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The Official Vacation Scheme Diaries Thread
- Thread starter Alice G
- Start date
Ok everyone, here is the first diary entry. Remember, these will all be anonymously posted by me unless the TCLA author asks me to post their username. However, I will share with you all that this one is mine. I think I have shared enough on here already that this might have been a bit obvious but I also wanted you to know so that you can message me directly with any questions or queries about what I have written. If you guys have any questions at all about the other anonymous vac diaries then Jaysen and I would be happy to help you as best as we can. If you all would kindly post any questions or comments into this thread https://www.thecorporatelawacademy.com/forum/threads/vacation-scheme-diaries.1330/ it would be really useful. That way, we can keep this thread exclusively for the vac diaries themselves which will make them easier for you all to access.
I hope this is useful!
Where was your scheme and for how long for?
I was on the Spring Vacation Scheme at Shearman & Sterling which lasted two weeks.
What was your first week seat?
Tax
And your second week seat?
M&A
Day 1:
We firstly had a brief introductory talk where we were told about the assessments we would undertake and were given advice about the scheme. We also had an introduction to the IT systems.
We then went for a lovely lunch with grad rec.
We met our supervisors in the afternoon and I familiarised myself with the online systems at the firm.
We had a cookery class in the evening with current trainees to round off the first day.
Day 2:
We had talks each day about various practice groups from 9:45am which all lasted an hour.
My biggest task for the second day was looking at a contract and cross-referencing it with a guide for what should be included from a tax perspective. I was able to infer what had been included and what hadn’t by paying close attention to the language used and making notes of what I believed to be missing within the contract. This was to help my supervisor for when he took a client call the next day to iron out any issues he felt were still missing and not provided for in the contract as it stood.
I had coffee with my trainee mentor on this day too and asked how I could get involved beyond the department in any pro bono work or attending any events etc at the firm. She invited me along to a pro bono clinic being held that evening which I attended with a newly qualified associate too. This was very enriching, and I felt I had been very lucky to gain this experience.
Day 3:
After attending the morning talk, I began writing up notes from the pro bono clinic which are then sent back to the clinic as a record of each person’s case. This did take quite some time as there was a lot to document, it is imperative to be very thorough indeed, and I also wanted to ensure it was without error because I was mindful of still representing the firm.
I was then set a research task which was due by the end of the next day (Thursday). I was tasked with researching the Financial Transaction Tax and the potential implications that Brexit might have upon this. I shan’t state too much in case this might be a task for summer students because I am trying to keep things informative yet fair. Also,the joy of the task was trying to figure out the unfamiliar and writing about it in an informed way.
A partner also asked me to look into his consumer rights regarding a non-work-related issue he was experiencing which was also quite a nice task.
Day 4:
I was very much working on my research task again on this day. Again, I took my time with it as I knew I was being assessed and we had been advised on the first day that it is better to take the time needed to produce higher quality work.
Day 5:
I had my feedback with the associate who set me my research task. They were happy with my work but I felt I had messed up a particular section which I was quick to admit in a bid to be self-aware when I submitted the work. At Shearman, this was a misjudgement. The associate said that I needed more confidence because it had been good work but because I was negative she went to read it with a more negative outlook. I am sharing this so that other people don’t make the same mistake.
I was then asked to fill out a form to HMRC on behalf of a client which meant that I had to source lots of information and just make an educated guess about what needed to be filled into the form.
On the Friday, the firm had organised us to go to Sink Pong as a social. This was exclusively for us vacation scheme students and no one else attended. A few of us stayed out for a couple of drinks and it was a nice way to round up the first week
First week roundup and reflections:
I really enjoyed the first week and felt happy that I had been proactive and experienced a pro bono clinic – this was noted by the firm and was a great opportunity for me. I struggled with the research task and wish I had asked for greater clarity and guidance rather than being scared of being judged at a US firm as being too needy or dependent. That would not have been the case and I feel it was my downfall on the scheme as a whole, because the work I did submit I did not have entire confidence in.
I really enjoyed all the morning talks too.
I loved sitting in a small team like tax at Shearman and I had the most incredible supervisor that week. It was a pleasure getting to know them and chat with them.
I hope this is useful!
Where was your scheme and for how long for?
I was on the Spring Vacation Scheme at Shearman & Sterling which lasted two weeks.
What was your first week seat?
Tax
And your second week seat?
M&A
Day 1:
We firstly had a brief introductory talk where we were told about the assessments we would undertake and were given advice about the scheme. We also had an introduction to the IT systems.
We then went for a lovely lunch with grad rec.
We met our supervisors in the afternoon and I familiarised myself with the online systems at the firm.
We had a cookery class in the evening with current trainees to round off the first day.
Day 2:
We had talks each day about various practice groups from 9:45am which all lasted an hour.
