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Utilization rate this time of year?
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NRF matched Millbank in TX yesterday
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We start pre-recruiting 2L pretty much as soon as 1L recruiting is finished. We take a ton of 1Ls, which just means less spots for 2Ls. 1L recruiting keeps getting pushed earlier and earlier too, although we aren’t allowed to give offers before grades (unlike some firms) so that places a natural limit to how early it can finalize. One of our key competitors has started giving “exploding” offers times to expire right before grades at that school are released, so that the candidate is coerced to accept them instead of taking the risk to find out whether we’d give an offer the day grades come out.
I think we still leave some spots for OCI at our top target schools but much of the class seems to get filled before OCI. We still participate in OCI.
Well as you’ll notice in my come firm give offer with ZERO semesters of grades lol. I think it’s reasonable to assume that grades won’t fluctuate dramatically between semesters so firms are willing to take a risk on 1 semester on the assumption that it’s representative of future grades. They always have the option to pull the offer later if you get a bunch of Fs.
I think firms would prefer to take their time, go through an organized and standard process, wait to see 2 or more semesters of grades, etc. But it’s an arms race and if other firms are going early, you need to match or go even earlier to compete. That’s why my firm went from zero 1Ls to more than half the summer class being 1Ls over the past 5 years - we were losing too many strong candidates to other firms (that either skipped OCI or decided to return to the first firm after receiving an offer because they had a good 1L summer).
On app timing, note that some firms will take applicants sooner than some formal application date. My firm opens June 1 but they will 100% consider candidates sooner, especially if it comes in through an attorney. So for example someone from my law school reaches out to have a call or grab coffee and learn about the firm, I like them, I tell recruiting about them and they say ok pass along their resume or tell them to email it to me. That person can get an interview and even offer months ahead of schedule if it goes well. Last year I asked the head of recruiting when I should advise people from my law school to apply and she said “as soon as they have spring grades tell them to email immediately.”
Very helpful analysis. Thanks for taking the time especially pointing out that if someone great reaches out before June, that you will start the process. I think that's important for top students to know.
This is super helpful. Really appreciate the insight.
I don’t understand firms giving offers based on 1 semester only. I’m hearing it’s happening but it’s very odd to me.
In my research last night, looks like Weil, Quinn, and MWE are actively accepting apps already, while the majority of TX firms open June 1st for applications.
So much pressure on students so fast. I wish we could go back to the old days!