TCLA General Discussion Thread 2021-22 (#1)

[Jessica Booker]

Hi all,

Hoping for some advice about whether I should apply for Vacation Schemes, Training Contracts, or both this cycle.

I’m about to enter the second year of my senior-status LLB (meaning I’ll graduate in spring/summer of 2023). My dream is to secure a training contract so that I can pay for the second year of my LLB (2022-2023). My plan had been to apply vociferously to vacation schemes over the next month for this winter/spring/summer, and hadn’t really entertained the prospect of applying for TCs now (I have good academics, some good full-time transferable work experience, but only a few open days and no VCs yet). I think I’ve been confused about the timeline and when the start dates for TCs are. I would need to factor in 9+ months for the LPLC, right? My other concern is that if I wait until next cycle to apply for TCs there’s a lot more financial uncertainty.

Should I stick with this plan and hope to convert a VC into a TC? Or should I throw a few wild TC applications out now?

Thanks for your help!

Just to flag, if you need to pay for your LLB in 2022-3, you are unlikely to receive any financial support from the firm until your course is completed and then it will only be your maintenance grant to cover you while you study the LPC or SQE.

Is your senior status LLB part-time? I am slightly confused as you say you are going into your second year, but then your second year is 2022-23?

 

[golden99]

Hi, I just wanted to check if firms would normally consider A*BB as equal to AAB or is it safer to check with each firm. @Jessica Booker

 

[Jessica Booker]

Hi, I just wanted to check if firms would normally consider A*BB as equal to AAB or is it safer to check with each firm. @Jessica Booker

Most firms would consider that an equivalent for minimum requirements. Generally it will need to be across three full A-levels sat in the same year though.

 

[Mea]

Hearing this is making me dread starting the LPC! My work have refused to reduce my hours from 22 to 15, but they did say they can be flexible.

When did you quit? I'm starting to think it's not even worth trying!

I quit in mid-November. Basically knew I needed December and over Christmas to prepare for all my January exams.

 

[Anon 11031]

I quit in mid-November. Basically knew I needed December and over Christmas to prepare for all my January exams.

Thanks for this, did you feel you had a lot of catching up to do over December?

 

[Sonia_Kawaii]

Commenting for the notifications 😊

 

[Jessica Booker]

Ah ok. I was under the impression that you could get one year of your (senior-status) LLB funded, as equivalent to the funding some firms provide for the GDL? The degree is full-time, I misspoke, my third and final year is 2022-2023.

Not all firms will offer this (I have never offered this). It is worthwhile checking with the firm in question that you are applying to. Some firms will just see it as a postgraduate course, which they don’t provide funding to in other occasions. With the GDL becoming redundant for many firms with the SQE coming in, that maybe even more so the case.

 

[Rob93]

In an M&A, how can the buyer protect itself against potential litigation from the target company? I have thought of indemnity clause, warranty that there are no existing litigation claims, buying just the asset (only if the buyer is interested in one of the target company’s product and not the firm itself)? What other options am I missing?

Sorry if I'm reading this wrong, but if a (potential) buyer is subject to litigation from a target, it will probably be because the (potential) buyer has abandoned the transaction - the target will have wasted resources and potentially passed on other opportunities. The key protections for this will be i) avoiding making legal commitments at an early stage and, probably more important and a greater point of contention, ii) imposing conditions precedent on the transaction. Wider conditions precedent, allowing the buyer more excuses to walk away, are buyer-friendly whereas a narrower set of conditions precedent (provision of basic warranties, necessary registrations, merger control clearance) are seller-friendly. We are at the moment largely in a seller's market due in part to unprecedented levels of private equity 'dry powder' (exacerbated to some degree by the SPAC frenzy, although this shouldn't be overstated), so at the moment buyer protections, especially on commercial grounds, are often fairly thin and difficult to negotiate because some other buyer is likely waiting in the wings.

 

[lawgal101]

Just curious, is there an app for this forum?🤔

 

[nina_123]

Hi!

For those who have done the GDL with ULaw, are most textbooks available for reading online?

Thanks

@Daniel Boden

 

[TC fiend]

Hi!

For those who have done the GDL with ULaw, are most textbooks available for reading online?

Thanks

@Daniel Boden

ULaw Moorgate GDL student here - all textbooks are available online via the portal, and you are also sent a physical hard copy of the textbooks before the course starts. So whichever is better for you

 

[golden99]

Hi,

I could really use some advice. I have just graduated from a Russell Group university with first-class honours in a non-law degree (I received AAB in my A-levels). For context, I am applying to international commercial law firms based in London, I have been told I have good work experience, and in the last application cycle I had an assessment centre for a direct TC but was rejected.

I have an offer to do MA Law at the University of Law but I am having a slight crisis as to whether this is my best option. I do not have a TC offer at the moment but thought it was worth doing the MA as I have no job lined up and my postgraduate student loan will cover the entire fees. Part of my thinking was that doing the MA this year will ensure that I have the option to do the LPC. However, it seems most firms are going to make a pretty quick transition to the SQE. I am now thinking if the MA worth the extra debt and work that will be required. Any advice would be greatly appreciated.

@Jessica Booker (or anyone else who has some advice)

Thanks!

