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

[lawgrad123445]

I did the AC for the Winter VS and was successful, and it was really enjoyable. I know that sounds strange to say for an AC, but it really was! Pay attention to detail for the technical interview to make sure you don't miss anything. Prepare your usual commercial law areas (M&A, contracts etc) The competency interview is very friendly and more a conversation about your journey so far based on what was in your cover letter. Do ask the associate and HR person in the interview some things about their work towards the end - for me, this "asking questions bit" wasn't forced at all because they were so friendly and open. For the group exercise, make sure to get your bit in but also encourage your teammates and make sure you demonstrate good collaborative ability.

Good luck! I hope it goes well for you

So to be clear the technical interview is about you speaking about the commercial world in general or are you given a case study to look through and answer questions about. And is the group exercise a negotiation exercise?

 

[Asil Ahmad]

Any tips for Norton rose Fulbright vi?

Is it not a TI instead of VI.

 

[p2bv]

Is it not a TI instead of VI

oh yeah it is I got mixed up for a second lol

 

[Asil Ahmad]

oh yeah it is I got mixed up for a second lol

I was just curious as I have seen it been TI for NRF this cycle.

 

[sxw517]

Anyone heard back from Morgan Lewis post PI btw? (Had the PI last week)

The lady who I had mine with said they would get back to candidates at some point this coming week

 

[Rob93]

Has Weil sent out all of their VS offers btw? Did their AC on the 25th and haven’t heard back so assuming PFO

No, they were still giving out VIs last week.

 

[JohnDoeTCLA]

No, they were still giving out VIs last week.

Fair enough - Anyone who did the AC on the week of the 24th heard back?

 

[M&Amakesmyday]

It's basically just debt and equity, but those can work in a few ways.

Most straightforward is cash, which you use to buy out the equity and might raise by borrowing and attaching debt at various points in the capital structure. Generally speaking the acquirer will think of their own cash as the 'equity' component of the deal and the rest as debt, but some of the cash raised by way of debt could and often will go towards purchasing the equity held by the seller. Hope that makes sense.

Equity and debt instruments can also be used as acquisition consideration in their own right. If you're a public company making an acquisition, you may provide your own shares to the sellers as part of the deal - this reduces your cash consideration and can be very attractive if your shares are trading well and you think that the company you're buying will be a substantial boon to your balance sheet, as dilution concerns won't be huge - ideally existing shareholders end up with more total value even if their holding is diluted.

You can also use debt instruments like some kinds of bonds or commercial paper. Essentially, in the process of buying out existing shareholders you agree that the company you are buying will owe them a bunch of money at fairly high interest. These are basically in lieu of cash and let you gear up to a level that banks or bond underwriters might not be willing to facilitate - though restrictive covenants in loans (common) or bonds (currently less common) may limit your ability to do this. This kind of paper leverage used to be very popular in PE LBOs, I don't think it's as common these days but maybe people just talk about it less cause it's kind of dodgy.

I guess if you're a public Corp you could also issue your own bonds to sellers to pay for an acquisition but I would imagine that's not attractive from a capital perspective unless you're a megacap corp taking over another megacap corp. There may be tax reasons to do this in some cases, but I'm not sure.

Thank you so much for this!

 

[sxw517]

What is a good percentage for WG tests, I'm currently floating around 80% mark

Total Score: 80% Recognising Assumptions: 75% Evaluating Arguments: 75% Drawing Conclusions: 83%

however I see some people on here get around 90%+, do firms just judge yours against a benchmark at an AC or against the others in the AC?

 

[emilyrose99]

Does anyone please have any tips/useful links on how to structure answers for SJT Qs and for case studies in video interviews? Thanks in advance!

 

[John Doe]

I applied on the 27th

Thank you!

 

[John Doe]

Does anyone has any idea when will Shearman's AC take place?

 

[ap28]

Should I just assume a PFO from Osborne Clarke at this point (Bristol office)?

 

[OB]

What is a good percentage for WG tests, I'm currently floating around 80% mark

Total Score: 80% Recognising Assumptions: 75% Evaluating Arguments: 75% Drawing Conclusions: 83%

however I see some people on here get around 90%+, do firms just judge yours against a benchmark at an AC or against the others in the AC?

People saying they’re on 90% most likely means they’re in the 90th percentile of the comparison group the firm has used. For example I got 90th percentile for Linklaters with a score of 33/40 (~83%). I would say you have decent scores there to be getting quite high in the percentiles!

