TCLA General Discussion Thread #2 (2021)

[Jessica Booker]

Lots of offers today - sorry I haven't been able to congratulate you all individually - but an amazing well done to everyone who has received good news this week.

After a very stressful week, it's been so nice to see some uplifting news!

 

[Soph]

Hi all, this is a slightly random question but there’s an exercise I’m doing and it’s asking me to weigh the pros and cons of structuring a transaction as a share purchase or a business purchase. By business purchase, do they mean asset purchase? Otherwise, I haven’t heard of this term.

 

[breadpitt]

Do you receive rejection after a Vac scheme for not converting throguh email or through phone?

 

[FM302989]

Hi all, this is a slightly random question but there’s an exercise I’m doing and it’s asking me to weigh the pros and cons of structuring a transaction as a share purchase or a business purchase. By business purchase, do they mean asset purchase? Otherwise, I haven’t heard of this term.

That's quite a cruel question to ask at an entry level?

In the utmost simple terms and without knowing any context, with a share purchase, you're purchasing the company as a whole with all its assets and liabilities. This could potentially be costly depending on the company's valuation and you need consent of shareholders. Also contracts should be checked for 'change of control' clause which may potentially terminate a contract.

With an asset purchase, you can 'cherry pick' which aspects of the 'business' you wish to purchase. This depends on what your target is and who the seller is, but there could only be select arms of the business, assets, employees, IP that your client wishes to acquire. The schedule of the APA contract will listen in general terms what will be included in the purchase. This could be helpful for numerous reasons e.g. if there are pending litigation/disputes against the company which could potentially avoid from an APA, there are certain debts against the company which your client doesn't wish to assume responsibility for. One difficulty in particular could be additional administrative work needed to assign commercial contracts to the buyer and any TUPE work needed for taking on the target's employees.

 

[Jessica Booker]

Do you receive rejection after a Vac scheme for not converting throguh email or through phone?

Could be either. The nicer approach is via phone though.

 

[Jacob Miller]

Hi all, this is a slightly random question but there’s an exercise I’m doing and it’s asking me to weigh the pros and cons of structuring a transaction as a share purchase or a business purchase. By business purchase, do they mean asset purchase? Otherwise, I haven’t heard of this term.

Business purchase just means the acquisition generally. It may be up to you consider SPA v APA in the context depending upon the facts provided.

 

[Han.louise]

Does anyone have any tips on how to get over a rejection after doing a VS at a firm absolutely gutted as this was my only opportunity this year after sooo many rejections, it is also my favourite firm I really want to work there even though I have been rejected twice (one at apprenticeship route and now at TC route)!

 

[Jessica Booker]

Does anyone have any tips on how to get over a rejection after doing a VS at a firm absolutely gutted as this was my only opportunity this year after sooo many rejections, it is also my favourite firm I really want to work there even though I have been rejected twice (one at apprenticeship route and now at TC route)!

Your favourite firm now is unlikely to be your favourite firm in a few years time anyway. There will be plenty of other firms that will suit what you want from your career, and there’s a pretty reasonable chance those wants will change anyway, meaning the dream firm now isn’t necessarily the dream firm later down the line.

I know both the wider forum team and our members will be better placed to talk to you about their experiences on this, but I would stress to you that where your thinking is now, is unlikely to be where your thinking is in six months time or three years time. It hurts now, but other doors will open and at that time you might find them better suited to you.

 

[Etudierlaw2022]

Does anyone have any tips on how to get over a rejection after doing a VS at a firm absolutely gutted as this was my only opportunity this year after sooo many rejections, it is also my favourite firm I really want to work there even though I have been rejected twice (one at apprenticeship route and now at TC route)!

I was gutted too after being in a similar position last year. My approach was to take a break from all things law job related for about a month or two. I knew I needed to rest before the next cycle. Then I went into the next year much more mentally prepared to tackle the cycle and to also take advantage of every opportunity I could. It sucks now but you will see in hindsight why this had to happen - and you can use the experience as a strength in future interviews, particularly if you're applying to the same firm again. I reapplied to the firm I had been rejected from and managed to convert this year, so don't be discouraged! Firms look favourably upon resilience. You obviously have the skills they are looking for, and for commercial law in general, to have gotten so far - focus on building confidence in this next cycle!

 

[Jooooopp7]

Hi guys, I was wondering whether anyone knows if its possible timing wise to to undertake vac schemes during the LPC e.g. at xmas time or in the summer expecially when doing the llm topup as i see this goes into july and I am wondering whether thats just a little late for summer vac schemes?? thanks for your help!

 

[Jaysen]

After 3 years of applications and god knows how many rejections I finally received a TC offer yesterday with the possibility of starting next month instead of 2023!! 🥳🥳🥳
Absolutely delighted. Thank you to everyone on this forum for being so welcoming and genuinely invested in our success, I am so happy I found TCLA!

Just received a TC offer for Mills & Reeve! I'm in shock, it hasn't quite sunk in yet. I opened the email firmly believing it was a no

Pleased to say after this very sad post a few months ago .... I just got a TC offer, at my first choice of firm. Funny how dramatically things can change in such a short period of time.

Popped a mini prosecco bottle, got myself a celebratory takeaway. But if I could go back and tell my A-Level self anything, it would still probably be to not do law, because the job market is so ridiculous. I'm really proud of myself that I managed to pull this off, despite getting so close so many times and getting nothing. But I was just as good a candidate six months ago as I am now, and I was rejected countless times. The element of 'luck' required in the training contract search is just too high. There are just too many law graduates out there. What a crazy system.

Can't fully believe I'm writing this but, following a successful VS, I've been offered a TC at my dream firm!!!

I've been a bit MIA on TCLA since I started a new job in January but all of the advice I received on this forum last year was instrumental to my success so thank you so much everyone!!

