TCLA Vacation Scheme Applications Discussion Thread 2024-25

[member7830]

"Would you kindly provide an update on timeframes if this it all possible? I understand if this is not the case, but I felt I should be transparent with the firm as I am considering other offers with looming deadlines. Thank you in advance for your understanding". Although IMO if it's imminent, call them.

thank you so so much, this is perfect!!!

 

[Paul Jules Steullet]

Weil is a good choice. If you have nothing but a general interest in commercial law Weil/Cleary have the broadest practices and most solid training programmes. Cleary heavier on competition, litigation and public M&A, Weil on finance, restructuring and PE. Weil arguably a bit more prestigious in London but has been a bit lacklustre recently tbh: Michael Francies is retiring, it lost its Band 1 PE ranking, no notable recent mandates, partner losses in the US etc.

If you want to do top-shelf high-end complex M&A and finance Davis Polk is very good. Its US practice is popping off, and despite being tiny in London it packs a punch. Lateral opportunities arguably better than Weil/Cleary.

S&C is a bit crap in London (respectfully).

Spot on analysis of Weil! PE is not doing well but Finance is booming atm. Also Mike Francies left last yr.

 

[theruleofno]

What is the exact meaning of a satellite office in this context?

An office with no real autonomy that leans heavily on another larger office. In the context of S&C the vast majority of decisions are made in New York and London is an afterthought. Work tends to originate in NY with the London office mainly used to service the European needs of American clients. That isn't to say that S&C London originates no work and has no seat at the decision-making table but London is a far smaller cog in the firm's worldwide operations compared to some other U.S firms.

 

[librame17]

heya which AC day did you do? I was told we wouldn't hear back about whether we'd get the vac scheme or not for a few weeks?

Hii i did Thursday and same so I was really surprised to get a call so soon!

 

[desperateTCseeker1998]

Awaiting my imminent PFOs from MoFo and Latham this week, likely Paul Weiss too...

 

[billyonthespeeddial]

Hey everyone - how should I answer the interview question 'Where do you see yourself in the next 5 years?'

I'm unsure what law firms are looking for in this question, and if it should only revolve around a career in commercial law or involve some personal goals too?

"in London with 2 years PQE, I hope"

 

[latome19]

Would Cravath, Swaine and Moore be considered a satellite office as well then, based on this? 🥲

I hope Cravath decides to launch a proper UK practice someday with training contracts like Paul, Weiss have done recently. I imagine they would be really popular among applicants. 🙂

I did read on Legal Cheek that Cravath had poached some English qualified partners from Shearman & Sterling in 2023 (pre merger with Allen & Overy). I wonder if that was a signal that they were planning to set up a UK practice. 🤷🏾‍♂️​

if Cravath ever started expanding, their first destination wouldn’t 99% be London. And I don’t think they ever will because their entire V1 ranking rests on them being an exclusively NY firm. Although «satellite» is arguably a derogatory term, it is only derogatory from the perspective of a non-US lawyer. You always have to bear in mind that US firms exist in London in the first place because at some point the US headquarters chose to expand into London.

 

[Tintin06]

Awaiting my imminent PFOs from MoFo and Latham this week, likely Paul Weiss too...

Waiting for Arnold & Porter rejection.

 

[Diana54]

I have an upcoming AC and just wanted to see if there are any commercial topics/ news stories that I should be aware of and any any that has come up in others ACs/ others have mentioned in their ACs.

Thank you very much in advance!

 

[Chris Brown]

I have an upcoming AC and just wanted to see if there are any commercial topics/ news stories that I should be aware of and any any that has come up in others ACs/ others have mentioned in their ACs.

Thank you very much in advance!

I think a good one would be the change in M&A activity from the start of last year compared to this year.

I saw a post on LinkedIn by Paul, Weiss which was a memo discussing this topic. I have linked it below:

It has a lot of tables, charts and graphs but I think it is a current commercial topic that might come up in AC’s so would be good to look at. 🙂

M&A at a Glance (February 2025)

Both U.S. strategic and sponsor deal values and counts rose significantly in January compared with December, while global M&A activity declined. » view the report

www.paulweiss.com

 

[vschemer]

I have an upcoming AC and just wanted to see if there are any commercial topics/ news stories that I should be aware of and any any that has come up in others ACs/ others have mentioned in their ACs.

Thank you very much in advance!

So long as you follow the news you'll be fine.
Pick topics that affect the key practice areas of the firm you're applying to

Easy common topics:
- Interest rates and their effect on M&A/ PE i.e. valuations, sales, servicing debt, borrowing costs.
- Competition and the stance in Europe and UK- push on innovation i.e merger remedies review and new CMA head, but crack down in certain sectors i.e tech and new laws, new national control hybrid clause, and the Nippon Steel case in the USA which could influence the stance in the UK
- Political stability- tariffs, uncertainty around trumps policies and how that affects willingness to complete deals cus of effects on inflation/ value of the pound
- For Equity Capital Markets- the July 2024 new listings regime and potential affects on the LSE
- Private credit growth due to high interest rates but how its likely to stay due to flexibility of borrowing terms

 

[Joshyf10]

Are Goodwin still interviewing for vac schemes?

