On Tuesday, January 13, 2015, Gov. Chris Christie delivered his fifth State of the State Address. One of the main points of the speech was a call for a “New Jersey renewal.” The New Jersey Civil Justice Institute shares this sentiment.
Video of the State of the State, analysis, and response from Democratic leaders from NJTV News.
If New Jersey wants a real renewal, legal reform must become part of the legislature’s agenda.
Our state can’t continue to come in at the bottom of the Chamber’s ranking of state legal climates and keep showing up in the American Tort Reform Association’s ‘Hellholes’ report and expect businesses to view our state as the best place from them to grow their business.
A state’s litigation climate is one of the top factors business leaders consider when deciding where to locate their business or whether to expand. States with predictable legal systems that discourage abuse allow businesses to more accurately project what future legal expenses will be, allowing them to free up capital for business expansion and job creation.
Common sense legal reforms are a budget-neutral way to improve the business climate in the state at a time when finances are tight. In the short run, legal reform can provide an economic stimulus without loss of tax receipts or an increase in spending. In the long run, states with improved litigation climates see more economic activity, leading to increased revenue collections.
All of us shoulder the burden of New Jersey’s excessively expensive and inefficient legal system through higher prices, lower wages, decreased returns on investments in capital and land, restricted access to health care, and less innovation. NJCJI’s legislative agenda provides a bold yet realistic roadmap for reform that will help spark the New Jersey renewal.
We urge you to contact your legislators and tell them that legal reform must play a part in New Jersey’s renewal.