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As a second year associate, would it be bad applying for lateral positions that require 3+ or 3-5 years of experience? I wasn’t sure if they’d just look at your credentials to see if you’re qualified or if they’d just think that you didn’t read the qualifications for the position.

No perfect answer here. I'm a second year and I've gotten interviews for "midlevel" positions. I've also had a hiring partner tell me it can be an auto-reject and that previous rejections reflect poorly on applications down the road, so it's better to wait.

I think you just have to go with your gut and ask yourself whether you really are a great fit or if it's better to wait. I've definitely researched firms and thought it was a hail mary to begin with, so decided not to apply--others I think fuck it, that'd be a great fit, and go for it.

I lateraled as a first year for a position that was advertising for 3rd-6th years. It'll depend on the group and how flexible they are, but I don't think you have any way of knowing that without applying.

I had 1.5 years experience and got a lateral postion seeking someone with 2-4 years experience. Especially if you think it’s an area where not many candidates may have that type of experience I would apply if you wanted the job.

Why don't you email the recruiter and ask.