My biggest task for the second day was looking at a contract and cross-referencing it with a guide for what should be included from a tax perspective. I was able to infer what had been included and what hadn’t by paying close attention to the language used and making notes of what I believed to be missing within the contract. This was to help my supervisor for when he took a client call the next day to iron out any issues he felt were still missing and not provided for in the contract as it stood.
I had coffee with my trainee mentor on this day too and asked how I could get involved beyond the department in any pro bono work or attending any events etc at the firm. She invited me along to a pro bono clinic being held that evening which I attended with a newly qualified associate too. This was very enriching, and I felt I had been very lucky to gain this experience.
Day 3:
After attending the morning talk, I began writing up notes from the pro bono clinic which are then sent back to the clinic as a record of each person’s case. This did take quite some time as there was a lot to document, it is imperative to be very thorough indeed, and I also wanted to ensure it was without error because I was mindful of still representing the firm.
I was then set a research task which was due by the end of the next day (Thursday). I was tasked with researching the Financial Transaction Tax and the potential implications that Brexit might have upon this. I shan’t state too much in case this might be a task for summer students because I am trying to keep things informative yet fair. Also,the joy of the task was trying to figure out the unfamiliar and writing about it in an informed way.
A partner also asked me to look into his consumer rights regarding a non-work-related issue he was experiencing which was also quite a nice task.
Day 4:
I was very much working on my research task again on this day. Again, I took my time with it as I knew I was being assessed and we had been advised on the first day that it is better to take the time needed to produce higher quality work.
Day 5:
I had my feedback with the associate who set me my research task. They were happy with my work but I felt I had messed up a particular section which I was quick to admit in a bid to be self-aware when I submitted the work. At Shearman, this was a misjudgement. The associate said that I needed more confidence because it had been good work but because I was negative she went to read it with a more negative outlook. I am sharing this so that other people don’t make the same mistake.
I was then asked to fill out a form to HMRC on behalf of a client which meant that I had to source lots of information and just make an educated guess about what needed to be filled into the form.
On the Friday, the firm had organised us to go to Sink Pong as a social. This was exclusively for us vacation scheme students and no one else attended. A few of us stayed out for a couple of drinks and it was a nice way to round up the first week
First week roundup and reflections:
I really enjoyed the first week and felt happy that I had been proactive and experienced a pro bono clinic – this was noted by the firm and was a great opportunity for me. I struggled with the research task and wish I had asked for greater clarity and guidance rather than being scared of being judged at a US firm as being too needy or dependent. That would not have been the case and I feel it was my downfall on the scheme as a whole, because the work I did submit I did not have entire confidence in.
I really enjoyed all the morning talks too.
I loved sitting in a small team like tax at Shearman and I had the most incredible supervisor that week. It was a pleasure getting to know them and chat with them.
Day 6:
This was our assessment day. I had a written task and group exercise to do in the morning and my interview was in the early afternoon. There was not much time really to settle into the second seat but I asked my trainee mentor if I could do anything and she set me a pro bono task. I was asked to write a letter to a client who had submitted a pro bono query and I was given guidance and style guides to help me do this.
Day 7:
I had my case study interview in the morning and I continued on my pro bono task until around 5pm. I then attended an open day drinks reception held at the firm to speak with the potential future applicants about the scheme and application process.
Day 8:
My supervisor asked me to look into something to help with a deal the firm was working upon. I had to look at Terms and Conditions and also a Policy to see what could be done within the rules and parameters laid out within those documents to help the firm’s client achieve what they wanted to (sorry to be vague!!). I was really able to think originally with this task and I thoroughly enjoyed it. I was able to update my supervisor and he altered the task in accordance with my findings and my proposals. This assured me I was doing work of genuine value to the firm and that my assessment was really quite important and helpful to them.
Day 9:
I worked further on the task set by my supervisor and adjusted my memo in accordance with the slight change to the task. I had a lunch with my supervisor, trainee mentor and another senior associate on this day and we had the Duck & Waffle social in the evening. This day was very busy indeed with lots of lovely treats and I was very grateful (and full!) indeed.
Day 10:
I had completed all my tasks and asked if I could help on anything further. An associate and a trainee were working on a due diligence questions and answers report that they wanted the client to complete. Shearman had questions and gaps within their due diligence they needed answering from the client. I was asked to essentially proofread the document being sent to the client to ensure consistency and high quality. I love proofreading and this was my favourite task (yes, honestly!). I was able to pick up on things that were unclear and that were inconsistent and really felt I contributed well because I picked up on quite a few things that both the associate and trainee hadn’t. It also showed me the value of getting further opinions on pieces of work before sending off to a client.
We had round up drinks that evening to see us all off after the scheme.
Second week roundup and reflections:
The second week was tough due to the assessments, but after Tuesday I felt more relaxed. I feel that I really had chilled out a bit more by the second week and I felt more settled which allowed me to enjoy myself even further I think. I loved the tasks set in this week – my memo for my supervisor allowed me to do real and genuine work for the firm and the proofing task was something that played into my strengths.
We were really spoilt this week with a lovely lunch each and an unforgettable experience at Duck & Waffle which was truly amazing.
