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    Thacher Proffitt to Shut Doors

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    lawcrossing

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    Thacher Proffitt & Wood, the 160-year- old New York-based law firm, will close forever after the subprime mortgage crisis slashed demand for its structured-finance practice, and more than half of its attorneys left for a competitor.

    Thacher Proffitt will wind down operations next year. Its planning committee failed to reach a merger agreement with an unidentified firm (known to be King & Spalding) over the past six months.

    A group of about 100 Thacher Proffitt lawyers, including 40 partners, will join Chicago-based Sonnenschein, Nath & Rosenthal, bringing that firm’s total number of lawyers to about 800.