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Yes. They might rescind any offer they’ve given you for poor judgment.
In this market you’re lucky to get an offer. Not the time to be greedy.
A2 - Yes, everything is slow. The economy has been more or less limping along since early 2022. There’s been a lot of talk about “is this or isn’t this technically a ‘recession’” but whatever we call it, the reality is that things are slow—much slower than 2020-21.
More to the point, a lot of private companies have slowed or frozen their hiring or are several cycles into layoffs. This means that the natural cycle of attrition that has kept firms at the “right” size isn’t working as well as it usually would (if people can’t leave for in-house jobs, they’ll stay at firms as long as they can).
Ultimately, what this means is that firms have more people who are staying longer, at the same time that they have less work than they want or even need.
In these circumstances it’s extra-difficult to get a job offer (especially as a junior with no practical skills) and people should be aware that the leverage very much is on the side of the firms.
A little bit of a kind reality check: as a second year, even with an exceptional clerkship and then work experience at a top firm like Cravath, you don’t have very much to offer beyond a willingness to work.
You’re being hired for your potential—because the firm knows that good 5th years are impossible to find, and they’re willing to take a chance on 4-5 juniors in the hope of finding one good midlevel.
That’s a long way of saying that you’re not “worth” 3rd year pay to them.
But more than that, getting paid as a 3rd year would invite 3rd year expectations, 3rd year evaluations, etc. It would bring higher expectations, it would mean that you’re expected to be a good midlevel one year early, etc.
Why do that to yourself? It’s a lot easier to stand out among your own cohort than to stand out among the group a year ahead of you. Give yourself time; take reps; develop the skills that can only come through volume and experience. Your time will come soon enough.
Chief
Why would they do this?
I had to read this twice. Are you saying that you want 3rd year pay as a 2nd year? What a strange ask.
Lol
I’d rescind an offer for a request like this because it shows arrogance and a lack of judgment. The most you can ask for is a hiring bonus.
Are you trolling?
Do yourself a favor and don’t ask. The question is above HR’s pay grade and will go straight to partners.
Chief
I've hired a second year from a very prestigious law firm. They might as well of been a 1st year. Not a whole lot of difference.
Rising Star
You should actually ask them to stop wasting your time and just hire you as an EP.
Demand it loudly and confidently.
Never going to happen with two years experience unless you are bringing something really magical to the table
Yeah and “magical” better mean a $10M book of business for this ludicrous of a request
For context, a firm is trying to poach me from a prestigious firm and the only reason I’d go is if I were better off financially.
You should stay at your current firm then. There is no benefit to you lateraling now. A year pay bump is nothing in the long run, even if you get it and you do not want to be at a worse firm so early in your career with so little experience.
Do you have great connections that would mean new business? That's the only reason I can fathom to pay a 2d year up a grade.
I just had a Second Year Associate candidate (finance) receive an offer from Cravath for a Third Year lateral position. It’s certainly not a common occurrence, but it shows how aggressive firms are getting for top talent right now.