 

[xMontmorency]

Would Cravath, Swaine and Moore be considered a satellite office as well then, based on this? 🥲

I hope Cravath decides to launch a proper UK practice someday with training contracts like Paul, Weiss have done recently. I imagine they would be really popular among applicants. 🙂

I did read on Legal Cheek that Cravath had poached some English qualified partners from Shearman & Sterling in 2023 (pre merger with Allen & Overy). I wonder if that was a signal that they were planning to set up a UK practice. 🤷🏾‍♂️​

Possible.

Would need a sizeable shift in mentality from the senior partners in NY. Thing is their set up works really well for them rn in the US, especially for the top partners. Until their profitability drops, competition racks up and they lose mandates theres no need to risk the investment in another jurisdiction. Freshfields has made some big hires from cravath in NY, and theyve dropped rankings in some M&A league tables, which might trigger a shift. But they're so high end in their own jurisdiction that they probably don't need to in the near future (Slaughter and May?).

But tbh the bigger problem is who do you hire? Paul, Weiss happened pretty much out of the blue, because an internal power struggle at K&E meant top partners with big clients wanted to move (Johnson, Sachdev). Sure, they were offered a lot of money, but they also had an incentive to leave and build up something new. Cravath does mainly public M&A; big corporate clients tend to be tied to a firm (or panel of firms) for the range of legal advice they need, and top dealmakers are usually culturally and financially committed to their firms (Roland Turnill, Claire Wills, Jonny Myers are all execs). That's why Bruce Embley's move to CC was so big. I don't see Cravath making such a breakthrough any time soon in London. But you never know...

 

[fitzer401]

Are Goodwin still interviewing for vac schemes?

I'm not sure. I am still waiting on a response post VI.

 

[via1511]

Hii i did Thursday and same so I was really surprised to get a call so soon!

Oh wow you must have been in my group - congrats to you!

 

[J333]

Hi all, I have a withers summer vacation scheme interview next week, does anyone have any insights/advice on how to prepare? Any help would be greatly appreciated

 

[abbiewhitlock03]

Hi all! First-time poster here (but long-time reader...)

I have a Farrer & Co virtual assessment centre this week, and a Paul, Weiss interview coming up soon too!

Would anyone have any tips on how to prepare for these? The Farrer & Co assessment centre is a written task and a group negotiation activity - any help would be appreciated!

Also to those waiting to hear back from Paul, Weiss - I scored (I believe) 20 on the amberjack assessment (with high scores in numerical and verbal intellect), so I definitely think that they look at your application holistically as my score is not very high compared to others I have seen!

 

[abbiewhitlock03]

Also unrelated, did you go to a Russell or non Russell Group university

Hi! I was scrolling through this thread and saw this comment - I go to a non-Russell Group university and got invited to a Paul, Weiss interview last Friday so I don't think it will put you at a disadvantage if you do go to one!

 

[Chris Brown]

Hi! I was scrolling through this thread and saw this comment - I go to a non-Russell Group university and got invited to a Paul, Weiss interview last Friday so I don't think it will put you at a disadvantage if you do go to one!

Just adding to this that you won’t be at a disadvantage if you don’t have straight A/A* at A-level or a 1st in your degree. I have neither of these and got invited to a Paul, Weiss interview on Friday. 🙂

Whilst I went to a RG, it wasn’t a university like Oxford/Cambridge/LSE/Imperial so that also isn’t going to put people at a disadvantage (a lot of the associates at Paul, Weiss went to these particular RG unis so it’s understandable why people might think it would because I did at first). 🥲​

 

[ashwright]

So long as you follow the news you'll be fine.
Pick topics that affect the key practice areas of the firm you're applying to

Easy common topics:
- Interest rates and their effect on M&A/ PE i.e. valuations, sales, servicing debt, borrowing costs.
- Competition and the stance in Europe and UK- push on innovation i.e merger remedies review and new CMA head, but crack down in certain sectors i.e tech and new laws, new national control hybrid clause, and the Nippon Steel case in the USA which could influence the stance in the UK
- Political stability- tariffs, uncertainty around trumps policies and how that affects willingness to complete deals cus of effects on inflation/ value of the pound
- For Equity Capital Markets- the July 2024 new listings regime and potential affects on the LSE
- Private credit growth due to high interest rates but how its likely to stay due to flexibility of borrowing terms

i'm not OP but just wanted to say this was super helpful! thank you for sharing
this is probably super silly but i was wondering if you had any recommendations for resources for learning about these particular stories/your personal favourite commercial awareness resources. the things you listed are clearly highly important commercial stories - some of which i actually hadn't heard of!

i understand how limited my commercial awareness is when i hear about these things. i knew about the political instability point bc i'm an american politics fiend but most of the other stuff you mentioned (e.g., the ECM point, the private credit point) i didn't know about!
off the top of my head, some random stories i remember recently were the the tariffs + interest rate stuff + potential sale of WHSmiths! i've definitely got some way to go in improving

thank you again for the write-up. it was not only informative, but an important wake-up call!