TCLA Vacation Scheme Applications Discussion Thread 2024-25

[zq522]

is anyone yet to hear back from Covington, either AC or PFO? Seen that a few have got AC’s last week and today others have heard back too, but I’m still waiting. Should I assume PFO?

 

[elsx]

is Shoosmiths SJT for the discover scheme automatic?

I don't know because it says that it is the final stage..

 

[pleasepleaseplease]

Morgan Lewis PFO

 

[jojo23]

Shoosmiths test invite! Only need to smash it to get a VS. I wish more firms made it that simple…

You're telling me there's no vid interview- music to my ears🤣

 

[BillSikes]

is Shoosmiths SJT for the discover scheme automatic?

It is yes

 

[elsx]

You're telling me there's no vid interview- music to my ears🤣

yessss

 

[Ash4202]

Anyone hear back from the aspiring solicitors x paul hastings scheme?

 

[Ajkajk101]

not yet, but I'm impatiently waiting because it's my among my top 3 of what I have left (Gibson, K&S and Debevoise)

Past couple years, they have sent out invites in the first week of February, so hopefully you'll hear back soon!

 

[Niall]

Does anyone have an insight into KPMG online assessment? If there are VI's maybe? Thank you

is this for the Tax & Law stream? I did the winter intake and have since had an offer, theres an initial online assessment, a second online assessment with VI questions and then an in person AC with interviews.

 

[tcfighterrr]

I received an email last week from Mishcon that they have not ghosted me and will get back by mid-feb, but keep seeing people talking abt the VI and AC here. Should I assume PFO?

Edit: for the SVS

 

[Andrei Radu]

Hi @Amma Usman @Ram Sabaratnam @Andrei Radu

had a quick query about situational interviews. just an example question below

You are working on a piece of work assigned to you by your supervisor. A partner on another matter assigns you with another piece of work. The work is complex and the partner is unavailable, while your supervisor is in a client meeting. It becomes clear that you won't be able to complete both within the deadlines, what do you do?

in this scenario, how do you suggest we approach answers in interviews? usually the first point approach would be to ask your supervisor for advice, but since that is not possible here, what is your advice to assess the deadlines and priority of the work ourselves when someone senior is unavailable? is it better to ask someone on the same deal, maybe a senior associate about the nature of the deadline and if its pressing?

In managing this situation, I think you should show your capacity for a multi-faceted consideration of multiple relevant considerations. Conceptually (though not necessarily in terms of actually expressing the points this way) I would split the factors into two categories: substantive and procedural considerations.

Regarding substantive considerations, I will list bellow a non-exhaustive list of aspects you should consider in deciding which piece of work to do:

• How strict are the two deadlines? Is it easier to push back one more than the other?
• How important is delivering the work product for servicing the entire matter - ie is any of the tasks essential to the progression of the workstreams?
• How important is the timely completion of the entire matter? If one is for an transformational deal for a core client while one is for an isolated corporate governance review matter, this should play a role in your decision-making.
• How likely is it that someone else will be able to complete each of the tasks, supposing you choose the other one?

As for procedural considerations:

• Involve an associate in the decision making process, ideally someone who is working on the matter that the partner is on. Firstly, this will likely be necessary to learn the information you need to make a judgement on the substantive merits on doing one task or the other (as the prompt stipulates you do not know much about the new matter). Secondly, since you are a trainee and are thus unsure how you should go about weighing the different factors and making your decision, their input will be very useful.
• However, prima facie, you prioritize the work you have already committed to doing: if the merits of doing one task or the other are roughly similar, you should probably choose to do the first one. You have already committed to it and created an expectations in this regard, but you have not yet responded to the partner request.
• Whichever option you end up choosing, do your best to find someone else to do the other tasks instead of you - the associate you contact might help you with the work or help you find someone else who is available to help (as associates tend to know people's availability a lot more than trainees do); alternatively, you can contact other trainees yourself to ask for assistance.
• Finally, although both are unavailable at the moment, make sure to inform both the supervisor and partner of the situation and how you have managed it as soon as possible.

