CJP Communications: Agency Business Report 2011

The agency's current US headcount is 50, up seven from last year. Russell Sherman joined the firm as partner after CJP acquired his practice Sherman Strategic Communications.

Principal: Jennifer Prosek, managing partner
Ownership: Independent
Offices: 3: New York, Connecticut, London

Staff
The agency's current US headcount is 50, up seven from last year. Russell Sherman joined the firm as partner after CJP acquired his practice Sherman Strategic Communications.
 
Managing partner Jennifer Prosek says Sherman's issues-management experience working for Bear Stearns during the financial crisis made him a natural fit for CJP.
 
Staff turnover was 10%.

Practice areas
Areas include financial communications, professional services, b-to-b, IR, digital, and creative and editorial services. Financial services make up 65% of the firm's business.

Accounts
Key account wins were Oppenheimer-Funds, Nomura, Trilantic Capital Partners, Travelers, and CIT Group. Approximately 75% of the firm's clients are on retainer.

Financial performance
Total global revenue was $10,077,944, up 11% over 2009. The agency experiences top-line growth primarily through the digital and financial services practices.

Analysis
Prosek says growth exceeded expectations in 2010, with corporate spending coming back in the second half. She was surprised to see some retainers come back to 2007 levels. Hedge fund and private equity were two areas that were strong throughout 2010, but it was still a challenging year, she adds, and the 11% growth was "hard fought."
 
So far in 2011, Prosek says CJP has seen the most dramatic run of RFPs ever. If it continues through the year, she can envision significant advancement for 2011.

"We didn't expect the high-quality AOR retainers to come back to the level that they did," notes Prosek. "If we don't lose any key clients, I predict more than 20% growth."

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