The troubled firm of Thacher Proffitt & Wood LLP, which last week began seeking a merger to avoid dissolution, has been selected by the U.S. Department of the Treasury to advise on the government's Wall Street bailout. The firm, reportedly, will be paid $500,000 to help the government handle investments that involve purchasing toxic asset-backed securities.
Read more...Apparently the auto and bank industries are not the only ones to be hit by the financial meltdown and the jobless tsunami that followed. Law firms have been struggling for some time and now as the economy worsens, the number of unemployed lawyers nationwide has substantially increased.
Rumor has it that Ropes & Gray LLP is not going to give salary increases this December, however, bonuses are still forthcoming. Thacher Proffitt & Wood LLP has reportedly reached out to King & Spalding LLP about the possibility of taking over the struggling firm in order to avoid dissolution. Legal Times has reported that King & Spalding may take over approximately 100 of Thacher's 195 lawyers, but that it's not yet clear which practices and offices the 100 lawyers would come from. A New York legal consultant has said that "There's a tremendous amount of uncertainty about who's going to be invited to the party."
Howrey LLP has let go of approximately 10 associates. The firm said in a statement on Thursday that these were not layoffs but “outplacements.”
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