Is it too late to do a federal appellate clerkship as a 5th year if you’re looking to return to a law firm post-clerkship?

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No, it’s becoming more common. You might take a class year hit but as long as it’s a good opportunity and you’re well liked you should be able to go back or to another firm. Some firms only hire clerks, which means usually more senior people anyway.

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Probably unless you’ve got a great relationship with your firm and are doing appellate work (which usually means you’ve already done a CoA clerkship)

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I’m currently doing a federal clerkship for context

A friend left his clerkship and joined a firm as a 6th year, so it's possible but I imagine a little more challenging than the usual 3rd to 4th year. Whether you were in biglaw prior to the clerkship can also matter, depending on the hiring firm.

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