TCLA General Discussion Thread 2022-23

[Lawyerwithadream]

Hi @Jessica Booker if I had internships or employment at a particular firm previously but decide to apply for a TC at another firm, what would a good reason be when asked in an interview?

 

[Jessica Booker]

Hi @Jessica Booker if I had internships or employment at a particular firm previously but decide to apply for a TC at another firm, what would a good reason be when asked in an interview?

What were your reasons for doing so?

 

[Lawyerwithadream]

What were your reasons for doing so?

I was not able to obtain a TC at firm A so exploring other firms of similar size and work

 

[Jessica Booker]

I was not able to obtain a TC at firm A so exploring other firms of similar size and work

You should explain the reason why the TC wasn’t possible and if you received feedback from the firm as to why you personally weren’t suited to a TC at that firm, either how the firm you are now applying to is different or how you have developed that skill/attribute since your internship.

 

[Lopez2017]

Hi @Jessica Booker,
I'm not sure if this is the right place to be asking this but I'm trying to submit my second application review for this month. I know that this means I need to purchase one but I've heard that there is a 25% discount for members - any chance you know where I can find this?

Thanks

 

[Jessica Booker]

Hi @Jessica Booker,
I'm not sure if this is the right place to be asking this but I'm trying to submit my second application review for this month. I know that this means I need to purchase one but I've heard that there is a 25% discount for members - any chance you know where I can find this?

Thanks

Here it is:

 

[Hala_alaqqad]

Can someone help me figure out what 'background' exactly refers to:

Please write about your background, work experience, interests and aspirations in no more than 500 words.

 

[Jessica Booker]

Can someone help me figure out what 'background' exactly refers to:

Please write about your background, work experience, interests and aspirations in no more than 500 words.

Consider it your story or journey - the things that have shaped you to get you to where you are now.

 

[barbara]

Any advice on how to feel motivated to do applications again after being rejected for a TC after a vacation scheme at a top law firm.

 

[prospectiveswitcher]

Any advice on how to feel motivated to do applications again after being rejected for a TC after a vacation scheme at a top law firm.

Don't take it to heart! It's a numbers game sometimes. Take what you can from it - feedback, things to improve on, etc.
I have many friends who got rejected for TC interviews at firms they now work at, after having been hired in laterally. It does not mean you are not 'good enough' for them. It is an achievement to even get a vacation scheme! You are ahead of most.

 

[prospectiveswitcher]

Had a question for any current trainees/associates/anyone else who can chime in.

I often read about 'complex legal work' 'innovative legal solutions' on law firm websites / online etc. - can anyone actually give concrete examples of what this means?

The impression I get from my research is that some fields (corporate or finance, for example) are pretty much commoditized in terms of the service they offer. Is a 'innovative solution' in this case something like a uniquely negotiated agreement / mechanism that satisfies a less-than-typical business arrangement?

I could see how in advisory or litigation seats you might come across novel or untested points of law, particularly regarding things like data protection, tax, etc., where this a lot of room for argument strategizing (although I thought most of this would be done by a barrister?) - but its less clear to me how it applies to departments like corporate or finance.

 

[AlexJ]

Had a question for any current trainees/associates/anyone else who can chime in.

I often read about 'complex legal work' 'innovative legal solutions' on law firm websites / online etc. - can anyone actually give concrete examples of what this means?

The impression I get from my research is that some fields (corporate or finance, for example) are pretty much commoditized in terms of the service they offer. Is a 'innovative solution' in this case something like a uniquely negotiated agreement / mechanism that satisfies a less-than-typical business arrangement?

I could see how in advisory or litigation seats you might come across novel or untested points of law, particularly regarding things like data protection, tax, etc., where this a lot of room for argument strategizing (although I thought most of this would be done by a barrister?) - but its less clear to me how it applies to departments like corporate or finance.

Complexity and novelty tend to be how a deal is structured and how the finance is raised. You are right that many deals are commoditised, however there are several arrangements that have never been done before or have to be approached in new ways to deal with a problem that has arisen. If you research deals the firm talks about they often say which part of the deal was the innovative part.

 

[axelbeugre]

Any advice on how to feel motivated to do applications again after being rejected for a TC after a vacation scheme at a top law firm.

