2020-21 Vacation Scheme Applications Discussion

[TLS_]

Anybody else got an AC invite for SPB?

Yes I have!! Does anyone have any advice!?

 

[Dheepa]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

I know you've already been given a lot of advice on this but just some additional suggestions:

1. Start reading the FT, and when you come across terms you don't understand just google it! I found it very boring to just read books/articles that explained or defined these terms without context and I think when you read and learn about these things in the context of news stories, it makes it far more interesting.

2. If you subscribe to TCLA Premium, Jaysen has some great courses on PE and M&A that covers quite a lot of the most basic terms you'd be expected to know in interview. The PE one in particular pretty much saved my life before a US firm AC I had 😅

Also going to link you to some threads that have some great suggestions on podcasts and videos you can listen to/watch

Commercial Awareness - Podcast Thread

Hey everyone. Commercial Awareness is not something you can cram. It is built up over time and is the result of how you engage with the business world that exists around you. If any of you are like me, I hate reading! So, I found my particular method of increasing commercial awareness was...

www.thecorporatelawacademy.com

Commercial Awareness Videos

Hi everyone :) So major learning curve post failed ACs is commercial awareness is really where I need to improve. I've realised I loove watching short documentaries (think random Wendover Productions videos about airports and planes lool) and would love to use these as a good intro into deeper...

www.thecorporatelawacademy.com

I also want to add that sometimes it can feel a bit overwhelming when starting out and looking at really complicated commercial terms like derivatives, leveraged buyouts, etc. (I know that was the case for me) The important thing to remember is that no partner is ever going to ask you to define these types of things out of the blue in interviews, and very few case studies expect an in depth of knowledge of the workings of these things. I think it is very rare that you would need anything beyond a basic understanding of M&A and PE and I would really try to avoid getting too caught up and stressed out about understanding every single intricate detail (especially if it's not a firm that has a particular concentrated specialism in any of these areas). ☺️

 

[Dheepa]

Hi, I was wondering if anyone could help me on answering this Shoomsmiths question:

‘... Looking forward, consider the challenges facing the profession and describe how Shoomsiths can remain competitive and attractive to clients without compromising on profitability? There are many issues which may feed into this answer, but we would like you to focus on your top three priorities.’

Do you think it would it be best for me to look at 3 separate challenges and then provide 3 solutions?
Or 1 challenge with 3 different solutions?

I read this primarily as asking for 3 challenges. I don't think you need to provide three distinct solutions and perhaps the solutions for each challenge can overlap slightly.

 

[MJ]

Anyone heard from summer scheme apps for Penningtons, Boodle Hatfield, Taylor Wessing, Irwin Mitchell, BCLP, Dechert??

I submitted apps for vacation schemes at Penningtons and Taylor Wessing in December 2020, completed the AC for Penningtons and games-based assessment for TW, but haven't heard back from them both since then.

 

[TR17]

Think I have applied to 20+ firms this cycle so far. Worked really hard to tailor all of the apps. Feeling quite disheartened as I’ve had about 10 rejections and am yet to really hear much else - not sure where I am going wrong

Hey, I really hope you get some good news soon. This can be such a stressful and demotivating process, especially when it feels like you’re doing everything you can. By applying, you’ve done everything that’s in your hands. I always tell myself after every rejection that these rejections are a part of the process and I have to get those rejections before I can get the one I’m accepted into, if that makes any sense at all lol. Each application makes you a stronger candidate and there’s so much to learn from all that effort that goes in. You’ll get there. You still have a lot to hear back from so theres lots of hope still.

 

[lotuslaw]

ive never done an AC before and am really nervous didnt think i was cut out to even be a lawyer with the rejections this year but thankfully i have one shot! does anyone have any advice? id really appreciate it, feel free to dm

 

[ZaraB]

Hi everyone, I just wanted to get some advice, how would you expand on answers to some competencies that you have already given in the application? And what kind fo questions do grad rec normally ask that follow up on your work experience/application? Thanks so much!

 

[collie_121]

I know you've already been given a lot of advice on this but just some additional suggestions:

1. Start reading the FT, and when you come across terms you don't understand just google it! I found it very boring to just read books/articles that explained or defined these terms without context and I think when you read and learn about these things in the context of news stories, it makes it far more interesting.

2. If you subscribe to TCLA Premium, Jaysen has some great courses on PE and M&A that covers quite a lot of the most basic terms you'd be expected to know in interview. The PE one in particular pretty much saved my life before a US firm AC I had 😅

Also going to link you to some threads that have some great suggestions on podcasts and videos you can listen to/watch

Commercial Awareness - Podcast Thread

Hey everyone. Commercial Awareness is not something you can cram. It is built up over time and is the result of how you engage with the business world that exists around you. If any of you are like me, I hate reading! So, I found my particular method of increasing commercial awareness was...

www.thecorporatelawacademy.com

Commercial Awareness Videos

Hi everyone :) So major learning curve post failed ACs is commercial awareness is really where I need to improve. I've realised I loove watching short documentaries (think random Wendover Productions videos about airports and planes lool) and would love to use these as a good intro into deeper...

