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

[rb26]

Has the firm asked you for an updated CV? If not, I don’t think you need to update them.

Hi Jessica, yes they have

 

[Law2021vacschemer]

Hi, if I applied on the deadline day and haven't received the WG is it likely a PFO??

Hey I wouldn’t say so! They’re sending WG and AC in batches from what I’ve seen

 

[vacschemesforeveryone]

Hi, got the A&O AC tomorrow, anyone sat it this week or last year and has any tips? Thank you much appreciated

 

[Sfernan21]

PMC AC!!

 

[tc.la.vs]

I know exactly how you feel. I didn't get a TC offer after completing a vs with my dream firm last year. I did absolutely everything I could during the scheme. I worked my socks off, I got to know as many people at the firm as I could, I got on well with the other vac schemers, I performed well in the assessments (based on my feedback) and my interview seemed to go very well. But despite all of that, I didn't get an offer. I did not even get a proper reason why during my feedback call.

If I'm honest, it was incredibly hard to go through. All I can say is keep going and look after yourself because I know how painful it can be. Hopefully the feedback you receive will be helpful.

thanks yeah this is actually really helpful to read -- I hope you've now found somewhere else that's your real dream firm!! its strange and sad especially when you're relatively self critical but you actually think you performed pretty well and have confidence for once and then it gets knocked completely. thanks for sharing and empathising, wishing you all the best

 

[tc.la.vs]

Getting it off your chest is one of the best things you can do right now. Try to take a break from applications for as long as you need and rely on the support of your family, friends and the forum as well to process this. We've all been where you are and we're rooting for you to come out stronger🤞

thank you this means a lot. this platform is so supportive -- will try to be lighthearted about it and just get on with hopefully getting a TC elsewhere 🤞

 

[Rob93]

Early days still, but has anyone heard anything from Latham yet?

 

[Lucy124]

PMC AC!!

Well done! May I ask if you applied for the Spring or Summer scheme?

 

[John Travoni]

PMC AC!!

Omg, congrats! Did they just get back to you today?
Also, when did you apply?

 

[futuretraineecity]

Does anyone have any advice on justifying why commercial law and not, say, consulting or banking, even when you haven’t had experience in them? Have an interview coming up and want to prep for it just incase

 

[Deleted member 9602]

Does anyone have advice for the Gibson Dunn second interview? I'd really appreciate it!

 

[Sfernan21]

Omg, congrats! Did they just get back to you today?
Also, when did you apply?

Yes, about 10 minutes ago! I applied in mid-late December.

 

[Sfernan21]

Well done! May I ask if you applied for the Spring or Summer scheme?

Thanks a lot, summer.

 

[layk]

Has anyone heard anything after Reed Smith's VI?

 

[stemlawgal]

Hi, got the A&O AC tomorrow, anyone sat it this week or last year and has any tips? Thank you much appreciated

Hi,

I did the A&O AC last year but completely bombed it rip. Make sure you practise doing a few case study interviews (I think TCLA has a few?). I would definitely say to brush up on commercial awareness - you'll want to bring in relevant stories when talking about the case study. The assignment is likely to be something related to M&A, so take a look at common contractual features like warranties, indemnities, etc. I also familiarised myself with finance-y type stuff like EBIDTA because you're likely going to have to do some maths. You're probs not going to be able to cover everything in the info pack in detail during the time given to you, so make sure to prioritise. Structure your talk clearly, keep your cool, and give yourself time to think before you answer any questions. Also, don't forget at the end of your presentation to actually give a recommendation to the (fictional) client, and be prepared to back it up!

I also had an interview with grad rec which was basically a verbal kind of situational judgement test, which is a lot harder to prepare for. I think I was also asked the classic motivational kinda questions.

 

[M777]

Does anyone have advice for the Gibson Dunn second interview? I'd really appreciate it!

Same here please!

 

[vacschemesforeveryone]

Hi,

I did the A&O AC last year but completely bombed it rip. Make sure you practise doing a few case study interviews (I think TCLA has a few?). I would definitely say to brush up on commercial awareness - you'll want to bring in relevant stories when talking about the case study. The assignment is likely to be something related to M&A, so take a look at common contractual features like warranties, indemnities, etc. I also familiarised myself with finance-y type stuff like EBIDTA because you're likely going to have to do some maths. You're probs not going to be able to cover everything in the info pack in detail during the time given to you, so make sure to prioritise. Structure your talk clearly, keep your cool, and give yourself time to think before you answer any questions. Also, don't forget at the end of your presentation to actually give a recommendation to the (fictional) client, and be prepared to back it up!

I also had an interview with grad rec which was basically a verbal kind of situational judgement test, which is a lot harder to prepare for. I think I was also asked the classic motivational kinda questions.

Thank you so much!!

Do you remember being asked why A&O and if not were you able to mention it somehow?

 

[Rob93]

Does anyone have any advice on justifying why commercial law and not, say, consulting or banking, even when you haven’t had experience in them? Have an interview coming up and want to prep for it just incase

It's not a question I'd expect to come up unless you have experience in those areas or studied business/finance.

Ultimately focus on what it is about law that drew you in. The commonality between all those roles is like... that you work on deals. The type of analytical work you undertake, though, is completely different, and the corporate cultures are different (although some claim that the big US law firms have steered the City towards more IB-style cultures). A lot of banking work is split essentially between 1) figuring out how much something is worth and 2) selling (or buying) that thing. Lawyers in the same space (transactional) are focused on identifying and managing the range of risks that arise in that context. Consulting is a pretty broad category but at least in an M&A context will be focused on integrating a new acquisition or polishing it up to be sold on (in a PE context specifically). These are very different functions, that work at different levels of abstraction and involve different skills. From what I've gathered - bearing in mind I've talked with a lot of lawyers and only a couple of bankers - there seems to be more variety in a legal career (unless you're hyper-specialised in like derivatives or securitisation or something), and the skills and attitudes are very different.

 

[M777]

Does anyone have any advice on justifying why commercial law and not, say, consulting or banking, even when you haven’t had experience in them? Have an interview coming up and want to prep for it just incase

Worth also thinking about the specific role of commercial lawyers in M&A deals - protecting against risks, structuring loan agreements, identifying legal issues at due diligence stage and resolving them (eg assets, liabilities, pending litigation etc) and so on

 

[futuretraineecity]

It's not a question I'd expect to come up unless you have experience in those areas or studied business/finance.

Ultimately focus on what it is about law that drew you in. The commonality between all those roles is like... that you work on deals. The type of analytical work you undertake, though, is completely different, and the corporate cultures are different (although some claim that the big US law firms have steered the City towards more IB-style cultures). A lot of banking work is split essentially between 1) figuring out how much something is worth and 2) selling (or buying) that thing. Lawyers in the same space (transactional) are focused on identifying and managing the range of risks that arise in that context. Consulting is a pretty broad category but at least in an M&A context will be focused on integrating a new acquisition or polishing it up to be sold on (in a PE context specifically). These are very different functions, that work at different levels of abstraction and involve different skills. From what I've gathered - bearing in mind I've talked with a lot of lawyers and only a couple of bankers - there seems to be more variety in a legal career (unless you're hyper-specialised in like derivatives or securitisation or something), and the skills and attitudes are very different.

Thank you so much - that makes sense 😊 I’m sure it won’t come up but thought it would be best to have an idea anyway - thanks!