"Bring back 2008," says managing partner Jennifer Prosek. She called 2008 a "great" year, despite it being clear by August that "predictions of a market downturn were starting to come to fruition."
Even with the dreary economy, the firm has seen bright spots that have helped it during Q1 2009. Since August, Prosek says about 40% of billings have been attributed to issues and crisis management, just about every program the firm works on has a digital component, and the energy and environmental sectors are active, a plus for the new practices. And its work surrounding Troubled Asset Relief Program (TARP) funding has added to the services the firm offers.
"We focus on the opportunities that the recession has brought, as well as keeping in mind the negatives," she notes.
CJP's current headcount is 43, an increase over the prior year. Staff turnover in 2008 totaled 10%. The firm had no senior staff departures, changes, or restructures.
The firm has 15 total practice areas, two that are new: environmental and energy. The new groups, in total, comprised 7% of accounts, while financial accounted for 42%, IR 11%, digital media and entertainment 7%, and crisis communications 2%. Digital media and entertainment had triple-digit growth for the year.
Among CJP's key account wins in 2008 were Concordia Funds, Sterling Bank, and Sybase. Account losses included Russell Reynolds Associates and People's United Bank. Seventy-five percent of the firm's clients are on retainer.
Total global revenue was $8,995,218, up 11% over 2007 with a 28% profit margin.
Principal: Jennifer Prosek, managing partner
Offices: Two in the US, New York and Stratford, CT