TCLA General Discussion Thread #2 (2021)

[S87]

I thinknit depends a lot on the context of the question you're answering or preparing for. Can you give us more information on this front so we can dive into it a bit more?

It is a cover letter for W&C and I am talking about their 2020 strategy which focused on building their presence in certain industries.
So, I would like to mention how this would benefit me as a potential trainee

 

[thatwonder_woman]

Hi everyone! I really enjoyed the TCLA webinar this evening about managing your mental health as a future lawyer. S/O to the TCLA team for the series. It was definitely affirming and really just great to see someone in the industry speak candidly about the topic.

Since accepting my TC offer, I have been reflecting a lot about how difficult the application process is + the impact it had on me/it can have on one’s overall mental and physical well-being (the anxiety, panic attacks, poor sleep from stress, low confidence etc.) I hope it’s okay but I thought to share that this inspired me to start a space on IG to talk about all of this + the well-being/mental aspect of the process here https://instagram.com/mindfully_law?utm_medium=copy_link (for anyone who may be interested).

 

[Jessica Booker]

It is a cover letter for W&C and I am talking about their 2020 strategy which focused on building their presence in certain industries.
So, I would like to mention how this would benefit me as a potential trainee

If it’s for a cover letter, then you only have to include what is relevant to you and your motivations. You don’t have to talk about it more generally (eg why the firm has it), you only have to explain why you think it will suit/benefit you as a trainee/junior lawyer.

 

[Sonia_Kawaii]

Does anyone have any tips/guidance on how to best prepare for an AC written case study? Thanks y’all 💕

 

[Jessica Booker]

Does anyone have any tips/guidance on how to best prepare for an AC written case study? Thanks y’all 💕

@Jacob Miller 's article on case studies will be worth a read - Definitive Guide to Law Firm Case Studies! *Monday Article Series* | The Corporate Law Academy Forum

There are also some hints on written exercises in the following threads and posts:

2020-21 Vacation Scheme Applications Discussion

You can download this one here. I also remember a conversation some hundred pages back when someone shared their spreadsheet but I can’t find it at the moment. If I do will definitely send it over...

www.thecorporatelawacademy.com

 

[Sonia_Kawaii]

@Jacob Miller 's article on case studies will be worth a read - Definitive Guide to Law Firm Case Studies! *Monday Article Series* | The Corporate Law Academy Forum

There are also some hints on written exercises in the following threads and posts:

2020-21 Vacation Scheme Applications Discussion

You can download this one here. I also remember a conversation some hundred pages back when someone shared their spreadsheet but I can’t find it at the moment. If I do will definitely send it over...

www.thecorporatelawacademy.com

Thank you @Jessica Booker ♥️

 

[Asil Ahmad]

Does anyone have any tips/guidance on how to best prepare for an AC written case study? Thanks y’all 💕

Congratulations and I got resources so pm me and I can send them over to you.

 

[Asil Ahmad]

What do you lot think about the capital gains tax reform as a commercial issue would that be a commercial issue for law firms.

 

[S87]

If it’s for a cover letter, then you only have to include what is relevant to you and your motivations. You don’t have to talk about it more generally (eg why the firm has it), you only have to explain why you think it will suit/benefit you as a trainee/junior lawyer.

Thank you @Jessica Booker

 

[Jacob Miller]

What do you lot think about the capital gains tax reform as a commercial issue would that be a commercial issue for law firms.

Companies only pay corporation tax, not capital gains, so I don't think this is likely to be particularly relevant for firms unless they have a substantial private client practice and you're discussing that extensively already.

 

[Jacob Miller]

It is a cover letter for W&C and I am talking about their 2020 strategy which focused on building their presence in certain industries.
So, I would like to mention how this would benefit me as a potential trainee

Sorry it took me ages to respond to this!

I substantively agree with Jess here. I think if it's something you genuinely find interesting then the best bet is to be authentic: why are you interested in the strategy? Why do you think it's a good thing? Are you particularly interested in a certain industry they're expanding in? If these are things you can answer easily to yourself then there's no reason that they shouldn't also form part of your cover letter when discussing motivations etc.

 

[Dheepa]

It is a cover letter for W&C and I am talking about their 2020 strategy which focused on building their presence in certain industries.
So, I would like to mention how this would benefit me as a potential trainee

Another way you can talk about industries is by bringing in your commercial awareness on a major trend happening in that industry. You can then link this to how the firm's growth in that industry will provide you with opportunities to be involved in those developments.

On W&C specifically, I think part of the focus of their 2020 strategy is expanding their presence in those industries particularly in regions that the firm hasn't previously focused on. Vaguely remember from an Open Day in 2019 that they were focusing on expanding the work in some of their already existing US offices. So you could potentially tie their 2020 strategy into your interest in their international work/presence as well.

 

[Dheepa]

https://twitter.com/i/web/status/1400812133580001281

Came across this pretty interesting tweet today. I checked and these are probably not fake news, because they reflect the statements/evidence the House of Dems Twitter account tweeted about a year ago during the Big Tech antitrust hearings. Just thought I’d share because even if you’re not interested in competition law, the screenshots give and interesting insight into why businesses to engage in M&A.

 

[Alice G]

Hi everyone! I really enjoyed the TCLA webinar this evening about managing your mental health as a future lawyer. S/O to the TCLA team for the series. It was definitely affirming and really just great to see someone in the industry speak candidly about the topic.

Since accepting my TC offer, I have been reflecting a lot about how difficult the application process is + the impact it had on me/it can have on one’s overall mental and physical well-being (the anxiety, panic attacks, poor sleep from stress, low confidence etc.) I hope it’s okay but I thought to share that this inspired me to start a space on IG to talk about all of this + the well-being/mental aspect of the process here https://instagram.com/mindfully_law?utm_medium=copy_link (for anyone who may be interested).

Thank you so much for joining yesterday and for this incredible post- it’s so brave to share your experience!

 

[Asil Ahmad]

Companies only pay corporation tax, not capital gains, so I don't think this is likely to be particularly relevant for firms unless they have a substantial private client practice and you're discussing that extensively already.

Thank you very much for this and I agree with the latter as I was referring to the latter like M&A and private equity CGT can be a commercial issue right and how funds are structured. Correct me if I am wrong here.

 

[33c]

Thank you very much for this and I agree with the latter as I was referring to the latter like M&A and private equity CGT can be a commercial issue right and how funds are structured. Correct me if I am wrong here.

I think you are correct! PE fund managers are remunerated through 'carried interest' which is subject to CGT not income tax.

 

[Asil Ahmad]

I think you are correct! PE fund managers are remunerated through 'carried interest' which is subject to CGT not income tax.

Yes that is what I was referring to about PE fund managers.

 

[Jaysen]

https://twitter.com/i/web/status/1400812133580001281

Came across this pretty interesting tweet today. I checked and these are probably not fake news, because they reflect the statements/evidence the House of Dems Twitter account tweeted about a year ago during the Big Tech antitrust hearings. Just thought I’d share because even if you’re not interested in competition law, the screenshots give and interesting insight into why businesses to engage in M&A.

Thought this was fascinating!

 

[Jacob Miller]

I think you are correct! PE fund managers are remunerated through 'carried interest' which is subject to CGT not income tax.

You're quite right! Lesson in remembering to read things fully before posting replies at 3am learned 😂

 

[Asil Ahmad]

You're quite right! Lesson in remembering to read things fully before posting replies at 3am learned 😂

But either way, appreciate your advice.