TCLA Vacation Scheme Applications Discussion Thread 2024-25
- Thread starter Jessica Booker
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Anyone else waiting for that Paul, Weiss rejection? My amberjack was not good
me! I wish they'd just put me out of my misery! how did you do?
Yeah I’m still waiting for my Paul, Weiss PFO. I want it to be over and done with asap the anxiety is too much for me. That Amberjack test was horrid. 🥲🥲
Guys, this cycle has been worse than terrible. Now I'm clueless as to what to do this summer! Does anyone have any ideas for non-commercial law or non-law work experience that could benefit next year's apps? I don't want to have nothing on my CV this year. @Jessica Booker any advice..?
- Sep 9, 2024
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I generally think there is nothing wrong with using answers you formulated in your applications as well, although for some reason it seems many people initially assume that this is the case. Of course you can and should polish and tailor the answers for the purposes of the interview, perhaps by adding deeper insights and changing the phrasing for a more suitable one. However, I do not think any interviewers have an expectation for your answers to differ much in substance from your answers in the application form. In fact, it would be more concerning if your answers were radically different, as it would show either dishonesty or an instability in your fundamental motivations.
Regarding on your question as to how to prepare, I think mostly the same as you would for a normal competency interview:
- Build up the most extended and comprehensive question bank you can and find ideas to answer those question;
- Practice by recording yourself and then reviewing your performance;
- Do mock interview;
- Deepen your research into the firm and brush up on your commercial awareness.
- Basic firm facts: number of offices, financial figures, firm history
- Practice area/sector strengths and the firm's market position compared to competitors
- Recent big deals cases
- Recent awards and other forms of market recognition
- A few core clients
- Firm's business strategy and any recent developments (new offices, lateral hires etc)
- Training philosophy and details of the offering
Paul, Weiss theory:
They may be looking for applicants who also have a good amount of legal experience too, kinda like a direct TC applicant would. Would you think considering its their first ever cohort, they would want students fresh out of uni with no experience? Just a thought I might be wrong
They may be looking for applicants who also have a good amount of legal experience too, kinda like a direct TC applicant would. Would you think considering its their first ever cohort, they would want students fresh out of uni with no experience? Just a thought I might be wrong
I feel like if this was the case they should've just said so instead of leading on hundreds (thousands?) of people at their Open Days as surely they would have known that was their strategy at that stage. Though we haven't seen the resumé of anyone who has progressed so I wouldn't assume this yet!
Thank you so much, this is so helpful! I’m just wondering how I can prepare on the commercial awareness front, as I’ve completely slacked on that. Thanks again!
- Sep 9, 2024
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Hi @pleasepleaseplease as I have never been assessed under this particular format I will not be able to speak from experience, but as I see it this exercise is set out to test mainly two things:
- Firstly, your commercial awareness. More specifically, since you mention it could be unrelated to current issues, it will likely test you ability for commercial analysis. That is, can you identify the most relevant business considerations that arise from any particular issue? Can you explain how exactly they matter for a business' operation? Can you identify the different stakeholders and identify their positions? Can you then point out the possible courses of action and then make an argument in favour of one? For this, I think the best you can do is to read widely about commerce and to try to engage critically with the materials. However, in these last few days in the buildup to the AC, you could focus a bit more on materials giving an overviews about how businesses work - a great resource I recommend here is Investopedia.
- Secondly, your ability maintain composure under pressure, to think on your feet, and to defend your views. For this, I think the best practice is to simply simulate the assessment condition. If you can, get a friend to select a longer business article and then have them question you on it. While the questions will likely differ from what you get in the actual interview, if properly set up this will give you useful experience with this type of assessment and should make you feel more at ease on the day.
!
- Sep 9, 2024
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To improve commercial awareness as much as you can over a short period, I advise you to do the following:
- Try to understand well the basics of how businesses and investments work. On the business side, look up how businesses generate revenue and grow, but also what are the main risks they face and costs they incur. Also, try to get a basic understanding of the differences between the main economic sectors. On the investment side, research the types of investments strategies, the key types of financial institutions in the market and their roles (investment banks, PE funds, hedge funds, asset managers etc), and the core concepts in capital markets (debt vs equity, bonds, IPOs etc). Investopedia has a number of great articles on these, but you can also just browse the internet and you will find many good resources.
