2020-21 Vacation Scheme Applications Discussion

[Celestie]

Answering commercial awareness questions when youre non-law with 0 legal experience:

 

[cfm]

Is debevoise still taking. Applications ?

No, the portal update is mistake.

 

[ZaraB]

No not at all, I've used plenty of examples for experiences not listed on my application or even my CV - I keep my CV strictly to 2 pages so have to be selective with what I feature on it; some apps limit you to 6/8 work exp inputs so I just choose the most relevant stuff to put on the app

Thanks @Jacob Miller, that's really reassuring

 

[corplaw0702]

Has anybody heard from Ropes & Gray?

 

[I.Like.UFOs.Not.PFOs]

ummm I haven’t a clue what I’ve done does anyone else have hearts floating on their screen ???

 

[I.Like.UFOs.Not.PFOs]

ummm I haven’t a clue what I’ve done does anyone else have hearts floating on their screen ???

Ahhh wait sorry I’m being dumb - I’ve just realised - Happy Valentine’s Day everyone 😂

 

[Jessica Booker]

Ahhh wait sorry I’m being dumb - I’ve just realised - Happy Valentine’s Day everyone 😂

Don’t worry took me a while. Although can’t work out how to turn it off 😬

 

[I.Like.UFOs.Not.PFOs]

Don’t worry took me a while. Although can’t work out how to turn it off 😬

I can’t turn it off either- Is this a part of that update to TCLA from a while ago?

I wonder if we’ll get Easter eggs, pumpkins and Christmas trees floating on our screens when the time comes

 

[JayC]

I was looking at one of my applications that I sent off last month and saw a grammar error. I dunno if it is the system or I did it by accident. I accidentally might have well I didn't leave a space between 2 words and stated Iwill. What do you lot think should I be worried about that grammar error. I mean will this be a straight rejection.

Was it cvMail? It does this all the time it is so annoying

 

[Edward]

Hahaha...I liked those hearts going all over my screen. Happy Valentine's Day!!!💙💚💛🧡❤️

 

[theTC_girl]

Is it just me or do hearts pop up on screen when you come on here? Lmaoo

 

[Deleted member 8599]

So by using leverage a PE firm can spread the equity they have into multiple investments. For example, instead of investing in one company for 100m and realising 300m in profit, the firm can use 25m of equity plus 75m of debt and spread their 100m and invest in 4 companies. This means that their profit will be higher (hypothetically let's say 4x higher at 1200m). The only thing they have detracting from their profit is interest on any debt, which will be lower than the extra profit they can make.

Also, if interest rates are low, debt can be cheaper and by investing less equity, if the company becomes insolvent, the PE firm is losing less of its own capital than if it had invested all of its equity in that company.

It’s the second part of your answer that is the most important: the cost of capital of debt is cheaper than equity.

 

[Numerius Negidius]

Sigh, another Valentine's Day with no valentine

TCLA is really rubbing it in 🥺

 

[Dheepa]

Hi all, I have an interview for a VS but after reading over my application, I have realised my phone number is incorrect by one digit.

It is really stressing me out. I can't stop thinking that as soon as I mention it, that's my chance of securing the VS out the window... why would they give someone a VS if their attention to detail is so poor they can't enter their own phone number correctly???

What would any of you advise me do? The only contact details I have with the firm is the HR partner who is conducting my interview

I was looking at one of my applications that I sent off last month and saw a grammar error. I dunno if it is the system or I did it by accident. I accidentally might have well I didn't leave a space between 2 words and stated Iwill. What do you lot think should I be worried about that grammar error. I mean will this be a straight rejection.

So funny story but I spelt my literal name wrongly on the application that got me a VS in my first cycle. Since it was an in person VS, the name tags that GR had made for us and the agenda that had all the candidates names on it all had my wrongly spelt name on it, because I myself didn't realise the error until the first day of the VS. Mortifying when I let GR know but they just laughed. Trust me when I say that a missed out number on an application form isn't going to make any difference to the outcome of your application, not just because GR won't notice it, but because people make worst mistakes (like me) and get by all the time!

Also @Asil Ahmad, I've had successful apps that have had one small grammar error or two myself. I think Jess also says very often that most of the trainees she's recruited have had mistakes on their apps as well. As Jacob as said, there is no guarantee but if your overall app is really strong, I don't think it'd be a straight rejection. Don't lose hope just yet!

 

[Dheepa]

Can I just say a special thanks to @Dheepa for giving very comprehensive interview advice when I did not know where to start and @Jacob Miller for his excellent article on interviews, I feel like I was able to use the advice in my interview prep (particularly focusing on breaking down the A within STAR to show my thought process and go into detail and the useful advice of using bullet points to prep my answer rather than having a script!!!) I feel much more prepared for my interview now!

This has actually just made my day! I'm so happy you find the advice helpful! Sending you all the luck for your interview, really hope it goes well! 💓

 

[Samantha]

I see - I am sure you answered both well.

Well I genuinely hope you get it. Did they tell you how long it would take to find out, and if successful is it a phone call?

Can I ask what the written exercise was like online? Did you have spell check lol?

 

[Dheepa]

Could someone explain how the use of leverage increases the profit for a PE firm?

So by using leverage a PE firm can spread the equity they have into multiple investments. For example, instead of investing in one company for 100m and realising 300m in profit, the firm can use 25m of equity plus 75m of debt and spread their 100m and invest in 4 companies. This means that their profit will be higher (hypothetically let's say 4x higher at 1200m). The only thing they have detracting from their profit is interest on any debt, which will be lower than the extra profit they can make.

Also, if interest rates are low, debt can be cheaper and by investing less equity, if the company becomes insolvent, the PE firm is losing less of its own capital than if it had invested all of its equity in that company.

Really great simplified explanation, just to re-iterate what someone else has already said a huge part of the reason PE firms can make such a huge profit is because of the extremely low cost of debt (so the sum you can expect to detract from the profit is low to begin with)

 

[lawgeek_301]

No, the portal update is mistake.

What do you mean? I sent my app a few days ago to Debevoise after seeing the deadline had moved to 14th of Feb...I think I would die if I heard it won’t even be considered and this post really gave me anxiety

 

[Jaysen]

The hearts is actually something our developer added...trying to remove it 😂

Edit: Done!

 

[Matt_96]

The hearts is actually something our developer added...trying to remove it 😂

Edit: Done!

That's not very in tune with the spirit of Valentine's Day, Jaysen.