One of New Jersey’s largest firms, McElroy, Deutsch, Mulvaney & Carpenter, has created a minority-owned law firm subsidiary in a novel effort to attract business from Fortune 500 corporations eager to put diversity in their lists of outside counsel.

Managing partner Edward Deutsch says his 230-lawyer firm in Morristown last month acquired a 49 percent stake in Espinosa & Espinosa — a six-lawyer, certified minority firm in Weehawken whose sole equity holder was Cuban-born Juan Espinosa.

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