Perfect Bidding Formula?

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Cupidity
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Perfect Bidding Formula?

Postby Cupidity » Sun Jun 05, 2011 1:09 am

OCI bidding will be taking place in about a month at our school, and I'm trying to bid intelligently. I know that there are many qualitative factors that need to be considered, such as location, practice specialization, QOL. There are, however, some quantitative variables worth considering, such as interview percentage, end of summer offer rates, and summer class size.

What is the perfect formula for turning the quantitative data into a variable to determine bidding choice? I'm currently working with (Interview Offer Percentage x End of Summer Offers) which has been informative, but is clearly flawed as it unfairly skews towards firms with large summer classes. Any suggestions for other variables, or improvements?

BlueDiamond
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Re: Perfect Bidding Formula?

Postby BlueDiamond » Sun Jun 05, 2011 1:24 am

just use what you are using then weight it in order to equalize the class sizes... I'd also say to add more weight to Boston firms because they will obviously be your best shot

Edit: also realize that this is probably what a lot of people are doing.. or similar.. and youll probably all have the same top picks.. so also bid for some firms that arent at the top of your list
Last edited by BlueDiamond on Sun Jun 05, 2011 1:30 am, edited 1 time in total.

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Cupidity
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Re: Perfect Bidding Formula?

Postby Cupidity » Sun Jun 05, 2011 1:28 am

That's another question I had, I guess. Holland and Knight has 5 offices interviewing here, and although Boston is their biggest office and we probably place better locally. . . the Orlando office is also interviewing. Given my local ties I might be the best "fit" for the Orlando office of anyone at my school (grades/resume aside). In that sort of situation, would it be smarter to bid Boston or Orlando?

BlueDiamond
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Re: Perfect Bidding Formula?

Postby BlueDiamond » Sun Jun 05, 2011 1:39 am

Cupidity wrote:That's another question I had, I guess. Holland and Knight has 5 offices interviewing here, and although Boston is their biggest office and we probably place better locally. . . the Orlando office is also interviewing. Given my local ties I might be the best "fit" for the Orlando office of anyone at my school (grades/resume aside). In that sort of situation, would it be smarter to bid Boston or Orlando?


You should realize before reading further that I've never gone through OCI... I'm just going by what I'd think if I was interviewing you.. ignore it if youd like..

Of course the grades and resume will come into play a lot, but if you have strong connections in Orlando and want to live there I'm a big believer that they'll see that in your interview. If the grades are there I would think that its a better option to go with Orlando.. if the grades are borderline then I'd go with the BU and "I want to stay in Boston cuz I love it here etc" route.. then maybe figure out an office transfer at a later date if possible

also, if the connection is like a great aunt or something I'd say no.. but if you grew up there then Orlando would be where I'd bid

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Cupidity
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Re: Perfect Bidding Formula?

Postby Cupidity » Sun Jun 05, 2011 1:46 am

Alright, thanks for the advice.

Current Formula:

(Interview Offer Rate) x (Offer Percentage) X (1.5 for Local firms or Regional Ties) x (Square root of summer class size)

Further Suggestions?

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thesealocust
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Re: Perfect Bidding Formula?

Postby thesealocust » Sun Jun 05, 2011 3:24 am

There's nothing unfair about skewing towards firms with large summer classes. Those firms are easier to get jobs at, full stop.

Next, geography isn't a boolean variable. Home town connections are important, but a coherent overall strategy is more important. Outside of a few very narrow exceptions, people I know who bid on a single market outperformed people who bid on multiple. At most any given person should likely be bidding on two, and always bid on several firms in a market so your answer to 'what other firms are you interviewing with' won't sink you.

Your formula, which should absolutely not be mathematical, should combine the following factors (in no particular order):

* Credential-based selectivity (GPA requirements, work experience pref, background prefs, etc.)
* Interview process based metrics (historical popularity (# of bids from your school), historical number of interviews done at your school, historical percentage of interviews yielding callbacks)
* Summer class size (historical class size, historical firm size)
* Geographic concerns (geographic relation to other bids, geographic relation to your personal background, geographic relation to your desired practice area, geographic relation to your interests / family / significant other)
* X-factors (is the firm Latham? Does the firm look like it's about to Howrey itself out of existence? Does the firm have practices you are willing to work in? etc.)

It's actually pretty important to weight summer class size heavily, especially because for certain GPA bands bidding on historical less GPA selective firms will put you into a very crowded field, often at firms with relatively smaller class sizes, and substantially lowers your odds of getting interviews.

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Grizz
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Re: Perfect Bidding Formula?

Postby Grizz » Sun Jun 05, 2011 8:47 am

thesealocust wrote:There's nothing unfair about skewing towards firms with large summer classes. Those firms are easier to get jobs at, full stop.

Next, geography isn't a boolean variable. Home town connections are important, but a coherent overall strategy is more important. Outside of a few very narrow exceptions, people I know who bid on a single market outperformed people who bid on multiple. At most any given person should likely be bidding on two, and always bid on several firms in a market so your answer to 'what other firms are you interviewing with' won't sink you.

Your formula, which should absolutely not be mathematical, should combine the following factors (in no particular order):

* Credential-based selectivity (GPA requirements, work experience pref, background prefs, etc.)
* Interview process based metrics (historical popularity (# of bids from your school), historical number of interviews done at your school, historical percentage of interviews yielding callbacks)
* Summer class size (historical class size, historical firm size)
* Geographic concerns (geographic relation to other bids, geographic relation to your personal background, geographic relation to your desired practice area, geographic relation to your interests / family / significant other)
* X-factors (is the firm Latham? Does the firm look like it's about to Howrey itself out of existence? Does the firm have practices you are willing to work in? etc.)

It's actually pretty important to weight summer class size heavily, especially because for certain GPA bands bidding on historical less GPA selective firms will put you into a very crowded field, often at firms with relatively smaller class sizes, and substantially lowers your odds of getting interviews.


Good advice TSL, thanks




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