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So let's be real - how poorly can your grades really drop in 3L? I'm especially curious b/c I accepted an offer for a firm that I didn't do a 2L SA for. I had a really good 2L spring semester that bumped up my gpa a lot. Before then, I doubt I was within range for the firm (I didn't even bid on it for OCI because I assumed I would be automatically shut out).

Consistent with the other 1000 threads on this: it rarely if ever leads to an offer being pulled; it can mean that you don’t get picked for a desireable practice group, or in firms with a centralized assignment system, you might get slightly less attractive assignments until your first review. (after you have a review, that matters far more than any grades).

If the economy tanks and the firm starts looking to cut its workforce, a substantial GPA drop might make for a convenient excuse. Other than that, I can't imagine any firm caring, so long as you graduate on time.