I was sad to leave and to say goodbye to my fellow vacation schemers but a few of us have kept in touch!
What were the most significant and pertinent things you learnt on your scheme?
I would say the biggest lesson for me was that no matter how good your work is or how nice you are, if you do not have faith in yourself you cannot expect anyone else to.
From a more work focussed perspective I learnt that I should not be afraid to ask questions. Yes, absorb the task and do preliminary research first to make sure they are informed questions, but do not be afraid to speak up when things are unclear. I had conflicting advice on my first week research task on the Financial Transaction Tax and I wish I had spoken up sooner and also gone more with my gut on the matter too.
On that same research task I asked my supervisor about referencing sources to which they said ‘it is not an essay or a referencing task’ and so I did not put in my sources (which went against my gut feel but I felt that I had been advised against doing so). I learnt during my feedback that it would be helpful to put some links into a research memo whether at the bottom of the page or a couple of times throughout the memo to make sources known when they are especially useful. Also, it is best not to assume knowledge and giving a brief sentence to provide context is always a good idea whether it be about a case or a term.
I also learnt that being proactive goes a long way. I sought a pro bono opportunity on my own accord and, when we had the presentation about the firm’s pro bono initiatives, the coordinator knew that I had done so. People throughout the firm feedback about you so always try to seek opportunities as and when you can.
What did you enjoy the most about your scheme and the firm?
I enjoyed my first seat very much indeed as I had a brilliant supervisor. I really enjoyed chatting with him and getting to hear more about his career path and experiences. I felt that I was truly privileged to gain this insight and to have had someone so honest and talkative.
I loved making new friends on the scheme as well and how we all supported and encouraged each other. It was not competitive in the slightest and I felt lucky for this too.
Naturally, the socials were great - a lot of effort, time and money went into ensuring we had a great time. The Duck & Waffle is an experience I shall not forget.
I also really enjoyed the fact I got to do real work, especially the task in my second seat which my supervisor altered in accordance with what I had found initially. It showed that I was actually doing work that was valuable and that would feed into what Shearman would do for the client too.
Were there any drawbacks at all?
Shearman doesn’t have a canteen and I would say that this is quite frustrating but by no means the end of the world.
We heard back about the result of our scheme and the TC decisions on the Monday after the scheme. This is a very very quick turnaround indeed. Although this means we do not have an agonising wait, I do wonder whether the decisions are made as thoroughly as possible. I ended up having to ask explicitly about my second week feedback during my feedback call because everything I was hearing related to my first week exclusively. Upon doing so I was given a brief sentence about my second week. It made me feel as though the second week was not accounted for very well and that was quite frustrating when my only negative feedback related to my confidence levels. I felt much more relaxed in my second week and really took heed of the lessons I learnt in the week previous. I felt I had my best tasks in the second week and so that really was quite a shame.
Rating out of 5:
4.5
This was our assessment day. I had a written task and group exercise to do in the morning and my interview was in the early afternoon. There was not much time really to settle into the second seat but I asked my trainee mentor if I could do anything and she set me a pro bono task. I was asked to write a letter to a client who had submitted a pro bono query and I was given guidance and style guides to help me do this.
Day 7:
I had my case study interview in the morning and I continued on my pro bono task until around 5pm. I then attended an open day drinks reception held at the firm to speak with the potential future applicants about the scheme and application process.
Day 8:
My supervisor asked me to look into something to help with a deal the firm was working upon. I had to look at Terms and Conditions and also a Policy to see what could be done within the rules and parameters laid out within those documents to help the firm’s client achieve what they wanted to (sorry to be vague!!). I was really able to think originally with this task and I thoroughly enjoyed it. I was able to update my supervisor and he altered the task in accordance with my findings and my proposals. This assured me I was doing work of genuine value to the firm and that my assessment was really quite important and helpful to them.
Day 9:
I worked further on the task set by my supervisor and adjusted my memo in accordance with the slight change to the task. I had a lunch with my supervisor, trainee mentor and another senior associate on this day and we had the Duck & Waffle social in the evening. This day was very busy indeed with lots of lovely treats and I was very grateful (and full!) indeed.
Day 10:
I had completed all my tasks and asked if I could help on anything further. An associate and a trainee were working on a due diligence questions and answers report that they wanted the client to complete. Shearman had questions and gaps within their due diligence they needed answering from the client. I was asked to essentially proofread the document being sent to the client to ensure consistency and high quality. I love proofreading and this was my favourite task (yes, honestly!). I was able to pick up on things that were unclear and that were inconsistent and really felt I contributed well because I picked up on quite a few things that both the associate and trainee hadn’t. It also showed me the value of getting further opinions on pieces of work before sending off to a client.
We had round up drinks that evening to see us all off after the scheme.
