TCLA Vacation Scheme Applications Discussion Thread 2021-22 (#1)

[Rob93]

Does anyone know how majority shareholders in a huge company make money if the company doesn’t issue dividends and they don’t plan on selling their shares ever?

Generally if they never sell and there are no dividends then they will make no money off the shares themselves.

One thing people will do, though, is take shares that have good growth, hold them, and borrow against the value of those shares at wildly low interest (borrowing more as the value increases, at an interest rate lower than the average annual appreciation of the shares) and put that borrowed money into cash-generative investments or shorter-hold trading strategies. May periodically need to refinance the debt. Similar moves are possible with margin trading where you post your HODL shares as collateral, for those who have access to it.

Obviously this can be risky if the shares you have as collateral + your other investments tank at the same time and you get a margin call or default cause of capital inadequacy or something like that.

This also mostly only works with public companies, much harder to use private shares as collateral because 1) the shareholders' agreement probably won't let you and 2) the banks don't want to become minority shareholders in a private company with no liquidity

 

[emilyrose99]

I think if you’re getting the sense that everyone else has heard back multiple weeks ago then it’s alright to nudge. Otherwise it’s just annoying - they’ve received hundreds (or thousands) of applications and have other responsibilities as well. They’ll get back to you when they can

Thank you

 

[ll41]

congrats! when did you submit your application if you don't mind me asking?

11 Jan

 

[aspiringlawyer123_]

Has anyone ever heard of CMS cancelling later AC’s because they filled all their spots already?

 

[George Maxwell]

How do people prepare for competency interviews?

Hi @Donuttime,

Congratulations for being progressed to interview! That's awesome news🤙

When I was doing interview preparation, specifically for competency questions, I would write out all of the possible competency questions I could think of (see Jaysen's list here, or alternatively this one is exhaustive) and write out 3/4 examples per question. Before my interview I would then have a list of the possible competency questions I could be asked. I would then test myself to make sure that I could comfortably draw on a few examples per question from memory.

It helps to have your CV in front of you when you are thinking of examples ahead of interview(!). I actually always brought/had a physical copy of my CV with me (both in person and virtually) for my interviews to act as a prompt (just in case I had a mind blank in the interview). This is also useful if your interviewers pursue more CV-based questions.

I should say too, that preparing for competency interviews takes time, so it is a good idea to do this in advance.

It is important to be able to provide more than one example for each competency because it is likely that your answers will overlap. It is very possible, for example, that one experience is your "best" example for more than one question. Ideally you want to give your interviewers as broad an overview of your background as possible, so giving them an insight into different experiences is much better than consistently drawing on the same experience.

If you are struggling to think of an example when the time comes (perhaps owing to the pressure etc.), it is absolutely fine to ask your interviewer if you could take 30 seconds/a minute to consider the question! Do not rush into answering in an interview ever! You want to give the strongest answer possible to questions asked and taking 30 seconds can indicate maturity and confidence (as it is not an easy thing to do!).

Here are three useful posts from the forum about interviews which might help!

1. @Jacob Miller's fantastic article.
2. Some suggestions for questions you could ask your interviewer(s) at the end of your interview
3. Ideas for building rapport in an interview

I hope these suggestions help!

Please do let me know how the interview goes and feel free to ask any follow-ups 🚀

 

[Donuttime]

Hi @Donuttime,

Congratulations for being progressed to interview! That's awesome news🤙

When I was doing interview preparation, specifically for competency questions, I would write out all of the possible competency questions I could think of (see Jaysen's list here, or alternatively this one is exhaustive) and write out 3/4 examples per question. Before my interview I would then have a list of the possible competency questions I could be asked. I would then test myself to make sure that I could comfortably draw on a few examples per question from memory.

It helps to have your CV in front of you when you are thinking of examples ahead of interview(!). I actually always brought/had a physical copy of my CV with me (both in person and virtually) for my interviews to act as a prompt (just in case I had a mind blank in the interview). This is also useful if your interviewers pursue more CV-based questions.

I should say too, that preparing for competency interviews takes time, so it is a good idea to do this in advance.

