During 2008, a year that saw the national economy petering out, New Jersey's largest firms held their ground in terms of size, revenue and profitability. Continuing a trend of streamlining that was noticeable in 2007, firms in 2008 hired fewer new lawyers. Equity partnerships were also in retrenchment, indicating a circling of wagons to guard profits jealously. At the same time, 28 new nonequity partners were hatched within the top 20 largest New Jersey firms, a 6.2 percent increase over 2007.
April 28, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Next year, who knows? But during 2008, a year that saw the national economy petering out, New Jersey’s largest firms held their ground in terms of size, revenue and profitability.
Continuing a trend of streamlining that was noticeable in 2007, firms in 2008 hired fewer new lawyers, kept equity partnership ranks tight and increased their proportions of lower-earning, higher-billing nonequity partners.
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