Second week roundup and reflections:
The second week was tough due to the assessments, but after Tuesday I felt more relaxed. I feel that I really had chilled out a bit more by the second week and I felt more settled which allowed me to enjoy myself even further I think. I loved the tasks set in this week – my memo for my supervisor allowed me to do real and genuine work for the firm and the proofing task was something that played into my strengths.
We were really spoilt this week with a lovely lunch each and an unforgettable experience at Duck & Waffle which was truly amazing.
I was sad to leave and to say goodbye to my fellow vacation schemers but a few of us have kept in touch!
What were the most significant and pertinent things you learnt on your scheme?
I would say the biggest lesson for me was that no matter how good your work is or how nice you are, if you do not have faith in yourself you cannot expect anyone else to.
From a more work focussed perspective I learnt that I should not be afraid to ask questions. Yes, absorb the task and do preliminary research first to make sure they are informed questions, but do not be afraid to speak up when things are unclear. I had conflicting advice on my first week research task on the Financial Transaction Tax and I wish I had spoken up sooner and also gone more with my gut on the matter too.
On that same research task I asked my supervisor about referencing sources to which they said ‘it is not an essay or a referencing task’ and so I did not put in my sources (which went against my gut feel but I felt that I had been advised against doing so). I learnt during my feedback that it would be helpful to put some links into a research memo whether at the bottom of the page or a couple of times throughout the memo to make sources known when they are especially useful. Also, it is best not to assume knowledge and giving a brief sentence to provide context is always a good idea whether it be about a case or a term.
I also learnt that being proactive goes a long way. I sought a pro bono opportunity on my own accord and, when we had the presentation about the firm’s pro bono initiatives, the coordinator knew that I had done so. People throughout the firm feedback about you so always try to seek opportunities as and when you can.
What did you enjoy the most about your scheme and the firm?
I enjoyed my first seat very much indeed as I had a brilliant supervisor. I really enjoyed chatting with him and getting to hear more about his career path and experiences. I felt that I was truly privileged to gain this insight and to have had someone so honest and talkative.
I loved making new friends on the scheme as well and how we all supported and encouraged each other. It was not competitive in the slightest and I felt lucky for this too.
Naturally, the socials were great - a lot of effort, time and money went into ensuring we had a great time. The Duck & Waffle is an experience I shall not forget.
I also really enjoyed the fact I got to do real work, especially the task in my second seat which my supervisor altered in accordance with what I had found initially. It showed that I was actually doing work that was valuable and that would feed into what Shearman would do for the client too.
Were there any drawbacks at all?
Shearman doesn’t have a canteen and I would say that this is quite frustrating but by no means the end of the world.
We heard back about the result of our scheme and the TC decisions on the Monday after the scheme. This is a very very quick turnaround indeed. Although this means we do not have an agonising wait, I do wonder whether the decisions are made as thoroughly as possible. I ended up having to ask explicitly about my second week feedback during my feedback call because everything I was hearing related to my first week exclusively. Upon doing so I was given a brief sentence about my second week. It made me feel as though the second week was not accounted for very well and that was quite frustrating when my only negative feedback related to my confidence levels. I felt much more relaxed in my second week and really took heed of the lessons I learnt in the week previous. I felt I had my best tasks in the second week and so that really was quite a shame.
Rating out of 5:
4.5
Thank you for all this - it is incredibly informative in depth and above all sincere.
Thanks so much for this Alice! A brilliant and informative write up! Best of luck for your next scheme
Hi everyone! I hope you are all having a wonderful week
Here is another vac scheme diary written by one of our members. This is an incredibly detailed and sincere account of their vac scheme and I am sure this advice will be useful to so many of us going forwards; I will certainly be taking heed of it in summer! Thank you very much indeed to this member for taking the time to write for us, it really is so very appreciated!
Enjoy reading everyone
Where was your scheme and how long for?
I was on the Spring Vacation Scheme at HFW that lasted one week.
Which department were you with?
HFW structures itself by its six industry sectors. I was sat with the Energy & Resources Corporate team.
Day 1
We firstly had a brief introductory talk where we were told about the assessments we would undertake and were given advice about the scheme. We also had an introduction to the IT systems.
At midday, our trainee buddy came and took us out for lunch. This was outside of the firm so we could ask any initial questions and get to know our buddy.
The rest of the afternoon was spent being introduced to the team, settling in, and being set work by colleagues.
Day 2
We had talks each day on each of the firm’s six sectors, which were all an hour long.
My main task for the day was conducting a piece of research on ‘endeavours clauses’ used in contracts.. Upon undertaking the task, I realised that my research might need to be more thorough than my buddy had originally outlined. I raised this with my buddy and asked a few questions, which I certainly think they liked as this was expressed in my feedback.
We were also set our assessed ‘research task’ by graduate recruitment. When receiving this task, you are instructed to work on this independently and not to discuss it with any of the Vac Schemers or your buddy and you have a couple of days to complete the task. From memory, there are three different research tasks that graduate recruitment assign across all the vac schemers, which are based on knowledge from the firm’s sectors.
