TCLA Vacation Scheme Applications Discussion Thread 2024-25

[Amma Usman]

@Andrei Radu hi, hope you're well. Just wondering, do you have any tips for when a firm asks "how do we make a profit?"

Hi there! Just before @Andrei Radu get’s back to you, I often had the below in mind when answering such questions in interviews.

The way I see it, when it comes to law firms making a profit, it boils down to how they monetise their expertise, reputation, and operational efficiency. The primary revenue stream is, of course, billing clients for legal services, which can take the form of hourly billing, fixed fees, or contingency fees. With hourly billing, firms charge based on the time lawyers spend on a matter, and seniority often dictates the hourly rate, with partners charging significantly more than associates. Fixed fees, on the other hand, are pre-agreed amounts for specific tasks, like drafting a contract or handling a merger. Contingency fees, which are common in litigation, allow firms to take a percentage of the financial award if they win a case.

Beyond billing structures, law firms maximise profitability by improving internal efficiency. This involves managing overhead costs, like office space, technology, and staff, while ensuring high utilisation rates among lawyers. Utilisation rate refers to the percentage of time spent on billable work versus non-billable tasks. Many firms also invest in technology, like legal research tools or contract automation, to streamline processes and reduce the time spent on routine tasks. Additionally, firms aim to retain clients for the long term because repeat business is far more profitable than constantly acquiring new clients. Building a strong brand and a reputation for excellence is equally critical, as it allows firms to command higher fees and attract high-value clients.

Another thing I think is important to discuss here is how a law firm’s clients make profit too. Now, as for how law firms help their clients make a profit, the relationship is symbiotic. For corporate clients, profitability often hinges on the firm’s ability to identify and mitigate legal risks, structure deals favourably, and navigate complex regulatory frameworks. Take M&A as an example. A law firm might assist with due diligence to ensure the transaction is financially sound, negotiate terms that limit liability, or advise on tax-efficient structures. In doing so, the firm helps the client secure a deal that’s more profitable or less risky. Similarly, in disputes, a law firm can protect a client’s assets by securing favourable settlements or court judgments, preventing financial losses.

Law firms also play a critical role in enabling growth. For instance, they might help a start-up secure venture capital by drafting investor agreements, ensure a company’s intellectual property is protected to maintain its competitive edge, or advise on compliance with international trade regulations, allowing a client to expand into new markets without legal complications.

Best of luck in the apps!

 

[Amma Usman]

Hey @futuretcholder . First of all, congratulations on securing the AC. You have done very well to get to that step.

With negotiation exercices, I would say the first tip is being mindful of how one comes across. It’s a negotiation -you‘re trying to meet a middle ground, so ensuring that the discussion is fruitful and not argumentative is a key skill. This is quite difficult to master, but with the right tone, approach, and demeanor, you’ll do great on this area.

The next is acknowledging both sides of the argument. A lawyer needs to understand their client, but also the client on the other side. This makes you appear as a well-rounded candidate. Briefly throw in a few pointers which show that you acknowledge and understand the other side too.

Structure, structure, structure! I can’t emphasize the importance of this enough. You need a clear structure to appear as a candidate with well-organized thoughts. This does so many things. For example, it shows the interviewer that the set preparation time for delving into the facts was more than enough for you to come back in with a reasoned position.

Above all - confidence. The more confident you are in your position as a negotiator, the more confident your answers will come across. This aspect of an AC tests things beyond your commercial acumen - it tests those soft skills that are often unspoken about.

Hope this helps, and let us know if you have any more questions

Hey @sjr22 , well done on getting the AC. In terms of preparations, I remember fishing out several articles when I had ACs coming up. After reading them, I’d make a summary of the main issues and their impacts on law firms and their clients. The reason this is a good starting point is because any written element will essentially require you to demonstrate an understanding of those two core elements, as well as an ability to summarise information adequately. You may not necessarily be asked about the legal and commercial implications in a written assessment, but this knowledge will serve you well one way or another.

So, practicing using random articles on the FT, for example, would aid your preparations. Hope this helps!