 

[desperateTCseeker1998]

No news from Morgan Lewis and now worrying I forgot to take a test or something 🤣

 

[lawstudenttt2003]

Did everyone get the Shoosmiths invite?

 

[Alessio1642]

I received an email last week from Mishcon that they have not ghosted me and will get back by mid-feb, but keep seeing people talking abt the VI and AC here. Should I assume PFO?

Edit: for the SVS

These have only gone out for Spring VS I believe. Think they are dealing with them first and then moving on to Summer?!

 

[Amma Usman]

Hey everyone I've been reading FT, economist and similar sources to improve my commercial awareness and I've found that it has helped keep me up to date with current trends in the market etc. What should I read to help me understand specific things such as the difference between debt financing and leverage buyout? Is there a resource for key terminology for corporate law that I can utilise? Thanks!

Hey there! I’ve made a short post on these to help:

WHAT IS DEBT FINANCING AND A LEVERAGED BUYOUT?

Imagine you want to buy a really expensive bike, but you don’t have enough money. You could save up for years, or you could borrow money from the bank to buy it now.

Debt financing is when you borrow money to pay for something big, like your bike, and then you promise to pay it back later, little by little, with extra money called "interest" (which is like a fee for borrowing).

Now, let’s say you don’t just want a bike…. you want to buy a whole bike shop! But you don’t have enough money. A leveraged buyout (LBO) is when you borrow a lot of money (debt financing) to buy the shop. You use the shop’s own money (its profits) to help pay back the loan over time. It’s like buying a shop mostly with borrowed money and then using the shop’s earnings to repay what you borrowed.

But be careful! If the shop doesn’t make enough money, you might struggle to pay back the loan. That’s why LBOs can be risky.

 

[Ajkajk101]

I have heard that people are receiving Cleary WG's a couple days after applying. I haven't received anything should I assume pfo or is there hope?

 

[Amma Usman]

Hey everyone!

Welcome to this thread, where I'll be sharing regular commercial awareness updates to keep you in the loop on the latest trends and news—perfect for staying sharp ahead of those crucial law firm interviews and assessment centres. My goal is to post a new update every day from Monday to Friday, covering a wide range of topics, so there’s always something fresh to discuss.

Why is commercial awareness so essential? It's one of the top skills every law firm looks for because it goes beyond simply having an interest in business. Commercial awareness shows that you understand how current events impact clients and the wider legal market, and that you can make informed connections between what’s happening in the world and how it shapes the advice lawyers give to their clients. Essentially, it's what transforms you from an applicant who wants to be a commercial lawyer into one who thinks like a commercial lawyer. When you’re able to discuss global affairs and industry trends through this lens, it sets you apart as a candidate who’s truly ready to add value.

Take your time to build this skill, and don’t worry if it feels challenging at first! Just a little bit of research and consistent reading will build a solid foundation. I hope these updates will help make this learning journey easier and more engaging.

Looking forward to sharing and discussing these insights with you all—feel free to comment, ask questions, or suggest topics. Happy reading!

Hey all!

In this thread, I’ve included a list of 100 terms I believe are essential to building that commercial awareness. I’ve made a 50/50 split, covering financial and legal terms. Feel free to add any more terms and definitions you feel are essential !


50 Financial Terms


1. Asset: Anything of value owned by an individual or organisation, such as cash, stocks, or property.

2. Liability: A financial obligation or debt owed by an individual or organisation to another party.

3. Equity: The value of ownership in a company, typically measured as assets minus liabilities.

4. Bond: A fixed-income investment representing a loan made by an investor to a borrower.

5. Dividend: A portion of a company's profits distributed to its shareholders.

6. Capital: Financial resources or assets used to fund a business's operations or investments.

7. Liquidity: The ease with which an asset can be converted into cash without affecting its value.

8. Hedge: A strategy used to minimise risk in investments by offsetting potential losses.

9. Inflation: The rate at which the general level of prices for goods and services rises, eroding purchasing power.

10. Deflation: A decrease in the general price level of goods and services, often indicating reduced demand.

11. Gross Domestic Product (GDP): The total monetary value of all finished goods and services produced within a country's borders in a specific time period.

