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

[CorporateLaw101]

Has anyone heard from White & Case for summer either?

Nope, I emailed them earlier for an update and am awaiting a reply.

 

[Lastseasonwonder]

Is anyone able to provide an overview of the banking/finance team's involvement in a typical M&A deal, and what the sort of trainee tasks would be. To my understanding, lev finance would be involved in negotiating and drafting loan agreements (more typically in PE deals as debt is used more in such transactions). Also, sorting out security for any debt instruments (e.g. collateral over assets of the buyer).

@Rob93 - I've tagged you here as I am aware you are interested in M&A/PE.

 

[Jessica Booker]

Is it just me or the SJTs are a hit and miss? I have passed two SJTs in this cycle. I also applied for the CPS TC as the application process seemed easy enough. Did the practice test before the actual one and got feedback that I did better most people in these categories, however failed the main test horribly, scored a mere 24% despite doing much better in the practice tests and earlier tests.

SJTs can often work on a negative scoring basis. For instance you’ll get 1 positive mark for the best answer, 0 points for a not the best answer(s) and -1 point for the worst answer.

What can often happen is that people choose the “wrong” answer for questions which, then cancel out any right answers. Where candidates usually go wrong is assuming the right answer is doing all the work themselves or doing something the quickest way possible. This can often be the “wrong” answer as organisations expect you to work/learn from others, want things to be done to the highest standard or in the most considered way.

 

[NikkiT]

Has anyone completed the Fieldfisher telephone interview? Also, does anyone know if the telephone interviews are also rolling (i.e. if you have your interview earlier, are you more likely to get through to the AC)?

 

[kmax301]

Has anyone completed the Fieldfisher telephone interview? Also, does anyone know if the telephone interviews are also rolling (i.e. if you have your interview earlier, are you more likely to get through to the AC)?

Is it for the 2024 training contract? I've never heard from them after the SJT

 

[SCN]

Any tips for NRF AC? Please pm me

 

[jjcm11]

Emailed Ashurst for an update as I had completed the test in November, they said they would get back to me and sent me a rejection an hour later.
Happy days.

 

[vacschemesforeveryone]

anyone knows how long it takes for HSF grad rec to send through a feedback report on the online test and to update on the application progress?

I did not get a feedback report at all. I heard back a couple days after the test saying I passed the benchmark and they are going to review my app.

 

[Vacationschemeapps]

Any tips for NRF AC? Please pm me

Hey is this for spring? I've been ghosted since my WG on December 19th. I reckon it's pfo?

 

[NaimK]

How long did it take you guys to get the feedback report?

I got it back about three days after taking the test.

 

[TCApp2021]

You’ll get an email from GR with a bit more information - I got one today although for direct TC and my AC slot is next week. Check your junk as mine ended up there!

Did your email tell you anything about whether the commercial exercise is group or individual; whether there would be another AC stage? Also got a second email from them but is basically just repeated what was said in the initial one.

 

[S87]

I cannot believe it but I can take a pause from applications..now I just need to get better with post Covid symptoms!

 

[Rob93]

Is anyone able to provide an overview of the banking/finance team's involvement in a typical M&A deal, and what the sort of trainee tasks would be. To my understanding, lev finance would be involved in negotiating and drafting loan agreements (more typically in PE deals as debt is used more in such transactions). Also, sorting out security for any debt instruments (e.g. collateral over assets of the buyer).

@Rob93 - I've tagged you here as I am aware you are interested in M&A/PE.

That's much of it, in PE you might also have high-yield bonds as part of the debt capital structure. Debt people might get involved in structuring so-called 'preference shares' which tend to behave in a bondish fashion but I think that's probably still primarily corporate's wheelhouse.

Note that security won't usually be over the buyer's assets - at least in a PE context security will subsist at a few points in the capital structure and ideally down through the assets of the operating company or group of companies. This last bit can become complicated depending on the jurisdictions in which the assets are located or domiciled in the case of an entire corporate entity. Some part of trainee work on int'l deals can involve coordinating the opinions from counsel in implicated jurisdictions.

In either PE or general corporate M&A I imagine the debt lawyers are also involved in discharging any of the debts currently against the target - in most instances you'll refinance target corporate debt upon acquisition (I believe virtually always in a PE context and would suspect overwhelmingly in other M&A also), including operating debts. This would also involve making sure any security in favour of the old lenders is duly discharged.

 

[LawfulRust00]

I cannot believe it but I can take a pause from applications..now I just need to get better with post Covid symptoms!

I know right, I finished this storm of applications on the 31st with a pounding headache. Felt apt.

 

[Rob93]

That's much of it, in PE you might also have high-yield bonds as part of the debt capital structure. Debt people might get involved in structuring so-called 'preference shares' which tend to behave in a bondish fashion but I think that's probably still primarily corporate's wheelhouse.

Note that security won't usually be over the buyer's assets - at least in a PE context security will subsist at a few points in the capital structure and ideally down through the assets of the operating company or group of companies. This last bit can become complicated depending on the jurisdictions in which the assets are located or domiciled in the case of an entire corporate entity. Some part of trainee work on int'l deals can involve coordinating the opinions from counsel in implicated jurisdictions.

In either PE or general corporate M&A I imagine the debt lawyers are also involved in discharging any of the debts currently against the target - in most instances you'll refinance target corporate debt upon acquisition (I believe virtually always in a PE context and would suspect overwhelmingly in other M&A also), including operating debts. This would also involve making sure any security in favour of the old lenders is duly discharged.

If you're acting lender side you'll probably also be involved in intercreditor agreements - debt financing for M&A usually involves a bunch of different banks acting as a syndicate and there is quite lengthy documentation setting out their obligations betwixt themselves separate from the main facility agreement.

 

[Law2021vacschemer]

Does anyone have any advice for white & case’s written assessment? I’ve never done one before so not sure what to expect!

 

[S87]

I know right, I finished this storm of applications on the 31st with a pounding headache. Felt apt.

I finished last night and I feel like I want to get rid of this bad cold and go back to the gym. I am thinking about to take on a physical challenge called HYROX..if you guys want to join me, we can train together!

 

[tc_hopeful]

Nope, I emailed them earlier for an update and am awaiting a reply.

Would you mind sharing their response when you hear back? Anxiously waiting over here as well

 

[rohit301099]

I've been to two open days with them and can send you notes if you'd like

Could I perhaps get them to? Just got rejected for the open day. Genuinely have no idea why. Seems like I am shooting blind

 

[atrumregina1]

Hey everyone
Just a check in has anyone heard from the below firms? (I applied to all of them a couple of days before their deadlines)
Latham post app/SJT
Shearman
Sidley
Ropes