I also understand all the nerves, so take a moment before your assessment to recharge

Yay! Great news! I’ve included a few tips below. It’s a mix of technical and soft tips, and I believe both are equally important for success;

• Relax the night before. I don’t recommend preparing hefty content the day before as it tends to stir one‘s nerves up before the assessment.
• Research on how to ace the key components of the AC. Usually, this tends to be motivational, competency, and situational interviews, as well as commercial awareness interviews (CA). CA should be weaved in at any of the other interview types I mentioned, as it‘s a skill that should be highlighted naturally. Law firms value this heavily, as you can imagine. Lawyers in the commercial world are business advisors as well as legal advisors. Notice how the commerce part comes first in the term ‘commercial lawyer’ ?
• As a transactional focused law firm, I suspect the case study to be a corporate one. I also know this has been the case at A&O in the past. However, I am not completely certain about this. On tips to prepare for corporate case studies, see the two links below;

(NEW) Corporate Case Study Analysis

Hi everyone! I hope you’re all having a wonderful Sunday. As we get closer to more interviews and assessment centres (AC’s) I thought it would be helpful to include a new fictitious Mergers & Acquisitions (M&A) case study analysis. Hope you enjoy the read, and feel free to pop any questions...

www.thecorporatelawacademy.com

Mock M&A Case Study: Analysis

Hello everyone! I hope you’re all having a fantastic day. We’re entering the season of assessment centres (ACs) at law firms, and a hot topic for many of these ACs is Mergers & Acquisitions (M&A)! So, in this thread, I’ll be guiding you through a short fictitious M&A case study and highlighting...

www.thecorporatelawacademy.com

• Confidence. I appreciate this may sound a bit flowery, but if you’re confident on your abilities to excel at the AC, it will reflect in the responses you give. You didn’t get the AC by chance, they saw potential in you. All that’s left to do now is to calm yourself and showcase those abilities.
• Know your motivations. When I was applying, I fell into the trap of only knowing what I put in my application form. As you can imagine, this is very bad as your motivations for why law, or why X firm, shouldn’t be solely contained in 300 words or less. I took time out to understand what was driving me and why. This solid understanding made communicating those passions at length in an interview very easy. So, understand these drivers of yours. On this, avoid talking about personal experiences too much. By personal, I mean attributing your passion for Big Law to rather generic things like a person, or the international reach, etc. Focus on being specific to your experiences. For example, started a business or worked in one? Done legal work experience? Why the business side of law, and not family or immigration? Literally differentiating between the various forms of law in the interview to say ‘I liked this cause.. I didn’t like this cause..’, helps craft a solid answer. Basically.. show your journey. Nobody woke up one day and decided to go into the profession - there would be drivers. Some will be more specific and professional than others, so focus on those.
• Presentation. This is a given, but coming in professionally dressed in a smart suit goes a long way. At the end of the day, it’s a clientele role.

Again, very well done on getting to this stage. I’m sure you’ll ace it!

Hi, congratulations again on your first virtual AC invite!

For the group exercise, focus on presenting your views in a way that’s both respectful and collaborative. Express your ideas confidently, but also engage with and encourage others’ contributions to showcase your ability to work effectively as part of a team.

Since this is for an in-house role, it's essential to understand how the advisory scope differs from private practice. In-house lawyers are typically specialists in the specific industry they serve, providing expert advice tailored to the business's needs. However, when matters require niche expertise or go beyond their scope, they may seek support from private law firms. I have usually been asked about this difference in past ACs I’ve been to, so it’s helpful having some points under your belt on the advisory-related differences.

To prepare, familiarise yourself with the industry the company operates in and think about how their legal team might approach commercial and operational challenges. During case studies or group discussions, focus on offering practical, solution-oriented advice that balances legal compliance with business priorities.

Best of luck, you’re going to do great!

