Thacher Pursues Former Associates Over Bar Loans

brFirst-year associates laid off from dissolving firm Thacher Proffitt Wood aren’t just out of jobs — they owe the firm money. In an unusual move, the firm’s dissolution committee and bank are pursuing the former associates for repayment of salary advances issued last year to cover their bar and startup expenses. Says the dissolution committee chairman, The situation is the bank is our secured creditor, for better or for worse. And our main obligation as the dissolution committee is to collect all receivables. a target=_blank rel=nofollow href=’http://www.law.com/jsp/article.jsp?id=1202428882810rss=newswire’Full Story…/abr