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

[violeta]

Anyone received ES VI invite?

no I haven't heard anything yet - have you? which office did you apply to?

 

[Daniel Boden]

Thanks for flagging up, @Rob93.

Oh, I read otherwise on a TCLA article sometime ago. I think the key point I was trying to get across anyways was the LP liability point.

Also, I have read contrasting definitions of PE from different sources. Sometimes they say that the capital is invested into private and public companies, but other sources say only private. Which is true? Isn't the 'private' in 'private equity' just meant to denote that the capital is raised privately, but investment can (and is) be made in public (listed) as well as private (non-listed) companies.

It can be both yeah, PE firms can do what are known as 'take privates' or public-to-private transactions where they buy a public company and make it a private company but these aren't as common as the perhaps more traditional private transactions.

 

[Rob93]

Correct me if I am wrong here but most of the times PE firms invest in public companies and then make them private but the only time they become public after PE acquisition is through a SPAC. I don't have that much knowledge of PE so correct me, anyone, if I am incorrect.

Also, an example of a public company becoming private is the Morrison acquisition by PE firm Clayton which happened this year.

Not only SPACs, PE firms will occasionally float a company on IPO but they generally can't liquidate their position as quickly that way so prefer not to, as their performance metrics (and pay) are time-sensitive.

 

[Daniel Boden]

Correct me if I am wrong here but most of the times PE firms invest in public companies and then make them private but the only time they become public after PE acquisition is through a SPAC. I don't have that much knowledge of PE so correct me, anyone, if I am incorrect.

Also, an example of a public company becoming private is the Morrison acquisition by PE firm Clayton which happened this year.

The more traditional route of taking a private PE portfolio company (i.e. a company owned by the PE fund) public is through an IPO rather than a SPAC but they achieve the same goal more or less

 

[Asil Ahmad]

Not only SPACs, PE firms will occasionally float a company on IPO but they generally can't liquidate their position as quickly that way so prefer not to, as their performance metrics (and pay) are time-sensitive.

Thank you for this and I see where you are coming from.

 

[Asil Ahmad]

The more traditional route of taking a private PE portfolio company (i.e. a company owned by the PE fund) public is through an IPO rather than a SPAC but they achieve the same goal more or less

Thank you for this it is really insightful.

 

[Ray00313]

Bit slow, but HSF AC!

 

[M1999]

Another cycle, another streak of rejections. People are getting ACs at HSF, HL, Links, S&M and I applied ages ago, which most likely means a bunch of PFOs for me. Have also already been rejected from 9 other firms. I have a CV with a vac at an MC, two insight schemes, citizens legal advice volunteering, full-time work in restaurants over the summer, internship at a famous think tank, leadership positions, a 1st class degree, speak 4 languages, but to no avail. I even get my apps reviewed and edited by friends who work at the firms I am applying to - several of them are shocked I am not even getting VIs/WGs/TIs. I definitely don't think I am entitled to a job, but it does feel a bit strange I don't at least get a chance to show what I am capable of in an interview. If they want to reject me at that stage - fine, at least then I know they rejected me after giving me a fair chance.

I see the alt-right trolls lurking in the Legal Cheek comments going on about reverse racism and preferences always being given to women and minorities for jobs. I don't believe in that bull at all, but as a white, working-class Northerner male it is sadly quite tempting to make your mind wander towards cynicism when your peers with far less impressive CVs and worse grades seem to breeze through the application process (many of them have shown me their apps, so I am not throwing wild assumptions here).

It’s luck… in life the best person for the job doesn’t always get it. The hardest worker isn’t the most successful. The smartest person does t always get the job etc. Everyone here works hard and everyone here is very talented, you will drive yourself crazy being like ‘why are they better than me?’ They could not be! They could just have had a lucky break.
I have worked very hard but I know when I finally get it I will be lucky too. Sometimes you just gotta wait your turn

 

[YUKI1201]

Bit slow, but HSF AC!

Congrats!!! May I ask when you applied?

 

[Samir_O]

for WC cover letters, would it suffice to start off with e.g. "Dear Graduate Recruitment Team" and end with "Yours Sincerely"? You do not need to have addresses at the top right

 

[tc_hopeful]

Just received Simmons and Simmons VI + tests - Does anyone know what type of questions they ask? I have searched the TCLA forums but there are not any specific details?

Hi! Just wondering - how long post-SJT did you have to wait for the VI? I submitted my SJT a while back and have yet to hear back 😟

 

[tc_hopeful]

A&O Summer VS PFO

 

[YJ]

Bit slow, but HSF AC!

congrats! is this for spring or summer?

 

[Jessica Booker]

for WC cover letters, would it suffice to start off with e.g. "Dear Graduate Recruitment Team" and end with "Yours Sincerely"? You do not need to have addresses at the top right

If you don’t know the name of the person you are sending it to, then yours faithfully will be a better sign off than sincerely, but apart from that, yes, it will be ok to not include the addresses.

 

[sarahlynn729]

A&O Summer VS PFO

I’m sorry to hear this. Something good will most definitely come soon. May I ask when you applied as I’m still waiting to hear back? Sorry and good luck for other apps!!

 

[jo123]

Does anyone have tips for Eversheds VI? Not sure how to prepare for strengths based interviews

 

[tc_hopeful]

I’m sorry to hear this. Something good will most definitely come soon. May I ask when you applied as I’m still waiting to hear back? Sorry and good luck for other apps!!

Thanks so much I applied on 29th Nov so quite some time ago!

 

[violeta]

Does anyone have tips for Eversheds VI? Not sure how to prepare for strengths based interviews

Hey! Congrats on getting a VI!! Can I ask which office you applied to?

 

[M991]

A&O Summer VS PFO :/

I applied on December 14.

 

[GeorgieW]

Skadden telephone interview invite through this morning - applied 08/12!