 

[AvniD]

Had this issue with a Bristol-based law firm. I found the grad rec team to be very dismissive + non-engaged which was made worse by a partner basically twiddling on his phone the entire time during the networking session 😅 Was a very helpful reminder of why open days + vac schemes are not just CV achievements but also really substantive opportunities to consider whether the firm is a right fit for the next decade or so of your life. Also going to add that I don't have a favourite firm because it is a recipe for heartbreak for sure 😂 I've narrowed down to a favourite firm each year and gotten rejected by them whilst getting acceptances at other firms so I guess the moral of the story is that your favourite firm should just be the one you end up working at 🤣

@s10 this is one of the best posts I have ever seen on the forum- to realise that you choose a firm just as much as they choose you is no small feat, especially while going through the ups and downs of making applications. Kudos to you 👏 👏 👏

 

[AvniD]

Hi everyone, I really need some advice - I have an AC on Tuesday but I am really really ill, I've been feeling off since Thursday but thought I would get better but it got a lot worse over the weekend. I've just woken up and can't even move my head without the room spinning. I feel really bad because it's such short notice for the firm but I just know that I won't perform my best on Tuesday. Any advice?

I would focus on resting and recuperating for now. If you still feel ill Monday morning, email grad rec first thing explaining your situation and try to get them to shift your AC to a later date if at all possible.

If they are not able to shift your AC, keep resting and taking care of yourself and prepare as much as you can without straining yourself.

If you're still ill on the morning of the AC, then let grad rec and your interviewers know so that they can take this into account and give it the best shot you possibly can.

Hoping you get well soon and that things work in your favour 🤞

 

[AvniD]

Hi all - might be a stupid question, but how detailed should your answers to "why law" and "why firm" be? Although my previous AC was successful, my answers to these two questions were seen as too vague in a mock interview with RARE so I'm really not confident (e.g., I gave an example of interning at a law firm doing legal research, found it interesting to analyse the economic, legal and political aspects of the particular industry and help clients who needed those information, but the mock interviewer said I needed to answer what is it about the actual work that interests me - I didn't get what this meant). Would appreciate if people could share how they articulate their answers!!

I think different people view answers to these questions differently, and that's because they're not all looking for the same sets of information from them. You have to try and gauge the level of detail you've been asked to provide depending on the context in which you've been asked a question.

If someone simply asks you 'why law' without any prior discussion, then go into a good amount of detail, beginning with what first sparked your interest to how you developed this interest deeper. I would not go into specifics of these details (dates, background etc, challenges etc.) unless prompted further. If you've have had conversations around 'why law' or 'why this firm', then add detail as needed.

Having a solid structure ensures that you add an appropriate level of detail and that your answer flows well into any follow-up questions. I would have at least three well-developed points ready for questions like 'why law'/'why commercial law', 'why this firm' and 'why you'.

For why law, it could be something like what first interested you in law (an event, something you read, a conversation etc.) ➡️ the steps you took to develop your interest in law as a career (extracurriculars, academic initiatives, attending career events etc.) ➡️ why you think the law is well suited to your skills, experience and character traits (pick an example, analyse how it would help you as a layer and link it to a career in law)

For why this firm, you could try stating XYZ thing you liked about the firm ➡️ how you learnt about this (research, attending an event, speaking to someone from the firm etc.) ➡️ how you know this is important to you (link back to things you want for yourself in your training contract, your ambitions for your career etc.)

I hope this helps?

 

[AvniD]

Being sick with covid and preparing for an AC is honestly the worst 🥲

@thirdtimelucky I'm sorry to hear this 😥 please tag us (@George Maxwell @James Carrabino @Jessica Booker) in your posts on the forum to let us know if we can help you prepare while you recover. I'm rooting for you to feel better soon and knock that AC out of the park!!

 

[James Carrabino]

Being sick with covid and preparing for an AC is honestly the worst 🥲

I am sure you are very well prepared and nerves will get you through the interview!

Depending on how sick you are, firms are supposed to offer accommodations or the opportunity to reschedule if you provide enough notice, although not all firms do this. Covid could be a reason that they do however, especially if it is due to be held in person!

Also, you may be concerned about sounding congested during a virtual interview - I would recommend not having any dairy products on the day of the interview as that can exacerbate this and I am also a personal fan of vaporub ointments as I think they're really effective at clearing congestion for several hours. Having a hot drink with you is also a good idea 😊

You could always mention it to your interviewers when they make small talk at the beginning of your interview so that they take it into account in the back of their mind when assessing your interview (assuming the interview is not in person)!

We are all here for you and I am sure you will ace it - good luck!

 

[gt1465]

I received an offer from a US firm but am still waiting on slaughter and may to reply post interview. Their email to me says if I receive another offer to call or email them and it provides the number to call - but every time I call this number it just rings out. Any idea what I should do? I’ve emailed too but they haven’t replied to that either