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[I.Like.UFOs.Not.PFOs]

Hi everyone!

I was wondering if there are any good resources that helped you to navigate the kind of work that you will get on vac schemes/as trainees? Per @George Maxwell ’s advice from a different thread, I’ve already ordered Jake Schogger’s Training Contract Handbook, but I was wondering if there are any other recommended resources。

I’m kinda stressing myself out about messing up/not being able to do work that is set, so I want to familiarise myself with these kinds of tasks before I begin😅

 

[AvniD]

Hi everyone!

I was wondering if there are any good resources that helped you to navigate the kind of work that you will get on vac schemes/as trainees? Per @George Maxwell ’s advice from a different thread, I’ve already ordered Jake Schogger’s Training Contract Handbook, but I was wondering if there are any other recommended resources。

I’m kinda stressing myself out about messing up/not being able to do work that is set, so I want to familiarise myself with these kinds of tasks before I begin😅

Some firms had recruitment brochures with great information on this- can think of Slaughter and May, Linklaters etc. This post here by Shearman & Sterling breaks things down brilliantly too.

 

[I.Like.UFOs.Not.PFOs]

Some firms had recruitment brochures with great information on this- can think of Slaughter and May, Linklaters etc. This post here by Shearman & Sterling breaks things down brilliantly too.

Oh I didn’t know about these - thank you so much, this is super helpful!!

 

[futuretraineesolicitor]

Hello guys, hope you all are doing well. Could you please help me figure out the difference between an international law firm and a firm that does multi-jurisdictional work? If a firm does multi-j work, is it automatically accorded the status of being an international firm, even if it has only 2-3 offices around the world? Conversely, if a firm has 30 offices across the world but they do not engage in multi - j work, are they not called international then? I know my question might not make a lot of sense but basically, I'd really appreciate if you could please help me understand the meaning of an international firm?

Thanks.

 

[AvniD]

Hello guys, hope you all are doing well. Could you please help me figure out the difference between an international law firm and a firm that does multi-jurisdictional work? If a firm does multi-j work, is it automatically accorded the status of being an international firm, even if it has only 2-3 offices around the world? Conversely, if a firm has 30 offices across the world but they do not engage in multi - j work, are they not called international then? I know my question might not make a lot of sense but basically, I'd really appreciate if you could please help me understand the meaning of an international firm?

Thanks.

I used to work at a national Indian firm and although it routinely undertook multijurisdictional work, by no means was it an 'international' law firm. WIth this in mind, I'd say where both your clients and offices are situated determine whether you're an international law firm.

 

[futuretraineesolicitor]

Hello, guys. Hope you are doing well. Could you please help me out with something related to commercial awareness here?

Bruce Springsteen sells his music catalogue in $500-m deal: Report - Times of India

US News: Bruce Springsteen has sold his music rights to Sony Music Entertainment in what may well be the biggest transaction ever struck for a single artist's .

timesofindia.indiatimes.com

According to this news story, Bruce sold his entire collection for the said amount. In another article covering the same story, I read something on the lines of how record labels are now going to have it slightly tougher because more artists would like to keep the rights to their music themselves in the hope of getting a similar paycheque 20 years down the line. My question here is that what are the emerging artists even going to negotiate for, because (and please correct me if I'm wrong here) the #1 reason why the record labels spend money to market young artists and to help them produce music is that they want to keep all the copyrights themselves. I really don't see a way in which an artist can get signed to a record label and also keep the copyrights to his/her music.

Thanks a lot.

 

[futuretraineesolicitor]

Hello, everyone. For Ashurst's "Please tell us about a recent news article that interests you and how this relates to Ashurst? (300 words max) *",
1: how many words should I dedicate to the story and why I found it interesting and how many words to how it relates to Ashurst?

2: How should I personalise the answer and make it specific to Ashurst? My answer is on a PE deal. At best I can say that Ashurst can pitch its strong PE practice to get more of these deals in future.

3: Or is that ^ not asked and the question is just looking for how it relates to Ashurst (and they are going to have no issues if it is equally relevant to other firms - basically if we remove Ashurst and put another firm's name, are they gonna be okay with it since they've only asked for how it relates to Ashurst?)

4: Can a recent news story be a year older? Actually, the story if from Jan 2021 so is it too old to be called a 'recent news story'?

Thanks a ton.

 

[George Maxwell]

Hello, everyone. For Ashurst's "Please tell us about a recent news article that interests you and how this relates to Ashurst? (300 words max) *",
1: how many words should I dedicate to the story and why I found it interesting and how many words to how it relates to Ashurst?

