On December 21, 2008, approximately 100 lawyers (including 40 partners) left Thacher Proffitt & Wood to work for Sonnenschein, Nath & Rosenthal. Two days later, on December 23, the firm's management officially announced dissolution of the firm. Shortly prior to its dissolution, the firm had been hired to advise the United States Department of the Treasury in connection with the Troubled Asset Relief Program (TARP).
The event described involved a significant number of lawyers leaving one firm and joining another, followed by the dissolution of the original firm. The firm was also engaged in advising the United States Department of the Treasury on a specific program.