Lateral conversion rate Forum

[Anonymous User]

I have an upcoming interview that I skipped the screener straight to the CB. The position is publicly marketed. What are the typical conversion rates for something like this?

[hdr]

There's no typical conversion rate. Firms generally keep positions open until the right candidate comes along (whereas private companies and the government are more likely to bring in 5-10 people at once and hire the best one). If you check all the boxes (T14/grades, peer firm, relevant experience, the right seniority, etc.) your odds are very good. But as with OCI, partners find all sorts of dumb reasons to reject candidates that you can't do anything about.

[lawlo]

What about when you had a screener and are moving onto the callback phase? Lateral.

[hdr]

What about when you had a screener and are moving onto the callback phase? Lateral.

It doesn't matter. It's not like OCI where ~50% of CBs lead to offers, or whatever the norm is.

[hoos89]

There's so many variables here. If a firm is desperate to hire because they're so busy and your experience is on point, I'd say the offer is almost yours to lose. This isn't OCI where they have X spots and are brining in 2X candidates or whatever and all the candidates are more or less fungible...they're trying to fill an immediate need, and even if your experience isn't spot on, there may not be a candidate who has perfectly relevant experience. It's important to sell your experience, and if it's not perfectly on point you need to try to emphasize what aspects of your experience you think could translate well to their group.

[Anonymous User]

There's so many variables here. If a firm is desperate to hire because they're so busy and your experience is on point, I'd say the offer is almost yours to lose. This isn't OCI where they have X spots and are brining in 2X candidates or whatever and all the candidates are more or less fungible...they're trying to fill an immediate need, and even if your experience isn't spot on, there may not be a candidate who has perfectly relevant experience. It's important to sell your experience, and if it's not perfectly on point you need to try to emphasize what aspects of your experience you think could translate well to their group.

This is great advice. As a prior poster said, partners will try to find a reason not to hire you. It’s not like OCI where they can see how you are during the summer and cold offer you.

Even when firms are desperate, they refuse to hire who doesn’t really check all of their boxes (I’ve had the firm I’m at say no to a lot of referrals my colleagues and I have submitted from good candidates). I lateraled to a busy practice during covid. I thought that I was the only person to interview because I got the offer within a day. Once I started, I found out the firm was just doing rolling callbacks for a few months before I applied. Luckily my experience matched what the firm was looking for, so they moved quickly.

But before that and two other offers (when I went 3/3 at the end), I was like 0 for 15 or something. And the two other offers I got asked me to take a 2 year haircut.

[Anonymous User]

But before that and two other offers (when I went 3/3 at the end), I was like 0 for 15 or something. And the two other offers I got asked me to take a 2 year haircut.

I'm interviewing for a lateral position and worried about the firm asking me to move back a year or two in seniority. If they do offer me the job and make that request, is this the sort of thing that's negotiable?

[hoos89]

It's certainly something you can try to negotiate (especially if they're asking you to take a multi-year haircut).

Also please fix the quote so it's not attributing that statement to me.

[hdr]

Yes that’s negotiable. So are signing bonuses and eligibility for year-end bonuses.

[Anonymous User]

Any insight into best way to push back on an offer's terms? I'm sitting on an offer (for M&A so in demand) from a top firm with no signing bonus and trying to think best way to push for it (I don't have competing offers at the moment).

[hdr]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

[Anonymous User]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

Might be able get them to agree to pay that. Also should figure out whether they're going to pro rate your annual bonus.

[Anonymous User]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

Might be able get them to agree to pay that. Also should figure out whether they're going to pro rate your annual bonus.

Asking anon here: they did confirm full fall bonus/year end, which I definitely appreciate as something. But would hate to leave money on the table lol.

[Anonymous User]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

Might be able get them to agree to pay that. Also should figure out whether they're going to pro rate your annual bonus.

Asking anon here: they did confirm full fall bonus/year end, which I definitely appreciate as something. But would hate to leave money on the table lol.

I'm sure it's been discussed elsewhere but what are typical signing bonuses for laterals?

[Anonymous User]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

Might be able get them to agree to pay that. Also should figure out whether they're going to pro rate your annual bonus.

Asking anon here: they did confirm full fall bonus/year end, which I definitely appreciate as something. But would hate to leave money on the table lol.

I'm sure it's been discussed elsewhere but what are typical signing bonuses for laterals?

This varies so much by firm and group that there's just no way to say what's typical. I have a friend who got "more than first year comp" as a bonus (don't know the exact number)...he's in a hot and niche group. I recently accepted $25k, but I'm making a bit of a practice group change. I've heard of Kirkland giving cap markets associates $100k+ this year. OP got offered $0.

[Anonymous User]

Can anyone help read the tea leaves on skipping screener straight to CB but then having a second round of interviews? I really would like to end up at this firm.

[hdr]

Can anyone help read the tea leaves on skipping screener straight to CB but then having a second round of interviews? I really would like to end up at this firm.

All it means is you didn’t flunk the first round.

[Anonymous User]

Ask and point out that you’d be forfeiting the special bonus at your current firm if you leave.

Might be able get them to agree to pay that. Also should figure out whether they're going to pro rate your annual bonus.

Asking anon here: they did confirm full fall bonus/year end, which I definitely appreciate as something. But would hate to leave money on the table lol.

I'm sure it's been discussed elsewhere but what are typical signing bonuses for laterals?

This varies so much by firm and group that there's just no way to say what's typical. I have a friend who got "more than first year comp" as a bonus (don't know the exact number)...he's in a hot and niche group. I recently accepted $25k, but I'm making a bit of a practice group change. I've heard of Kirkland giving cap markets associates $100k+ this year. OP got offered $0.

are these bonuses in addition to year-end bonuses (non pro-rated)? just a little confused how this all works out when lateraling.

[Anonymous User]

Often there's a signing bonus, and this year there's the special bonuses

[Anonymous User]

How long do you generally have to wait to get an offer or rejection after a CB?

[Anonymous User]

How long do you generally have to wait to get an offer or rejection after a CB?

There's no typical. Anywhere from a day to weeks. I think it depends a lot on what the firm's needs are (if they're trying to hire several people I'd expect you to hear back sooner than if they're only looking for 1 person).

[Anonymous User]

A few of the offers I received in Feb/March literally came after 30 min of the last callback interview. One came a week after the callback. All v10.

[Anonymous User]

Law firms tend to move quickly. I think if you haven't heard in a week it's probably bad news, but there are always exceptions.

[Anonymous User]

Offer came the week after my CB.

[Anonymous User]

Law firms tend to move quickly. I think if you haven't heard in a week it's probably bad news, but there are always exceptions.

I really think this just depends. If they're hiring for one spot they may have a few candidates they're interviewing.