Mortgage Woes Are Bleeding Over To Law Firms

Law360, New York (November 28, 2007, 12:00 AM EST) -- Turmoil in the mortgage industry has been having an impact on law firms for months, according to the chairman of Thacher Proffitt & Wood. The law firm is taking steps to pare down its ranks because the securitization of mortgages is at a standstill.

None of the firm's attorneys have been fired, but Thacher Proffitt has offered to pay 24 associates in heavily affected structured finance areas through March if they depart in the next couple of months. It also offered 29 first-year associates four months...
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