12. Monetary Policy: Central bank policies aimed at controlling money supply and interest rates to influence economic activity.

13. Fiscal Policy: Government decisions on taxation and spending to influence economic conditions.

14. Exchange Rate: The value of one currency in relation to another.

15. Interest Rate: The percentage charged on a loan or paid on savings over time.

16. Yield: The earnings generated on an investment over a specific period, expressed as a percentage.

17. Stock: A share in the ownership of a company, representing a claim on its assets and profits.

18. Market Capitalisation: The total value of a company's outstanding shares, calculated as share price multiplied by the number of shares.

19. IPO (Initial Public Offering): The process by which a private company offers shares to the public for the first time.

20. Mergers and Acquisitions (M&A): The consolidation of companies through combining (merger) or purchasing (acquisition).

21. Derivatives: Financial instruments whose value is derived from an underlying asset, such as stocks or bonds.

22. Option: A contract that gives the holder the right, but not the obligation, to buy or sell an asset at a specified price.

23. Futures Contract: An agreement to buy or sell an asset at a future date and a predetermined price.

24. Leverage: The use of borrowed funds to increase the potential return on an investment.

25. Portfolio: A collection of financial investments like stocks, bonds, and cash equivalents.

26. Risk Appetite: The level of risk an investor or organisation is willing to accept to achieve financial goals.

27. Arbitrage: The simultaneous purchase and sale of an asset to profit from price differences.

28. Venture Capital: Financing provided to startups and small businesses with growth potential in exchange for equity.

29. Private Equity: Investments made in privately held companies, often involving buyouts or restructuring.

30. ESG (Environmental, Social, and Governance): Non-financial factors considered in investment decision-making.

31. Balance Sheet: A financial statement showing a company’s assets, liabilities, and equity at a specific point in time.

32. Income Statement: A financial statement that reports a company's revenue, expenses, and profit over a period.

33. Cash Flow Statement: A financial report detailing cash inflows and outflows during a given period.

34. Working Capital: The difference between a company's current assets and current liabilities, indicating liquidity.

35. Blue-Chip Stock: Shares in a well-established and financially stable company.

36. Bull Market: A financial market characterised by rising prices and optimism.

37. Bear Market: A financial market characterised by declining prices and pessimism.

38. Short Selling: A trading strategy where an investor sells borrowed shares, aiming to buy them back later at a lower price.

39. Margin: The difference between the cost of a product or service and its selling price.

40. Credit Default Swap (CDS): A financial derivative used to transfer the risk of default on a loan or debt.

41. Quantitative Easing: A monetary policy tool where a central bank purchases securities to increase money supply.

42. Sovereign Debt: The money borrowed by a country's government, typically in the form of bonds.

43. Foreign Direct Investment (FDI): Investments made by a company or individual in one country into business interests in another.

