In conjunction with a phone interview we typically only have an actual sitdown with 2 to 4 candidates out of the initial pool of 100. We recruit out of college so resumes get handed in like candy, but this process has effectively helped us find candidates that are at least capable of learning the monolithic code base and getting fully up and running in a few months.
Our company still has an absolute terrible code base. It is very feasible to nuke skilled programmers once you have them.