Two specialized [law] firms with large structured finance practices, New York's Thacher Proffitt & Wood and McKee Nelson, have been hit the hardest.
At Thacher Proffitt, about a dozen associates from the group, which accounts for about 40 percent of the firm's lawyers, have moved to other practice areas, said Chairman Paul Tvetenstrand.
When asked if the firm would lay off associates, Tvetenstrand paused for at least 10 seconds before answering, "We have to constantly monitor the situation.''
"We're working to rebuild the business, looking for more signs of activity in our client base, looking for attrition in the associate ranks to hopefully get us where we need to be,'' he said.
~ Bloomberg.com, "Credit Market Collapse Claims Victims as Lawyers Exit," November 20, 2007