On underbidding: I think that people flocked to the "least-selective" firms, which resulted in fewer interviews per bid. It seems the secret ninja bidding technique was to use your weakest bids on super-selective firms, because most people are panicking and going for what sound like the least-selective.
Of course, this is all much easier said than done, when career services doesn't really tell you what firms have what GPA floors and what hiring preferences. I get the impression that at my T14, 25% or so was the magic number for many firms, but I really don't know.
I'll also add in a twelfth point:
12. When you get dinged, ask for feedback. You'll get a lot of silence, but some will respond, and their feedback can be enlightening. Most alumni want to help you, even if they're constrained by the number of callbacks they can give out, and if you ask (emphasizing that you're just looking for advice for future interviews, not trying to argue with them about your rejection) I find some will give you very candid and helpful responses. (Even if it kind of makes you want to kill them or yourself, it's good of them to be willing to be honest rather than taking the easy way out and saying "Oh, you were fine, too many qualified applicants, blah blah, you're awesome! Really, you may have just been slightly too good for our humble firm, and your resume intimidated us!")
Added while posting:
RVP11 wrote:Dude, a lot of the firms in the V15 will call back down to MVP's medianish if you can rock the interviews. Notably, STB, Skadden, and Weil aren't super anally selective on grades. Debevoise and Paul Weiss used to go down almost as far and still probably do occasionally. WilmerHale (V16?) is another one.
The ones who generally don't are W&C, Munger, Irell, CSM, S&C, Cleary, Gibson, K&E. I hear conflicting stories about DPW.
See, it's this kind of data that really helps. Why career services doesn't tell you this kind of thing is beyond me. Sheer laziness, I suppose, but wow, that is some incredible laziness. Would it fucking kill them to assemble a booklet with data on apparent/announced GPA floors and other hiring preferences info?