Day 3
In the morning, we undertook our second assessed task by graduate recruitment, the ‘negotiation exercise’. This was based on negotiating as the buyer or seller of a ship. No prior knowledge is expected and before we started the exercise, a shipping associate came down and outlined all of the key background information that might be useful during the exercise. This exercise was really enjoyable and I came away learning a lot about how lawyers apply commercial acumen when negotiating/getting the best terms for their clients.
The rest of the day was spent completing my research task and also some research for trainees into renewable energy sectors in Mexico.
Also, I attended the Energy and Resources’ global team meeting. This was really useful as I gained insight into the areas that the team were looking to develop, some new potential opportunities they were pursuing, and how the team collaborated globally.
Day 4
Most of the morning was spent in the department talks and completing my assessed research task before the hand-in deadline.
Once I handed in my research, graduate recruitment revealed there were a few more tasks associated with the ‘research task’, which last a couple more hours.
The rest of the day I spent completing a memo on the recent developments in Egypt’s Energy & infrastructure sectors. This work was used as the initial basis of a memo for two of the team’s partners as they were attending a conference in Egypt and wanted to be up to date with the current developments.
In the evening, we had a social at a local bar with all of the trainees. Graduate recruitment only stayed for ten minutes so this was a great opportunity to ask the trainees questions in a relaxed environment.
Day 5
The final day was spent completing some business development related work. This was useful because I gained insight into the type of things the firm was doing to engage with and to attract clients.
Graduate recruitment held leaving drinks with the trainees before we left, which was a really nice touch.
Weeks round up and reflections
I had a really good week with the Energy and Resources team. A lot of the tasks I completed were research based and I learned a lot about how the firm operated and its client base.
I was worried I had spent a lot of time on each of my pieces of work for the department but they didn’t seem to mind and I received really good feedback regarding this.
I learned so much from the assessed research task and negotiation exercise but, in hindsight, I did not spend enough time on the research task. I would really recommend thinking about the ‘purpose’ of this task and try to be as time efficient as possible, because there really is a lot to get through.
What were the most significant and pertinent things you learnt on your scheme?
I learned that when completing exercises that you are unfamiliar with, it is best to really focus on coming across confidently. In the negotiation exercise, I was definitely nervous and could have been more concise with my points, which was heavily reflected in my feedback.
Also, I learned how willing people across the firm are to help so really do not be afraid to ask anyone for advice.
What did you enjoy the most about your scheme and the firm?
Interestingly, I actually really enjoyed the negotiation exercise and research task the most even though I felt I did not come across well in either of these tasks. I learned so much from both of these exercises both in terms of the type of work that the firm undertakes and also the skills that commercial lawyers need.
Were there any drawbacks at all?
Cramming in the two assessed exercises, sector department talks and work for the department into one week is quite stressful and it certainly flies by.
Also, the firm seems to place a lot of emphasis on the graduate recruitment exercises and, at times, it felt like the work for the department was secondary, both in the feedback that was given and in terms of what ‘you’ get out of the week.
Rating out of 5
4.5 out of 5.
Here is another vac scheme diary written by one of our members. This is an incredibly detailed and sincere account of their vac scheme and I am sure this advice will be useful to so many of us going forwards; I will certainly be taking heed of it in summer! Thank you very much indeed to this member for taking the time to write for us, it really is so very appreciated!
Enjoy reading everyone
Where was your scheme and how long for?
I was on the Spring Vacation Scheme at HFW that lasted one week.
Which department were you with?
HFW structures itself by its six industry sectors. I was sat with the Energy & Resources Corporate team.
Day 1
We firstly had a brief introductory talk where we were told about the assessments we would undertake and were given advice about the scheme. We also had an introduction to the IT systems.
At midday, our trainee buddy came and took us out for lunch. This was outside of the firm so we could ask any initial questions and get to know our buddy.
The rest of the afternoon was spent being introduced to the team, settling in, and being set work by colleagues.
Day 2
We had talks each day on each of the firm’s six sectors, which were all an hour long.
My main task for the day was conducting a piece of research on ‘endeavours clauses’ used in contracts.. Upon undertaking the task, I realised that my research might need to be more thorough than my buddy had originally outlined. I raised this with my buddy and asked a few questions, which I certainly think they liked as this was expressed in my feedback.
We were also set our assessed ‘research task’ by graduate recruitment. When receiving this task, you are instructed to work on this independently and not to discuss it with any of the Vac Schemers or your buddy and you have a couple of days to complete the task. From memory, there are three different research tasks that graduate recruitment assign across all the vac schemers, which are based on knowledge from the firm’s sectors.
Day 3
In the morning, we undertook our second assessed task by graduate recruitment, the ‘negotiation exercise’. This was based on negotiating as the buyer or seller of a ship. No prior knowledge is expected and before we started the exercise, a shipping associate came down and outlined all of the key background information that might be useful during the exercise. This exercise was really enjoyable and I came away learning a lot about how lawyers apply commercial acumen when negotiating/getting the best terms for their clients.