44. Trade Surplus: A situation where a country exports more than it imports.

45. Trade Deficit: A situation where a country imports more than it exports.

46. Hard Currency: A stable currency widely accepted in global trade, like the US dollar or euro.

47. Soft Currency: A less stable currency prone to depreciation, often limited to domestic use.

48. Economies of Scale: Cost advantages gained by producing goods in larger quantities.

49. Subprime Mortgage: A type of loan offered to individuals with poor credit history, often at higher interest rates.

50. Collateral: An asset pledged by a borrower to secure a loan, forfeited if the loan is not repaid.


50 Legal Terms


1. Tort: A civil wrong causing harm or loss, leading to legal liability.

2. Contract: A legally binding agreement between two or more parties.

3. Breach of Contract: Failure to fulfil the terms of a contractual agreement.

4. Consideration: Something of value exchanged between parties in a contract.

5. Offer: A proposal to enter into a contract, which becomes binding once accepted.

6. Acceptance: Agreement to the terms of an offer, forming a binding contract.

7. Negligence: Failure to exercise reasonable care, resulting in harm or damage.

8. Damages: Monetary compensation awarded to a party who has suffered harm or loss.

9. Equity (Law): A branch of law providing remedies not available under common law.

10. Injunction: A court order requiring a party to do or refrain from doing something.

11. Judicial Review: A process by which courts review the legality of decisions made by public bodies.

12. Precedent: A legal principle established in previous court cases, used as guidance in future cases.

13. Statute: A written law passed by a legislative body.

14. Common Law: Law developed through judicial decisions rather than statutes.

15. Fiduciary Duty: A legal obligation to act in the best interests of another party.

16. Corporate Governance: The system of rules and practices by which a company is directed and controlled.

17. Merger: The combining of two companies into a single entity.

18. Acquisition: The purchase of one company by another.

19. Due Diligence: A comprehensive appraisal of a business before a transaction to evaluate its assets, liabilities, and potential risks.

20. Arbitration: A method of dispute resolution outside the courts, with a binding decision by a neutral third party.

21. Mediation: A non-binding dispute resolution process facilitated by a neutral third party.

22. Litigation: The process of taking legal action through the courts.

23. Jurisdiction: The authority of a court to hear and decide cases.

24. Intellectual Property (IP): Legal rights protecting creations of the mind, such as inventions, trademarks, and copyrights.

25. Patent: A legal right granted to an inventor to exclude others from making or selling their invention.

26. Trademark: A symbol, word, or phrase legally registered to represent a brand or product.

27. Copyright: Legal protection for original works of authorship, such as books, music, and art.

28. Confidentiality Agreement: A contract protecting sensitive information from being disclosed.

29. Partnership: A legal relationship between two or more people to operate a business.

30. Shareholder: An individual or entity owning shares in a company.

31. Directors' Duties: Legal obligations directors owe to a company and its stakeholders.

32. Limited Liability: A legal structure limiting an individual's financial responsibility for a company's debts.

33. Subsidiary: A company controlled by a parent company through majority ownership.

34. Insider Trading: The illegal practice of trading securities based on non-public information.

35. Force Majeure: A contract clause excusing performance due to extraordinary events beyond control.

36. Indemnity: A contractual obligation to compensate for a loss or damage incurred.

37. Liquidation: The process of dissolving a company by selling its assets to pay debts.

38. Receivership: A legal process where a receiver is appointed to manage a company’s assets to repay creditors.

39. Securities: Financial instruments, such as stocks and bonds, representing ownership or debt.

40. Prospectus: A formal document issued by a company detailing its financial health and operations, used to attract investors.

41. Articles of Association: A document outlining a company's internal rules and regulations.

42. Memorandum of Association: A legal document stating a company’s purpose and the scope of its operations.

43. Employment Contract: A legally binding agreement outlining the terms of employment.

44. Data Protection: Legal rules governing the use and storage of personal information.

45. Competition Law: Regulations promoting fair competition and preventing anti-competitive practices.

46. Bribery: Offering, giving, or receiving something of value to influence the actions of another party.

47. Anti-Money Laundering (AML): Laws and regulations designed to prevent the illegal generation of income through criminal activities.

48. Whistleblowing: Reporting unethical or illegal activities within an organisation.

49. Corporate Social Responsibility (CSR): A company's commitment to ethical practices and social responsibility.

50. Breach of Trust: Failure to fulfil the duties or obligations of a trustee.


Hope this was of help! Goodluck with the applications and interviews!

Hey all! I hope you’re all having a fantastic mid-week! I’ve included below 10 sources to help solidify that commercial awareness! Let’s keep going and building up on that skill everyday…!!!

Pro-tip: Take building commercial awareness as a lego exercise - building little blocks everyday before cementing it into a full blown toy machine! It shouldn’t feel like a chore, rather it should feel like an exciting opportunity to learn more about the financial/legal worlds. It’s a habit that certainly takes time to build, so please be patient with your commercial awareness journey!