www.thecorporatelawacademy.com

I also want to add that sometimes it can feel a bit overwhelming when starting out and looking at really complicated commercial terms like derivatives, leveraged buyouts, etc. (I know that was the case for me) The important thing to remember is that no partner is ever going to ask you to define these types of things out of the blue in interviews, and very few case studies expect an in depth of knowledge of the workings of these things. I think it is very rare that you would need anything beyond a basic understanding of M&A and PE and I would really try to avoid getting too caught up and stressed out about understanding every single intricate detail (especially if it's not a firm that has a particular concentrated specialism in any of these areas). ☺️

Sort of following on from this point, I have a partner interview coming up and in the application form I mentioned that I have an interest in M&A. Although completely true, I am unsure of the level of understanding they expect me to have of it, what sort of questions would they ask me about it or which basic terms I should be aware of?

I am studying a law degree and have no background of an economics/business education. Also important to note, they are a full service firm with a strong reputation across a range of specialisms with no specific focus on M&A (unsure if this will have a bearing on your answer).

Any advice you can offer me would be greatly appreciated, I have never had a live interview before

 

[Dheepa]

Hi everyone, I just wanted to get some advice, how would you expand on answers to some competencies that you have already given in the application? And what kind fo questions do grad rec normally ask that follow up on your work experience/application? Thanks so much!

For competencies I think the most important part of your answer is the Action portion, so I'd focus on providing a detailed step by step breakdown on exactly how you reached the outcome that you wanted. Linking you to Jacob's fantastic article which might help. https://www.thecorporatelawacademy....w-firm-interviews-monday-article-series.3286/

In terms of what kind of follow up questions, that's really hard to pinpoint just because it would depend very heavily on your application. I'd suggest going through your application and trying to think objectively about any particularly interesting things (hobbies, interests, extra-curriculars) you've mentioned that a third person might pick up on to find out more about your personality. If you're struggling to do this get a friend to help you out (that's what I did!) I'd also recommend thinking about anything you've mentioned that could be used to ask commercial awareness type questions (especially for partner interviews). So if you've mentioned a particular deal, expect follow up questions on developments in that area or if you've mentioned working in a particular industry in your work experience (could just be something as simple as a retail job) then prepare for questions surrounding that as well.

 

[Jammo58]

So I think the answer to your question isn't that it varies depending on whether it's in person or virtual but that it depends on the firm's preferred way of assessment.

My first ever vac scheme was an in person one in 2019 and while there was plenty of opportunity to get involved in real work with my supervisor, the firm preferred to heavily weigh the TC decision based on the final case study + interview. While the work you complete for your supervisor and other people obviously help, less emphasis was placed on it.

Even with virtual schemes, I had different experiences depending on the firm. For example, the NRF VS was a very similar experience to what you described. Back to back timed assessments with not much time for anything else during the week. The Latham VS, although there were two assessments we had to complete, we had to do it over the course of the week which meant the things you mentioned like managing time and balancing different stakeholder expectations were very necessary. My Bakers VS felt most like an in person one because we were assessed on the live work we were doing for our supervisors/any one we had reached out to in different departments.

I understand where you're coming from with your points completely actually. I found the Latham and Bakers VS far more enjoyable in part because managing different workloads and managing my time just seemed like a more realistic experience and as close to an in person VS as it would get.

My best advice is look into the kind of virtual VS the firm runs. Speak to people who've completed it in the previous cycle and decide if the experience the firm provides you with is what you want. Also check how the firm is assessing candidates for the TC because if it's anything like the firm I did my first VS at, then there's very little point to showcasing those skills you want to anyway.

Hope that helps! ☺️

Thanks so much for that thorough response, Dheepa!

I had never considered that firms were so different in the way they assessed candidates. I definitely agree that the best thing I can do now is find out as much as possible about each firm's VS format ... this is gonna take a while!

 

[Dheepa]

Sort of following on from this point, I have a partner interview coming up and in the application form I mentioned that I have an interest in M&A. Although completely true, I am unsure of the level of understanding they expect me to have of it, what sort of questions would they ask me about it or which basic terms I should be aware of?

I am studying a law degree and have no background of an economics/business education. Also important to note, they are a full service firm with a strong reputation across a range of specialisms with no specific focus on M&A (unsure if this will have a bearing on your answer).

Any advice you can offer me would be greatly appreciated, I have never had a live interview before

First off, congrats on your interview! Really well done on getting there! ☺️

I think in a partner interview you're unlikely to get asked specifics but I'd aim to have a basic understanding

1. Indemnities, warranties, and representations
2. Difference between a share purchase and an asset purchase
3. Due diligence - why it's important, any key issues that could come up that might make the transaction more complicated
4. The different stages of an M&A transaction - This A&O video is really good

Other things I would also prepare for are some notable M&A deals that have happened recently (maybe pick one that you can talk about in depth), why the transaction was important for those companies and what do companies generally hope to achieve/benefit from the transaction. Importantly, in your case I'd suggest preparing a really strong answer as to why you're so interested in M&A (you might get pushed on this) and also what you really understand about the different roles an M&A lawyer will have on a transaction and what a trainees role will be when supporting that transaction.

