How did the firm previously view lavish celebrations?

The firm previously viewed lavish celebrations as a rare occurrence. This implies that such events were not the norm for the company; instead, they were conducted infrequently and perhaps reserved for special milestones or achievements. The notion of rarity suggests that these celebrations were seen as something exceptional, not as a regular part of their business operations. This perspective may indicate a restrained or conservative approach to celebrations, emphasizing a preference for moderation rather than extravagance.

Other options describe different attitudes toward lavish celebrations: considering them a waste implies a critical stance against the expenditure; viewing them as a standard procedure would indicate that such celebrations were common practice; and seeing them as unnecessary suggests a belief that they do not add value. However, the distinction in the correct choice highlights the firm's unique perspective of viewing these celebrations as infrequent events, underscoring a particular ethos or approach they adopted regarding celebrations in their professional environment.