10 Sources:

1. Financial Times (FT)

2. The Economist

3. Bloomberg

4.The Lawyer

5. Investopedia

6. The Wall Street Journal

7. The Daily Upside

8. LittleLaw

9. Finimize

10. Forbes

Hey TCLA Community!

In this thread, I’ve complied a list of 50 Capital Markets terms and their respective definitions. This will be particularly useful for those of you drawn to transactional law and are keen to know more about how these bustling financial markets work!

The first step? You guessed it - getting to know the basics and what these terms actually mean in practice. It’s all part of that commercial awareness!

Hope you find this series useful and feel free to drop any questions (or any terms you feel are worth sharing!).


Broad Capital Markets Concepts:


1. Capital Markets: Markets where buyers and sellers engage in the trade of financial securities like stocks and bonds.

2. Primary Market: Where new securities are issued and sold for the first time, typically through Initial Public Offerings (IPOs).

3. Secondary Market: Where existing securities are traded among investors.

4. Equity: Ownership interest in a company, typically represented by shares.

5. Debt: Borrowed money that must be repaid, often in the form of bonds or loans.

6. Securities: Tradable financial instruments, such as stocks, bonds, or derivatives.

7. IPO (Initial Public Offering): The process by which a private company offers its shares to the public for the first time (remember we had briefly touched on this in the last definitions thread?).

8. Underwriting: The process by which investment banks raise capital for companies by issuing securities.

9. Prospectus: A legal document issued to potential investors with information about an investment offering.

10. Market Capitalisation: The total market worth (value) of a company’s outstanding shares.


The Types of Securities To Know About:


11. Bonds: Fixed-income securities representing a loan made by an investor to a borrower.

12. Shares: Units of ownership in a company, which can be ordinary or preference shares.

13. Convertible Bonds: Bonds that can be converted into a specified number of shares.

14. Treasury Bills (T-Bills): Short-term debt securities issued by governments.

15. Corporate Bonds: Bonds issued by companies to raise funds for business operations or expansion.

16. Preference Shares: A type of equity that has preferential rights to dividends or asset distribution over ordinary shares.

17. Fixed-Rate Bonds: Bonds that pay a fixed interest rate over their life.

18. Floating-Rate Notes (FRNs): Bonds with variable interest rates tied to a benchmark.

19. Zero-Coupon Bonds: Bonds issued at a discount that do not pay periodic interest but are redeemed at face value.

20. Green Bonds: Bonds issued to finance environmentally friendly projects.


Trading and Market Operations:


21. Stock Exchange: A marketplace where securities are bought and sold (e.g., LSE, NYSE, NASDAQ).

22. Order Book: A list of buy and sell orders for a particular security.

23. Bid-Ask Spread: The difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept.

24. Liquidity: The ease with which a security can be bought or sold without significantly affecting its price.

25. Market Maker: An entity or individual that provides liquidity by quoting buy and sell prices (e.g, a brokerage firm).

26. Short Selling: Borrowing a security with the intention of repurchasing it later at a lower price. High risk is involved here as there is a presumption that a lower price will be on offer.

27. Margin Trading: Borrowing funds to purchase securities, using them as collateral.

28. Block Trade: A large-volume transaction of securities, typically executed off the open market.

29. Settlement: The process of transferring securities and payment between buyer and seller after a trade.

30. Clearing House: An intermediary that ensures the proper settlement of trades and reduces counterparty risk.


Ensuring Regulation and Compliance:


31. FCA (Financial Conduct Authority): The UK regulator for financial markets.

32. SEC (Securities and Exchange Commission): The US regulator for financial markets.

33. MiFID II (Markets in Financial Instruments Directive II): EU legislation aimed at improving transparency in financial markets.

