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Absolutely true. Most places need one L/E counsel, max one to two L/E counsels per region. The more dynamic the company, the more likelihood for L/E disasters that they’d prefer someone more experienced to handle. But more like 10-12 or 12-15 year senior, 5-6 is more mid level imo.
I went in house as a 9th year and agree. The stuff I advise on I probably would not have the chops to handle as a third year.