Hey @suhana ,

I have linked a couple of helpful resources by the team below;

A complete guide for competency interview preparation

This is a guide for the purposes of preparing for competency interviews, be they in a VI, another intermediary step or an AC/final stage interview. The advice here is based on my personal approach, as I received VS offers from top US/MC firms 4/4 times I implemented it. This will include: A...

www.thecorporatelawacademy.com

A Guide to Building a Winning Application Strategy

Introduction This post is meant to serve you as a definitive guide to crafting your optimal application strategy. As it is quite lengthy, I have divided it into five subsections for you to navigate according to your interests: Why do you need an application strategy? How many law firms should...

www.thecorporatelawacademy.com

Mock M&A Case Study: Analysis

Hello everyone! I hope you’re all having a fantastic day. We’re entering the season of assessment centres (ACs) at law firms, and a hot topic for many of these ACs is Mergers & Acquisitions (M&A)! So, in this thread, I’ll be guiding you through a short fictitious M&A case study and highlighting...

www.thecorporatelawacademy.com

Private Equity Case Study - OPEN ENGAGEMENT ENCOURAGED ;)

Hey TCLA Community! We’re back again with the mock case studies ;) This time around, I decided to take a different approach. I’ve included the case study below, and will leave the floor open for a couple of days so you can all provide your thoughts and ideas on the commercial and legal issues...

www.thecorporatelawacademy.com

Best of luck! You’ll do amazing!

Hi all, I have been invited to Fieldfisher AC and just wondered if anyone is able to share their experiences either from the previous years or this? This is my first AC so looking for any specific or general advice. It includes a group/paired exercise, an individual case study (I believe to be a written exercise) and an interview.

For the interview, I feel confident I can prepare for it. But the other two exercises are new to me so any advice would be most appreciated. I think I have seen some case study practice exercises for AC on here before, would these help? Thanks

This is for the Direct TC.

Congratulations! I’ve quoted some posts above to help @AlexWilliams.

 

[SB01]

Hi all! Anyone knows if I still have a chance should i decide to apply for Cleary Gottlieb VS? I saw their applications are still open but that they review it on rolling basis... Don't know how competitive it is and whether they would even still have spots? (saw they did around 60 a year though, which seems quite considerable).

Thank you in advance for any input!

 

[TheInevitableTCholder2024/25🙏]

Latham AC ffs- can't believe my eyes

Hi. If anyone has either done the Latham AC this cycle or in previous cycles, I would super appreciate the insight 🙏

 

[CG_101]

Any Davis Polk interview insights?? Thanks in advance.

 

[badmintonflyinginsect]

From what I remember, I think Paul mentioned during an application workshop that we would hear back from the firm in February and those who passed the spelling and grammar review stage would do the online SJT.

Not entirely sure though tbh because it depends on how many applications they have received.

Best of luck for Paul, Weiss! 🙂🙂

would having a few (2-3) errors mean a rejection?

 

[badmintonflyinginsect]

Any Davis Polk interview insights?? Thanks in advance.

hey! when did you hear back from them?

 

[Chris Brown]

would having a few (2-3) errors mean a rejection?

I’m not too sure tbh. Guess we will have to wait and see. I have a few errors on my Paul, Weiss application so I’m preparing for the immediate PFO. 🤣💀

If I get past the first stage it’ll be a miracle and I guess it would indicate minor errors are not dealbreakers. 🥲🙂

Best of luck for your application to Paul, Weiss!! 🙂

 

[billyonthespeeddial]

Anything from Travers or NRF?

 

[wqueens8]

Does anyone know if CMS's 5 day deadline includes day sent? Got the invite to VI on the 22nd, told to complete within 5 days, not sure if that is today or tomorrow.

I much prefer when firms give a time deadline, e.g. 23:59 on Monday 27th.

 

[zoobla20]

Hi there! Just before @Andrei Radu get’s back to you, I often had the below in mind when answering such questions in interviews.

The way I see it, when it comes to law firms making a profit, it boils down to how they monetise their expertise, reputation, and operational efficiency. The primary revenue stream is, of course, billing clients for legal services, which can take the form of hourly billing, fixed fees, or contingency fees. With hourly billing, firms charge based on the time lawyers spend on a matter, and seniority often dictates the hourly rate, with partners charging significantly more than associates. Fixed fees, on the other hand, are pre-agreed amounts for specific tasks, like drafting a contract or handling a merger. Contingency fees, which are common in litigation, allow firms to take a percentage of the financial award if they win a case.

