TCLA Vacation Scheme Applications Discussion Thread 2022-23

[Turnthisstupidfatratyellow]

anyone waiting to hear from Clyde post VI? I did it months ago

 

[CorpLawyer00]

anyone waiting to hear from Clyde post VI? I did it months ago

Might be good news potentially for u, I was rejected about a week after taking

 

[Sachin Chandra]

Some of the corporate teams at law firms handle M&A transactions, so it is the bread and butter for these firms. The reduced borrowing ability to finance the new acquisition and get these transactions done will likely hinder deal activity, and ultimately, there will be less revenue/profit for these firms. I hope this helps!

But there should be more distressed M&A opportunities and, in general, more restructuring and insolvency work with an economic downturn

 

[aspiringlawyerr]

Has anyone heard from Bird & Bird this week following VI? Thanks!

 

[rollss]

Some of the corporate teams at law firms handle M&A transactions, so it is the bread and butter for these firms. The reduced borrowing ability to finance the new acquisition and get these transactions done will likely hinder deal activity, and ultimately, there will be less revenue/profit for these firms. I hope this helps!

I don't fully agree with this. While total deal flow has decreased and this has been reflected by the significant drop in the top IB's fees during the past year it doesn't necessarily mean that a law firm will see a dip in revenue. American acquirers still need London’s legal services. With the dollar growing stronger against both the euro and pound, and European company valuations decreasing due to socioeconomic uncertainty, now could be an opportune moment for law firm's American acquirers to cement themselves further in the European market. I therefore believe that this potential increase in American based deal flow would signal increased work for certain law firms. Not only is it probable that law firms would be asked to provide more in-depth due diligence checks to better securitise against risks, but with the FCA and EU tightening antitrust and competition laws, I imagine that both London and Brussels offices would be required to advise. Lastly, I think that full service law firms could use their advantage over other transactional shops as a full-service firms to utilise their practice groups such as tax, employment and environment to support their M&A practice. Overall, while global risk appetite falters, law firms can provide more in-depth due diligence to their clients, aid American acquirers by utilising their full-service identity (if they have one), and can even aim to act for the companies being acquired. One can also mention that the countereffect is a rise in Rx work for law firms.

Thank you both so much for this. Super insightful and helpful to see both opinions!

 

[Jessica Booker]

A firm wants two work referees. I have one who I'm currently working for, so I'll give their details. The second is one I haven't spoken to for a few months, so I am unsure if I can put them down right now (as I don't have permission). Can I leave one blank for now, and add details if the firm wants to contact my referees? The deadline is tomorrow, and I don't know if I'll get a reply before then. @Jessica Booker

Was the employment with a company that would have an HR department?

 

[Sarah T]

Just did the Reed Smith VI, 10 questions (2 min to answer) and 1 minute to prepare your answer (I read on here that it was 30 seconds so that was a pleasant surprise). Questions were about why the firm and how you would deal/have dealt with certain situations. Hope this helps!

Just did it - it is pretty intense the questions come at you fast. It said we'll hear in a month's time.

 

[futuretrainee202X]

I don't fully agree with this. While total deal flow has decreased and this has been reflected by the significant drop in the top IB's fees during the past year it doesn't necessarily mean that a law firm will see a dip in revenue. American acquirers still need London’s legal services. With the dollar growing stronger against both the euro and pound, and European company valuations decreasing due to socioeconomic uncertainty, now could be an opportune moment for law firm's American acquirers to cement themselves further in the European market. I therefore believe that this potential increase in American based deal flow would signal increased work for certain law firms. Not only is it probable that law firms would be asked to provide more in-depth due diligence checks to better securitise against risks, but with the FCA and EU tightening antitrust and competition laws, I imagine that both London and Brussels offices would be required to advise. Lastly, I think that full service law firms could use their advantage over other transactional shops as a full-service firms to utilise their practice groups such as tax, employment and environment to support their M&A practice. Overall, while global risk appetite falters, law firms can provide more in-depth due diligence to their clients, aid American acquirers by utilising their full-service identity (if they have one), and can even aim to act for the companies being acquired. One can also mention that the countereffect is a rise in Rx work for law firms.

One example of an uptick in US-sourced M&A activity:

US fund managers cross Atlantic to buy European oil stocks

Shares of BP and Shell trade at sharp discounts to American peers after energy commodity rally

www.ft.com

There was a really interesting coverage on the FT podcast on reasons why this is happening.

 

[HopefulFutureTrainee123]

Was the employment with a company that would have an HR department?

No, sadly not. It's a business of ~50-100 people.

 

[Samir_O]

Hey all - anyone know about RPC's direct TC intake levels? i.e. has there been a 'decent' amount of direct TC success stories?

 

[Sachin Chandra]

Thank you both so much for this. Super insightful and helpful to see both opinions!

One example of an uptick in US-sourced M&A activity:

US fund managers cross Atlantic to buy European oil stocks

Shares of BP and Shell trade at sharp discounts to American peers after energy commodity rally

www.ft.com

There was a really interesting coverage on the FT podcast on reasons why this is happening.

Nice article. Thx for this heads up

 

[Jessica Booker]

No, sadly not. It's a business of ~50-100 people.

Rather than leave it blank, I would put the contact details in but just leave the email address as TBC. You can then update it once you have confirmation from referee when they have said they are happy to provide it.

 

[owenjones99]

does anyone know if you are able to re-record your answers for simmons & simmons VI ?

 

[Samir_O]

anyone else stillll waiting to hear back from L&W spring vac post SJ test?

 

[CorpLawyer00]

Has anyone heard from Kirkland after VI?

 

[bravegirl]

For anyone doing the Reed Smith VI - if your non-assessed question keeps failing to upload, download the Shortlist app on your phone and do the interview there. Worked like a charm in the end 😌 (after a lotttt of panic and stress-induced hair fall).

 

[HopefulFutureTrainee123]

Rather than leave it blank, I would put the contact details in but just leave the email address as TBC. You can then update it once you have confirmation from referee when they have said they are happy to provide it.

Thank you!

 

[NMA]

For anyone doing the Latham VI in this batch, when the email says 17th Jan (GMT+00:00) does that just mean the latest we can submit it is 16th Jan 23:59?

 

[Future Six Figure Fee Earner]

For anyone doing the Reed Smith VI - if your non-assessed question keeps failing to upload, download the Shortlist app on your phone and do the interview there. Worked like a charm in the end 😌 (after a lotttt of panic and stress-induced hair fall).

Do we have to answer the practice Q? I never bother to do so tbh

 

[Uvaia]

Has anyone used any informal language (unintendedly) during an interview and progressed to the next stage? I said 'you know' twice or more during my RS VI. 🥲