 

[S87]

Hi,

I could really use some advice. I have just graduated from a Russell Group university with first-class honours in a non-law degree (I received AAB in my A-levels). For context, I am applying to international commercial law firms based in London, I have been told I have good work experience, and in the last application cycle I had an assessment centre for a direct TC but was rejected.

I have an offer to do MA Law at the University of Law but I am having a slight crisis as to whether this is my best option. I do not have a TC offer at the moment but thought it was worth doing the MA as I have no job lined up and my postgraduate student loan will cover the entire fees. Part of my thinking was that doing the MA this year will ensure that I have the option to do the LPC. However, it seems most firms are going to make a pretty quick transition to the SQE. I am now thinking if the MA worth the extra debt and work that will be required. Any advice would be greatly appreciated.

@Jessica Booker (or anyone else who has some advice)

Thanks!

My sincere opinion?
Try to get a job, you learn so so much while working. Plus, I think that it is possible to cut hours for apps whilst working.
I also believe that firms are not longer extra impressed with MAs but they want to see something more practical.

 

[Rob93]

Hi,

I could really use some advice. I have just graduated from a Russell Group university with first-class honours in a non-law degree (I received AAB in my A-levels). For context, I am applying to international commercial law firms based in London, I have been told I have good work experience, and in the last application cycle I had an assessment centre for a direct TC but was rejected.

I have an offer to do MA Law at the University of Law but I am having a slight crisis as to whether this is my best option. I do not have a TC offer at the moment but thought it was worth doing the MA as I have no job lined up and my postgraduate student loan will cover the entire fees. Part of my thinking was that doing the MA this year will ensure that I have the option to do the LPC. However, it seems most firms are going to make a pretty quick transition to the SQE. I am now thinking if the MA worth the extra debt and work that will be required. Any advice would be greatly appreciated.

@Jessica Booker (or anyone else who has some advice)

Thanks!

I think @S87 makes a good point about prioritising work from an experience perspective (and avoiding debt + earning money certainly doesn't hurt).

The main consideration on the other side, in my view, is that the MA Law may be advantageous if you want to be able to begin picking up legal work experience to support future applications if this cycle doesn't pan out. A lot of paralegal roles expect either an LLB or conversion course at minimum (leaving aside LPC expectations).

At the same time, a fair few don't, particularly (from what I've seen, at least) in regional firms and businesses based outside of London, so a conversion course is not necessarily necessary.

Try to sound out the job market wherever you are (or wherever you would be willing to go, if applicable) and see what kind of opportunities are available and how they fit your career goals and immediate circumstances.

 

[golden99]

@S87 @Rob93 Thanks, I am really very torn. My problem is that I have recently accepted a place, although I could pull out. There are also not many vacancies for jobs with immediate starts and I can't seem to find a paralegal role that I am eligible for. For context, I have completed a year-long placement in finance previously.

Do you think firms would value the MA at all or is it pretty useless?

 

[Lawbour]

Would just like some geniune advise...

I've been applying for 3 years now and have done 2 vac schemes (one in 2019 and one this summer)

All in all I am a bit tired of doing Vac schemes and just want to apply to training contracts this year... do you guys think this is a good idea or would I be restricting myself by doing that as I feel like most firms these days employ mainly through their vac schemes

 

[Badawy]

Would just like some geniune advise...

I've been applying for 3 years now and have done 2 vac schemes (one in 2019 and one this summer)

All in all I am a bit tired of doing Vac schemes and just want to apply to training contracts this year... do you guys think this is a good idea or would I be restricting myself by doing that as I feel like most firms these days employ mainly through their vac schemes

Hi @Lawbour, sounds like you have a great amount of experience under your belt. I would recommend researching which firms primarily hire from their direct TC, VS/TC, or exclusively VS. I know TCLA did a list of this last year, and I imagine will be done again this year.

e.g. A&O hires roughly 50/50 from VS and Direct TC. In that circumstance, you can just apply for the direct TC, as you already have the experience.

 

[S87]

@S87 @Rob93 Thanks, I am really very torn. My problem is that I have recently accepted a place, although I could pull out. There are also not many vacancies for jobs with immediate starts and I can't seem to find a paralegal role that I am eligible for. For context, I have completed a year-long placement in finance previously.

Do you think firms would value the MA at all or is it pretty useless?

You do not need to work as a paralegal to get a training contract!
I have friends who were tax advisors, PT, barista and they all got a tc. Guess who does not have a tc? ME who have been working as a paralegal for 3 years and half. I have to say, I make good damn money, go and take the job!

 

[lawgal101]

When asked to explain my CV at an interview, what approach would be best?

My CV is 2 sides of A4, starting with a brief introduction, followed by education, work experience, skills and hobbies.

I feel as though it’s hard to keep my answer brief as my CV is rather detailed.

 

[TC fiend]

I'm by no means an authority but where the question is just a generic "tell me about yourself", my own style is:

-Hi, my name is X and I'm a graduate of X program.
-For the last (period of time) I've been working as X. Some of my responsibilities have included X.
-Prior to that I did (high level description of prior roles).
-In my free time I also enjoy X.

Then let the conversation naturally turn to any points of interest or discussion.