- Learn the basics of the different practices areas in commercial law: what do they do, how does their work differ, why do the clients need those services? In particular, try to get a good grasp of M&A and PE, as those come up most often in interviews. Here, I would recommend the great courses offered by TCLA.
- Read a few recent articles on the most major current issues so that you have an idea about them if they come up. I would list, in no particular order: AI and the stock market rally, inflation and monetary policy, geopolitical tensions, the US elections and threats of tariffs, and changes in energy policy.
- Listen to as many episodes of commercial awareness podcasts as you can (and make use of moments like commuting to do that). In particular, I recommend: the FT News Briefing, BBC Business News, Watson's Daily, Goldman Sachs Exchanges, The Lawyer Podcast, Bloomberg Law, Bloomberg News.
It’s such a shame that in our desperation to secure vacation schemes and TC’s that we often forget our own value- how much these firms would be lucky to have us. Because we forget our worth and apply en masse to these firms, they understandably create ways to siphon our applications without even giving them a cursory glance- applications that we spend days, weeks and even months perfecting.
I wonder if enough of us stopped applying to firms that give these downright silly assessments (especially NRF) that allow them to dismiss our applications without even giving them a read is the way forward. The American firms have all but given up on the WG and other similar tests to their credit and when you meet their lawyers the difference is very evident from the magic circle/ silver circle cookie-cutter candidates that are often more or less all the same (Slaughters). I’ve been very lucky this year with applications; however, if I have to do a third cycle next year I will not be applying to any firms that disregard my efforts as a candidate by not even reading my application instead dismissing it based on some archaic assessment system that doesn’t truly gauge a candidate’s potential. Ultimately, I want to invest my energy in firms that genuinely value individuality, recognise diverse experiences, and are prepared to look beyond test scores to appreciate the full picture of who I am and what I bring to the table. We all should.
I wonder if enough of us stopped applying to firms that give these downright silly assessments (especially NRF) that allow them to dismiss our applications without even giving them a read is the way forward. The American firms have all but given up on the WG and other similar tests to their credit and when you meet their lawyers the difference is very evident from the magic circle/ silver circle cookie-cutter candidates that are often more or less all the same (Slaughters). I’ve been very lucky this year with applications; however, if I have to do a third cycle next year I will not be applying to any firms that disregard my efforts as a candidate by not even reading my application instead dismissing it based on some archaic assessment system that doesn’t truly gauge a candidate’s potential. Ultimately, I want to invest my energy in firms that genuinely value individuality, recognise diverse experiences, and are prepared to look beyond test scores to appreciate the full picture of who I am and what I bring to the table. We all should.
I'm going to say this isn't the case, on the basis that they put a lot of emphasis on wanting to develop a strong pathway from trainee to partnership. While this was mainly from the perspective that it fosters stronger teams compared to lateral hiring, I think it also demonstrates a commitment to growing talent from a fresh slate. They'll have to eventually, and they already have more than enough lawyers of all experience levels. Passing on those without legal experience feels against their current philosophy. They are a business, and those with more legal experience might appear a strong short-term move. However, I feel it would be a long-term detriment. At least on a micro scale. I assume they would take a balanced approach. That's my thinking, at least.
Paul mentioned during the open day that they ideally prefer students who can start their training contracts next year. As a result, it is highly likely that career changers, final-year students, and graduates will be prioritized. I'm uncertain how many of the 10 offers will go to penultimate-year students. I asked Paul if he knew what percentage of TC offers would allow for a start date in 2027. He stylishly avoided answering, saying that if there were outstanding applications that could start in 2027, those candidates would definitely receive an offer. I just want to raise awareness among penultimate-year students like me not to feel discouraged, even if you have a strong application, as the firm needs trainees as soon as possible.
Okay thanks! What about the video interview, how many qs did they ask roughly, and how much about the firm?
