ 2,122	$ 1,780

Revenues from Contracts with _4

Revenues from Contracts with Customers - Additional Information (Details1) - Advisory And Placement Fees - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 $ in Millions	Mar. 31, 2022USD ($)
Deferred Revenue Arrangement [Line Items]
Aggregate amount of transaction price allocated to performance obligations yet to be satisfied	$ 40.8
Revenue remaining performance obligation, expected satisfaction period	12 months

Revenues from Contracts with _5

Revenues from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Deferred revenue	$ 6,300	$ 4,700
Contract liabilities	14,702		$ 12,947
Accounts Payable, Accrued Expenses and Other Liabilities
Deferred Revenue Arrangement [Line Items]
Contract liabilities	$ 1,100		$ 1,200
Advisory And Placement Fees
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	$ 24,000	$ 7,200

Accounts Receivable and Allow_3

Accounts Receivable and Allowance for Credit Losses - Schedule of Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Beginning Balance	$ 1,853	$ 1,330
Provision for Credit Losses	1,464	(192)
Recoveries		63
Ending Balance	$ 3,317	$ 1,201

Accounts Receivable and Allow_4

Accounts Receivable and Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable Allowance For Credit Losses [Line Items]
Long-term receivables outstanding more than 90 days	$ 3.1	$ 3.4
Allowance for credit loss, long-term receivables	$ 0.8	0.8
Minimum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	3 years
Maximum
Financing Receivable Allowance For Credit Losses [Line Items]
Accounts receivable payment terms	4 years
Placement Fee Receivable
Financing Receivable Allowance For Credit Losses [Line Items]
Accrued interest	$ 2.1	1.9
Long-term receivables	$ 151.4	$ 104.6

Intangible Assets - Schedule of

Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net
Total Intangible Assets	$ 71,076	$ 71,076
Total Accumulated Amortization	(48,618)	(46,690)
Intangible Assets, Net	22,458	24,386
Customer Relationships
Finite-Lived Intangible Assets, Net
Total Intangible Assets	61,276	61,276
Total Accumulated Amortization	(41,325)	(39,797)
Trade Names
Finite-Lived Intangible Assets, Net
Total Intangible Assets	9,800	9,800
Total Accumulated Amortization	$ (7,293)	$ (6,893)

Intangible Assets - Additional

Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 1.9	$ 1.9
Expected amortization of intangible assets, remainder of year	4.6
Expected amortization of intangible assets, 2023	4.9
Expected amortization of intangible assets, 2024	4.9
Expected amortization of intangible assets, 2025	4.8
Expected amortization of intangible assets, 2026	$ 3.3

Furniture, Equipment and Leas_3

Furniture, Equipment and Leasehold Improvements - Schedule of Furniture, Equipment and Leasehold Improvements, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 79,049	$ 78,697
Accumulated Depreciation	(43,711)	(41,550)
Furniture, Equipment and Leasehold Improvements, Net	35,338	37,147
Office Equipment
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	4,730	4,423
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	56,260	56,230
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total Furniture, Equipment and Leasehold Improvements	$ 18,059	$ 18,044

Furniture, Equipment and Leas_4

Furniture, Equipment and Leasehold Improvements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Property Plant And Equipment [Abstract]
Depreciation expense	$ 2.4	$ 1.9

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Valuation of the Company's Investments by Fair Value Hierarchy (Details) - Treasury Securities - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 19,974	$ 40,000
Level II
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments	$ 19,974	$ 40,000

Income Taxes - Summary of Compa

Income Taxes - Summary of Company's Tax Position (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Before Provision for Taxes	$ 50,148	$ 43,889
Provision for Taxes	$ 5,680	$ 93
Effective Income Tax Rate	11.30%	0.20%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	Mar. 31, 2022USD ($)
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0

Net Income Per Share of Class_3

Net Income Per Share of Class A Common Stock - Schedule of Net Income Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Unvested Restricted Stock Units
Denominator:
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	1,562,683	17,889,369
Class A Common Stock
Numerator:
Net Income Attributable to Shares of Class A Common Stock — Basic	$ 25,704	$ 26,682
Incremental Net Income from Dilutive Securities	786	17,409
Net Income Attributable to Shares of Class A Common Stock — Diluted	$ 26,490	$ 44,091
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic	24,989,152	24,969,388
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted	26,551,835	42,858,757
Net Income Per Share of Class A Common Stock
Basic	$ 1.03	$ 1.07
Diluted	$ 1	$ 1.03

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, 2022	Mar. 31, 2021	Apr. 25, 2022
Earnings Per Share Basic [Line Items]
Aggregate amount of shares repurchased	$ 56,569,000	$ 45,896,000
Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Class A common shares outstanding if all Holding Partnership Units exchanged	40,185,805
Class A Common Stock
Earnings Per Share Basic [Line Items]
Share repurchase program, authorized amount			$ 200,000,000
Share repurchase program, remaining authorized amount	$ 26,600,000
Treasury stock repurchased	900,000
Treasury stock, average price per share	$ 63.75
Aggregate amount of shares repurchased	$ 56,600,000
Class A Common Stock | Participating Restricted Stock Units
Earnings Per Share Basic [Line Items]
Anti-dilutive securities excluded from the calculation of net income per share	15,196,653	0

