TCLA Vacation Scheme Applications Discussion Thread 2022-23

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Sachin Chandra

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Apr 16, 2020
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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
 

rollss

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Jan 20, 2022
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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

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Graduate Recruitment
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Aug 1, 2019
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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

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  • Aug 9, 2020
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    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

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    Jan 28, 2022
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    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:


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

    Esteemed Member
    Premium Member
    Apr 16, 2020
    90
    92
    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:


    There was a really interesting coverage on the FT podcast on reasons why this is happening.
    Nice article. Thx for this heads up
     
    Reactions: futuretrainee202X

    Jessica Booker

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    Aug 1, 2019
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    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.
     
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