Beyond billing structures, law firms maximise profitability by improving internal efficiency. This involves managing overhead costs, like office space, technology, and staff, while ensuring high utilisation rates among lawyers. Utilisation rate refers to the percentage of time spent on billable work versus non-billable tasks. Many firms also invest in technology, like legal research tools or contract automation, to streamline processes and reduce the time spent on routine tasks. Additionally, firms aim to retain clients for the long term because repeat business is far more profitable than constantly acquiring new clients. Building a strong brand and a reputation for excellence is equally critical, as it allows firms to command higher fees and attract high-value clients.

Another thing I think is important to discuss here is how a law firm’s clients make profit too. Now, as for how law firms help their clients make a profit, the relationship is symbiotic. For corporate clients, profitability often hinges on the firm’s ability to identify and mitigate legal risks, structure deals favourably, and navigate complex regulatory frameworks. Take M&A as an example. A law firm might assist with due diligence to ensure the transaction is financially sound, negotiate terms that limit liability, or advise on tax-efficient structures. In doing so, the firm helps the client secure a deal that’s more profitable or less risky. Similarly, in disputes, a law firm can protect a client’s assets by securing favourable settlements or court judgments, preventing financial losses.

Law firms also play a critical role in enabling growth. For instance, they might help a start-up secure venture capital by drafting investor agreements, ensure a company’s intellectual property is protected to maintain its competitive edge, or advise on compliance with international trade regulations, allowing a client to expand into new markets without legal complications.

Best of luck in the apps!

Thank you so much Amma - this was extremely helpful!

 

[AnAnonymousDuck]

has anyone done w&c's AC before and has some insight?

 

[AlexWilliams]

Congratulations! I’ve quoted some posts above to help @AlexWilliams.

Thank you Amma!

 

[jojo23]

This is what is confusing me as well tbh. 🥲🥲

I saw some people discuss on the forum that we need to use personal examples. I also saw people saying we don’t need to do that and just focus on the question.

It would make sense for it to be the first one considering there isn’t a work experience section. 🥲🥲

I've just started the ropes application and I'm genuinely staring at it in confusion 😭

 

[Chris Brown]

I've just started the ropes application and I'm genuinely staring at it in confusion 😭

I think at this point we’re all as confused as each other for the Ropes & Gray application. 😭💀

I was staring at it for at least 2-3 days straight thinking where tf do I even start lmao. 🤣

I’ve ended up following the advice that @Andrei Radu and @Amma Usman gave on this forum. 🙂

 

[cwhite233]

Does anyone know Winston & Strawn is known for / what the firm specialises in (London office specifically)? I read something on here that said it's quite a niche / specialised firm and it seems they may be most known for litigation but my research suggests they are also pretty strong in more transactional / advisory areas like finance, M&A, I&R etc?

Also, one of the questions on their application for is 'what motivates you?' Seems quite simple but also quite wide so any tips on how to approach this question would be much appreciated!

 

[jojo23]

I think at this point we’re all as confused as each other for the Ropes & Gray application. 😭💀

I was staring at it for at least 2-3 days straight thinking where tf do I even start lmao. 🤣

I’ve ended up following the advice that @Andrei Radu and @Amma Usman gave on this forum. 🙂

Sometimes you've just gotta throw on an incredibly toxic playlist and start writing. It'll either help you or get you blacklisted 🤣

 

[Wannabe_Lawyer]

When referring to an individual in a general sense, do you use "his or her" or "their" as the possessive pronoun(s)?

 

[Jessica Booker]

When referring to an individual in a general sense, do you use "his or her" or "their" as the possessive pronoun(s)?

I generally recommend using their these days from a gender neutral perspective but in some cases making clear someone’s gender might be suitable.

 

[Amma Usman]

Hi all! Anyone knows if I still have a chance should i decide to apply for Cleary Gottlieb VS? I saw their applications are still open but that they review it on rolling basis... Don't know how competitive it is and whether they would even still have spots? (saw they did around 60 a year though, which seems quite considerable).

Thank you in advance for any input!

Hi! Honestly in situations like this I still apply regardless as you never really know what could be! This is because from the outside it is unknown whether spots have been filled by now, regardless of the rolling stance.