Actually you need 16 bit tiffs to keep all the info present in 12-bit RAW files, because of the gamma correction. RAW files have a 1.0 gamma (known also as a linear gamma), and "normal" images use a nonlinear gamma of 1.8 or 2.2, so to "pack" all the highlight information to a 1.8 gamma without loosing values, 16-bits are needed. Of course in the midtones and mostly in the shadows there is a lot of unused extra space, and that´s why some people recommends to shot as near highlight clipping as possible, because due to the linear gamma half of the total range of values are in the last brightest stop.