December 17, 2008 8:34 PM

$500,000 Won't Save Thacher Proffitt & Wood, But It Can't Hurt

Posted by Zach Lowe

It's not much in the world of Am Law 100 firms, but $500,000 is better than nothing for Thacher Proffitt & Wood, a firm said to be seeking a merger partner simply to avoid dissolution. 

The Treasury Department is going to pay the firm a cool half-million to advise the government on buying up toxic asset-backed securities under the $200 billion TALF plan announced late last month. Treasury asked seven firms to bid; four declined, and Treasury picked Thacher from the three that responded, according to this press release. 

Thacher said partners Eric Klingenberg, Jeffrey Murphy, and Robert McCarthy--all securitization lawyers--will lead the firm's team advising Treasury. The firm declined further comment.

-Additional reporting by Nate Raymond.

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