Thacher Proffitt is planning closing its doors in 2009. The mortgage crisis really hurt its structured finance practice. Many other factors aided in the demise of the 160 year old firm. Attempts at merging were not successful; about 100 of its lawyers, including 40 partners, left Thacher for Sonnenschein. About 95 lawyers were left in the dust of the aftermath. Thacher Proffitt’s partners made an average of $1 million in 2007, a devastatingly 22 percentage decrease.

Source: www.bloomberg.com