Brennan Hawken: Okay, okay. Understood that was just trying to get a little texture on whether or not you’re talking about incremental. I guess, I’m left to assume it will be a little incremental. So —
Paul Taubman: Just to be clear, we need to get through this year and see where — we where we land for the full year. But my hope would be that from there, we would begin to get those margins higher over time and get them back to where they had been historically, that’s the objective. So there’s no confusion.
Brennan Hawken: Okay, thanks for that, Paul. And then clear strength in restructuring. It really good to see it’s really kind of interesting, because we’ve heard other firms’ remark on growth sort of starting to level out. So sounds like you’re not seeing that. Curious, number one, is that still sponsor owned debter-side driven? And given the fact that you’re expecting the highest revenue in the firm’s history, how does the restructuring revenue year-to-date compared to 2020? And, what kind of order of magnitude do you think we could see, as far as record revenue go? Any additional color there would be great, thank you.
Paul Taubman: Well, sure, I’ll just take the last thing. I mean, all I’m comfortable saying at this point, we still have a lot of the fourth quarter to come. And I really don’t want to get overly precise on what our fourth quarter estimates are, because it’s very difficult to sort of predict a quarter. We’re much more comfortable and thinking about yours. And I think at this point in the year, I am comfortable saying that this will be, our highest revenue year ever, and the prior peak was 2020. But beyond that, I don’t have any additional color to give on that. And I think that just reflects if you tie it back to earlier comments we had made, it’s a slight or a modest improvement in our full year prognosis. And I think a lot of that is restructuring, it’s not exclusively restructuring.
I think our restructuring business I would characterize that the early wave was probably more liability management, and proactive managing of [Indiscernible], which was unrelated to bankruptcy filings. We’re now starting to see as this difficult credit environment and business pressure continues to carry on that it affects more corporates. And those companies are increasingly working to proactively manage their debt stacks. And some of them may have no choice but to make use of the courts to resolve some of their over leverage situations. So I think it’s, it’s a mix of business, it’s a mix of business between that as a creditors, it’s a mix of business, geographically. We continue to work to increase our presence outside the United States and Europe and in Asia.
We continue to work in court out of court, and I’m quite pleased with just the breadth and depth of our business. And the more that we can link that to our strategic advisory team and their relationships and their industry expertise and their access. The hope is that we can continue to push forward with this business now. Where does it go quarter-to-quarter? I’m not able to predict that. But if you ask me, is this going to end all resemble 2021, where we had this burst of activity, and then it dried up? I think this feels very different than that, that this is, this is a balance sheet repair cycle where it’s wave after wave that still need to be dealt with. And we don’t see using money coming back any anytime soon.
