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1. Be from a Tier-1
2. Have good papers published within 2nd year
3. Be in the top of your batch till the first two years
4. NOW the most important thing - work your butt off in the internship and that will trnslate into a high paying ppo at the end of 3rd year anyway
No T1/T2 firm is stupid enough to give an offer directly to a third year.
The best case scenario is an extension/callback, and that also only happens in 4th year. Once you get a callback and perform well, then it depends upon the partner/firm's hiring policies.
As for the "secret", it is honestly highly dependent upon your contacts, because this process directly involves grabbing the attention of a partner and being able to persuade them for offering you an assessment internship. This is just extremely tough to do in T1s/big T2s unless you've accomplished something extraordinary or have family relations with them.
Of course, a great CV helps.
- R
You can be impressive by being a good intern, be attentive to detail, try asking as many relevant questions as you can to the work given (basically try to ask information that helps in the deliverable), and giving them what they want. Since its your first internship, try and understand how the people are, the team is, and if you like it a lot, towards the end ask for a call back or assessment internship. If they really like you, they will give you a call back. That you can convert into a PPO easily.
Also a big bump to this question.
Is it something to do with knowledge of law? Like a third year getting a PPO with M and A team, is it because they knew M and A basics right in their third year? Or is it something with your aptitude and behaviour one shows during that period? Asking as I'm unable to think how to be impressive to a firm with relatively low legal knowledge.