PJT Partners (NYSE: PJT ) reported its Q3 2023 earnings, revealing a 5% YoY increase in total revenues to $278 million. Despite a challenging fundraising environment and a decade-low M&A activity, the firm remains confident in its ability to navigate current market conditions. The company anticipates its full-year revenues to hit a record high, bolstered by a strong performance in its restructuring business. Key takeaways from the call include: During the earnings call, CEO Paul Taubman discussed the current business environment, stating that many businesses weakened by the COVID pandemic are in a "higher for longer" restructuring cycle. Companies with overleveraged balance sheets no longer have easy access to capital, and the low interest rate environment has changed. Taubman expressed optimism about the future of their restructuring business, stating that it is different from the burst of activity seen in 2021, as they expect a continuous need for balance sheet repair.