TCLA Vacation Scheme Applications Discussion Thread 2023-24

[Legally_Brunette1999]

I havent recived anything from them either. i only know one other person who has an AC invite but for the cambridge office.

In all honesty I forgot which office I'd even applied for even before submitting my VI!! I have the London address on my profile so I'm assuming that it's the London office but even then I'm not 100% certain. All I know for sure is that I've applied on the businesses route instead of personal services. But even then, I've a really good connection and a really strong lead for a medium sized regional firm in Devon that I'm much more interested in (mostly because it seems like a lovely firm but undeniably partially because they haven't been stringing me along for MONTHS at this point!!0

 

[hopefultrainee888]

ropes pfo

 

[impostersyndrome]

Buyer side: Having the regulatory approval will most likely increase the price. If you have already negotiated a price pre-regulatory approval, then the seller cannot increase it.

Property example: If you are selling land, and Buyer 1 is a house builder and has the intention to build 1000 flats on it to sell for £250K each, they may put in a bid of £X. The seller may think, the offer from Buyer 1 is great, Ill take it. Buyer 1 then goes out to get planning permission (costing them time and money), and after 6 months they get it. Now, they know they will rake in the money once they have built the flats, However, the seller now feels they have sold it too cheap and want to go out to tender again with regulatory approval that was granted. Seller now wants £2X.

Sorry if I didn't reply to both I'm not too sure how to do that 💀
There's also other considerations like:

1. What are the contingencies in case regulatory approval does not happen
2. Will there be conditions placed in order to get regulatory approval and what happens if that's the case, financially, commercially and otherwise (e.g approval is contingent on selling a certain arm of the business to ensure competition - like with Microsoft/Activision)

The firm should advise the client on these possibilities, set these expectations and advise on next steps.

 

[Percypig12]

Ropes AC!

 

[PFO King]

In all honesty I forgot which office I'd even applied for even before submitting my VI!! I have the London address on my profile so I'm assuming that it's the London office but even then I'm not 100% certain. All I know for sure is that I've applied on the businesses route instead of personal services. But even then, I've a really good connection and a really strong lead for a medium sized regional firm in Devon that I'm much more interested in (mostly because it seems like a lovely firm but undeniably partially because they haven't been stringing me along for MONTHS at this point!!0

I asked on the thread a week ago if anyone has heard back and around 6 people said they havent, maybe they are still going through the VIs, id suggest to keep your chin up!

 

[trackstar1364]

Ropes AC

 

[mx.jsn]

Ropes AC

 

[leaaa2023]

ROPES AC! seems like its long AC, glad to connect with others!

 

[Legally_Brunette1999]

I asked on the thread a week ago if anyone has heard back and around 6 people said they havent, maybe they are still going through the VIs, id suggest to keep your chin up!

Considering that I submitted my VI a day late I'm not holding my breath in the slightest lmao - I thought they'd sent the invite on a Tuesday, but it was actually sent on a Monday - so even though I was still able to submit it the day after it was due I'm not particularly optimistic about my chances lmao

 

[EllaClayton]

Ropes AC and WFW vac scheme offer!! What a good Monday!!

 

[Chelsea101]

No, feel like i’ll get a generic pfo on Wednesday 28th 😅

Stay positive! You never know...

 

[babylawyer1942]

Ropes & Gray AC, OH MY GOD?!!

 

[Untilwinter]

Ropes AC and WFW vac scheme offer!! What a good Monday!!

Congratulations!

 

[Untilwinter]

Buyer side: Having the regulatory approval will most likely increase the price. If you have already negotiated a price pre-regulatory approval, then the seller cannot increase it.

Property example: If you are selling land, and Buyer 1 is a house builder and has the intention to build 1000 flats on it to sell for £250K each, they may put in a bid of £X. The seller may think, the offer from Buyer 1 is great, Ill take it. Buyer 1 then goes out to get planning permission (costing them time and money), and after 6 months they get it. Now, they know they will rake in the money once they have built the flats, However, the seller now feels they have sold it too cheap and want to go out to tender again with regulatory approval that was granted. Seller now wants £2X.

But if they are signing the contract, doenst that mean the price is already fixed?

 

[Arf1309]

Irwin Mitchell AC!! 🤩 (Personal services, Manchester office)

 

[Untilwinter]

Sorry if I didn't reply to both I'm not too sure how to do that 💀
There's also other considerations like:

1. What are the contingencies in case regulatory approval does not happen
2. Will there be conditions placed in order to get regulatory approval and what happens if that's the case, financially, commercially and otherwise (e.g approval is contingent on selling a certain arm of the business to ensure competition - like with Microsoft/Activision)

The firm should advise the client on these possibilities, set these expectations and advise on next steps.

Hmm yes those are def worth taking into account.
But given the possibility where parties have to sell of parts of the business to get regulatory approval, is it realistic to sign the document with just a condition precedent? This is soo difficult!

Any input will be deeply appreciated @axelbeugre

 

[lonelycruise]

Ropes AC 🥹

 

[Kodak123]

Anyone else Ropes PFO say 2023 Vacation scheme? Rather than 2024, I know I’m fishing butttt

 

[legallybrunette8]

seeing Irwin mitchell ACs finally come in makes it so happy like we’ve waited MONTHSSS for this!!! anyway im not expecting it tho after that flop VI but good luck to y’all 🤞

 

[impostersyndrome]

Hmm yes those are def worth taking into account.
But given the possibility where parties have to sell of parts of the business to get regulatory approval, is it realistic to sign the document with just a condition precedent? This is soo difficult!

Any input will be deeply appreciated @axelbeugre

I would think that's how you advise a client

You say ok we can put in that condition precedent but also make them know the possible other consequences that can happen should they go forward without approval.

If approval happens that's all well and good but I'd think the advice focuses on what happens if the approval does not occur or the possible risks you expose the business to by signing before that approval occurs.

So I'd think you need to cover:
1. Legal risks
2. Reputational risks
3. Commercial risks
4. Financial risks

Etc.

If anyone has to more info please share tho id like to know lol!