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Revenue (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020, 2019 and 2018:
For the Years Ended December 31,
202020192018
Investment Banking:
Advisory Fees$1,755,273 $1,653,585 $1,743,473 
Underwriting Fees276,191 89,681 71,691 
Commissions and Related Fees205,767 189,506 200,015 
Total Investment Banking$2,237,231 $1,932,772 $2,015,179 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$53,069 $48,083 $44,875 
Institutional Asset Management
1,328 2,528 3,371 
Total Investment Management$54,397 $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, 2020 and 2019 are as follows:
For the Year Ended December 31, 2020
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, 2020$296,355 $63,554 $31,525 $2,504 $2,492 $615 
Increase (Decrease)71,991 7,421 (2,198)2,779 6,881 (468)
Balance at December 31, 2020$368,346 $70,975 $29,327 $5,283 $9,373 $147 
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 
(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.
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
The allowance for credit losses for the years ended December 31, 2020 and 2019 is as follows:
For the Years Ended December 31,
20202019
Beginning Balance(1)
$9,191 $6,037 
Bad debt expense6,878 10,451 
Write-offs, foreign currency translation and other adjustments(10,697)(8,607)
Ending Balance$5,372 $7,881 
(1)Beginning Balance for the year ended December 31, 2020 includes the cumulative-effect adjustment of $1,310, which reflects the increase in the Company's Allowance for Doubtful Accounts as a result of the use of the current expected credit loss model related to the adoption of ASU 2016-13 on January 1, 2020. See Notes 2 and 3 for further information.
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block]
For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of December 31, 2020, by year of origination:
Amortized Cost Basis by Origination Year
2020201920182017Total
Long-term Accounts Receivable and Long-Term Contract Assets$47,466 $19,538 $8,478 $776 $76,258