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I am a 3L who summered at Firm A (V50) and was extended an offer at the end of the summer. While I had my offer open, I had heard from a friend that his firm had under-hired at OCI and was looking for people. I applied to Firm B (V10) and waited to hear back. After not getting a response for weeks I accepted my offer from Firm A. More time has passed and Firm B has finally reached out to schedule an interview.

What should I do? My school's OCS advised me with caution regarding the reputation harm of reneging on an offer but how much should I weigh that against the increased exit opportunities that Firm B would provide me in a few years? Any advice would be greatly appreciated.

Do what is right for you. Schools don't like it when their students decline offers they have already accepted because it hurts the school's reputation. But it's highly unlikely that turning down an offer you've already accepted will cause any long term damage to your personal career or reputation. Nobody has that much emotional energy invested in entry level hiring. You'll probably burn bridges at the first firm for the time being, but no other firm is going to know or care.

That said, I wouldn't automatically assume exit options are much different between the v10 and v50. It will depend more on your practice area, who you interact with, and what skills you develop. Vault rankings are nothing like law school rankings in terms of what they mean to your future opportunities. Go to the v10 if you feel like it offers a practice that is closer to what you want and if the people you would like to work for are there. Don't go just because some mid-level associates rank it higher on a silly survey.