Are there any lawyers here? What do you'all think of VAULT.com rankings?
I agree with Cleary that they are based on perceived prestige, but in the legal profession perceived prestige is the currency. I think they matter in the same way anything does; they matter because people think they matter. Source: former V5 lawyer and gov't lawyer, currently in-house
This + the rankings are NYC-centric.
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It's just a survey sent around to associates to rank firms based on perceived prestige.