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It is rare, but not unheard of, for very junior associates to be ranked. I had a friend who experienced this many years ago while still an associate. Typically, such associates are not formally nominated by their firms. Instead, when rankings researchers seek feedback directly from clients for the partners (who nominated such referees), the client may independently mention associates if they are particularly satisfied with their work or for whatever reason. Where the feedback is strong and positive, the associate may be ranked. In short, when an associate is ranked, it usually reflects either exceptional capability or a strong relationship with the referee.
My friend who was ranked, was an exceptional dude. He later on moved to a white shoe law firm.