Important Piece of Advice Forum

wons · Post by **wons** » Mon Aug 24, 2015 10:59 am

I interviewed for summer associate positions in fall of 2008. Two points worth remembering:

(1) No one got offers from callbacks after Lehman failed. Firms had already overhired from the pre-Lehman callbacks. They dealt with that by shutting the door, pulling up the bridge, etc. I had a buddy who delayed callbacks to go on a vacation in August with his family. Top 25% at CLS. No fucking offers. Dude ended up as a FEDERAL APPELLATE clerk. Bright guy. Didn't matter.

(2) Plenty of folks kept their offers open without accepting. NALP guidelines, blah blah blah. Do you know how many fucks the firms gave about the NALP guidelines when the shit really hit the fan? Folks were having offers rescinded left and right (mostly, cold rescinded - 'you can still accept but you should know that its unlikely we will be able to offer you fulltime employment'. Cold comfort, that.).

So basically, do your callbacks ASAP and accept an offer ASAP. Don't be cute. It bit a lot of people in the ass back in 2008, when most of you were still in diapers.

Anonymous User · Post by **Anonymous User** » Mon Aug 24, 2015 11:27 am

How annoying is it to email the partners about when callbacks would be given out? And if they don't reply then recruiting?

Mad Hatter · Post by **Mad Hatter** » Mon Aug 24, 2015 11:43 am

Not sure if this is what prompted your advice, but the market has pretty much been in freefall for the last week or so. I'm sure most firms expected some return to the mean from the craziness of Q1/2 2015, but still something to keep in mind.

Anonymous User · Post by **Anonymous User** » Mon Aug 24, 2015 11:47 am

Do you think the market situation right now will have an impact on SA hiring?

dwyf · Post by **dwyf** » Mon Aug 24, 2015 11:47 am

This all day long, period, but especially given that the dow was off 1k+ at one point today

MCFC · Post by **MCFC** » Mon Aug 24, 2015 11:50 am

What does a federal appellate clerk do?

wons · Post by **wons** » Mon Aug 24, 2015 11:52 am

Mad Hatter wrote:Not sure if this is what prompted your advice, but the market has pretty much been in freefall for the last week or so. I'm sure most firms expected some return to the mean from the craziness of Q1/2 2015, but still something to keep in mind.

That is precisely what prompted this advice. If this keeps up firms will be cutting back hiring in real time.

champloo · Post by **champloo** » Mon Aug 24, 2015 12:28 pm

But isn't stock markets =/= overall economy? The fed would be crazy to raise interest rates right now so maybe no decrease in deals? Also, would distressed prices increase number of deals since it might make companies more attractive especially if companies' stock price is undervalued?

thesealocust · Post by **thesealocust** » Mon Aug 24, 2015 12:51 pm

You can join us in our survival bunker here: http://top-law-schools.com/forums/viewt ... 0&t=252975

Anonymous User · Post by **Anonymous User** » Mon Aug 24, 2015 2:09 pm

Your grasp of economics is poor. Your understanding of this current period of fluctuation is poor. Your comparison of this drop to the 2008 period is incredibly poor. Your advice, however, is good.

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