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, 2022	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity-Based Compensation Expense	$ 59,069	$ 29,948
Income Tax Benefit	$ 8,022	$ 4,027

Equity-Based and Other Deferr_4

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Restricted Stock Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Restricted Stock Units
Number of Units
Beginning Balance	4,098,671
Granted	1,836,887
Dividends Reinvested on RSUs	(49,604)
Forfeited	(21,872)
Vested	(1,502,562)
Ending Balance	4,361,520
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 60.14
Granted	63.62	$ 73.08
Dividends Reinvested on RSUs	45.59
Forfeited	64.97
Vested	50.52
Ending Balance	$ 65.06
RSU Awards Containing Service and Market Conditions
Number of Units
Beginning Balance	50,280
Granted	1,514,748
Dividends Reinvested on RSUs	11
Vested	(4,167)
Ending Balance	1,560,872
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 36.53
Granted	41.97
Dividends Reinvested on RSUs	34
Vested	13.52
Ending Balance	$ 41.87

Equity-Based and Other Deferr_5

Equity-Based and Other Deferred Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 10, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 7,000	$ 8,200
Unrecognized compensation expense related to deferred cash awards		$ 30,200
Weighted-average period over compensation cost is expected to be recognized		2 years 3 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards		$ 185,600
Weighted-average period for recognition of compensation expense related to unvested awards		1 year 10 months 24 days
Weighted-average grant date fair value		$ 63.62	$ 73.08
Granted		1,836,887
Outstanding		4,361,520		4,098,671
RSU 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		$ 50,300
Weighted-average period for recognition of compensation expense related to unvested awards		3 years
Weighted-average grant date fair value		$ 41.97
Awards with service condition requirement	5 years
Awards vesting percentage with service condition	20.00%
Weighted-average share price targets on consecutive trading period	20 days
Awards incremental cost	$ 100
Awards with service and market condition vested	0
Granted		1,514,748
Outstanding		1,560,872		50,280
RSU Awards Containing Service and Market Conditions | Dividend-adjusted Publicly Traded Shares of Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares	50.00%	50.00%
Restricted Share Awards | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards		$ 47
Weighted-average period for recognition of compensation expense related to unvested awards		6 months
Vesting period		4 years
Granted		0
Outstanding		2,592
Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated unrecognized compensation expense related to unvested awards		$ 9,500
Assumed forfeiture rate		4.00%
Weighted-average period for recognition of compensation expense related to unvested awards		1 year 2 months 12 days
Weighted-average grant date fair value		$ 59.84	$ 68.10
Granted		47,588
Outstanding		216,915		248,595
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		$ 35,100
Assumed forfeiture rate		4.00%
Weighted-average period for recognition of compensation expense related to unvested awards		3 years 1 month 6 days
Weighted-average grant date fair value		$ 39.10
Awards with service condition requirement	5 years
Awards vesting percentage with service condition	20.00%
Weighted-average share price targets on consecutive trading period	20 days
Awards incremental cost	$ 100
Awards with service and market condition vested	0
Granted		1,107,768
Outstanding		1,107,768
Partnership Unit Awards Containing Service and Market Conditions | Dividend-adjusted Publicly Traded Shares of Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, Percentage of satisfied upon dividend-adjusted publicly traded shares	50.00%	50.00%
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
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate		4.00%
Awards with service condition requirement		3 years
Awards incremental cost	$ 100
Minimum | Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards incremental cost	100
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		6.00%
Maximum | RSU Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Assumed forfeiture rate		6.00%
Awards with service condition requirement		5 years
Awards incremental cost	130
Maximum | Partnership Unit Awards Containing Service and Market Conditions
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards incremental cost	$ 130

Equity-Based and Other Deferr_6

Equity-Based and Other Deferred Compensation - Summary of Assumptions Used for Estimated Fair Value of RSU Awards (Details) - RSU Awards Containing Service and Market Conditions	3 Months Ended
	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-Free Interest Rate	2.00%
Volatility Factor	37.00%
Expected Life (in years)	5 years

Equity-Based and Other Deferr_7

Equity-Based and Other Deferred Compensation - Summary of Activity Related to Unvested Partnership Units (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Partnership Units
Number of Units
Beginning Balance	248,595
Granted	47,588
Vested	(79,268)
Ending Balance	216,915
Weighted-Average Grant Date Fair Value
Beginning Balance	$ 53.42
Granted	59.84	$ 68.10
Vested	49.26
Ending Balance	$ 56.35
Partnership Unit Awards Containing Service and Market Conditions
Number of Units
Granted	1,107,768
Ending Balance	1,107,768
Weighted-Average Grant Date Fair Value
Granted	$ 39.10
Ending Balance	$ 39.10

