3L OCI chances with solid offer in hand from 2L summer?

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forward-lateral
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3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Mon Jun 14, 2010 12:43 am

T14 class of 2011, currently at a very well respected CA based firm. I basically really like the firm, and they do interesting stuff. Two problems though.

1) I want bigger, more complex deals. They're tech focused, which is very interesting stuff, but it generally means they work for a lot of start-up companies, or larger companies buying those startups. There is very little large-scale, public-on-public M&A or representation of financial buyers (PE) or underwriters (i-banks). I have a very strong interest in complex M&A deals, structured finance, and debt financing. I also may want to go into banking one day and am currently working on a CFA (just took level 1 in june).

2) I want east coast. I actually was targeting the bay area, but for personal reasons, and professional aspirations, i realize i need to be on the east coast.


Sooo...to those of you who are currently doing a summer at a V10ish firm, what's it looking like? Does it seem like they might have room to throw an extra hire in the mix? FWIW, i have very solid grades, and a very solid skillset in the areas in which i'm interested (previous work experience, plus CFA prep, etc). I also think i'm doing a pretty solid job on stuff this summer, and have even stepped up to help on certain matters that junior attorneys were unable to figure out (because of my prior experience, not because i'm some sort of intellectual rockstar). So, if the firm wasn't pissed at me for bailing, i'd probably have some people willing to give me a solid rec if another firm asked for them.

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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby Anonymous User » Mon Jun 14, 2010 12:54 am

My V10 is looking for corporate 3Ls. Things are pre-ITE-level busy around here.

Also, I think of any candidate who wants an offer through 3L OCI, you probably are the strongest (i.e., a student with good grades, good firm, but wanting a different experience).

forward-lateral
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Mon Jun 14, 2010 1:07 am

Anonymous User wrote:My V10 is looking for corporate 3Ls. Things are pre-ITE-level busy around here.

Also, I think of any candidate who wants an offer through 3L OCI, you probably are the strongest (i.e., a student with good grades, good firm, but wanting a different experience).


Also, any advice on timing? My situation is sort of complex. As I said, i'm interested in finance, and i'm actually admitted to start the MBA at my university this coming fall, but can also bail on that and just graduate next year. My thinking is that if i can land a V10 firm, i can go right to work, earning $160K instead of spending another $60K, and if in a year or two i want banking, that'll be there (it is this scenario which requires a V10 firm). That said, if i just wait to do OCI, i won't know in time.

I've had one or two people i met with at V10 firms circle back by email because they wanted to "see how things worked out for me" and told me to "stay in touch." Does this mean they're checking for interest? If so, would they do a second-half split?

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underdawg
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby underdawg » Mon Jun 14, 2010 1:21 am

well the official "policy" of every v10 firm is "you can split but you have to do us first" if not "fuck no you can't split"

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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Mon Jun 14, 2010 1:54 am

underdawg wrote:well the official "policy" of every v10 firm is "you can split but you have to do us first" if not "fuck no you can't split"


Right, well i was thinking this would be a rare situation where they realize they could use more than they have in their current summer program. Also, since i'd be initiating my relationship with them mid-summer, it would be clear that i'd probably choose to go with them.

forward-lateral
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Mon Jun 14, 2010 1:13 pm

any more anecdotal evidence?

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NewHere
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby NewHere » Mon Jun 14, 2010 5:55 pm

You mean you want to split this summer? That is, jump ship and into another firm's already started summer program?

I've never heard of that happening. Firms do their recruiting in the fall.

On another note, I wonder why you think only a V10 firm will do for your long-term goals.

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Kohinoor
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby Kohinoor » Mon Jun 14, 2010 5:57 pm

NewHere wrote:You mean you want to split this summer? That is, jump ship and into another firm's already started summer program?

I've never heard of that happening. Firms do their recruiting in the fall.

On another note, I wonder why you think only a V10 firm will do for your long-term goals.

Their dollar bills are 17% greener.

forward-lateral
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Tue Jun 15, 2010 11:33 am

NewHere wrote:You mean you want to split this summer? That is, jump ship and into another firm's already started summer program?

I've never heard of that happening. Firms do their recruiting in the fall.

On another note, I wonder why you think only a V10 firm will do for your long-term goals.



Well, in theory, i'd have four weeks left before returning to school, so if they wanted me to spend that time with them so they could do the whole "is this guy a functional human being" test, then i'd be available for that.

As for V10 law firm, i actually have banking or private equity as my most likely long term goal and am actually signed up to begin the MBA portion of my JD/MBA. That said, if i could do two years of BIGLAW and then make the move to banking (i already have finance experience at a bulge bracket) that would be financially superior. But IMHO only a V10 really makes this a reliable option.

EDIT: to be clear, i meant two years of BIGLAW as a replacement for the MBA.

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nealric
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby nealric » Tue Jun 15, 2010 11:36 am

Your chances are more dependent on factors outside your control. According to NALP, only 3% of firms hired 3Ls last year. That's a tiny handful of 3Ls in the entire country. Things will probably be a tad better this year, but not a whole lot- it's still going to be tough.

forward-lateral
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Re: 3L OCI chances with solid offer in hand from 2L summer?

Postby forward-lateral » Tue Jun 15, 2010 3:13 pm

nealric wrote:Your chances are more dependent on factors outside your control. According to NALP, only 3% of firms hired 3Ls last year. That's a tiny handful of 3Ls in the entire country. Things will probably be a tad better this year, but not a whole lot- it's still going to be tough.


Yeah, i'm guessing you're right. I'll probably just stick with my JD/MBA-to-ibanking plan anyway. I've just found my legal work more enjoyable than i thought i would and figured maybe two years at a firm wouldn't be so awful. But as much debt as i've already got on the pile, i might as well just do the friggin MBA and then start climbing the banking ladder (as opposed to starting as a new associate after 2 yrs of biglaw).




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