Cost Saving Initiatives

3 Months Ended

Mar. 31, 2014

Restructuring And Related Activities [Abstract]

Cost Saving Initiatives

14. COST SAVING INITIATIVES

Cost Saving Initiatives—In October 2012, the Company announced cost saving initiatives (the “Cost Saving Initiatives”) relating to the Company’s operations. These initiatives include streamlining our corporate structure and consolidating support functions; realigning our investments into areas with potential for the greatest long-term return; the settlement of certain contractual obligations; reducing occupancy costs; and creating greater flexibility to retain and attract the best people and invest in new growth areas.

Expenses associated with the implementation of the Cost Saving Initiatives were completed during the second quarter of 2013. The Company incurred these expenses, by segment, as reflected in the tables below:

	Financial Advisory		Asset Management			Corporate		Total
Three Month Period Ended March 31, 2013:
Compensation and benefits	$	20,394	$	236		$	4,041	$	24,671
Other		1,621		(1	)		31		1,651
Total	$	22,015	$	235		$	4,072	$	26,322
	Financial Advisory		Asset Management			Corporate		Total
Cumulative October 2012 Through March 31, 2013:
Compensation and benefits	$	96,527	$	12,292		$	15,839	$	124,658
Other		3,020		732			488		4,240
Total	$	99,547	$	13,024		$	16,327	$	128,898

Activity related to the obligations pursuant to the Cost Saving Initiatives during the three month period ended March 31, 2014 was as follows:

	Accrued Compensation and Benefits			Other Liabilities		Total
Balance, January 1, 2014	$	11,860		$	5,356	$	17,216
Less:
Settlements		(2,390	)		–		(2,390	)
Balance, March 31, 2014	$	9,470		$	5,356	$	14,826