The rest of the day was spent completing my research task and also some research for trainees into renewable energy sectors in Mexico.
Also, I attended the Energy and Resources’ global team meeting. This was really useful as I gained insight into the areas that the team were looking to develop, some new potential opportunities they were pursuing, and how the team collaborated globally.
Day 4
Most of the morning was spent in the department talks and completing my assessed research task before the hand-in deadline.
Once I handed in my research, graduate recruitment revealed there were a few more tasks associated with the ‘research task’, which last a couple more hours.
The rest of the day I spent completing a memo on the recent developments in Egypt’s Energy & infrastructure sectors. This work was used as the initial basis of a memo for two of the team’s partners as they were attending a conference in Egypt and wanted to be up to date with the current developments.
In the evening, we had a social at a local bar with all of the trainees. Graduate recruitment only stayed for ten minutes so this was a great opportunity to ask the trainees questions in a relaxed environment.
Day 5
The final day was spent completing some business development related work. This was useful because I gained insight into the type of things the firm was doing to engage with and to attract clients.
Graduate recruitment held leaving drinks with the trainees before we left, which was a really nice touch.
Weeks round up and reflections
I had a really good week with the Energy and Resources team. A lot of the tasks I completed were research based and I learned a lot about how the firm operated and its client base.
I was worried I had spent a lot of time on each of my pieces of work for the department but they didn’t seem to mind and I received really good feedback regarding this.
I learned so much from the assessed research task and negotiation exercise but, in hindsight, I did not spend enough time on the research task. I would really recommend thinking about the ‘purpose’ of this task and try to be as time efficient as possible, because there really is a lot to get through.
What were the most significant and pertinent things you learnt on your scheme?
I learned that when completing exercises that you are unfamiliar with, it is best to really focus on coming across confidently. In the negotiation exercise, I was definitely nervous and could have been more concise with my points, which was heavily reflected in my feedback.
Also, I learned how willing people across the firm are to help so really do not be afraid to ask anyone for advice.
What did you enjoy the most about your scheme and the firm?
Interestingly, I actually really enjoyed the negotiation exercise and research task the most even though I felt I did not come across well in either of these tasks. I learned so much from both of these exercises both in terms of the type of work that the firm undertakes and also the skills that commercial lawyers need.
Were there any drawbacks at all?
Cramming in the two assessed exercises, sector department talks and work for the department into one week is quite stressful and it certainly flies by.
Also, the firm seems to place a lot of emphasis on the graduate recruitment exercises and, at times, it felt like the work for the department was secondary, both in the feedback that was given and in terms of what ‘you’ get out of the week.
Rating out of 5
4.5 out of 5.
- Feb 17, 2018
- 4,723
- 8,661
An incredible soul shared her diary for the PwC vacation scheme. This is a great opportunity to better understand the structure of a scheme, the types of work you might be doing and how to keep a log of your performance. It's also a glowing recommendation of the PwC scheme!
PwC Summer Vacation Scheme
Seats: Corporate, Real Estate, NewLaw
NB: We were given the opportunity to list our preferences prior to the vacation scheme. While I got lucky and got all my choices, others didn’t and were assigned outside of some of their preferences.
Week 1 (Corporate International Business Reorganisations (IBR)):
Day 1:
Introduction:
Tasks:
Free Time!
Bail Application (with visit to the RCJ after):
Tasks
PwC Summer Vacation Scheme
Seats: Corporate, Real Estate, NewLaw
NB: We were given the opportunity to list our preferences prior to the vacation scheme. While I got lucky and got all my choices, others didn’t and were assigned outside of some of their preferences.
Week 1 (Corporate International Business Reorganisations (IBR)):
Day 1:
Introduction:
- Tour of building, departments, IT policies, vac scheme schedule
- Formal assessments: bail application, written case study, group presentation
- Lunch with trainees and introduction to our first department
- Reformatting loan notes for trainee
- Four case reviews for senior associate
- Research: formal requirements for a power of attorney for a department memo
Tasks:
- Reformatted loan notes
- Prepared and submitted case reviews
- Was initially worried as cases were quite complex, took my time to read and familiarise myself
- Concision: limited each review to a page long, only provided essential facts and reasonings.
- Conducted research on PoA requirements using Practical Law
- Insight into ongoing projects, how to navigate vacation scheme
- Advice: Ask for and collate feedback! First seat supervisor responsible for collecting feedback across all three departments, important in decision for TC offers
- Meet-up with group members, discussed our topic and brainstormed potential areas of research
- Dinner at PingPong at Covent Garden
Free Time!
- Made my rounds across the department to ask for work
- A presentation by a manager and a director from the IBR team on the work they do and how an IBR is structured
- Initially found this to be confusing, but speakers were patient and willing to answer questions
- Interesting!: discussed challenges brought about by Brexit/Opportunities arising from recent M&A deals.
- Reformat a new batch of loan notes for a trainee, submitted on same day.
