TCLA Vacation Scheme Applications Discussion Thread 2024-25

[ashwright]

1. There wasn't just one singular reason why I ended up choosing Davis Polk, it was more that the firm scored best on most of my relevant selection criteria:

• Client relationships and quality of work: the firm's US reputation, and especially its long standing institutional relationships in Wall Street, was an important consideration. For US firms in London a big part of their work will originate from clients in the US, so their renown there is a crucial (though often overlooked) factor to consider if you want to work on the highest end mandates.
• Small but extremely efficient corporate practice in London: Davis Polk's London corporate team is very lean compared to most rivals, with competitors with the same Chambers M&A and equity capital markets rankings having teams from double to 4/5 times the headcount. That suggests that the firm's individual practitioners are extremely efficient, which is further evidenced by the rankings in The Lawyer's Corporate Efficiency report. In 2023 Davis Polk was first by a significant margin and in 2024 it came second only after Paul, Weiss (a firm whose efficiency rankings may have been propelled by their hiring spree), and had the best/second best revenue per corporate lawyer and revenue per corporate partner figures in both years. This quality-focused approach is illustrated in the firm's average deal value figures as well: while Davis Polk works on a significantly lower number of transactions than a Latham or Kirkland, the average value of a mandate the firm works on is around three times higher - in fact, in 2023 it was the highest in the world. As at this point I knew I wanted to be a corporate lawyer and to work in a lean team, this very quality-focused strategy was attractive to me.
• Seat rotation structure: Davis Polk's pinpointed corporate-finance focus and small size means that the firm foes not operate the usual strict 4 seats rotation structure. Instead, the process is a lot more "conversational" and it is not uncommon to do even 3 seats in corporate if you want to. Since I know this is the area I want to work in, this system was a lot more attractive for me than a more conventional and broader training experience.
• Strong financials and growth plan: Davis Polk has historically been leading global average PEP rankings, in the last 5 and 10 years having the 3rd average PEP per year in the world (only behind Wachtell and Kirkland). This signals a very successful business model, which allows the firm to make substantial investments when appropriate. This enabled Davis Polk to begin a period of expansion in London while keeping a very high quality-focused approach - its recent lateral hires only include Chambers-ranked star partners, poached from Paul Hastings, Sidley, and A&O Shearman; something that rival firms with a weaker financial position might not have been capable of.

2. I am generally of the view once again that there is never one factor you should think leads to success, and consequently my strategy has been to try to score well in all the relevant assessment criteria rather than to try to be absolutely impressive in any given one. However, if I were to say one thing which I think distinguished me the most in my Davis Polk application and later in my VS I would say it was knowledge of the firm in the context of the broader biglaw legal market. Explaining exactly what different practice areas do and what their work looks like at different levels, what the firm's leading practices are and how they compare to that of rivals beyond Chambers rankings, and what position their firm as a whole occupies in the market is very impressive for a recruiter. It shows passion for researching this career in detail over a long period of time, which is the best evidence that you are a good fit for it.

Thank you so much, Andrei. It's unbelievably valuable to get an insight into your thought-process. It is no surprise that you had such great success - your astute and thorough understanding of the industry is truly remarkable, especially at such an early stage. Thank you again, for your response and your support on the forum in general. 😊

 

[RonRod13]

Does Paul Weiss invite everyone to the online open day if they were unsuccessful at the in person open day?

 

[futuretrainee2503]

Anyone else receive a paul weiss online open day invite along with the PFO? Wondering if it’s a standard thing they do?

 

[l789]

Finally got my Paul Weiss PFO- the email was quite supportive though overall 👏🏽👏🏽 !

However they sent a link to register for an online open day- did anyone else receive this and those who were rejected from previous open days?

 

[Tcvspfo]

Interesting articles on the subject

Thank you this us really helpful.

