PJT Partners is an advisory-only investment bank — it does not underwrite securities, lend, or trade. PJT sells advice and fundraising services across three businesses. Strategic Advisory covers M&A, spin-offs, divestitures, activism defense, and capital markets advice, primarily for large corporations and private equity firms. Restructuring and Special Situations advises debtors and creditors in financial distress, out-of-court restructurings, and Chapter 11 bankruptcies — PJT claims the #1 global ranking in restructuring by announced deal volume. PJT Park Hill helps private fund managers raise capital from institutional investors across private equity, real estate, and credit, and runs a private capital solutions business facilitating secondary transactions and continuation funds. PJT earns fees almost entirely on deal close — revenues are lumpy, back-half weighted, and have no meaningful recurring component. Revenue is driven by M&A volumes, financial stress and default rates, and the alternative asset fundraising environment. Compensation is the dominant cost, running roughly 67% of revenues. PJT's growth strategy centers on hiring senior partners to expand industry coverage and geographies, then allowing those partners to mature and generate more revenue over time — improving the compensation ratio and expanding margins as the partner base scales.