Thacher Proffitt & Wood, LLP
Encyclopedia
Thacher Proffitt & Wood LLP was an American law firm
headquartered in New York City. As of 2009 the firm was in the process of dissolving. At its peak, the firm was made up of approximately 365 attorneys with offices in New York City
; Washington, D.C.
; Mexico City
; White Plains, New York
; and Summit, New Jersey
.
The firm traces its founding back to 1848, when Benjamin Franklin Butler
opened his legal practice on Wall Street in New York City with his son, William.
Thacher Proffitt was a market leader in the mortgage-backed securities
market, and in fact was instrumental in the creation of the MBS and CMBS markets. This flagship practice was adversely impacted by the downturn in the capital markets in 2008, as well as the collapse of Bear Stearns
and Lehman Brothers
, first leading Thacher Proffitt to trim its headcount, and ultimately dissolve. The firm also had highly regarded real estate
, litigation, corporate, tax and derivatives practices.
The firm had offices in the World Trade Center
through the September 11 attacks. After a period of two years in midtown the firm returned to its downtown roots and reaffirmed its commitment to downtown when it opened its new offices in the World Financial Center
. The firm used to operate offices in Mexico City and White Plains, New York
. Those offices have since decamped to Chadbourne & Parke
and Greenberg Traurig
respectively.
In 2006, the firm was ranked among the top 200 by The American Lawyer
. (free registration required) It was also ranked among the top 80 most prestigious law firms in the nation by Vault.
On December 21, 2008, approximately 100 lawyers (including 40 partners) left Thacher Proffitt & Wood to work for Sonnenschein, Nath & Rosenthal. The firm announced that it would face dissolution
.
On December 23, 2008, the firm's management officially announced dissolution of the firm.
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
headquartered in New York City. As of 2009 the firm was in the process of dissolving. At its peak, the firm was made up of approximately 365 attorneys with offices in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
; Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
; Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...
; White Plains, New York
White Plains, New York
White Plains is a city and the county seat of Westchester County, New York, United States. It is located in south-central Westchester, about east of the Hudson River and northwest of Long Island Sound...
; and Summit, New Jersey
Summit, New Jersey
Summit is a city in Union County, New Jersey, United States. At the 2010 United States Census, the city's population was 21,457. Summit had the 16th-highest per capita income in the state as of the 2000 Census....
.
The firm traces its founding back to 1848, when Benjamin Franklin Butler
Benjamin Franklin Butler (lawyer)
Benjamin Franklin Butler was a lawyer, legislator and Attorney General of the United States.-Early life:...
opened his legal practice on Wall Street in New York City with his son, William.
Thacher Proffitt was a market leader in the mortgage-backed securities
Mortgage-backed security
A mortgage-backed security is an asset-backed security that represents a claim on the cash flows from mortgage loans through a process known as securitization.-Securitization:...
market, and in fact was instrumental in the creation of the MBS and CMBS markets. This flagship practice was adversely impacted by the downturn in the capital markets in 2008, as well as the collapse of Bear Stearns
Bear Stearns
The Bear Stearns Companies, Inc. based in New York City, was a global investment bank and securities trading and brokerage, until its sale to JPMorgan Chase in 2008 during the global financial crisis and recession...
and Lehman Brothers
Lehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
, first leading Thacher Proffitt to trim its headcount, and ultimately dissolve. The firm also had highly regarded real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
, litigation, corporate, tax and derivatives practices.
The firm had offices in the World Trade Center
World Trade Center
The original World Trade Center was a complex with seven buildings featuring landmark twin towers in Lower Manhattan, New York City, United States. The complex opened on April 4, 1973, and was destroyed in 2001 during the September 11 attacks. The site is currently being rebuilt with five new...
through the September 11 attacks. After a period of two years in midtown the firm returned to its downtown roots and reaffirmed its commitment to downtown when it opened its new offices in the World Financial Center
World Financial Center
The World Financial Center is a complex of buildings across West Street from the World Trade Center site in Lower Manhattan in New York City, overlooking the Hudson River. This complex is home to offices of companies including Merrill Lynch, RBC Capital Markets, Nomura Group, the Wall Street...
. The firm used to operate offices in Mexico City and White Plains, New York
White Plains, New York
White Plains is a city and the county seat of Westchester County, New York, United States. It is located in south-central Westchester, about east of the Hudson River and northwest of Long Island Sound...
. Those offices have since decamped to Chadbourne & Parke
Chadbourne & Parke
Chadbourne & Parke LLP, founded in 1902 by Thomas L. Chadbourne, currently has some 400 lawyers and tax advisors in 13 offices in ten countries...
and Greenberg Traurig
Greenberg Traurig
Greenberg Traurig LLP and Greenberg Traurig PA is an international law firm based in Miami, Florida.The firm has approximately 1,800 attorneys and governmental professionals in 32 locations in the United States, Europe and Asia. Its founding office is in Miami, Florida with its largest office in...
respectively.
In 2006, the firm was ranked among the top 200 by The American Lawyer
The American Lawyer
The American Lawyer is a monthly law magazine published by ALM. It was founded in 1979 by Steven Brill. Features include the annual AmLaw 100 Survey and AmLaw 200 Survey , "The View From the Top", their annual poll of law firm chairpersons, and their "Corporate Scorecard"...
. (free registration required) It was also ranked among the top 80 most prestigious law firms in the nation by Vault.
On December 21, 2008, approximately 100 lawyers (including 40 partners) left Thacher Proffitt & Wood to work for Sonnenschein, Nath & Rosenthal. The firm announced that it would face dissolution
Dissolution (law)
In law, dissolution has multiple meanings.Dissolution is the last stage of liquidation, the process by which a company is brought to an end, and the assets and property of the company redistributed....
.
On December 23, 2008, the firm's management officially announced dissolution of the firm.