Ask TCLA's New Community Managers Anything!

[futuretraineesolicitor]

Hello, guys. Hope you all are doing well. Could you please tell me, where can I find a compilation of all the big events in the commercial world that have taken place recently?

Also, I have not really been following the news for a long time now and I think I've sort of lost touch with what's happening in the world of business. Is there anything that I can do starting today that will help me become commercially aware in a months' time? I know this is a very unrealistic expectation but could you please help me out with this?

Lastly, how much time did you guys spend on your CA daily and what did you do on a daily basis to build it. Any recommendations?

@George Maxwell @James Carrabino @AvniD

Thanks.

 

[AvniD]

Hello, guys. Hope you all are doing well. Could you please tell me, where can I find a compilation of all the big events in the commercial world that have taken place recently?

Also, I have not really been following the news for a long time now and I think I've sort of lost touch with what's happening in the world of business. Is there anything that I can do starting today that will help me become commercially aware in a months' time? I know this is a very unrealistic expectation but could you please help me out with this?

Lastly, how much time did you guys spend on your CA daily and what did you do on a daily basis to build it. Any recommendations?

@George Maxwell @James Carrabino @AvniD

Thanks.

A month is enough time! I'd recommend FT, TCLA's weekly commercial newsletter and Watson's Daily as essential sources. I'd spent a minimum of 15 minutes every day breaking down a news story into what the numbers in the news story really mean ➡️ what are its implications for the company/wider sector ➡️ what would a lawyer's role be in resolving any implications for their clients.

 

[futuretraineesolicitor]

A month is enough time! I'd recommend FT, TCLA's weekly commercial newsletter and Watson's Daily as essential sources. I'd spent a minimum of 15 minutes every day breaking down a news story into what the numbers in the news story really mean ➡️ what are its implications for the company/wider sector ➡️ what would a lawyer's role be in resolving any implications for their clients.

Just one follow-up question, please. Honestly, I think the TCLA weekly newsletter is far more beneficial for me than other resources and I feel more confident of how news stories fit into the law firm context. Do you think it's a good strategy to read as many TCLA newsletters as I can in the lead up to my AC (pathological optimist here) or should I just stick to one weekly newsletter per week and read other stories that are more recent (that I don't really feel are doing anything for my CA tbh).

 

[Jessica Booker]

Just one follow-up question, please. Honestly, I think the TCLA weekly newsletter is far more beneficial for me than other resources and I feel more confident of how news stories fit into the law firm context. Do you think it's a good strategy to read as many TCLA newsletters as I can in the lead up to my AC (pathological optimist here) or should I just stick to one weekly newsletter per week and read other stories that are more recent (that I don't really feel are doing anything for my CA tbh).

Hi @futuretraineesolicitor - my recommendation is always to follow/read something consistently and regularly, but when you find particularly stories that are of interest to you via this source, you then read around the topic and find other sources that might explain/describe it from a different perspective. Following something you find easy/enjoyable to digest is important - it doesn’t really matter what it is, more so that it works for you. But the reading around some topics is an important skills to develop as a lawyer where you need to see things from different perspectives.

 

[James Carrabino]

Hello, guys. Hope you all are doing well. Could anyone please tell me, what is the difference between the role of Private Equity guys vs. Management Consultants? From what I understand, the PE guys are directly responsible to improve the profitability of their portfolio companies and management consultants on the other hand are just called when the company is looking to navigate through tough times/ a deep problem.

Thanks.

Yes that's right! They are quite different roles but I guess you are comparing them because the skillset can be transferable and many management consultants will go into PE later on in their careers. Basically management consultants can look at a company and advise on how to solve its problems through better management. PE partners are actually buying companies before they do the second part, so they're going to want to make sure that the current prognosis of the company does not look dreadful otherwise they won't get their payday.

Management consultants are just hired advisors so they get paid regardless of the outcome and the managers of the company are under no obligation to listen to the advice they paid a lot of money for. PE partners have to actually run the companies they buy which involves a similar big-picture vision to that of a management consultant but means that all of their proposals get implemented and it makes the risk and reward much higher for them.

 

[James Carrabino]

Thank you so much for going out of your way to help me. Just a follow-up question, please. Do you think we should talk about our interest in Private Equity if the firm that we're applying to is not a market leader/ Band 1 rated in PE (it's band -2 actually)? Does this give the impression that we didn't research the firm well enough?

Thanks.

