The Law Journal 's sixth annual New Jersey Legal Almanac could sum up the condition of the state's legal profession in 2009 in four words: Yes, it's bad, but.
Yes, troubling news abounds. Firms have laid off attorneys, delayed start dates and trimmed the size of new classes.
On the business front, mergers and acquisitions have plummeted. In the first six months of the year, the number of deals valued at $20 million or more totaled 27, compared with 62 and 52 in the previous two years.
Summer hiring also has taken a hit. In 2009, the number of first-year summer associates totaled 11, compared with 21 the year before, while the number of second-year summer associates dropped to 98 from 127.
But there is some positive news. The number of law firms with 20 or more attorneys has grown to 114, up from 110 and 105 in the previous two years, reflecting perhaps a consolidation but at least some growth. And plaintiffs' attorneys can rejoice in the continued increase in the number of recoveries of $1 million or more; they reached 129 for the 12 months ending on July 31, up from 110 in 2008 and 90 in 2007.
A few measurements remain static from year to year. New Jersey continues to be dominated by very small firms. Solo practices make up 74.2 percent of law firms; firms of two attorneys, 11.5 percent; and firms of three to five attorneys, 8.8 percent.
This year we eliminated the Almanac's two-page spreads; the result is an easier-to-read format. We also have significantly expanded the number of in-house legal departments we track.
This compendium is the result of months of hard work by our researcher, Hali Fliegelman. I am grateful for her resourcefulness, inquisitiveness, tireless efforts and attention to detail.
I invite you to contact me at 973.854.2902 or at pbrownstein@alm.com with questions or comments.
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Lawyer Demographics:
