Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table presents revenue recognized by the Company for the years ended December 31, 2019 and 2018:



	For the Years Ended December 31,
	2019		2018
Investment Banking:
Advisory Fees	$	1,653,585	$	1,743,473
Underwriting Fees	89,681		71,691
Commissions and Related Fees	189,506		200,015
Total Investment Banking	$	1,932,772	$	2,015,179

Investment Management:
Asset Management and Administration Fees:
Wealth Management	$	48,083	$	44,875
Institutional Asset Management	2,528		3,371
Total Investment Management	$	50,611	$	48,246

Contract with Customer, Asset and Liability [Table Text Block]

The change in the Company’s contract assets and liabilities during the periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2019 and 2018 are as follows:



	For the Year Ended December 31, 2019
	Receivables (Current)⁽¹⁾			Receivables (Long-term)⁽²⁾		Contract Assets (Current)⁽³⁾		Contract Assets (Long-term)⁽²⁾		Deferred Revenue (Current Contract Liabilities)⁽⁴⁾			Deferred Revenue (Long-term Contract Liabilities)⁽⁵⁾
Balance at January 1, 2019	$	309,075		$	60,948	$	2,833	$	541	$	4,016		$	1,731
Increase (Decrease)	(12,720		)	2,606		28,692		1,963		(1,524		)	(1,116		)
Balance at December 31, 2019	$	296,355		$	63,554	$	31,525	$	2,504	$	2,492		$	615

	For the Year Ended December 31, 2018
	Receivables (Current)⁽¹⁾			Receivables (Long-term)⁽²⁾		Contract Assets (Current)⁽³⁾		Contract Assets (Long-term)⁽²⁾		Deferred Revenue (Current Contract Liabilities)⁽⁴⁾			Deferred Revenue (Long-term Contract Liabilities)⁽⁵⁾
Balance at January 1, 2018	$	184,993		$	34,008	$	—	$	—	$	3,147		$	1,834
Increase (Decrease)	124,082			26,940		2,833		541		869			(103		)
Balance at December 31, 2018	$	309,075		$	60,948	$	2,833	$	541	$	4,016		$	1,731


(1)	Included in Accounts Receivable on the Consolidated Statements of Financial Condition.


(2)	Included in Other Assets on the Consolidated Statements of Financial Condition.


(3)	Included in Other Current Assets on the Consolidated Statements of Financial Condition.


(4)	Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.

(5)

Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition.