In one of the busiest years ever for M&A, three publicly-traded advisory firms are facing a tough third-quarter reporting period.

Nomura equity analyst Steven Chubak on October 6 ratcheted down his estimates for Lazard, Evercore Partners and Greenhill. He said he expects the three firms to report lower advisory fees with many of the deals that were expected to close in the third quarter now expected to do so in the fourth quarter. Banks only book advisory fees when deals close.