Hey @barbara, I totally sympathise with what you are feeling right now. Applying to get a TC is extremely difficult and not many people talk about how stressful it is to apply and be rejected. What I think can be helpful is:

• Always have your WHY in mind: What helped me during my application cycle last year was remembering why I wanted to become a lawyer in the first place. We tend to forget it when we are in the swing of things and we are applying to some many firms/experiences, but it is important to remember why you are doing it. Whether it is to be more financially stable in life, whether it is to make yourself and your parents proud, or because you enjoy the knowledge the legal sector gives you, it is crucial to keep all these things in mind when you are going through this process.
• Secondly, always remember that rejection is redirection. If there is anything that this process taught me is that rejection is truly redirection and you will end up at the firm you are supposed to, so always trust the process and never be let down by what you think might be failures. You are learning so much from these failures and they are making you a better person, and ultimately, a better lawyer.
• Lastly, be confident in your profile. Sometimes it is hard to see how valuable our experiences are but I think it is important to remind yourself of how good your profile is and that someone will be extremely lucky to have you. In your specific case, you have a vacation scheme experience at a top law firm, this is extremely impressive and you should be proud of yourself for that. Some people are not that lucky to be saying they have a vacation scheme!

Overall, I totally understand how you might be feeling but I would encourage you to always remember your why and always believe in yourself. I know it is easier said than done but once you qualify you will look back at these times and you will be extremely glad to yourself for never given up.
Good luck with the application cycle!

 

[Lawyerscup]

Hello! Is there a way to find out which practice areas are active for the most part even when markets are in decline?
I’m specifically interested in the Finance and Private Equity practice areas

 

[Pumpkinsoup]

hi

If I’m asked during on an interview what my salary expectations are, what do I say?
I don’t wanna go below 3k a month, ideally 3.5 because that’s what I was making at a similar role before. How would I communicate that?
This is for a general legal internship, not a VS. @Jessica Booker

 

[Jessica Booker]

hi

If I’m asked during on an interview what my salary expectations are, what do I say?
I don’t wanna go below 3k a month, ideally 3.5 because that’s what I was making at a similar role before. How would I communicate that?
This is for a general legal internship, not a VS. @Jessica Booker

Is this outside of the U.K.?

 

[Pumpkinsoup]

Is this outside of the U.K.?

Yes it’s in mainland Europe

 

[Jessica Booker]

Yes it’s in mainland Europe

Ok - I’m not going to know salaries across Europe, so I can’t comment if this is going to be wildly over their expectations. It would be though for most U.K. based internship roles if this was in U.K. sterling.

Has there been any indication of salary in the job advert/job vacancy or have you been able to track down whether your salary expectations are reasonable for the location and the type of employer?

 

[Pumpkinsoup]

Ok - I’m not going to know salaries across Europe, so I can’t comment if this is going to be wildly over their expectations. It would be though for most U.K. based internship roles if this was in U.K. sterling.

Has there been any indication of salary in the job advert/job vacancy or have you been able to track down whether your salary expectations are reasonable for the location and the type of employer?

I think my expectations are fairly standard based on the government issued recommendation that says post bachelor degree internship pay should be 2.7-4K and masters 3.5-5k, depending on degree and market.
I also know some people that have done internships at big4 companies that were paid 3.5k . I was paid 3.5 at my last internship, a similar company as to the one I am interviewing with (both are finance start-ups w big backing)
Also starting salaries after the internships are usually around 80-100k.
I have an interview in two days and I don’t know if I should state my expectations in numbers or give a generic answer like “a fair/reasonable market rate” and wait for them to give me number.
Also if they don’t ask , should I bring it up or just wait and see?

Edit: the pound and my currency is pretty much 1:1. it maybe makes a 100-200 pounds difference depending on the day.

 

[Jessica Booker]

I think my expectations are fairly standard based on the government issued recommendation that says post bachelor degree internship pay should be 2.7-4K and masters 3.5-5k, depending on degree and market.
I also know some people that have done internships at big4 companies that were paid 3.5k . I was paid 3.5 at my last internship, a similar company as to the one I am interviewing with (both are finance start-ups w big backing)
Also starting salaries after the internships are usually around 80-100k.
I have an interview in two days and I don’t know if I should state my expectations in numbers or give a generic answer like “a fair/reasonable market rate” and wait for them to give me number.
Also if they don’t ask , should I bring it up or just wait and see?

Edit: the pound and my currency is pretty much 1:1. it maybe makes a 100-200 pounds difference depending on the day.

You can explain what you have earned previously and vaguely state you would be expecting around a similar amount, especially if they are similar companies.

Just shows the difference in salaries in Europe - it would be more difficult to get that in the UK.