2: How should I personalise the answer and make it specific to Ashurst? My answer is on a PE deal. At best I can say that Ashurst can pitch its strong PE practice to get more of these deals in future.

3: Or is that ^ not asked and the question is just looking for how it relates to Ashurst (and they are going to have no issues if it is equally relevant to other firms - basically if we remove Ashurst and put another firm's name, are they gonna be okay with it since they've only asked for how it relates to Ashurst?)

4: Can a recent news story be a year older? Actually, the story if from Jan 2021 so is it too old to be called a 'recent news story'?

Thanks a ton.

Hi @futuretraineesolicitor!

I hope that you are doing well. It feels like it has been a long time since we last interacted on the forum! How are your applications going?

The following is my thoughts on this; there just are no right answers for this sort of question.

1. I would think splitting this question into three equal parts (i.e., 100 words per section would be appropriate).

2. This is difficult to comment on in the abstract, but this could speak to broader trends in the PE space which Ashurst could then take advantage of. Try to draw out a broader theme and consider whether this presents an opportunity or threat to mitigate against for the firm (and go from there!).

3. I would try to make this as specific to Ashurst as possible. However, again this is tricky to comment on in the abstract. For example, see if you can relate it to Ashurst's particular global footprint (i.e., strengths in Australasia)/practice area specialties/major clients.

4. I would try to pick a news story that fell within the last six months personally. For me, if it was longer ago than this, describing it as recent seems inaccurate.

Hope that helps!

 

[futuretraineesolicitor]

Hi @futuretraineesolicitor!

I hope that you are doing well. It feels like it has been a long time since we last interacted on the forum! How are your applications going?

The following is my thoughts on this; there just are no right answers for this sort of question.

1. I would think splitting this question into three equal parts (i.e., 100 words per section would be appropriate).

2. This is difficult to comment on in the abstract, but this could speak to broader trends in the PE space which Ashurst could then take advantage of. Try to draw out a broader theme and consider whether this presents an opportunity or threat to mitigate against for the firm (and go from there!).

3. I would try to make this as specific to Ashurst as possible. However, again this is tricky to comment on in the abstract. For example, see if you can relate it to Ashurst's particular global footprint (i.e., strengths in Australasia)/practice area specialties/major clients.

4. I would try to pick a news story that fell within the last six months personally. For me, if it was longer ago than this, describing it as recent seems inaccurate.

Hope that helps!

Thank you very much for this answer, George. I'm doing good, hope you are great too.

 

[James Carrabino]

Hello, everyone. For Ashurst's "Please tell us about a recent news article that interests you and how this relates to Ashurst? (300 words max) *",
1: how many words should I dedicate to the story and why I found it interesting and how many words to how it relates to Ashurst?

2: How should I personalise the answer and make it specific to Ashurst? My answer is on a PE deal. At best I can say that Ashurst can pitch its strong PE practice to get more of these deals in future.

3: Or is that ^ not asked and the question is just looking for how it relates to Ashurst (and they are going to have no issues if it is equally relevant to other firms - basically if we remove Ashurst and put another firm's name, are they gonna be okay with it since they've only asked for how it relates to Ashurst?)

4: Can a recent news story be a year older? Actually, the story if from Jan 2021 so is it too old to be called a 'recent news story'?

Thanks a ton.

Hi @futuretraineesolicitor,

@George Maxwell has given a great perspective on this but I will offer some of my own suggestions on how to approach your questions!

1. I would think that there is not that much to say on how the story relates to Ashurst, based on what you have said, so I would perhaps include just some brief comments about this at the end to show how you have engaged with the question. For many of these questions in which I was successful, I would only write 20-30 words at the end about how it relates back to the firm. I think the crux of the answer should be why the story interests you, which in my opinion includes what you think the bigger implications of the story are. So perhaps I would say 100 words background, 150 words bigger implications/why it interests you and 50 words on how it relates to Ashurst.

2. If Ashurst has a strong PE practice then that is already personalised to Ashurst. You could discuss whether the deal took place in a jurisdiction where Ashurst excels or whether Ashurst has worked on similar deals before that would give it good expertise to work on this.

3. It doesn't need to be so specific to Ashurst that no other firm's name could be put in - I think the fact that you are talking about a PE deal and Ashurt's strength in private equity is specific enough. I would not discuss something that Ashurst in theory could work on but does not relate to a strength of theirs at all, however. I would also choose your story based on something you think would be of particular interest to Ashurst, so that there is a natural connection at the end.

4. I would say that a story should ideally have taken place within the last 12 months. January 2021 is just about okay, especially if there have been any small developments to the story since.