Private credit is a great topic for Weil, especially since i spoke to a recruiter and they mentioned they're tired of hearing about PE. It's still relevant, as with Rachel Reeves borrowing £50bn, interest rates are likely to rise again, driving up the gilts and thus, borrowing costs. Private credit offers a way for PE firms, like KKR, to mitigate acquisition risks and still deliver returns to impatient investors. It is more likely that they raise their own fund and lend to others than use the loans themselves.

Private credit breaks down into mezzanine, direct lending, and private placements, each serving different borrower needs. While PE firms rarely use private credit (e.g. due to debt for equity tranche in mezzanine deals and the long-term nature of private placements), it remains a useful tool for structuring deals and managing risk, regardless of interest rate fluctuations.

Thank you for this and yes that is a good poi8nt. Also I could discuss what is happening in the US and whether that could affect this whether Trump will raise interest rates.

 

[l789]

Anyone else receive a paul weiss online open day invite along with the PFO? Wondering if it’s a standard thing they do?

I did as well, I want to know if they selected a pool of candidates who slightly missed the mark for their in person open days to attend the online one- or if it’s just generic

Wondering if anyone else who got rejected from the previous open days also recieved an invite?

 

[tosin4774]

Anyone heard from Paul Weiss open day

yes

 

[l789]

Anyone else receive a paul weiss online open day invite along with the PFO? Wondering if it’s a standard thing they do?

It’s a step up and advantage nonetheless from those who didn’t apply to the open day at all (granted it’s exclusive as it says and was only emailed to applicants who applied).

We will still be getting a good insight into the firm- as they haven’t posted any virtual events as of yet. So it’s only the open days by which we can learn more and get some juicy info

 

[LimitedLiabilityLover]

Thank you this us really helpful.

Thank you for this and yes that is a good poi8nt. Also I could discuss what is happening in the US and whether that could affect this whether Trump will raise interest rates.

Unlikely that Trump will, Jerome Powell (president of Fed) has been, over the past few years, the first person to cute base rates.

 

[Tcvspfo]

Unlikely that Trump will, Jerome Powell (president of Fed) has been, over the past few years, the first person to cute base rates.

Yh was thinking that also maybe as Trump wants to help businesses grow.

 

[studentdelaw786]

Wondering about Weil too, but in website it says all applications will be reviewed regardless of when you apply

Weil is rolling but Grad Rec confirmed at the insight evening it’s still okay to submit your application

 

[studentdelaw786]

is it too late to apply for rolling deadlines (esp ones in december or even early jan) like weil, bird & bird, hogan lovells etc? wouldn't wanna hurt my chances in the future by sending off an application that won't even be looked at...
also is davis polk rolling?

Davis Polk is non-rolling.

 

[BBsharkk]

I did as well, I want to know if they selected a pool of candidates who slightly missed the mark for their in person open days to attend the online one- or if it’s just generic

Wondering if anyone else who got rejected from the previous open days also recieved an invite?

Pretty sure everyone gets the invite as you automatically get the link after registration.

PW will most likely be at least the 3 most competitive firms this cycle, so not surprised at all with how competitive their open days are.

 

[NJS]

For this Goodwin question.... Discuss a commercial issue that has particularly interested you. Why did it capture your attention, and what impact could it have on the legal sector?

Are they looking for a general issue (i.e. interest rate rises, i probably wont use that...) Or are they looking for a particular story (like a recent merger for example). @Jessica Booker @Andrei Radu @Amma Usman @Ram Sabaratnam (sorry for the tags lol) Thank you!

Just following on this, if anyone can help I’ll be grateful!

