Eileen Kean, the New Jersey state director for the National Federation of Independent Business (NFIB), said the current state of the economy has contributed to "a high level of uncertainty" among small business owners.
“New Jersey small business owners are worried about the state of the economy, which has led to a high level of uncertainty,” Kean said in an NFIB press release. “It should be a nonstarter for Trenton lawmakers to add to the already steep regulatory and tax burdens placed on New Jersey’s small businesses.”
The recent NFIB Small Business Optimism Index survey found that optimism among independent businesses had dropped by 2.5 points in August, falling to 91.2 and continuing a trend below the 50-year average for 32 months. The Uncertainty Index rose to its highest level since October 2020, reflecting small business owners' concerns about the economy. Inflation remains the primary issue for 24% of owners, although its prevalence decreased slightly from July.
Lawyers in New Jersey spent $105.3 million on legal services advertisements in the state in 2023, according to a report from the American Tort Reform Association (ATRA). ATRA President Sherman “Tiger” Joyce said "trial lawyers continue to pump significant money into these ad buys because, armed with more clients, they can boost settlements and payouts when they go after large corporations, ultimately raking in larger contingency fees for themselves." Due to the costs associated with these “excessive” lawsuits, each New Jersey resident pays an extra “tax” of approximately $1,757 every year.
A report from the U.S. Chamber of Commerce Institute for Legal Reform (ILR) found that a rising number of nuclear verdicts, or verdicts larger than $10 million, is contributing to increasing insurance costs. These large verdicts are referred to as “nuclear” due to the “devastating” effect they can have on “businesses, entire industries, and society at large,” according to the report. Nuclear verdicts can “undermine fundamental fairness and predictability in the rule of law” while also making goods and services more expensive. Nuclear verdicts also make insurance more expensive, and in some cases, make insurance coverage harder to attain.
In New Jersey, Morgan & Morgan spent the most on advertising in 2023 at $15.8 million, according to a report from ATRA. Morgan & Morgan was followed by Gorayeb & Associates at $4.13 million and Weitz & Luxenberg at $3.2 million. Morgan & Morgan was also the top law firm in terms of the number of ads aired in New Jersey at an estimated 130,000.
Eileen Kean is the State Director of the National Federation of Independent Business (NFIB) in New Jersey, with experience in government relations and lobbying. A partner at Komjathy & Kean, she has spent decades building relationships in Trenton and Washington, D.C., representing various associations and private businesses. Kean started as a high school history teacher before serving as CEO of the Independent Insurance Agents of New Jersey and Director of Government Affairs for the Medical Society of New Jersey.
