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The National Law Journal reports that many former Thacher lawyers have been unable to find new positions.
More than 65 attorneys from defunct Thacher Proffitt & Wood, many of whom specialize in structured finance and real estate, are still looking for jobs.
The attorneys, including eight partners, represent more than one-third of the total who remained at the New York firm before it announced its dissolution on Dec. 22, 2008. Nearly 100 joined Sonnenschein Nath & Rosenthal immediately before the firm collapsed, brought down by the securitization market’s decline, numerous partner departures and a failed merger with Atlanta’s King & Spalding.
…eight partners remain unemployed, [and] 60 associates are still unaccounted for, and their severance packages are expected to expire this month.
In December Thacher Proffitt & Wood, the 160-year-old New York-based law firm, announced it would close forever. The subprime crisis slashed demand for its structured-finance practice, and more than half of its attorneys left for a competitor.
Via NLJ.
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