I’ve recently been interviewing for lateral positions in a specialty group that is busy now and had a question regarding lower ranked market-paying firms.
Because I’m in a specialty group that is usually no more than 20 people at the largest firms, I have less flexibility when it comes to selecting a firm.
I received an offer from a less prestigious firm that is considered a one-trick pony. I’ve been waiting to hear back from other places but have yet to do so. General wisdom on here seems to be to pick the more prestigious corporate or whatever group based on chambers (my current firm is ranked nationally and the firm I got an offer from isn’t even ranked regionally). I’m in a practice area that generally provides the opportunity for associates to “trade up” later on if they want to. The work I do is specialized enough that I don’t see it being different based on the type of firm I go to. So, as long as the firm pays market salary and bonus (no hours requirement), does it really matter if I go to this “less prestigious” firm for a while?
I am currently very unhappy in my position and would like to leave, but am obviously concerned about any potential issues.
Edit: Also, does anyone know if other firms in NY are still hiring? I know some removed all openings on their sites, but I wonder if it’s worth reaching out to their manager of legal recruiting.
Less “prestigious” market-paying firm question Forum
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legalese_retard
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Re: Less “prestigious” market-paying firm question
Is your concern on "prestige" based on personal self-worth or career development/mobility? I think a firm's reputation is definitely something to consider, but there comes a point where you need to stop caring about rankings and focus on working at a place that makes you happy.
Why is this firm really "less prestigious?" Don't answer this by solely relying on rankings by chambers and similar companies - do your own due diligence. Check the profiles of the attorneys. Did they go to top schools? Did they previously work at reputable firms? Are they involved in industry leading seminars/CLE presentations? Check the recent news/matters of the firm. If you are concerned about future mobility, go on Linkedin and look up former attorneys to see where they went.
If you like your specialty and the people you interviewed with, then go with the "less prestigious" firm. You have a much better chance at getting substantive work experience and being promoted internally than at a more prestigious big firm.
Why is this firm really "less prestigious?" Don't answer this by solely relying on rankings by chambers and similar companies - do your own due diligence. Check the profiles of the attorneys. Did they go to top schools? Did they previously work at reputable firms? Are they involved in industry leading seminars/CLE presentations? Check the recent news/matters of the firm. If you are concerned about future mobility, go on Linkedin and look up former attorneys to see where they went.
If you like your specialty and the people you interviewed with, then go with the "less prestigious" firm. You have a much better chance at getting substantive work experience and being promoted internally than at a more prestigious big firm.
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nealric
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Re: Less “prestigious” market-paying firm question
It seems unlikely there's going to be much hiring in the immediate future, so this offer is likely it unless you want to sit out a few months.
I wouldn't get too hung up on prestige. A lot of law students who are used to law school rankings tend to think that you need a "TXX" firm to get good opportunities, but the reality is that choosing a firm is more like choosing an undergraduate institution, where the best choice can depend a lot on your specific niche and goals.
I agree that all things being equal, there is likely an advantage to going to a top firm. You will scramble less for work and are more likely to get full market bonus and are less likely to face severe salary compression past the associate ranks. However, all that is a secondary to your development now. Sometimes a smaller less "prestigious" group can be better for development if it is less leveraged and it has clients that are willing to let associates run with matters in exchange for reduced fees. It does you no good to put 5 years in at a prestigious firm if all you've done is diligence and other rote tasks (may not be typical, but I've known people in this position).
For what it's worth, I started at a lower V100 firm that has since dropped off the vault charts. I still had opportunities to move up to more "prestigious" firms when I lateraled and ended up in a good in-house job. Like you, I'm in a niche practice where no firm hires a more than a few incoming associates a year, and I think the game is somewhat different compared to a general corporate or commercial lit practice.
I wouldn't get too hung up on prestige. A lot of law students who are used to law school rankings tend to think that you need a "TXX" firm to get good opportunities, but the reality is that choosing a firm is more like choosing an undergraduate institution, where the best choice can depend a lot on your specific niche and goals.
I agree that all things being equal, there is likely an advantage to going to a top firm. You will scramble less for work and are more likely to get full market bonus and are less likely to face severe salary compression past the associate ranks. However, all that is a secondary to your development now. Sometimes a smaller less "prestigious" group can be better for development if it is less leveraged and it has clients that are willing to let associates run with matters in exchange for reduced fees. It does you no good to put 5 years in at a prestigious firm if all you've done is diligence and other rote tasks (may not be typical, but I've known people in this position).
For what it's worth, I started at a lower V100 firm that has since dropped off the vault charts. I still had opportunities to move up to more "prestigious" firms when I lateraled and ended up in a good in-house job. Like you, I'm in a niche practice where no firm hires a more than a few incoming associates a year, and I think the game is somewhat different compared to a general corporate or commercial lit practice.
