Recession Strikes Harder at N.J. Top 40 Second-Tier Firms

, New Jersey Law Journal

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Just as New Jersey's Top 20 firms took it on the chin last year, their colleagues in the next tier felt the effects of the Great Recession -- and worse so. The second-tier firms showed a 9 percent drop in gross revenues and a 2.4 percent decline in net profits in 2009. They also went into retrenchment, dropping their attorney ranks by 3.8 percent. It marked the second straight year of decline in the lower half of the Top 40 firms. Revenue per lawyer dropped by 5.5 percent and profits per equity partner by 4.4 percent.

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