I hope that all helps

 

[futuretraineesolicitor]

Hi @futuretraineesolicitor,

@George Maxwell has given a great perspective on this but I will offer some of my own suggestions on how to approach your questions!

1. I would think that there is not that much to say on how the story relates to Ashurst, based on what you have said, so I would perhaps include just some brief comments about this at the end to show how you have engaged with the question. For many of these questions in which I was successful, I would only write 20-30 words at the end about how it relates back to the firm. I think the crux of the answer should be why the story interests you, which in my opinion includes what you think the bigger implications of the story are. So perhaps I would say 100 words background, 150 words bigger implications/why it interests you and 50 words on how it relates to Ashurst.

2. If Ashurst has a strong PE practice then that is already personalised to Ashurst. You could discuss whether the deal took place in a jurisdiction where Ashurst excels or whether Ashurst has worked on similar deals before that would give it good expertise to work on this.

3. It doesn't need to be so specific to Ashurst that no other firm's name could be put in - I think the fact that you are talking about a PE deal and Ashurt's strength in private equity is specific enough. I would not discuss something that Ashurst in theory could work on but does not relate to a strength of theirs at all, however. I would also choose your story based on something you think would be of particular interest to Ashurst, so that there is a natural connection at the end.

4. I would say that a story should ideally have taken place within the last 12 months. January 2021 is just about okay, especially if there have been any small developments to the story since.

I hope that all helps

Thank you so much, James. You've made me really happy given that I was really having a hard time fine-tuning my answer to make it firm-specific.

 

[James Carrabino]

Thank you so much, James. You've made me really happy given that I was really having a hard time fine-tuning my answer to make it firm-specific.

I am really glad to hear that @futuretraineesolicitor - do let me know if I can be of any further help 😊

 

[nisadee]

Hi @Dheepa

I have a few questions regarding a vac scheme I'll be starting very soon! I'd really appreciate your advice on my concerns.

1) In my vac scheme interview, they asked me what firms I applied to and I only mentioned their competitors. However, I actually ended up securing vac schemes at another two firms which are hugely different from theirs- like, completely different- think Latham and Farrer & Co different. Ultimately, their firm is my dream firm but I applied to lots of firms as I know how competitive the process is and how a lot of it comes down to numbers and luck. I feel in my final TC interview they'll ask about any other offers. Should I disclose these firms? I'm worried I'll be scrutinised for my choices and how I can convincingly rationalise this to them. On the other hand, if I kept it to myself, would this be the better approach? I've also heard mentioning you have multiple offers makes you look like a stronger candidate?

2) Do you have any tips on how to remain calm and perform well on group negotiations and presentations? Group assessed tasks always make me the most nervous.

3) And finally, any last minute tips on how to deal with imposter syndrome? I still can't believe I was selected for this vac scheme.

Thank you so much!

 

[Jessica Booker]

Hi @Dheepa

I have a few questions regarding a vac scheme I'll be starting very soon! I'd really appreciate your advice on my concerns.

1) In my vac scheme interview, they asked me what firms I applied to and I only mentioned their competitors. However, I actually ended up securing vac schemes at another two firms which are hugely different from theirs- like, completely different- think Latham and Farrer & Co different. Ultimately, their firm is my dream firm but I applied to lots of firms as I know how competitive the process is and how a lot of it comes down to numbers and luck. I feel in my final TC interview they'll ask about any other offers. Should I disclose these firms? I'm worried I'll be scrutinised for my choices and how I can convincingly rationalise this to them. On the other hand, if I kept it to myself, would this be the better approach? I've also heard mentioning you have multiple offers makes you look like a stronger candidate?

2) Do you have any tips on how to remain calm and perform well on group negotiations and presentations? Group assessed tasks always make me the most nervous.

3) And finally, any last minute tips on how to deal with imposter syndrome? I still can't believe I was selected for this vac scheme.

Thank you so much!

Tagging in @George Maxwell @James Carrabino and @AvniD as I know they will have some great thoughts on some of these points.

 

[futuretraineesolicitor]

Hello, everyone. Hope you all are doing well. Just wanted to ask, is it fine to briefly mention your battle with mental health if you want to make a point related to initiatives that the firm has taken to take care of its employees' mental health? I mean I understand that I should not go crazy with describing my struggles, but I think that a mere reference of me struggling with mental health issues in the past will strengthen the answer, add a personal touch and make it more convincing. What do you think?

Thanks.

 

[Jessica Booker]

Hello, everyone. Hope you all are doing well. Just wanted to ask, is it fine to briefly mention your battle with mental health if you want to make a point related to initiatives that the firm has taken to take care of its employees' mental health? I mean I understand that I should not go crazy with describing my struggles, but I think that a mere reference of me struggling with mental health issues in the past will strengthen the answer, add a personal touch and make it more convincing. What do you think?

