Headhunter from recruiting firm reached out after I was laid off

Based on the most helpful WSO content, it's generally a good idea to be upfront about your situation. You can explain that your previous firm had to let you go due to circumstances like deal flow drying up. Emphasize your strong points, such as your deal experience and your readiness to hit the ground running in any role, whether it's training interns, running deals, or doing necessary grunt work.

Headhunters have many candidates to choose from, but your honesty and willingness to work hard can make you stand out. Remember, it's not uncommon for professionals to be let go for a variety of reasons, and more seasoned professionals understand this. If you handle the situation well and nail your interview, you could still be in the running for a position.

However, it's also important to note that networking is key in these situations. Try to get as many of your applications/interviews from warm introductions rather than just online resume drops. And be open to moving if necessary, as this can open up more opportunities.

Remember, your goal is to sell yourself as a valuable asset, despite the circumstances of your layoff.

Sources: Being Fired and being upfront about it, https://www.wallstreetoasis.com/forum/investment-banking/laid-off-in-may-at-my-wits-end?customgpt=1, Was just asked to resign...what should I say on interviews?, https://www.wallstreetoasis.com/forum/job-search/suing-a-former-employer?customgpt=1, Are you interviewing with any other banks/firms?