- Draft board memos for an IBR spanning multiple jurisdictions for my supervisor.
- Submitted research on PoA requirements to trainee buddy
- Trainee buddy reviewed, suggested changes. Gave advice on how to draft the memo before submitting it to the manager.
- Started drafting board memos
- Noted deadline:
- Multiple jurisdictions: only complete board memos for one jurisdiction by a set deadline, do as much as possible of the rest after completing the first until transfer to next seat
- Quite challenging: required an understanding of asset transfer between parties in intercompany transactions.
- Asked supervisor for help, patient in explaining how things worked
- Essential for being able to draft the memos properly.
- Experienced firsthand PwC’s multidisciplinary approach:
- Cooperation between Corporate IBR Legal team and Tax team
- Tax team figures out most cost-efficient strategy to streamline company group; Corporate IBR team responsible for legal implementation of strategy.
- Noted deadline:
- First meet-up with presentation coach, who gave us advice on presentation topic and research.
Bail Application (with visit to the RCJ after):
- Received good feedback, but crossed the eight-minute threshold.
- Research on the legal effects of e-signing software such as DocuSign in a deed for a manager.
- Research on policies regarding post-Brexit cross-border mergers.
- Quite a big task: told to complete as much as possible and submit my findings before being transferred to next seat.
Tasks
- Submitted and explained my research on legal effect of e-signing software
- Submitted completed memo on PoA requirements.
- Continued research on post-Brexit cross-border mergers and drafting board memos for different jurisdictions.
- Prepared a handover note explaining what to do for the next vac schemer who would continue both these tasks
- Received generally positive feedback for concision, managing deadlines and clarifying the assigned tasks
- Room for improvement: attention to detail when drafting board memos
- Side note: really strange seeing the office so empty on Fridays (PwC’s Friday work-at-home policy!)
- Feb 17, 2018
- 4,723
- 8,661
Week 2 (Real Estate):
Day 1
Introduction to the Real Estate team
Tasks
Assigned Tasks
Assigned Tasks
Day 1
Formal’ assessments
Agile Working
I really liked the feedback culture and the friendly work environment. There was a flat hierarchy and everyone was very happy to help where they can. Heavy emphasis on personal and career development.
Good quality of work- I was lucky to be involved in a variety of projects throughout my three seats, which really gave me an opportunity to see how each department worked differently.
Were there any drawbacks at all?
Not really a drawback, but would have loved to do a cooking class as a social!
Rating out of 5: 5
Day 1
Introduction to the Real Estate team
- Note: Real Estate sits in More London office!
- Initial impressions: much smaller than Corporate IBR
- Less busy in terms of work, but more time to talk to people and listen to their experiences
- Eg. Learned about how real estate is structured and held in Jersey Property Unit Trusts (JPUTs)
- Review a list of intra-group contracts, collate the services specified in contracts and list on a spreadsheet to be included in a master services agreement for supervisor
- As the briefing was held in the Embankment office, listened in on the briefing via Google Hangout.
Tasks
- Submitted task: reviewed and collated services into a spreadsheet
- Forgot to put on track changes!
- Assigned task: collate a list of quotes for legal services from foreign law firms for a intra-group transaction. Submitted same day
- Insight into how the Real Estate team works: multidisciplinary, works closely with Deals and Tax
Assigned Tasks
- Review of licencing agreement to allow sub-lease, identify any potential risks. Submitted same day
- Research for group presentation: asked for insight on how blockchain will effect real estate industry
- Application in real estate transactions and Land Registry
Assigned Tasks
- Conduct a PN1 search on four companies (to check if any proprietary interests held by these companies) and prepare relevant documents, submitted same day
- Legal research on sub-lease and potential areas to focus on for an opinion on Practical Law, submitted same day
- Submitted written case study report
- Dinner and Escape-room (we managed to escape!)
- Breakfast with Trainees!
- Full-day department presentations
- o Secondment to Office of General Counsel (OGC), PwC’s in-house legal team
- Secondment to Dubai!
- Introduction to various departments, including Financial Services Regulation (massive growth area for PwC!), Cybersecurity (multi-disciplinary team), Private Client
- Long day but very informative- make sure to focus and pay attention, looking tired doesn’t give off a good impression!
- Catch-up with supervisor
- Received generally positive feedback- managed deadlines and mixed well with the team. Room for improvement: Track changes!!
- Week 3 Presentation:
- Catch-up with group members to collate our research and compile our points
Day 1
- Introduction to NewLaw team
- Sat in on a meeting with Tax partner and manager on a deal the team was doing due diligence for
- Tasks
- Research on costs draftsmen for a manager, submitted same day
- Week 3 Presentation
- Finalised Powerpoint slides for group presentation, met up with group over lunch to rehearse our parts
- Had a catch-up session with a smart contract specialist in the NewLaw team to discuss the future of smart contracts as research for presentation
- Set-up a meeting with PwC’s blockchain lead to discuss future applications of blockchain as research for presentation
- Tasks
- Research on the services provided by a cloud computing company for supervisor
- Collated a list of contacts of interest for a trainee
- Originally intended to submit by the end of Day 2, however, realised this was taking longer than expected. E-mailed trainee and informed him might take longer: was happy to be flexible with deadline and appreciated that I’d told him as early as I could.