Thanks.

I think there is always a balance here and how you frame it is important. For instance, "As someone conscious of people's mental health struggles, I appreciate the firm's efforts to help its employees by providing the necessary support to ensure employees are cared for" is very different to "Having had mental health struggles, I appreciate the firm's efforts to help its employees by providing the necessary support to ensure employees are cared for".

However, some people want to be really upfront about it and they are entitled to do so (and I have seen it work well). If you do, I think you have to still put a positive spin on it. For instance, becoming a more resilient person because of your experiences.

 

[futuretraineesolicitor]

I think there is always a balance here and how you frame it is important. For instance, "As someone conscious of people's mental health struggles, I appreciate the firm's efforts to help its employees by providing the necessary support to ensure employees are cared for" is very different to "Having had mental health struggles, I appreciate the firm's efforts to help its employees by providing the necessary support to ensure employees are cared for".

However, some people want to be really upfront about it and they are entitled to do so (and I have seen it work well). If you do, I think you have to still put a positive spin on it. For instance, becoming a more resilient person because of your experiences.

Thank you so much, @Jessica Booker.

 

[futuretraineesolicitor]

Hello @George Maxwell @AvniD @James Carrabino, hope you all are doing well. I had a question on Private Equity so it'd be really helpful if you could answer it. Correct me if I'm wrong but most law firms will have 2 separate divisions when dealing with PE firms.

Firstly, they will have an investment funds team that'll help the PE firm in transferring the money from the investors to the PE firms by structuring a fund to pool that money. Once the money is transferred, the fund is closed and the PE firms can use that money to do deals.

Secondly, law firms will have a core private equity team that will structure the deals that the PE firms will do once they get the money in the fund. This would mean that the PE firm would use the fund money to invest in companies that it can add value to and flip it for a profit in future.

Firstly, I want to know if I've understood the two teams correctly? Secondly, I want to know if both these teams can bundle their services and sell them to the client, I mean, can a law firm that has a good investment funds team but not a good PE team pitch its reputed investment funds team and cross-sell its PE team so that it can work on both, the closing of the fund as well the dealmaking? Or does that not happen?

Thanks in advance.

 

[AvniD]

Hello @George Maxwell @AvniD @James Carrabino, hope you all are doing well. I had a question on Private Equity so it'd be really helpful if you could answer it. Correct me if I'm wrong but most law firms will have 2 separate divisions when dealing with PE firms.

Firstly, they will have an investment funds team that'll help the PE firm in transferring the money from the investors to the PE firms by structuring a fund to pool that money. Once the money is transferred, the fund is closed and the PE firms can use that money to do deals.

Secondly, law firms will have a core private equity team that will structure the deals that the PE firms will do once they get the money in the fund. This would mean that the PE firm would use the fund money to invest in companies that it can add value to and flip it for a profit in future.

Firstly, I want to know if I've understood the two teams correctly? Secondly, I want to know if both these teams can bundle their services and sell them to the client, I mean, can a law firm that has a good investment funds team but not a good PE team pitch its reputed investment funds team and cross-sell its PE team so that it can work on both, the closing of the fund as well the dealmaking? Or does that not happen?

Thanks in advance.

You've understood the teams correctly but I don't think you're using the term 'bundle' in the right context re law firms as this generally refers to selling certain legal services and products at fixed price tags.

When firms pitch their services to potential clients for a particular deal or stage of a deal, they will typically showcase the full array of teams and lawyers they can deploy for that particular transaction. A client can then choose to go with only one team/firm for a particular stage of a deal or multiple teams from different firms for different stages- there isn't one set way to go about it and you'll see different iterations of inter and intra firm collaboration in transactional work.

I'm afraid my knowledge on this topic is limited beyond the information I've provided above so I hope it helps clarify your doubts to at least some extent!

 

[futuretraineesolicitor]

You've understood the teams correctly but I don't think you're using the term 'bundle' in the right context re law firms as this generally refers to selling certain legal services and products at fixed price tags.

When firms pitch their services to potential clients for a particular deal or stage of a deal, they will typically showcase the full array of teams and lawyers they can deploy for that particular transaction. A client can then choose to go with only team/firm for a particular stage of a deal or multiple teams from different firms for different stages- there isn't one set way to go about it and you'll see different iterations of inter and intra firm collaboration in transactional work.

I'm afraid my knowledge on this topic is limited beyond the information I've provided above so I hope it helps clarify your doubts to at least some extent!

Thank you so much for your help, Avni.