TCLA Vacation Scheme Applications Discussion Thread 2024-25

[ChloeC]

Hi, has anyone heard back from Mishcon and Forsters post VI?

 

[Ram Sabaratnam]

For a question like this what sort of structure would you recommend? Would you take a factor and then look at both companies and compare?

Also more broadly do you have any advice for structuring written exercises?

Hiya @legal18

I think @Amma Usman and @Andrei Radu would have much more to say, but I wanted to set out some initial thoughts below. If the written exercise requires comparing two business options (e.g. an investment, acquisition, or merger) you should structure your response clearly to ensure that your reasoning is easy to follow. Generally, I take the following approach.

First, I normally start with an executive summary. This section allows me to concisely state my recommendations up front and allows the reader to immediately understand my position. This section should be brief and concise, consisting only of 2-3 points to signpost your reader. You can just use bullet points and say something to the effect of:

1. Executive Summary

• Based on several legal and commercial considerations discussed below, I/we would recommend proceeding with Option A.
• Option A presents fewer regulatory risks an offers stronger long-term growth potential, outweighing its higher initial cost

This is just an example, but notice that the summary briefly/concisely sets out the position and even highlights some major concerns posed by the option you've selected (e.g. benefits outweigh option A's higher initial cost)

After the executive summary, you should then compare the two options in a structured manner. You can do this by looking at one set of factors at a time and analysing how both options measure up, which is often clearer than discussing the options separately. How much detail or sub-headings you potentially use will depend on the word count and other factors. But generally I think it's possible to simply use "commercial considerations" as one sub-heading/section, and then "legal considerations" as another sub-heading/section.

2. Commercial Considerations
In this section, you can set out some of the commercial considerations that I mentioned in my previous post. So, again, for illustration, you can set out sub-points under this section in the following way:

• Financial Viability: Why is your option more financially viable? Is it more cost-effective than the other option B? Are the revenue streams relatively stable for your recommended option? Are the projected returns of option A more favourable than option B?
• Market Position/Synergies: Will the acquisition/investment of Option A strengthen the company’s competitive advantage relatively to option B, and if so why? Does Option A better align with the investor/company's strategic goals compared to B?
• Operational Risks or Integration Challenges: Will one option require costly restructuring or create supply chain issues?

3. Legal Considerations

As with section 2, you can briefly state what considerations you're discussing and then jump into breaking those points down more fully in this section. Some points you might want to

• Regulatory Risks: Does one option require approval from multiple regulatory bodies? For instance, are there potential antitrust concerns or foreign direct investment concerns?
• Contractual or Liability Risks: Does due diligence reveal significant legal risks, such as unresolved litigation, debt obligations, or hidden liabilities for one option over another?
• Employment or Governance Issues: Are there any risks related to workforce integration, leadership transitions, or shareholder approvals?

Again, I'd recommend that, for each point, you compare both options directly rather than discussing them separately. So, for instance:

"In terms of regulatory risk, Option A requires approval from multiple EU regulators, potentially delaying the transaction or leading to a longer time horizon. Option B, however, faces fewer hurdles due to its smaller market footprint, making it more attractive from a regulatory risk perspective."

4. Conclusion and Next Steps
After comparing the legal and commercial risks, costs, and benefits of the options you're given, I'd recommend briefly outlining some of the steps you think are worth taking in relation to your recommended choice. This is important since no option is risk-free, including your preferred option. In this section you could mention the following types of points:

• Further due diligence (e.g., “Before going further with Option A, it would be prudent to conduct additional financial audits.”)
• Regulatory engagement (e.g., “Engaging with competition or financial authorities early could help address concerns about X or Y proactively or assist with pre-completion approvals.”)
• Contractual protections (e.g., “Including indemnities and warranties in the purchase agreement can limit exposure to hidden liabilities, including X and Y.”)

Here, you don't need to focus on comparing the options, but just showing the reader that you're aware of the sort information or further steps that might be required in relation to your recommendation.

Hope this offers some help as to how you can go about structuring your written exercise. A lot will depend on the type of written exercise you're given, but this should give you a sense of how to differentiate the commercial and the legal considerations in a way that's clear for the reader.

Good luck with your future written exercises!

 

[simplyfaith]

Is it just me, or does this cycle feel particularly intense

 

[coldmilc]

Hiya! I just wanted to pop in and ask whether anyone has any insight into the 1st stage interview with Gibson Dunn! Happy to share insights about W&C AC in return!

 

[katgav_]

Does anyone have any insight into Birketts online test? Does it have VI questions included?

 

[Anonymousxyz]

I dont think you guys will hear back until the second batch of AC's are completed after 6th of February at the very least!

Hey, I heard back from Milbank this afternoon post-AC

 

[xMontmorency]

Hey, I heard back from Milbank this afternoon post-AC

Did you get it??

