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Longtime New York firm to fold Dec. 31

Thacher Proffitt & Wood, a 195-lawyer firm based in New York, will close down Dec. 31, reports Bloomberg.com. The firm, which had operated for 160 years, had seen its work in structured finance dwindle after the subprime mortgage crisis. Over 100 lawyers from Thacher Proffitt, including 40 partnres, will leave Jan. 1 for another firm.