Band 2 is excellent! Also these things can change from year to year

 

[James Carrabino]

Just one follow-up question, please. Honestly, I think the TCLA weekly newsletter is far more beneficial for me than other resources and I feel more confident of how news stories fit into the law firm context. Do you think it's a good strategy to read as many TCLA newsletters as I can in the lead up to my AC (pathological optimist here) or should I just stick to one weekly newsletter per week and read other stories that are more recent (that I don't really feel are doing anything for my CA tbh).

I'd recommend reading the last ten newsletters or so and subscribing to the three daily pieces of commercial news at Finimize here. This was an incredibly useful resource whilst I was applying and continues to offer me some very interesting reads!

 

[futuretraineesolicitor]

I'd recommend reading the last ten newsletters or so and subscribing to the three daily pieces of commercial news at Finimize here. This was an incredibly useful resource whilst I was applying and continues to offer me some very interesting reads!

Thank you for all your answers @James Carrabino

 

[futuretraineesolicitor]

Hello @AvniD , hope you are doing well. Please correct me if I'm wrong but I think you're originally from India. Well, I'm from India too and wanted your help with a question that was asked in an interview at one of the firms that I'm applying to. The question was "Why London?" If I interpret it correctly, this isn't a "Why a London law firm and why not an Indian law firm" question but it looks like it's about why we want to live in the city of London. I have no idea about how I can approach this since I've never been to London but I really liked the Bollywood movie "Namastey London" (hope you've watched this because I really want to know if I can use this in my answer at all). So, could you please tell me, how can I answer this?

Thanks.

 

[AvniD]

Hello @AvniD , hope you are doing well. Please correct me if I'm wrong but I think you're originally from India. Well, I'm from India too and wanted your help with a question that was asked in an interview at one of the firms that I'm applying to. The question was "Why London?" If I interpret it correctly, this isn't a "Why a London law firm and why not an Indian law firm" question but it looks like it's about why we want to live in the city of London. I have no idea about how I can approach this since I've never been to London but I really liked the Bollywood movie "Namastey London" (hope you've watched this because I really want to know if I can use this in my answer at all). So, could you please tell me, how can I answer this?

Thanks.

Hi @futuretraineesolicitor, funnily enough, I have actually been asked 'Why London' in my interviews so I think I'm well placed to answer your question!

I think what interviewers are trying to understand when they ask you 'Why London' is why you're choosing to begin a legal career in this city over 1) other cities in the UK and 2) your home country.

Answering this question takes some reflection about your motivations for a career in commercial law in London- what are you looking to gain from it? What sets it apart in your mind from other cities? What do you think you'll get in London that you won't get in your home country? What advantages do you think your career will benefit from in London? I'd recommend taking these questions as a springboard for some reflection and research so that you can form a rounded answer!

It is completely acceptable for a movie, in some way, to influence your decision to pursue a career in London, especially if you haven't been to the city! While I haven't watched Namastey London (now that I'm on break from uni, may just add that to my list of TV shows and films!), I would mention it only after I've stated my core reasons for wanting a career in commercial law in London. The reason being that it doesn't seem like the movie is related to commercial law at all, so it may come off as being a bit off-topic and you not having developed your answer enough.

 

[Jessica Booker]

To add on to @AvniD ’s post and from what I know of you, there will be a slight difference in that you haven’t been to the U.K. while Avni had ties to the U.K. before applying.

A recruiter will want to be fairly certain you have considered not only working in the U.K., like Avni has suggested but that also you have considered living here. If you have no ties (eg no family, no friends) there can be a concern as to how settled you will be here, and also whether you are just looking to qualify in the U.K. to then return to your home country - firms will generally want to see a longer term commitment.

Moving to a country with no support network can be a pretty daunting, especially if you are coming on your own. Obviously plenty of people do it, and there will be some aspects that make it easier (like knowing the language), but it is generally very challenging and recruiters will want to be sure you have considered that carefully.

 

[futuretraineesolicitor]

Thanks @AvniD and @Jessica Booker . So basically, my answer should cover two grounds. One is how a legal career in London enticed me over a legal career in my home country, and the second is why I would love to live in the city? If I've understood it correctly, the first one is purely commercial and the second aspect is not commercial at all and probably I can add points like how multicultural and exciting the city looks to me (and connect it with the movie I watched that first introduced me to London).

One question that I'm stuck with is that if I go all in with the commerciality while explaining the first aspect of this answer, how would I approach similar questions like "Why do you want to work for an international law firm?" and "Why is London a leading financial centre?" without repeating myself across all of these questions.

Thanks.