I haven't heard back from P,W yet but this was my answer. I focused on linking each paragraph back to the client and what it means for them.
Paul, Weiss’s full-service offering, underpinned by sponsor-side financial expertise, supports private equity clients from fund formation to IPO. Two-thirds of London lawyers specialise in private equity and debt finance, enabling Paul, Weiss to provide tailored, flexible financing strategies that balance stakeholder priorities. In TDR Capital’s acquisition of Acqua & Sapone, Paul, Weiss structured €400 million fixed-rate and €450 million floating-rate notes listed on the Euro MTF to attract institutional investors and secure competitive pricing alongside a €130 million revolving credit facility. This combination met the client’s unique needs by optimising the cost of capital and providing liquidity for funding the acquisition and post-transaction for strategic growth, exemplifying Paul, Weiss’s ability to deliver value-driven financing strategies.
Coordinating advice across London, New York, and Brussels for General Atlantic’s Kyriba investment exemplified Paul, Weiss’s “one-firm” culture. The absence of billing targets eliminates internal competition, prioritising knowledge sharing and high-quality advice over billable hours. This enabled Paul, Weiss to reconcile US-UK tax frameworks and structure equity and financing arrangements that safeguarded General Atlantic’s minority investment and advanced Kyriba’s treasury technology leadership. Additionally, a capacity manager ensures efficient resource allocation, keeping critical activities like due diligence and financing coordination on track. AI tools like Harvey enhance this process by identifying red flags early and facilitating informed risk and deal viability assessments. This enables Paul Weiss to manage accelerated auction timelines, mitigate cross-border tax inefficiencies and deliver enhanced investor protections, all while securing strategic market positioning for clients.
Expanding partnership by 54% with 16 strategic hires in 2024 exemplified Paul, Weiss’s ambitious growth trajectory. Recruiting former TDR General Counsel David Holdsworth, whose unique insight into sponsor priorities strengthens the firm’s ability to anticipate TDR-specific challenges, structure tailored financing, and drive long-term portfolio growth, reinforced Paul, Weiss’s position as a trusted adviser for transformative private equity investments.
Paul, Weiss’s full-service offering, underpinned by sponsor-side financial expertise, supports private equity clients from fund formation to IPO. Two-thirds of London lawyers specialise in private equity and debt finance, enabling Paul, Weiss to provide tailored, flexible financing strategies that balance stakeholder priorities. In TDR Capital’s acquisition of Acqua & Sapone, Paul, Weiss structured €400 million fixed-rate and €450 million floating-rate notes listed on the Euro MTF to attract institutional investors and secure competitive pricing alongside a €130 million revolving credit facility. This combination met the client’s unique needs by optimising the cost of capital and providing liquidity for funding the acquisition and post-transaction for strategic growth, exemplifying Paul, Weiss’s ability to deliver value-driven financing strategies.
Coordinating advice across London, New York, and Brussels for General Atlantic’s Kyriba investment exemplified Paul, Weiss’s “one-firm” culture. The absence of billing targets eliminates internal competition, prioritising knowledge sharing and high-quality advice over billable hours. This enabled Paul, Weiss to reconcile US-UK tax frameworks and structure equity and financing arrangements that safeguarded General Atlantic’s minority investment and advanced Kyriba’s treasury technology leadership. Additionally, a capacity manager ensures efficient resource allocation, keeping critical activities like due diligence and financing coordination on track. AI tools like Harvey enhance this process by identifying red flags early and facilitating informed risk and deal viability assessments. This enables Paul Weiss to manage accelerated auction timelines, mitigate cross-border tax inefficiencies and deliver enhanced investor protections, all while securing strategic market positioning for clients.
Expanding partnership by 54% with 16 strategic hires in 2024 exemplified Paul, Weiss’s ambitious growth trajectory. Recruiting former TDR General Counsel David Holdsworth, whose unique insight into sponsor priorities strengthens the firm’s ability to anticipate TDR-specific challenges, structure tailored financing, and drive long-term portfolio growth, reinforced Paul, Weiss’s position as a trusted adviser for transformative private equity investments.
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