How important is prestige?

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How important is prestige?

Postby Anonymous User » Fri Aug 25, 2017 8:30 am

I don't want to give the name of the firm because they take a very small summer class, but I have received an offer from a firm that is considered biglaw and pays as such, but is not on the V100. It is on AJ200. For exit purposes, would it be a mistake to take this offer if I have more prestigious, by all accounts, offers. Really liked the "less prestigious" firm.

jd20132013

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Re: How important is prestige?

Postby jd20132013 » Fri Aug 25, 2017 8:37 am

Important for what ?

2L2Stronk

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Re: How important is prestige?

Postby 2L2Stronk » Fri Aug 25, 2017 8:43 am

Who the fuck cares? Get on with it, be happy, and don't ruin it for anybody else; it's a simple mantra.

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Re: How important is prestige?

Postby Anonymous User » Fri Aug 25, 2017 10:41 am

It depends on what your goals are. Prestige is really only important for (1) networking, and (2) exit opportunities. It's much easier to go from one AJ100 firm to another than try to get in from the AJ200. If you're looking for a place where you can stay for life, then this isn't a major concern. If you're looking to go in house in 6-7 years, then you should definitely consider going with the firm that has the strongest reputation in the industry you'd like to join.

Also keep in mind that if you're doing litigation, there are few exit opportunities for litigators in general, and you'll have a harder time going from one firm to another even if you're in a V30 firm.

foregetaboutdre

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Re: How important is prestige?

Postby foregetaboutdre » Fri Aug 25, 2017 11:18 am

Be careful about SA offer rates. I made a similar choice too, but they offered me like a week later or so then big firms and I was sweating bullets during that time.

masque du pantsu

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Re: How important is prestige?

Postby masque du pantsu » Fri Aug 25, 2017 1:16 pm

It matters, but not to the exclusion of all else. Let's take exit options. Yes, you are more marketable when your firm has better prestige (i.e., brand recognition, "signaling" function, etc.), but you also are most marketable when you've been there a little while. If you pick the more prestigious place because of exit options but hate it and burn out after only one year, you've done yourself no favors.

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Re: How important is prestige?

Postby Anonymous User » Fri Aug 25, 2017 1:28 pm

Assuming NY, doubt differences in prestige matter if you're comparing a non-V firm to, say, a V80 or V90 firm. There's no sharp dropoff after the 100th V firm. Prestige will matter w.r.t. exit options if you're comparing non-V firm to something like Proskauer or Mayer Brown or Willkie. Of course don't go somewhere you'd hate working at.

Also as foregetaboutdre pointed out, be careful about SA offer rates. Don't just assume they will offer 100%. This is something to be concerned about even with (some, not all) lower-ranked V firms. If your firm likes to have, say, 8 SAs and offer 5-6, I would be very wary.

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Re: How important is prestige?

Postby Anonymous User » Sat Aug 26, 2017 10:36 am

Also keep in mind that if you're doing litigation, there are few exit opportunities for litigators in general, and you'll have a harder time going from one firm to another even if you're in a V30 firm.


can someone explain this? why are there few exit opportunities for lit attorneys?

cavalier1138

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Re: How important is prestige?

Postby cavalier1138 » Sat Aug 26, 2017 11:40 am

Anonymous User wrote:
Also keep in mind that if you're doing litigation, there are few exit opportunities for litigators in general, and you'll have a harder time going from one firm to another even if you're in a V30 firm.


can someone explain this? why are there few exit opportunities for lit attorneys?


In-house positions tend to go to transactional attorneys, which leaves you with government or another firm. The more competitive federal positions (AUSA in a competitive district, etc.) tend to go to attorneys from firms who have a "revolving door" relationship with the office (like Davis Polk has with SDNY, or Covington with main Justice). And boutique firms also pull from the best biglaw firms. So once you start going down the prestige ladder, you're less likely to have partner connections that you can leverage to get those positions.



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