TCLA Vacation Scheme Applications Discussion Thread 2023-24

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F12M34L

Legendary Member
  • Apr 28, 2022
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    Morning everyone :)

    Would anyone help me with this question: "What challenges are US law firms facing?". I am preparing for my interview and was wondering what aspects should I include.
    Yea, as legalregal pointed out, it does depend on the firm. Some US firms are facing transactional pressure (economic downturns, etc.) while others are facing increased pressure from governmental agencies (think like white collar crime firms who are currently dealing with hyper-aggressive governmental regulators). Then you have your conventional, but important issues, such as the issue of cybersecurity -- US firms due to their clients and influence -- makes them key targets to attack. There is also a poaching war amplified amongst key US law firms as they battle against each other to take specialists in certain fields. Tech infrastructure is also quite a common issue - some US law firms are quite lacking in this sector.

    Good luck with the interview!
    Could also add in the changes to SEC regulations
     
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    ah898

    Star Member
  • Nov 9, 2023
    46
    111
    @axelbeugre Do you have any advice for group exercises and what type of tasks they may consist of? Additionally, if you have already done a competency/motivation heavy interview in a previous stage, is it likely that the ac interview will be more technical?

    Thank you!
     

    Mike Wazaoski

    Valued Member
    Premium Member
    Nov 12, 2018
    114
    180
    Hey everyone! With all this talk of interest rates and the technical recession the UK fell into at the end of 2023, would somebody be able to explain the impact of this on law firms? Or guide me to the right direction regarding the same? :)
    Potentially link it to the impacts on clients of law firms by industry/ sector:

    - Consumer and manufacturing: Low spending by customers can mean lower revenue for businesses. This can impact spending by the business on either R&D, growing their supply chain, bold business decisions will be limited with less trust and security in the economy.
    - Counter-cyclical practice areas: Businesses downscale and remove employees could mean demand for employment lawyers increases. Where they are restructuring their operations this can require increased demand in restructuring and insolvency practices.
     
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