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I was invited to a 2L firm reception both from my CSO and from an alumni emailing me. Unfortunately, I will be in transit and cannot make the reception. But I have an interview with them scheduled for the next day.

Is this a big deal considering my interview is the next day? The alumni stated that they were looking forward to meeting me at the reception and as of now I have yet to respond to the alumni or RSVP to the coordinator because I don't know what to say. I'm afraid not being there when a majority of other interviewers will be, will hurt my chances. Any advice on what to say?

Politely send your regrets, explaining you will be in transit that day and say you hope you might have the opportunity to see them the next day when you will be there for your interview.

Also a good time to point out that OCI is an annual ritual for firms. There is a process, a script, and a huge sinkhole of non-billable hours. People are giving as little thought to the process as they possibly can while still trying not to hire someone insufferable or incapable (or unwilling) to do the work. Be responsive. Be polite. Don't drive yourself insane overthinking things.

There's going to be a bunch of other people there sucking up to the partners. Noone will care that you're not there.