Business Realignment

12 Months Ended

Dec. 31, 2020

Restructuring And Related Activities [Abstract]

Business Realignment

18. BUSINESS REALIGNMENT

The Company conducted a review of its business in 2019, which resulted in a realignment that included employee reductions and the closing of subscale offices and investment strategies, most of which were completed during the third quarter of 2019.

Expenses associated with the business realignment for the year ended December 31, 2019 were as follows:

	Financial		Asset
	Advisory		Management		Corporate		Total
Compensation and benefits	$	39,476	$	14,480	$	2,679	$	56,635
Other (a)		4,371		1,750		5,054		11,175
Total	$	43,847	$	16,230	$	7,733	$	67,810

(a) Financial Advisory includes losses of $3,727 associated with the closing of certain offices as part of business realignment.

Activity related to the obligations pursuant to the business realignment during the year ended December 31, 2020 was as follows:

	Accrued
	Compensation			Other
	and Benefits			Liabilities			Total
Balance, January 1, 2020	$	20,210		$	5,068		$	25,278
Less:
Cash paid or otherwise settled		(18,784	)		(5,068	)		(23,852	)
Balance, December 31, 2020	$	1,426		$	-		$	1,426