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Revenue (Tables)
 3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table presents revenue recognized by the Company for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
20212020
Investment Banking:
Advisory Fees$511,918 $358,564 
Underwriting Fees79,257 21,118 
Commissions and Related Revenue53,526 55,566 
Total Investment Banking$644,701 $435,248 
Investment Management:
Asset Management and Administration Fees:
Wealth Management
$14,949 $12,328 
Institutional Asset Management
— 419 
Total Investment Management$14,949 $12,747 
Contract with Customer, Asset and Liability [Table Text Block] The change in the Company’s contract assets and liabilities during the following 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 three months ended March 31, 2021 and 2020 are as follows:
For the Three Months Ended March 31, 2021
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, 2021$368,346 $70,975 $29,327 $5,283 $9,373 $147 
Increase (Decrease)(11,916)(2,434)(1,527)(1,111)3,791 — 
Balance at March 31, 2021$356,430 $68,541 $27,800 $4,172 $13,164 $147 
For the Three Months Ended March 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)(48,910)(3,968)166 6,960 3,131 — 
Balance at March 31, 2020$247,445 $59,586 $31,691 $9,464 $5,623 $615 
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.
(2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.
(4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
(5)Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
The allowance for credit losses for the three months ended March 31, 2021 and 2020 is as follows:
For the Three Months Ended March 31,
20212020
Beginning Balance(1)
$5,372 $9,191 
Bad debt expense, net of reversals(1,738)474 
Write-offs, foreign currency translation and other adjustments(1,617)(2,770)
Ending Balance$2,017 $6,895 
(1)Beginning Balance for the three months ended March 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.
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 March 31, 2021, by year of origination:
Amortized Cost Basis by Origination Year
20212020201920182017Total
Long-term Accounts Receivable and Long-Term Contract Assets$12,420 $42,303 $12,238 $5,353 $399 $72,713