- Catch-up Session with Blockchain Lead
- Discussed certain applications of blockchain and learned of its uses in various industries, eg. supply chain, HR, insurance
- Group Presentation
- Rehearsed and presented to the training principal and a member of the HR team
- Tough but fair questions, come prepared!
- Tasks
- Submitted a collated list of companies
- Continued research on the services provided by a cloud computing company
- Assigned tasks
- Contract review exercise by supervisor: Proofread, then point out any identified risks in an e-mail written to client
- Partner drinks
- After-work partner drinks: good time to mingle with other people from different departments
- Tasks
- Submitted research on the services provided by the cloud computing company
- Completed and submitted contract review exercise
- Presentation on PwC’s energy practice
- Legal services provided to energy clients particularly in project finance and immigration
- Feedback Session for Week 2’s Case Study submission
- Received generally good feedback, but missed out on certain areas
- Week 3 Social: Bowling!
- Assigned tasks
- Review a client-side NDA and identify any risks for a senior associate based in Birmingham
- First time coming across an NDA: scheduled a Google Hangouts session to go through context of NDA/points of interest to note
- Completed and submitted same day: received positive feedback for sticking to deadline and being thorough
- Review a client-side NDA and identify any risks for a senior associate based in Birmingham
- Catch-up with supervisor
- Run-down on all the work I’ve done and feedback on contract review and research task on the services provided by the cloud computing company
- Points of improvement: structure my research in a more concise and understandable way, eg. put a summary on the top so the client has a gist of main points!
Formal’ assessments
- Heavy emphasis on group presentation:
- Commercial awareness hot topics: eg. EU/Brexit, Technology Industry Growth Areas. TCLA’s courses are AMAZING for this.
- Start early, do your research.
- Choose a topic/structure research based on you and your group members’ seats
- Take advantage of PwC’s coffee culture: network with various people and ask for their help and advice- group presentation is designed to get you to network and get involved with PwC’s multidisciplinary approach
- PwC’s internal database for research: eg. clients, other news resources
- When given a task, ask the person assigning you for a set deadline. Clarify the task by repeating it back to the person to avoid misunderstandings.
- Manage your deadlines: if you find something taking longer than expected inform the person who assigned you the task to explain why and if it’s possible to extend the deadline.
- Don’t be afraid to ask for help when needed, but equally learn to read the room and not bug people when they’re busy (was guilty of this, and it actually cropped up in my feedback!).
Agile Working
- No assigned seats- make sure you know where your supervisor/whoever assigns you work sits
- You can sit in the same place- makes you easier to find
- Be aware that most people work from home on Fridays- if needed, you may want to clarify how you can reach them (eg. on Google Hangouts)
- PwC uses G Suite- get yourself familiar with this, particularly Google Calendar, as you’ll have to keep track of your schedule/work around your colleagues’ times.
I really liked the feedback culture and the friendly work environment. There was a flat hierarchy and everyone was very happy to help where they can. Heavy emphasis on personal and career development.
Good quality of work- I was lucky to be involved in a variety of projects throughout my three seats, which really gave me an opportunity to see how each department worked differently.
Were there any drawbacks at all?
Not really a drawback, but would have loved to do a cooking class as a social!
Rating out of 5: 5
Hello! I was wondering whether anyone had any insight into a virtual vacation scheme, how they found it or whether they’ve been told the layout?
I have one coming up for a week and I am quite nervous. It is my first ever vacation scheme and then all of the uncertainty around the online elements is making it even more daunting.
We are receiving the itinerary soon, but for now, we have been told that we are doing a legal research task, does anybody have any tips surrounding research tasks?
I have one coming up for a week and I am quite nervous. It is my first ever vacation scheme and then all of the uncertainty around the online elements is making it even more daunting.
We are receiving the itinerary soon, but for now, we have been told that we are doing a legal research task, does anybody have any tips surrounding research tasks?
Hello! I was wondering whether anyone had any insight into a virtual vacation scheme, how they found it or whether they’ve been told the layout?
I have one coming up for a week and I am quite nervous. It is my first ever vacation scheme and then all of the uncertainty around the online elements is making it even more daunting.
We are receiving the itinerary soon, but for now, we have been told that we are doing a legal research task, does anybody have any tips surrounding research tasks?
I'm interested in finding out the same thing! How did your vacation scheme go? Mine begins in a week, and I haven't yet received the itinerary. This is my first vacation scheme as well!
This is extremely interesting and useful! Can we know if the candidate was successful at the end?
- Feb 17, 2018
- 4,723
- 8,661
I have a scheme next week so I will try and fill this out after it has concluded!
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