 

[Andrei Radu]

how does one prep for an AC that has a written component and an interview effectively when working full time? I literally get home at 6 and I'm trying not to crash @Andrei Radu @Ram Sabaratnam would love your thoughts!!

I'm also very behind with commercial awareness and am trying to figure out the best way to utilise being effective in that as well

Hey @mfuturetrainee I understand how anxious you must be feeling right now - preparing for and completing an AC is quite a nerve-racking experience in itself, so I can only imagine how difficult it must be with the added stress of having to juggle preparation and your job. Fortunately, I do not expect the lesser amount of preparation time will play a significant role in your AC performance, especially for the written exercise. This does depend on the firm, but the majority of written tasks are drafted in such a way so as to be mostly self-contained. Thus, they normally set out to test skills like time management, communication skills, and attention to detail; and not to assess prior knowledge. Of course, it is useful to familiarize yourself with the format and the time pressure and thus I would advise you to try to complete one or two during one of the next evenings, but in my opinion beyond that there are diminishing returns to pushing yourself to practice more.

For the commercial awareness element, my main bit of advice is to utilize podcasts and to maximize the value of all the moments in a day. Firstly, podcasts are extremely useful because you can listen to them and familiarize yourself with many topics while doing other things at the same time. You can listen to a business podcast while brushing your teeth, while commuting to your job and back, while cooking, while doing laundry etc. I would advise you to go for a selection of (i) general business news podcasts, such as FT News Briefing and BBC News Briefing; (ii) podcasts analyzing a narrower scope of topics in a lot more depth, such as Watson's Daily or Goldman Sachs Exchanges; and (iii) legal industry podcasts, such as The Lawyer; Law, disrupted; and Bloomberg Law. Secondly, use the small 5 to 10 minute windows (say, when waiting for the bus, during a lunch break etc) to read up on articles in areas that are of more interest to you - that should improve your ability to delve deeper on a selection of topics during the interview.

Finally, although I appreciate how difficult it must be, do try to maintain an optimist attitude as you are heading into the AC. Know that the fact that you have come so far despite your other commitments is a testament to your resilience and is all the proof you need to know that you have all it takes to nail it!

 

[applicationzzzzz]

Tie or no tie for ACs?

 

[eirake]

Tie or no tie for ACs?

I usually go with tie, better to be overdressed than underdressed

 

[legallycece]

I applied to HL in October, not had a WG invite or PFO yet - should I assume PFO ?

 

[Chris Brown]

I applied to HL in October, not had a WG invite or PFO yet - should I assume PFO ?

Was this for SVS or DTC?

 

[andreilover01]

Does anyone have any insight on the V&E VI and Skadden partner interview? Happy to share insight for the Jones Day interview, W&C VI.

 

[Kakaboo]

Does anyone have insight into the Addleshaw Goddard AC? Am happy to provide insight into ACs for Hogan Lovells, Eversheds Sutherland, Travers Smith, Slaughter and May, TLT, and Freshfields as well as VIs for around 10 other firms!

When did you hear back and what office?

 

[Zi48]

Hi, anyone know if Orrick is really strict with grades? Checked all trainee profiles on Linkedin and IIRC each and every one of them had listed a first.

On their website they ask for a 2.1, it doesn’t mention strong or high, so I can’t imagine they are as strict as some other firms.

Also from chambers student: “Director of Administration Halina Kasprowiak tells us: “We don’t have any kind of automatic sifting criteria.” She goes on to say that a 2:2 degree isn’t a deal-breaker, but such an application must stand out in other ways, and supporting academics must be impressive.”

LinkedIn might not always be the best measure, some people might not post their grades/people with a 1st might be more likely to showcase that!

 

[applicant457]

Who is still waiting for an update from Hogan Lovells?

are we all waiting for the second batch of rejections?

 

[Gday33]

Any ACs or offers for HL / RPC (Summer VSs)? Still waiting for a response and PFOs are making me check my junk email every 5 mins 😫😂

HL: applied 31/10, WG done 09/12
RPC: applied 24/10, WG done 05/12

 

[johnnysins]

Has anyone else heard back from Milbank post-AC?

 

[Chris Brown]

Any ACs or offers for HL / RPC (Summer VSs)? Still waiting for a response and PFOs are making me check my junk email every 5 mins 😫😂

HL: applied 31/10, WG done 09/12
RPC: applied 24/10, WG done 05/12

A few people have had AC’s and SVS offers for HL and I saw one person for RPC. 🙂

I think the bulk of the AC’s and SVS offers will be given in February/March. Best of luck! 🤞

 

[chlawstudent]

I applied to HL in October, not had a WG invite or PFO yet - should I assume PFO ?

I am in the same boat, I emailed them today and still waiting for a response. Did you apply for a VS or direct TC?