If anyone wants any advice or has any questions, feel free to message me and I'll do my best to help 🤍

I missed these posts last week, but a huge huge congratulations to each one of you for your training contract offers. Many of us follow you on your journeys as you post about your various application stages - and one of the best bits about this forum is seeing you guys come back to tell us you did it.

Well done - I hope you celebrated this weekend!

 

[Jacob Miller]

Does anyone have any tips on how to get over a rejection after doing a VS at a firm absolutely gutted as this was my only opportunity this year after sooo many rejections, it is also my favourite firm I really want to work there even though I have been rejected twice (one at apprenticeship route and now at TC route)!

Rejections at any stage are really rough, but especially post-AC and post-VS!

First off, allow yourself to feel a bit down and a bit vulnerable as long as you need to. You're human and you've gone through an emotionally challenging situation, you need time to recoup and recover from that.

It is also a cliche but it will get better and you'll find that, with time, you'll find other firms and other opportunities which are every bit as engaging and exciting for you.

Fingers crossed for you.

 

[Deleted member 2707]

I've just graduated with a mid 2.1 (literally 65%) and I am so disappointed with my final year results (63%). I thought I would have done well but it was a marked decrease from my Y2 average (67%). It was in part due to me studying remotely for the entire year- ie: being in a different timezone and being unable to engage with my classes as much but not sure if this is something I should be explaining in my cover letters and all. Also thinking about giving up on law because I don't think a 65% will cut it for training contracts.

 

[Jaysen]

I've just graduated with a mid 2.1 (literally 65%) and I am so disappointed with my final year results (63%). I thought I would have done well but it was a marked decrease from my Y2 average (67%). It was in part due to me studying remotely for the entire year- ie: being in a different timezone and being unable to engage with my classes as much but not sure if this is something I should be explaining in my cover letters and all. Also thinking about giving up on law because I don't think a 65% will cut it for training contracts.

Mid 2.1 is absolutely fine, I wouldn't worry. Aside from one or two firms (if that) known to be picky about grades, it won't be an issue for securing a training contract.

 

[Anon 11031]

I've just graduated with a mid 2.1 (literally 65%) and I am so disappointed with my final year results (63%). I thought I would have done well but it was a marked decrease from my Y2 average (67%). It was in part due to me studying remotely for the entire year- ie: being in a different timezone and being unable to engage with my classes as much but not sure if this is something I should be explaining in my cover letters and all. Also thinking about giving up on law because I don't think a 65% will cut it for training contracts.

Hey!

65% is more than good enough overall. And 63% for your final year is good too. I'm sure most firms will be taking into account COVID when they're looking at results anyway for anyone who graduated in 2020 or 2021.

However, I think you're being hard on yourself. I know people who have scraped a 2:1 by the skin of their teeth and got TCs at magic circle firms. As long as you meet the minimum requirements (i.e. a 2:1) then they're very unlikely to look on you unfavourably!

Congratulations on graduating! 🎓

 

[Deleted member 2707]

Mid 2.1 is absolutely fine, I wouldn't worry. Aside from one or two firms (if that) known to be picky about grades, it won't be an issue for securing a training contract.

Hey!

65% is more than good enough overall. And 63% for your final year is good too. I'm sure most firms will be taking into account COVID when they're looking at results anyway for anyone who graduated in 2020 or 2021.

However, I think you're being hard on yourself. I know people who have scraped a 2:1 by the skin of their teeth and got TCs at magic circle firms. As long as you meet the minimum requirements (i.e. a 2:1) then they're very unlikely to look on you unfavourably!

Congratulations on graduating! 🎓

Thank you for this Jaysen and lawnoodle! I'm a bit confused on whether I should mention that I was studying in a different timezone/remote for my entire Y3 (ie: having regular classes 1-2am) in the extenuating circumstances section or if this would come off a little bit as an excuse. Do you guys have any thoughts on this?

 

[Jessica Booker]

I've just graduated with a mid 2.1 (literally 65%) and I am so disappointed with my final year results (63%). I thought I would have done well but it was a marked decrease from my Y2 average (67%). It was in part due to me studying remotely for the entire year- ie: being in a different timezone and being unable to engage with my classes as much but not sure if this is something I should be explaining in my cover letters and all. Also thinking about giving up on law because I don't think a 65% will cut it for training contracts.

I’ve offered far too many training contracts to people who have no achieved a 65% average of above. I would suggest that alone shows it isn’t worth giving up on.

 

[Deleted member 2707]

I’ve offered far too many training contracts to people who have no achieved a 65% average of above. I would suggest that alone shows it isn’t worth giving up on.

Hi Jessica, thanks for this response! I was wondering if I should explain my final year results in the extenuating circumstances box or should I leave it as it is?

 

[Deleted member 2707]

Does anyone have any experience with disclosing a previous mental illness diagnosis in an application form? I am completing Macfarlanes' Resilience/Growth and spoke about my history with acute depression and self-harm. I'm not sure if I should tick the 'yes I have a mental disability' box (I've been ticking no in my previous application) as I have not suffered a depressive episode in the last 2 years.

@Jessica Booker or any other future trainees, do you have any insight on this?

 

[jan28]

I've just graduated with a mid 2.1 (literally 65%) and I am so disappointed with my final year results (63%). I thought I would have done well but it was a marked decrease from my Y2 average (67%). It was in part due to me studying remotely for the entire year- ie: being in a different timezone and being unable to engage with my classes as much but not sure if this is something I should be explaining in my cover letters and all. Also thinking about giving up on law because I don't think a 65% will cut it for training contracts.

one of my best friends got a tc at an amazing international bank with a 61% overall. you really don't need to worry and congrats on graduating!!