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I'm in the three months severance period. Should I just tell the new employers that I'm being counseled out? Otherwise it's just hard to explain why I would go from a V10 to a V100 in the same market doing the same practice. Appreciate any advice from people with similar experience.

Sounds like you’re overthinking it. You want to make a move somewhere else. It’s not like V100 partners are Neanderthals compared to V10. You see competitive opportunities for yourself and a meaningful path to partner at the V100, among other benefits like a welcoming and collegial group of attorneys that you would likely enjoy working with.

Unless they directly ask you such that not saying you're being counseled out would be a lie, don't tell them. It's just the general rule of interviews - don't talk about negative things. Explain all the things about the V100 that make you want to work there, not why you don't want to (or can't) keep working for your current employer; the post above this has good suggestions. Even if those things are sort of generic, you just need to show you can say the right things.

One thing to consider is that the people you interview with all work there and presumably see value in it, so you don't have to justify not wanting to stay at a V10. Plenty of people will be willing/able to to believe that what they have to offer is more appealing. If they're so caught up in a random ranking that they can't fathom someone wanting to come to their firm from a V10, it's probably not a great atmosphere anyway (but I don't think most people feel this way).

Also, they will probably assume that you don't like it where you are, but not that you're being counseled out. The former won't hurt you - I think everyone gets that not all employers are right for all people - so again, no need to bring up the latter.

Do not say anything. I am of the belief that no reputable firm will hire you if they find out you were terminated (or about to be terminated) from your prior law firm.

What happened to those who were pushed out and didn't find a new job in three months?