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TCLA Vacation Scheme Applications Discussion Thread 2023-24
- Thread starter Jessica Booker
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But by this logic every firm is competing with every other firm. Of course there is some truth to that because law firms are a business with similar services but if Samsung launches a mid range phone they aren’t trying to compete with the flagship offering of Apple. Each firm has their own USP that makes them competent in certain specific sectors. Therefore when asked what competitors a firm has it’s a more rudimentary answer to say every other US law firm, but shows nuance if you can draw on specific practice areas that W&C specialise in and in turn, other firms also excel at.
Ok but once again, I think you are getting confused between HOW businesses compete and WHO the competitors actually are. Those are just ways that law firms compete against each other and try to stand out.
Let’s look at the example of the car industry for instance: Tesla and Ferrari are both car manufactures. Now just because Tesla produces electric cars and Ferrari produces high performance petrol cars doesn’t mean that they are not competitors. Just because they try to target different audiences, brand themselves differently, price their cars differently etc. does not take away from the fundamental aspect that they are both car manufacturers in the same industry.
Re Competitors
There are two kinds-
Those who compete for the same work in a practice area or industry.
With the example of W&C, their Africa projects team will compete mainly with MC and Latham who do work in this area.
This will be different for each practice area!
Those who are following a similar business model overall (and particularly in London).
By being bigger in London (their biggest office) W&C is pushing Latham / Kirkland on office size, and thus is a competitor of those firms, moving to a more full service model. Equally these firms compete with established UK firms for talent and work in London. Its a very different model to a Weil for example, who focus on their core areas of expertise in London.
There are two kinds-
Those who compete for the same work in a practice area or industry.
With the example of W&C, their Africa projects team will compete mainly with MC and Latham who do work in this area.
This will be different for each practice area!
Those who are following a similar business model overall (and particularly in London).
By being bigger in London (their biggest office) W&C is pushing Latham / Kirkland on office size, and thus is a competitor of those firms, moving to a more full service model. Equally these firms compete with established UK firms for talent and work in London. Its a very different model to a Weil for example, who focus on their core areas of expertise in London.
Sort of agree, sort of disagree. My partner (romantic) is the right hand of a partner (business) at a Big 4 who dropped out part way through a degree at what was then a poly but obviously now is making silly money. These days that would be nigh impossible because the partner wouldn't even have got their foot in the door. It was possible maybe 20/30 years ago to enter these sorts of professional services without strong academics but I think these days competition is so tough and the recruitment processes so rigorous that whilst it may be possible if you keep going and look for roundabout ways of entry, it requires so much mental fortitude and time and the sort of dogged determination I don't think too many people have.
Not to sound negative in the face of such good vibes of course but this is a conversation I've had many times with my partner (romantic) and we always come to the same conclusion!
I hate to be negative, but I agree! There is a much higher number of people attending university these days, which makes for stiffer competition. Also, the legal industry has changed a lot (for the better) in terms of it historically enabling things like nepotism, which may have mitigated a lower academic grade back then. Obviously, you are not doomed if you hold a 2:2 degree, but there is no doubt that it will be significantly harder than if you were in the same position 25 years ago!
laughing at (romantic) and (business) 🤣
I saw someone have to make the distinction in this thread earlier this month so I though for the avoidance of doubt it was best to specify!
Being in the same broad industry ≠ competitors. Competitors fight for the same market share. That might be at a particular price point, in a particular region or otherwise. For example, The Commercial Law Academy (am I allowed to mention them here LOL) is fighting for the same market share as TLCA (people looking to go into corporate law). By contrast, a business helping people get into investment banking is still in the industry of getting people into professional careers but is not threatening TCLA's/The CLA's market share
Completely agree. Another way is looking at NQ salaries. Firms that are at a similar level all tend to pay the same to reduce competition eg magic circle all pay the same, cravath scale etc. Remember pay = hours worked x hourly rate. if they’re paying similar to other firms they’re either charging similar or they’re working longer hours which is only possible up to a point.
Ferrari and Tesla are not competitors
The commercial law academy is fighting for the same market share as TCLA? That doesn’t make sense, how can it be fighting against itself?
And this example only reinforces my point further if anything. TCLA is specifically in the business of helping people get into LAW. It’s found a niche industry and producing a service within that niche industry. Their competitors would be chambers student, legal cheek etc and other businesses that try to help students get into LAW.
They are not competing against companies like Wall Street oasis, corporate finance institute etc. These are some of the companies that try to help students into BANKING (another niche area of business) you are comparing apples to oranges in your case.
Was just stating what they are known energy and infrastructure
dear god here we go again
Are they both car manufacturers, yes or no?
Yeah calm with all due respect I am wasting my time here XD
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