 

[Jessica Booker]

Thanks @AvniD and @Jessica Booker . So basically, my answer should cover two grounds. One is how a legal career in London enticed me over a legal career in my home country, and the second is why I would love to live in the city? If I've understood it correctly, the first one is purely commercial and the second aspect is not commercial at all and probably I can add points like how multicultural and exciting the city looks to me (and connect it with the movie I watched that first introduced me to London).

One question that I'm stuck with is that if I go all in with the commerciality while explaining the first aspect of this answer, how would I approach similar questions like "Why do you want to work for an international law firm?" and "Why is London a leading financial centre?" without repeating myself across all of these questions.

Thanks.

If in an interview, you may want to structure your answer by dividing it into two and saying something like “From a work perspective, London appeals because….And then from a personal perspective, I want to live in London because”. I’d make sure the personal reasons are a bit deeper than the movie. Remember movies are not great at showing real life and this is about you being settled into life in London, so focus more on how you have thought about how you will fit into life in London and how you will be happy/healthy here.

It would be unlikely you were asked another question where you had already provided detail/answers from an earlier question.

 

[futuretraineesolicitor]

If in an interview, you may want to structure your answer by dividing it into two and saying something like “From a work perspective, London appeals because….And then from a personal perspective, I want to live in London because”. I’d make sure the personal reasons are a bit deeper than the movie. Remember movies are not great at showing real life and this is about you being settled into life in London, so focus more on how you have thought about how you will fit into life in London and how you will be happy/healthy here.

It would be unlikely you were asked another question where you had already provided detail/answers from an earlier question.

Thank you so much, Jessica.

 

[George Maxwell]

Thanks @AvniD and @Jessica Booker . So basically, my answer should cover two grounds. One is how a legal career in London enticed me over a legal career in my home country, and the second is why I would love to live in the city? If I've understood it correctly, the first one is purely commercial and the second aspect is not commercial at all and probably I can add points like how multicultural and exciting the city looks to me (and connect it with the movie I watched that first introduced me to London).

One question that I'm stuck with is that if I go all in with the commerciality while explaining the first aspect of this answer, how would I approach similar questions like "Why do you want to work for an international law firm?" and "Why is London a leading financial centre?" without repeating myself across all of these questions.

Thanks.

Hi @futuretraineesolicitor,

I hope that you are well! 🙋‍♂️

These are great questions.

From my perspective, I think the question "Why London?" is primarily seeking for the candidate to justify their decision from a professional perspective. These reasons should be linked back though (for example, "I would like to work in London because it would provide me with the opportunity to work on X deals. This is important to me because of Y").

However, the personal reasons you mention (about which I agree with @Jessica Booker- i.e., try to go deeper than the movie), could be a really nice addition at the end to humanise your answer.

Your question about the crossover between the above question, "Why do you want to work for an international law firm?" and "Why is London a leading financial centre?" is absolutely fair.

Firstly, I think it is ok to reference your other answers if you feel like you are repeating yourself.

For example, I remember saying something similar to "As I said in X answer/my answer to Y, I want to work in an international firm because of Z" in an interview. I think this can be advisable to demonstrate consistency in your answers. Giving wholly different answers for very similar questions might undermine the perceived authenticity of your responses. Consequently your interviewers might lose track of your actual motivations for the role.

So in short, do not try to give completely fresh reasons for essentially identical questions.

Secondly, the questions you mention are similar, but they are looking for slightly different answers.

-"Why (do you want to work in) London?" or "Why (do you want to work in a firm based in) London?" (these interpretations are non-exhaustive) wishes to prompt the core motivations you have for working in the London legal market and/or at a London-based firm.

-"Why do you want to work for an international firm?" is centred on your reasons for working in a firm which a. is large (therefore offers a number/variety of trainee rotations), b. offers you the possibility of international secondment, c. is likely to offer you the opportunity to work on multi/cross-jurisdictional matters, d. allows you to meet a broad range/diverse selection of people, e. works with international clients (again this list is non-exhaustive!).

Essentially you should try to reflect on the characteristics of international firms in general. You should think about the opportunities that working in one would bring. Do this and then link your justifications back to yourself. The above response draws specifically on the London legal market.

-"Why is London a leading financial centre?" requires a more commercial answer. Here you could reference the internationally renowned respect for consistent, well-reasoned judgments produced by the English courts or the quality of human capital in London etc.

I hope this post illustrates the differences in the answers being sought by these questions. I agree though, it is possible to answer these questions in a very similar way. However, after thinking more deeply about it, I hope you can see that these questions are quite different.

