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In this market, you are likely wasting yours and their time if you’re not a competitive candidate that has actual experience in the areas of practice relevant to the role. Most in house roles expect someone to be able to do the job without significant training - if you are close but not 100% you could be fine, but if you’re not a direct fit you likely won’t receive an interview.
It depends.
Do you meet most of the significant qualifications? Such as the area of practice. Can you be an immediately contributing member of the legal team without needing to be taught that area of law? Chances are they can’t afford to train you on that area.
If you just lack a year or two of experience, or maybe you don’t have as much exposure to some things they’ve mentioned, but you’re confident in your ability to learn it quickly then I’d say you’re competitive enough to apply. IHC jobs are highly competitive and if you’re a solid candidate (75% of the requirements) then you have a decent shot—ignoring getting past ATS and AI screening bots. But don’t be surprised if lacking all the preferred quals means you’re either not getting selected or if you do you’re going to get lowballed.