Sonnenschein's chairman talks of layoffs, the Thacher hires and lessons learned

, The National Law Journal

In a single stroke, and nicely timed just before Christmas, Sonnenschein Nath & Rosenthal hired 100 lawyers from sinking Thacher Proffitt & Wood, a firm with roots in the 19th century that will be out of business on New Year's Eve. Bringing the heart of Thacher's finance practice on board by Christmas was more than Elliott I. Portnoy, chairman of Sonnenschein, could reasonably have hoped for when he was overseeing layoffs earlier in the year.

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