Happy to answer follow ups as always 👾

 

[futuretraineesolicitor]

Hi @futuretraineesolicitor,

I hope that you are well! 🙋‍♂️

These are great questions.

From my perspective, I think the question "Why London?" is primarily seeking for the candidate to justify their decision from a professional perspective. These reasons should be linked back though (for example, "I would like to work in London because it would provide me with the opportunity to work on X deals. This is important to me because of Y").

However, the personal reasons you mention (about which I agree with @Jessica Booker- i.e., try to go deeper than the movie), could be a really nice addition at the end to humanise your answer.

Your question about the crossover between the above question, "Why do you want to work for an international law firm?" and "Why is London a leading financial centre?" is absolutely fair.

Firstly, I think it is ok to reference your other answers if you feel like you are repeating yourself.

For example, I remember saying something similar to "As I said in X answer/my answer to Y, I want to work in an international firm because of Z" in an interview. I think this can be advisable to demonstrate consistency in your answers. Giving wholly different answers for very similar questions might undermine the perceived authenticity of your responses. Consequently your interviewers might lose track of your actual motivations for the role.

So in short, do not try to give completely fresh reasons for essentially identical questions.

Secondly, the questions you mention are similar, but they are looking for slightly different answers.

-"Why (do you want to work in) London?" or "Why (do you want to work in a firm based in) London?" (these interpretations are non-exhaustive) wishes to prompt the core motivations you have for working in the London legal market and/or at a London-based firm.

-"Why do you want to work for an international firm?" is centred on your reasons for working in a firm which a. is large (therefore offers a number/variety of trainee rotations), b. offers you the possibility of international secondment, c. is likely to offer you the opportunity to work on multi/cross-jurisdictional matters, d. allows you to meet a broad range/diverse selection of people, e. works with international clients (again this list is non-exhaustive!).

Essentially you should try to reflect on the characteristics of international firms in general. You should think about the opportunities that working in one would bring. Do this and then link your justifications back to yourself. The above response draws specifically on the London legal market.

-"Why is London a leading financial centre?" requires a more commercial answer. Here you could reference the internationally renowned respect for consistent, well-reasoned judgments produced by the English courts or the quality of human capital in London etc.

I hope this post illustrates the differences in the answers being sought by these questions. I agree though, it is possible to answer these questions in a very similar way. However, after thinking more deeply about it, I hope you can see that these questions are quite different.

Happy to answer follow ups as always 👾

Thank you so much for going into this much detail, George. I just had one question regarding "Why do you want to work for an international firm?" , can I also add how these opportunities would not be available to me at Indian law firms or would that be perceived negatively? I don't want to make it look like the Indian firms are inferior so could you please tell me if I should say it or not?

Thanks.

 

[George Maxwell]

Thank you so much for going into this much detail, George. I just had one question regarding "Why do you want to work for an international firm?" , can I also add how these opportunities would not be available to me at Indian law firms or would that be perceived negatively? I don't want to make it look like the Indian firms are inferior so could you please tell me if I should say it or not?

Thanks.

Hi @futuretraineesolicitor,

I do not think that you give that impression at all. Saying you can get one thing that another does not offer just clarifies that London firms offer something different to Indian firms.

👊

 

[futuretraineesolicitor]

Hi @futuretraineesolicitor,

I do not think that you give that impression at all. Saying you can get one thing that another does not offer just clarifies that London firms offer something different to Indian firms.

👊

Thank you for your help, George.

 

[AvniD]

Thank you so much for going into this much detail, George. I just had one question regarding "Why do you want to work for an international firm?" , can I also add how these opportunities would not be available to me at Indian law firms or would that be perceived negatively? I don't want to make it look like the Indian firms are inferior so could you please tell me if I should say it or not?

Thanks.

I think it's important to make sure you add that detail about opportunities at Indian firms, especially since the Indian market is closed off to international law firms at the moment. The tone you adopt is also incredibly important- I would not 'bash' Indian firms but would definitely be honest about the opportunities I'm looking for and why/how they aren't available in my home jurisdiction.

 

[futuretraineesolicitor]

I think it's important to make sure you add that detail about opportunities at Indian firms, especially since the Indian market is closed off to international law firms at the moment. The tone you adopt is also incredibly important- I would not 'bash' Indian firms but would definitely be honest about the opportunities I'm looking for and why/how they aren't available in my home jurisdiction.

Thank you so much, @AvniD