 

[Etudierlaw2022]

ive never done an AC before and am really nervous didnt think i was cut out to even be a lawyer with the rejections this year but thankfully i have one shot! does anyone have any advice? id really appreciate it, feel free to dm

I would focus on building confidence prior to your AC! Knowledge is power, so the best way to do this is to really research what it is about the firm that makes you feel like you'd be a good fit, and also really know yourself why it is you want to be a commercial solicitor.

Be friendly to everyone you meet as well. I had an experience in an AC where a guy outright shot down my idea in a group exercise - I would say this is a big nono - try to be supportive of your peer's ideas. Also in the holding rooms, remember you are always being watched and don't speak badly about the application process/other firms...

Also, I like to remind myself that I wouldn't have been invited if I wasn't capable - it's okay to hype yourself up a bit!! Going into it with the mindset that you're not capable is a setup for failure, so have a bit of faith in yourself. Fake it til you make it basically!

Hope that helps and good luck keep the faith!

 

[collie_121]

First off, congrats on your interview! Really well done on getting there! ☺️

I think in a partner interview you're unlikely to get asked specifics but I'd aim to have a basic understanding

1. Indemnities, warranties, and representations
2. Difference between a share purchase and an asset purchase
3. Due diligence - why it's important, any key issues that could come up that might make the transaction more complicated
4. The different stages of an M&A transaction - This A&O video is really good

Other things I would also prepare for are some notable M&A deals that have happened recently (maybe pick one that you can talk about in depth), why the transaction was important for those companies and what do companies generally hope to achieve/benefit from the transaction. Importantly, in your case I'd suggest preparing a really strong answer as to why you're so interested in M&A (you might get pushed on this) and also what you really understand about the different roles an M&A lawyer will have on a transaction and what a trainees role will be when supporting that transaction.

Thank you so so much you don't understand how helpful this has been and I'll use these points to form a basis for my further research

P.s. that A&O video is so good

 

[ZaraB]

For competencies I think the most important part of your answer is the Action portion, so I'd focus on providing a detailed step by step breakdown on exactly how you reached the outcome that you wanted. Linking you to Jacob's fantastic article which might help. https://www.thecorporatelawacademy....w-firm-interviews-monday-article-series.3286/

In terms of what kind of follow up questions, that's really hard to pinpoint just because it would depend very heavily on your application. I'd suggest going through your application and trying to think objectively about any particularly interesting things (hobbies, interests, extra-curriculars) you've mentioned that a third person might pick up on to find out more about your personality. If you're struggling to do this get a friend to help you out (that's what I did!) I'd also recommend thinking about anything you've mentioned that could be used to ask commercial awareness type questions (especially for partner interviews). So if you've mentioned a particular deal, expect follow up questions on developments in that area or if you've mentioned working in a particular industry in your work experience (could just be something as simple as a retail job) then prepare for questions surrounding that as well.

Thank you ever so much for such a comprehensive answer, that's extremely helpful!!

 

[Kablahc]

Hi everyone, I just wanted to get some advice, how would you expand on answers to some competencies that you have already given in the application? And what kind fo questions do grad rec normally ask that follow up on your work experience/application? Thanks so much!

In my interview which I had recently where they asked some follow ups about my application, they mainly wanted me to elaborate on stuff I was saying I intended to do in the future e.g. I put down I am applying for a Master's degree, they wanted to know what was it in/where I was applying/why I chose it etc. They will generally pick up on anything that seems interesting to them, or that they want to know more about. For example, maybe you put in your application that you did work experience at a different firm earlier on: they might want to know how you got that work experience (I've been asked this), or what the main things you learned is. Then they might ask follow-up Qs to that. I've been asked a whole range of stuff from 'so are you sure being a solicitor is what you want?' to 'you mentioned in [competency q] you care about D&I, why is that?'. But generally it is quite guessable when you look at your application and look at things that maybe stand out as different or that you haven't elaborated on very much. Hope this helped!

 

[Lawyer101]

Eversheds AC invite! For the London office

 

[packhorse]

Eversheds AC invite! For the London office

On a Sunday?! Congrats though that's amazing news )

 

[ZaraB]

In my interview which I had recently where they asked some follow ups about my application, they mainly wanted me to elaborate on stuff I was saying I intended to do in the future e.g. I put down I am applying for a Master's degree, they wanted to know what was it in/where I was applying/why I chose it etc. They will generally pick up on anything that seems interesting to them, or that they want to know more about. For example, maybe you put in your application that you did work experience at a different firm earlier on: they might want to know how you got that work experience (I've been asked this), or what the main things you learned is. Then they might ask follow-up Qs to that. I've been asked a whole range of stuff from 'so are you sure being a solicitor is what you want?' to 'you mentioned in [competency q] you care about D&I, why is that?'. But generally it is quite guessable when you look at your application and look at things that maybe stand out as different or that you haven't elaborated on very much. Hope this helped!

Thank you so much for your help, I'm going to look at my application with an objective eye to try and see what I would be interested in knowing more about if I was grad rec!

 

[ibs97]

Gibson Dunn second round invite!

 

[Jaysen]

Gibson Dunn second round invite!

Well done!