As a result of declining issuance in the real estate and structured finance markets, Thacher Proffitt & Wood has joined the ranks of a number of other law firms, banks and asset management firms that have laid off staff in these departments.
Recently, Thacher notified 24 associates in those practice areas that if there is not a substantial improvement in the mortgage market, they will be let go in January. If the associates choose to leave the firm on their own, they will be compensated through the end of March, Thacher said. The firm also offered first-year associates in its structured finance and real estate groups a four-month severance package should they choose to leave the firm on their own. The firm said if these associates stay, they will not have enough work to build experience in the early stages of their careers.