34. Insider Trading: Buying or selling securities with the aid of non-public information.

35. AML (Anti-Money Laundering): Procedures aimed at preventing non-permissible money laundering through financial systems.

36. KYC (Know Your Customer): A process to verify the identity of clients and assess risks of non-permissible activities.

37. Basel III: International regulatory framework designed to strengthen banks' capital requirements and risk management. Formed following the financial crisis of 2008.

38. Dodd-Frank Act: A US law aimed at reforming financial regulation following the 2008 crisis.

39. Compliance: Adhering to laws, regulations, and internal policies in a given market.

40. Prospectus Regulation: Rules governing the disclosure requirements for offering securities to the public in the EU.


Key Indices and Benchmarks To Know:


41. FTSE 100: An index of the 100 largest companies listed on the London Stock Exchange.

42. S&P 500: An index of 500 leading companies on US stock exchanges.

43. LIBOR (London Interbank Offered Rate): A benchmark interest rate previously used for short-term loans, now largely replaced by alternatives like SONIA in the UK.

44. MSCI Index: A collection of indices that measure stock performance across global markets.

45. Dow Jones Industrial Average: An index of 30 significant publicly traded US companies.


Key Instruments/Elements To Know:


46. Derivatives: Financial contracts whose value is based on an underlying asset (e.g., futures, options).

47. Hedging: A risk management strategy to offset potential losses in investments.

48. Equity Swaps: A derivative contract in which two parties exchange future cash flows based on equity returns.

49. Credit Default Swaps (CDS): A financial derivative providing protection against credit risk.

50. Structured Products: Pre-packaged investments that typically combine derivatives with traditional assets.

Hey @Shia,

I’ve quoted a few posts above to help. Best of luck with the AC!

Hey everyone I've been reading FT, economist and similar sources to improve my commercial awareness and I've found that it has helped keep me up to date with current trends in the market etc. What should I read to help me understand specific things such as the difference between debt financing and leverage buyout? Is there a resource for key terminology for corporate law that I can utilise? Thanks!

With regards your second question, I have quoted some posts to help.

 

[tcfighterrr]

These have only gone out for Spring VS I believe. Think they are dealing with them first and then moving on to Summer?!

Makes sense! It just seemed a little late for spring, compared to other firms. Thanks for your answer

 

[Amma Usman]

Hey there!

I completely get the nerves - I had them too and surely everyone has because we’re all human at the end of the day, and it’s totally normal to get nerves when you have an important day coming up.

I will not go into too many technicals on this post because the forum has loads of resources which cater to these (some of which I have linked below). I will go into the resilience side that comes with attending ACs. Trust in yourself. Trust in your abilities. Trust in the skills and knowldge you have gained till date. Trust in all the effort you have put over the past few months/years that got you to this stage. None of it was by chance. Your name was on the invite list…so they want you there too! Show them that, and I have no doubt you will succeed.

This is the view I want everyone that has any ACs/interviews to have. It’s not a scary thing… it‘s just an opportunity to bring your application to life. Lawyers, even the more senior ones, are people first. Treat it like a conversation with any other person in the world, and you will see the nerves settle slowly!

TCLA Vacation Scheme Applications Discussion Thread 2024-25

I went to the open day at Trowers and they say they look at each application alongside the test result to decide who to progress to AC. So I don’t think the test is pass/fail. I thought that would mean there is still a thresh hold but those who pass will have both their test scores and...

www.thecorporatelawacademy.com

Reed Smith Reserve list for AC. This is the closest I have been to an AC so even if I don't get out of the list I am happy!

Very well done! I have quoted something to help! @elsx

 

[yellowponytwin]

Same here, I've heard nothing from them (paul weiss too)

I'm feeling nervous with people asking for CRS VI tips, but they didn't apply to the same location as me (the ones I saw all said Guildford office), so I suppose no news is... well... not GOOD news, exactly, but at this point in time, probably not BAD news either.

CRS is my top firm (joint with Michelmores) so I'll definitely post the moment I hear anything (PFO or otherwise!). Good luck to you