2020-21 Vacation Scheme Applications Discussion

[Renemccarthy]

Has anyone heard back - I.M Manc office?
I have only heard one person hear back so far - I am just slightly confused.

 

[Daniel Boden]

The partner told me during the interview that they were pretty fast in getting back to people and that I would know in a week, but I didn't get anything for 3! but it was good news xx

Yep a couple of years ago I didn't find out for like 5-6 weeks after an AC and it was good news (think I was on the maybe pile) so don't give up just yet!

 

[Amy_22]

Are you going to apply direct? Or do you reckon its too late given that they are rolling?

Are you allowed to apply for a TC in the same application cycle if you've been rejected for a VS?

 

[InNeedofaTC]

Has anyone completed Gateley’s tasks and VI?

 

[AAA_a]

Anyone still waiting on MoFo or Debevoise post-app? It's been 3+ months since I applied so I'm assuming PFO, but has anyone heard?

*Also I'm aware debevoise are already doing ACs so presumably I have missed the boat?

waiting for MoFo

 

[Dheepa]

@Dheepa how would you respond if you were asked what other ways to reduce budget deficit? Other than tax, I’m thinking reducing government expenditure and issuing government bonds? I don’t think I’d talk about quantitative easing here

Hey, so I agree that reducing government expenditure and raising taxes are probably the main ways to cut deficit. Not sure if I know of other ways besides drastic ones like a bailout (which wouldn't be applicable to the UK anyway).

If I was asked to discuss something like this in an interview I'd go through the pros and cons of ways in which the deficit can be reduced and try to tie it to what I understand is the state of the UK economy at the moment. I want to caveat this by saying I'm no expert and this is just what I know from the things I've read so if anyone wants to correct me please do!

1. Increasing taxes - really the only downside to this is if you increase overall tax rates during a recession then you're going to reduce spending and so GDP which may end up increasing your deficit anyway. There is a lot of buzz around imposing a one off wealth tax in the UK, which would raise the money needed without the prolonged impact on spending that increases in VAT/income tax would create.
2. Reducing government expenditure - Pretty self explanatory except it can go wrongly very quickly depending on what areas the government chooses to reduce spending on. Generally as long as the spending cuts don't affect areas that help create jobs or welfare/social benefits then this is a good method. Something that I know is a constant issue in the UK especially is that despite recent spending cuts, increased pension costs are a constant drain and likely will be for a long time because of something called the triple lock guarantee.

On government bond issuances, you could discuss how it works in conjunction with quantitive easing. The Fed and BoE did QE last year to deal with the direct impacts of COVID and ended up buying government bonds (and corporate bonds) off the back of that. My own opinion is that while I think both QE and bond issuances can be a great quick source of revenue for governments, the impact of having to pay interest rates etc on those bonds won't make the long term budget deficit any better.

Hope that gives you some ideas!

 

[Via20]

Anyone have any advice for the Reed Smith AC? Have it tomorrow and feeling all kinds of nervous!!

 

[S87]

Anyone have any advice for the Reed Smith AC? Have it tomorrow and feeling all kinds of nervous!!

Can I ask you if it is for spring or summer VS? Thank you very much in advance

 

[CF1234]

video interview for W+C summer! wooooo!

 

[AAA_a]

Just feel like sharing a story to make everyone else feel better. (Don't think anyone can have a worse experience than this)

Sidley said on their website anyone can apply for VS except for first year undergraduates, in 2018 I emailed them to see if this include second year non-law (which I was back then), and they replied with the exact same quote from their website, without any further clarification.

I therefore put in a VS application. A few months later they got back and said I could not do a VS because I was in second year non-law. Instead they invited me to an Open Day. I went and asked GR on the open day, if my application would have made it to interview if I were "in the correct year," they said yes and that I did not really need to change anything except for updating the question on current news.