Equity-Based and Other Deferr_8

Equity-Based and Other Deferred Compensation - Unvested Units After Expected Forfeitures which are Expected to Vest (Details)	3 Months Ended
	Mar. 31, 2022shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	6,637,232
Weighted-average service period of unit expected to vest (in years)	2 years 3 months 18 days
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	5,431,907
Weighted-average service period of unit expected to vest (in years)	2 years 2 months 12 days
Restricted Share Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	2,584
Weighted-average service period of unit expected to vest (in years)	6 months
PJT Partners Holdings LP | Partnership Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units expected to vest	1,202,741
Weighted-average service period of unit expected to vest (in years)	2 years 9 months 18 days

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating Lease Cost	$ 6,724	$ 6,846
Variable Lease Cost	1,004	852
Sublease Income	(210)	(270)
Total Lease Cost	$ 7,518	$ 7,428

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash Paid for Amounts Included in Measurement of Lease Liabilities
Operating Cash Flows from Operating Leases	$ 5,640	$ 5,351
Weighted-Average Remaining Lease Term (in years)	7 years 6 months		7 years 7 months 6 days
Weighted-Average Discount Rate	4.70%		4.70%

Leases - Schedule of Maturity A

Leases - Schedule of Maturity Analysis of Finance and Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating Lease, 2021 (October 1 through December 31)	$ 22,123
Operating Lease, 2022	29,809
Operating Lease, 2023	28,288
Operating Lease, 2024	24,614
Operating Lease, 2025	19,254
Operating Lease, Thereafter	54,182
Operating Lease, Total Lease Payments	178,270
Operating Lease, Less: Imputed Interest	28,220
Operating Lease, Total	$ 150,050	$ 157,013

Transactions With Related Par_2

Transactions With Related Parties - Additional Information (Details) $ in Thousands	Apr. 28, 2022shares	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)shares	Dec. 31, 2021USD ($)
Related Party Transaction [Line Items]
Cash settled exchange of partnership units | $		$ 6,559	$ 48,478
Amount due to tax receivable agreement | $		$ 31,714		$ 31,131
PJT Partners Holdings LP
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares		100,000	700,000
Percentage payment to exchanging holders of partnership units of benefits		85.00%
PJT Partners Holdings LP | Subsequent Event
Related Party Transaction [Line Items]
Exchange of partnership units settled | shares	65,032
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. 01, 2021	Mar. 31, 2022	Dec. 31, 2021
Commitments And Contingencies [Line Items]
Revolving Credit Facility Payable		$ 25,000,000
Blackstone
Commitments And Contingencies [Line Items]
Loans held by employees for investments guaranteed		4,100,000	$ 4,100,000
Forfeiture accrual		900,000	900,000
Tax benefit accrual		$ 2,600,000	2,600,000
Renewal Agreement
Commitments And Contingencies [Line Items]
Loan agreement, interest rate description		During an event of default, overdue principal under the revolving credit facility bears interest at a rate 2.0% in excess of the otherwise applicable rate of interest.
Loan agreement financial covenants maximum additional indebtedness	$ 20,000,000
Revolving Credit Facility
Commitments And Contingencies [Line Items]
Revolving Credit Facility Payable		$ 25,000,000	$ 0
Revolving Credit Facility | Renewal Agreement
Commitments And Contingencies [Line Items]
Revolving credit facility, borrowing capacity before increase	60,000,000
Increase revolving credit facility	$ 80,000,000
Revolving credit facility, maturity date	Oct. 1, 2022
Line of credit facility bear interest equal to greater of per annum rate	2.75%
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) 2.75%, or (b) the prime rate minus 1.0%.
Line of credit facility, frequency of commitment fee payment		quarterly

Regulated Entities - Additional

Regulated Entities - Additional Information (Details) € in Thousands, $ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2022EUR (€)	Mar. 31, 2022HKD ($)	Dec. 31, 2021USD ($)
United Kingdom
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 75
Percentage of fixed overheads	25.00%
Hong Kong
Regulatory Authorities [Line Items]
Minimum net capital requirement			$ 3
Spain
Regulatory Authorities [Line Items]
Minimum net capital requirement | €		€ 75
Percentage of fixed overheads	25.00%
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	$ 9,200			$ 79,400
Net capital in excess of required net capital	$ 7,500			$ 77,600
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, 2022segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Business Information - Schedule

Business Information - Schedule of Geographical Distribution of Revenues and Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues
Revenues	$ 246,319	$ 206,700
Assets
Assets	963,871		$ 987,625
Domestic
Revenues
Revenues	216,979	164,280
Assets
Assets	822,197		824,963
International
Revenues
Revenues	29,340	$ 42,420
Assets
Assets	$ 141,674		$ 162,662

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Class A Common Stock - $ / shares	Apr. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Event [Line Items]
Dividends Declared Per Share of Class A Common Stock		$ 0.25	$ 0.05
Subsequent Event | Quarterly Dividend
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	$ 0.25
Dividends payable, date to be paid	Jun. 22, 2022
Dividends payable, date of record	Jun. 8, 2022