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

[John Travoni]

Could anyone refer me to any links that set out good structures to follow when having to complete a written exercise in an AC that is based on a summary to a client.
Thank you so much.

 

[Beluga]

Could anyone refer me to any links that set out good structures to follow when having to complete a written exercise in an AC that is based on a summary to a client.
Thank you so much.

So I tried to do this exact thing as preparation one of my ACs and ended up having to scrap it completely because it was completely different from what I was given on the day (despite preparing based on testimonials of previous ACs at the same firm). While the formalities might be the same, the content might actually differ wildly (even in different AC dates or cycles for the same firm). You might be able to come up with structures for specific kinds of requests (e.g. summarising the benefits and downsides of specific acquisition targets / summarising the opportunities and risks of a single target for the client's business), and making them is good practice, but it seemed that predicting written exercises in such a way was quite difficult.

Not sure if anyone has any different opinions? This is based only on my personal experiences.

 

[Legalmel_99]

Just a random thought but, has anyone done the Travers Smith winter scheme and can confirm you literally get paid £750 for a week?
More generally, does anyone have any thoughts on why the massive discrepancy between TS and the usual £450 that firms pay per week of vacation scheme?

Last year I did a vac scheme was meant to get paid £175 but never got paid 😂

 

[amzey2]

Can someone please explain what a "de-SPAC" deal/how this differs to a "SPAC" deal?

A SPAC is the shell company initially formed without any operations that is to be taken public through an IPO. The SPAC will then merge with a private company, in so doing bringing it public. The merger is known as a de-SPAC merger. Practically however, a “SPAC deal” will be used interchangeably to mean anything such as the initial formation of the SPAC, the IPO of the SPAC, the ultimate de-SPAC merger or even the PIPE financing included within the de-SPAC merger.

 

[SK16]

This may be a silly question but I've never done a virtual AC before... If we have to do a case study, technology-wise how does that work? 😅 As in do they put up a document and we can take notes in Word/on paper?

 

[RoughWood]

This may be a silly question but I've never done a virtual AC before... If we have to do a case study, technology-wise how does that work? 😅 As in do they put up a document and we can take notes in Word/on paper?

We were emailed the documents in mine

 

[AspiringTrainee]

This may be a silly question but I've never done a virtual AC before... If we have to do a case study, technology-wise how does that work? 😅 As in do they put up a document and we can take notes in Word/on paper?

Some firms may have their own system or intranet where documents are. I was able to use Microsoft word alongside to take notes etc if needed

 

[thirdtimelucky]

AC today and covid has made me feel very very tired ✨ All I’m hoping for is to get through the day 🙏🏼

 

[AP2000]

AC today and covid has made me feel very very tired ✨ All I’m hoping for is to get through the day 🙏🏼

Good luck! Sending you lots of positive energy Let us know how it goes and give yourself some credit for staying motivated and committed to the AC despite the circumstances. That's incredible resilience!

 

[Jessica Booker]

Could it be because of the high costs incurred to run the vac scheme in the first place?

Honestly, no. It isn’t “that” expensive compared to other things and even then if firms stopped putting on the expensive socials, that money could easily go into people’s pockets instead.

Many other industries will pay somewhere around 70% of a graduate salary, which looks to be what Travers Smith are doing. To me that is far more appropriate and sensible.

Paying £250 more a week is going to be somewhere between £20-80k for most firms. They could easily make cuts elsewhere if they really wanted to to pay that, especially when they aren’t having to cover travel expenses in the same way like they used to.

 

[Jessica Booker]

So I tried to do this exact thing as preparation one of my ACs and ended up having to scrap it completely because it was completely different from what I was given on the day (despite preparing based on testimonials of previous ACs at the same firm). While the formalities might be the same, the content might actually differ wildly (even in different AC dates or cycles for the same firm). You might be able to come up with structures for specific kinds of requests (e.g. summarising the benefits and downsides of specific acquisition targets / summarising the opportunities and risks of a single target for the client's business), and making them is good practice, but it seemed that predicting written exercises in such a way was quite difficult.

Not sure if anyone has any different opinions? This is based only on my personal experiences.

Completely agree with this. Sometimes people over prepare and get a very strong mindset on what a written exercise should be structured like. They then get into the exercise and apply that thinking despite instructions saying otherwise or the content not really needing that format. There is nothing wrong with preparing but always do so with an open and flexible mindset. You need to adapt your thinking to the situation you are presented with, not with the situation you prepared for.

 

[BM99]

Does anyone have any experience with Mayer Brown's fact-finding exercise before?

 

[LEL]

Does anyone know the dates for Morgan Lewis' summer vac scheme?

 

[SOAS22]

AC today and covid has made me feel very very tired ✨ All I’m hoping for is to get through the day 🙏🏼

Good luck!

 

[GXA123]

Latham PFO post app

 

[A.Diane01]

AC today and covid has made me feel very very tired ✨ All I’m hoping for is to get through the day 🙏🏼

good luck, you’ve got this! ✨

 

[futuretraineecity]

Latham pfo post app too 🥲

 

[snailvibez]

any news on shearman?

 

[JoeyTr]

Just a random thought but, has anyone done the Travers Smith winter scheme and can confirm you literally get paid £750 for a week?
More generally, does anyone have any thoughts on why the massive discrepancy between TS and the usual £450 that firms pay per week of vacation scheme?

that's correct

 

[tc.la.vs]

that's correct

dammit, should've done the spring scheme instead of the winter lol.