So I did that and applied to VS again in 2019. I called in early 2020 to seek an update, they said they would get back by March. I was eventually ghosted, heard nothing at all till this day. (Didn't chase again because of Covid and I left the UK) I applied for the direct TC last summer, having changed and improved my application (had it checked by multiple people) and was rejected. Applied for VS again this cycle, rejected again.

I guess never again.

edit: not saying it's a bad firm - went to the open day and really liked it, otherwise I wouldn't keep sending in applications. But I am just too exhausted for this.

 

[Lumree]

Has anyone not heard from Gateley?

 

[John Travoni]

I do pray we finally hear back from Kennedy’s tmoro. The wait has truly been unbearable.

 

[Holly]

Hey, so I agree that reducing government expenditure and raising taxes are probably the main ways to cut deficit. Not sure if I know of other ways besides drastic ones like a bailout (which wouldn't be applicable to the UK anyway).

If I was asked to discuss something like this in an interview I'd go through the pros and cons of ways in which the deficit can be reduced and try to tie it to what I understand is the state of the UK economy at the moment. I want to caveat this by saying I'm no expert and this is just what I know from the things I've read so if anyone wants to correct me please do!

1. Increasing taxes (as you rightfully say) - really the only downside to this is if you increase overall tax rates during a recession then you're going to reduce spending and so GDP which may end up increasing your deficit anyway. There is a lot of buzz around imposing a one off wealth tax in the UK, which would raise the money needed without the prolonged impact on spending that increases in VAT/income tax would create.
2. Reducing government expenditure - Pretty self explanatory except it can go wrongly very quickly depending on what areas the government chooses to reduce spending on. Generally as long as the spending cuts don't affect areas that help create jobs or welfare/social benefits then this is a good method. Something that I know is a constant issue in the UK especially is that despite recent spending cuts, increased pension costs are a constant drain and likely will be for a long time because of something called the triple lock guarantee.

On government bond issuances, you could discuss how it works in conjunction with quantitive easing. The Fed and BoE did QE last year to deal with the direct impacts of COVID and ended up buying government bonds (and corporate bonds) off the back of that. My own opinion is that while I think both QE and bond issuances can be a great quick source of revenue for governments, the impact of having to pay interest rates etc on those bonds won't make the long term budget deficit any better.

Hope that gives you some ideas!

You’re a star thank you 😍

 

[LegalNim]

Has anyone in previous cycles been rejected from FF post-WG? If so, how long did it take to hear back?

 

[Flora2580]

for those who have done the CRS VI, how long do you get to answer the questions?

 

[KiranJ]

does anyone have any tips for how to prepare for a partner interview? I have an Assessment Centre coming up and i'm stuck on how to approach strengths based questions, any tips would be appreciated

 

[Luiz1001]

Does anyone have any tips for the SPB AC?

 

[ishikam]

video interview for W+C summer! wooooo!

well done!! hate to be the one to ask but when did you apply?

 

[ElizabethF]

I can't believe I've gotten this but I have a Taylor Wessing Assessment Centre! I thought I was done for this cycle after about 103826138 rejections. Any advice on how to approach commercial awareness exercises would be so helpful!! TIA xxxxxx

 

[Jacob Miller]

I am interested why people apply for certain firms with bad reputations. Seeing the ROF polls for firm culture and management there is always a few firms that score way worse than the rest and in the comments there are horrid accounts of what it is like to work at these firms.

RollOnFriday Firm of the Year 2021: The 11 worst-managed firms

Pandemic panned

www.rollonfriday.com

RollOnFriday Firm of the Year 2021: The worst cultures

Eight firms scored under 50%

www.rollonfriday.com

(many US firms are left out but you can guess where some would be)

Since there are so many firms which have an excellent reputation for training trainees as well as a decent culture, why do people apply for the few that seem especially bad? If you did apply for one of those firms that has a bad reputation, why?

Not judgemental- just genuinely curious

I've never actually come across these tables before! Very interesting read.

Delighted, and also not in the least bit surprised based on my experiences, that Travers sits exceptionally high on both tables too!