Thacher Proffitt & Wood informed about 50 associates Tuesday that their futures at the firm were uncertain because of the collapse of the market for mortgage-backed securities, an area where the firm had had a leading practice. Among those impacted by the warning were 24 non-first-year associates who were told they were almost certain to be laid off in January unless the credit market substantially improved. Also, 29 first-years were offered the option of taking four months' severance and leaving the firm.
Thacher Proffitt Warns Associates of Looming Layoffs
New York Law Journal
November 28, 2007