It is important to be able to provide more than one example for each competency because it is likely that your answers will overlap. It is very possible, for example, that one experience is your "best" example for more than one question. Ideally you want to give your interviewers as broad an overview of your background as possible, so giving them an insight into different experiences is much better than consistently drawing on the same experience.

If you are struggling to think of an example when the time comes (perhaps owing to the pressure etc.), it is absolutely fine to ask your interviewer if you could take 30 seconds/a minute to consider the question! Do not rush into answering in an interview ever! You want to give the strongest answer possible to questions asked and taking 30 seconds can indicate maturity and confidence (as it is not an easy thing to do!).

Here are three useful posts from the forum about interviews which might help!

1. @Jacob Miller's fantastic article.
2. Some suggestions for questions you could ask your interviewer(s) at the end of your interview
3. Ideas for building rapport in an interview

I hope these suggestions help!

Please do let me know how the interview goes and feel free to ask any follow-ups 🚀

Thank YOU! You don't understand how helpful and thorough this is

 

[atrumregina1]

Anyone who has NOT heard back from Latham post SJT or has had a PFO?
I see a lot of people get through to VI and trying to mentally prepare for the rejection 😂

 

[George Maxwell]

Thank YOU! You don't understand how helpful and thorough this is

Hi @Donuttime,

You are absolutely welcome!

Always here to help 🏆

 

[Rob93]

Anyone who has NOT heard back from Latham post SJT or has had a PFO?
I see a lot of people get through to VI and trying to mentally prepare for the rejection 😂

Heard nothing, doesn't look like any PFOs have gone out yet - wondering if they'll take the approach of going through their entire recruitment process then doing a mass rejection late Feb.

That said they only closed 2 weeks ago and doubtless have a huge number of apps to sift through so I wouldn't lose hope yet

 

[polarbearlover]

Does anyone have insight into Milbank’s AC?

Do you know whether the AC is virtual or in-person?

 

[John Travoni]

Is anyone still waiting to hear back from B&B spring VS post VI?

 

[refy]

For Zoom/Teams interviews, is it best to look directly at the camera or the interviewers?

 

[YUKI1201]

For Zoom/Teams interviews, is it best to look directly at the camera or the interviewers?

I have been always told to look at the camera but I personally found it extremely hard; so in a zoom interview (with HSF) last year I just looked at the interviewers when they're talking (helped me follow what they're saying) and glanced at the camera from time to time to "create" eye-contacts when giving answers. But I don't think it matters that much as long as you articulate naturally + good answers.

 

[refy]

I have been always told to look at the camera but I personally found it extremely hard; so in a zoom interview (with HSF) last year I just looked at the interviewers when they're talking (helped me follow what they're saying) and glanced at the camera from time to time to "create" eye-contacts. But I don't think it matters that much as long as you articulate naturally + good answers.

That sounds good, thank you!

 

[PM2021]

Hi does anyone know any firms apart from Gibson Dunn that are accepting applications for summer vacation schemes even now based on CV and cover letter only?

 

[Jessica Booker]

For Zoom/Teams interviews, is it best to look directly at the camera or the interviewers?

The camera if possible as this gives the illusion that you are looking at the interviewers. Ultimately your eye line will voice between the two though (like it would in a face to face interview).

One rather simple (and slightly cheesy) but effective approach is to draw a little smiley face on a post it note and stick it really close to your camera - reminds you to look at the camera and also smile 😂

 

[t.loader]

Hello all - has anyone done the Dechert Video Interview and Written Exercise this cycle? Would they be able to kindly share any insights?

 

[GXA123]

Hello all - has anyone done the Dechert Video Interview and Written Exercise this cycle? Would they be able to kindly share any insights?

Hi is this for summer and when did you apply?

 

[Asil Ahmad]

Anyone who has NOT heard back from Latham post SJT or has had a PFO?
I see a lot of people get through to VI and trying to mentally prepare for the rejection 😂

I have not heard back and am expecting a rejection.

 

[GXA123]

I have not heard back and am expecting a rejection.

Me tooo