How did the firm celebrate previously?

The firm celebrated previously with modest events, emphasizing a more restrained approach to their celebrations rather than extravagant or large-scale ones. This choice indicates that the firm valued simplicity and perhaps a more personal touch in their celebrations. It suggests a culture of modesty and perhaps an intention to keep celebrations intimate and low-key, rather than overwhelming or ostentatious.

The other options imply different types of celebrations that do not align with the context of modesty. Celebrating with no events would suggest inactivity in acknowledging accomplishments or milestones, while private gatherings imply a more exclusive or secretive nature. On the other hand, extravagant events would contradict the notion of modest celebrations and suggest a focus on grandeur and lavishness rather than a simple, understated observance. Thus, modest events aptly capture the intention and nature of the firm's past celebrations.