To be honest I think the best approach here would be to be constantly following what's happening in the economy and macro-economic trends, which can best be connected to practice areas at commercial law firms. If you know what's going on and what's been going on / is relevant, you have a better list of options to choose from. If you haven't been following things as closely as you'd like, it might
Regarding question 4 and having reached final stage for VS and direct TCs (and having secured a VS last year at a US firm), I would say there are two big differences between the year I received no offers and did not make it to AC often vs the years I did:
- Number of applications sent. It is important to maintain quality of applications, but unfortunately it took me talking to a trainee at a firm to realise that I was not doing myself a favour by submitting only around 5 applications a cycle. All you need is one yes, so the more you send out, the more you maximise your chances. This does not mean sending out generic apps but it is a lot easier to get your numbers up once you have done more apps as you can recycle certain wording (e.g. why commercial law) and you have a better idea of what works/vs what doesn't work. I work full time on M&A timelines and have managed to send 15 applications so far this cycle. If I can do it, so can you!
Yes it's hard, but once you start getting past app stage more and more, this gives you momentum to keep going and keep pushing.
- Understanding the business of the law firms I apply to and the business of their clients. This shows in commercial questions at app stage and in interview. Unfortunately one of the main ways I did this was through my job in private equity which I recognise isn't realistic for someone that may still be in their second year of university. What you can do however is reach out to trainees on Linkedin for coffee chats, attend networking events / open evenings and generally stay up to date on the commercial news, which will help you better connect what's happening in the real world with the business of those law firms and their clients. Understanding key concepts behind the work of a lot of City law firms (if that's who you're applying to!) such as private equity, leveraged buyouts and why leverage is used, funds, etc. This will show in interviews if it's authentic and make you stand out a lot vs. other candidates.
I hope this is helpful
