First-year associates laid off from dissolving firm Thacher Proffitt & Wood aren't just out of jobs -- they owe the firm money. In an unusual move, the firm's dissolution committee and bank are pursuing the former associates for repayment of salary advances issued last year to cover their bar and startup expenses. Says the dissolution committee chairman, "The situation is the bank is our secured creditor, for better or for worse. And our main obligation as the dissolution committee is to collect all receivables."
March 09, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
First-year associates laid off from dissolving firm Thacher Proffitt & Wood aren’t just out of jobs — they owe the firm money.
In an unusual move, the firm’s dissolution committee and bank are pursuing the former associates for repayment of salary advances issued last year to cover their bar and startup expenses, even as the former associates scramble to find new jobs against a backdrop of law firm layoffs.
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