 

[Ram Sabaratnam]

Would love thoughts on this - A commercial issue for Weil app am thinking of talking about the rise of private credit. This is a commercial issue that affects asset management and PE firms for alternative forms of financing through private credit. My issue is will this still be relevant as interest rates and inflation have be lowered will private credit still be relevant. Any thoughts on this @Ram Sabaratnam @Amma Usman @Andrei Radu

Hiya @Tcvspfo

I think this could make for a great topic to discuss. While interest rates are easing, this doesn't mean there are no remaining and live issues surrounding private credit. If you're worried that interest rates will make for less of a compelling focus, you could also consider tackling the trend from other angles, including:

1. Regulatory Scrutiny: You might've heard about the relatively new EU leverage caps on private credit funds and increased FCA data demands highlight challenges for fund managers and PE clients. Many of the concerns that motivated these regulatory interventions haven't gone away, and you can read about this here in a more recent Bloomberg article covering the issue of private credit valuations. There's also questions about the general transparency of the sector, which the UK is now particularly focussed on. Have a think about how this creates opportunities and challenges for firms like Weil to help clients navigate.
2. Market Growth: There's been increasing involvement of big players like BlackRock in private credit. You might want to reflect on the way these moves create competition pressures and demand for bespoke legal structuring.
3. ESG Pressures: As with many other forms of financing, private credit providers face growing scrutiny on sustainability practices. There's even been calls for certain well-known private credit specialists to be removed from initiatives such as the UN-backed Principles for Responsible Investment Scheme. Again, think about how these efforts relate to firms such as Weil and their clients.

You could also explore how certain recent high-profile disputes (e.g., Cerberus) have highlighted the need for strong legal advice. Again, the point just is that private credit remains a live issue for many reasons aside from interest rate fluctuations. I'm sure that @Andrei Radu and @Amma Usman would have much more to add here as well, but I hope this helps you get the ball rolling on your answer.

 

[l789]

Pretty sure everyone gets the invite as you automatically get the link after registration.

PW will most likely be at least the 3 most competitive firms this cycle, so not surprised at all with how competitive their open days are.

I know… I just wanted to feel a bit special, like I was a strong applicant.

But wonder if previous open day rejectees also had the same

 

[Tclarocks123]

Just following on this, if anyone can help I’ll be grateful!

same

 

[SoonToBeTrainee]

I know… I just wanted to feel a bit special, like I was a strong applicant.

But wonder if previous open day rejectees also had the same

I applied to a prior PW open day, got rejected, and didn’t receive an invite for an online open day.

No one has mentioned an online open day up until now either, so I don’t think anyone who previously applied got invited to one

 

[legalxp2]

Anyone heard from Mischon?

 

[Tcvspfo]

Hiya @Tcvspfo

I think this could make for a great topic to discuss. While interest rates are easing, this doesn't mean there are no remaining and live issues surrounding private credit. If you're worried that interest rates will make for less of a compelling focus, you could also consider tackling the trend from other angles, including:

1. Regulatory Scrutiny: You might've heard about the relatively new EU leverage caps on private credit funds and increased FCA data demands highlight challenges for fund managers and PE clients. Many of the concerns that motivated these regulatory interventions haven't gone away, and you can read about this here in a more recent Bloomberg article covering the issue of private credit valuations. There's also questions about the general transparency of the sector, which the UK is now particularly focussed on. Have a think about how this creates opportunities and challenges for firms like Weil to help clients navigate.
2. Market Growth: There's been increasing involvement of big players like BlackRock in private credit. You might want to reflect on the way these moves create competition pressures and demand for bespoke legal structuring.
3. ESG Pressures: As with many other forms of financing, private credit providers face growing scrutiny on sustainability practices. There's even been calls for certain well-known private credit specialists to be removed from initiatives such as the UN-backed Principles for Responsible Investment Scheme. Again, think about how these efforts relate to firms such as Weil and their clients.

You could also explore how certain recent high-profile disputes (e.g., Cerberus) have highlighted the need for strong legal advice. Again, the point just is that private credit remains a live issue for many reasons aside from just interest rate fluctuations. I'm sure that @Andrei Radu and @Amma Usman would have much more to add here as well, but I hope this helps you get the ball rolling on your answer.

Thank you this is really helpful and so insightful @Ram Sabaratnam

The bit about high profile disputes is an interesting point and never thought about that. I will look into that and do more research into it.

It is great to see your detailed commercial awareness and love your detailed responses.