Vacation Scheme Preparation

[Daniel Boden]

Hi everyone,

Just like to add how I am preparing for upcoming vacation schemes. Having spoken to partners who assess vacation scheme students, I have gauged the following criteria as being important. Note that this is not a ubiquitous view, as i'm sure solicitors of different firms value different things too. Additionally, it may also be known/common sense to those on here.

• Understand how you can apply current affairs to a transaction/department/deal, and don't be shy to do this. From my understanding, what distinguishes candidates is not just solely carrying out the tasks they set - but applying perspectives and wider knowledge that are unique. Of course, there are many instances where it is not possible to do this. But by bringing a flair of originality in some tasks through commercial awareness it will clearly separate you from others. Even if you are wrong, by trying it will gain you points (within reason).
  • I am learning who the firms clients are in specific sectors, what their priorities are, and highlighting stories relating to these clients in the economist/FT. Also I am looking at reports which show developments in sectors the firm works in. I think using legal and non-legal annual reports will also help here.

• Act well socially, and work with others - do not excessively compete against each other. From what I've heard there are countless incidents of students who do not act in a way solicitors would at the firm. Arrogance and excessive competition is generally not viewed favourably. A firm will prefer a cohort of 5 vacation scheme students who work really well together, than 5 who work independently and very competitively. This is dependent on the firm, however, as US firms take a different perspective to British firms – although as a principle it is good to follow.
  • I don't think preparation is necessary as much per se. I am watching some videos on how to best work in groups, and trying to draw from what's worked in past group activities. Learning how to actively listen and contribute to others ideas can only be beneficial.

• Be enthusiastic, inquisitive, and sociable. I think it goes without saying that a firm will prefer someone who really enjoys the environment and will thrive there. In talks they give, ask questions and arrange coffee meetings with the person giving the talk if it is a topic that genuinely interests you. Be clear on what you must do when given work, and ask questions about any uncertainties. It is better to clarify/ask questions about the work provided so you get it right - than get it wrong by guessing. Also be sociable/respectful with everyone you come across – regardless of whether they are managing partner or a paralegal.
  • Planning some questions to prep beforehand, and looking at certain contracts (some are available on gold membership here I believe) will come in use. Aside from that, you either fit in at that firm or you don't - so if you're not interested in anything there I personally don't believe there's any point forcing it. If you get the training contract and don't like the firm, you will be unhappy/worse off a few years down the line.

• Keep a record (log book) of everything you do on the vacation scheme, and start building on interview notes beforehand and during the scheme. The interview for a training contract can come during the vac scheme when youre working and have other tasks to do. It's not always at the end of the scheme.
  • I think by preparing for the interview before the scheme, you are putting yourself in a better position. You can then use the log book to back up points you've made.

I think loads of other good points have been raised on this thread, such as understanding how the City works in general. Law is just one part of the transaction, and understanding how banking/accountancy etc works in a deal can only be useful.

Outside of this, honestly I think one of the main challenges of the whole vacation scheme process is a mental one, feeling that you may be out of place or not as good as others there. It is competitive process and not everyone gets a job. However, they selected you for the vac scheme because they believe you have the potential to work there. If you give it your all, do some preparation beforehand, and act professionally – there's not much else you can do. Worst case scenario if you don't end up with a training contract is that you are given a decent salary for a week or two of work, and have experience which is invaluable for the next cycle.

If anyone has any other ideas it would be great to hear them.

Best of luck.

Thanks so much for sharing! This is a great post with a lot of really good ideas on it so I think a lot of people will find it very useful

EDIT: this is a really good point re the social side of the scheme. Don't be that guy who wants to discuss a certain precedent/case at a law firm social as that will come across as too keen/forced and won't be that well received. The partners/associates really don't want to discuss topics like that and instead want to unwind with a beer and get to know you on a more personal level! Ultimately, if you come across as a person that those at the firm would be happy to go for a beer with after work/be stuck late in the office with then you will do very well in my experience

 

[M&ALawyer]

Thanks so much for sharing! This is a great post with a lot of really good ideas on it so I think a lot of people will find it very useful

EDIT: this is a really good point re the social side of the scheme. Don't be that guy who wants to discuss a certain precedent/case at a law firm social as that will come across as too keen/forced and won't be that well received. The partners/associates really don't want to discuss topics like that and instead want to unwind with a beer and get to know you on a more personal level! Ultimately, if you come across as a person that those at the firm would be happy to go for a beer with after work/be stuck late in the office with then you will do very well in my experience

No worries - I hope it's somewhat helpful!

On the social point - I think its so important to remember that partners/associates will be spending a lot of time with you if you end up working there. As a result, as you say, its imperative to show that you have some interests outside of law. Trying to find common ground in interests and hobbies will enable you to build relationships with those at the firm.

What I am a bit concerned about is how this will all work as this will all be online. I don't know about others, but I find it easier and much more natural to speak to people in person, than through video calls.

 

[futuretraineesolicitor]

Hey Daniel and Alice, like Daniel mentioned in his post that we should look at courses from Edx or Coursera etc, can you list down all the subjects that we should study- that will benefit our commercial awareness- I mean economics, finance etc. I am just starting out in terms of Commercial awareness- so would be great if you could also name a few courses

 

[Jaysen]

Hi everyone,

Just like to add how I am preparing for upcoming vacation schemes. Having spoken to partners who assess vacation scheme students, I have gauged the following criteria as being important. Note that this is not a ubiquitous view, as i'm sure solicitors of different firms value different things too. Additionally, it may also be known/common sense to those on here.

• Understand how you can apply current affairs to a transaction/department/deal, and don't be shy to do this. From my understanding, what distinguishes candidates is not just solely carrying out the tasks they set - but applying perspectives and wider knowledge that are unique. Of course, there are many instances where it is not possible to do this. But by bringing a flair of originality in some tasks through commercial awareness it will clearly separate you from others. Even if you are wrong, by trying it will gain you points (within reason).
  • I am learning who the firms clients are in specific sectors, what their priorities are, and highlighting stories relating to these clients in the economist/FT. Also I am looking at reports which show developments in sectors the firm works in. I think using legal and non-legal annual reports will also help here.

• Act well socially, and work with others - do not excessively compete against each other. From what I've heard there are countless incidents of students who do not act in a way solicitors would at the firm. Arrogance and excessive competition is generally not viewed favourably. A firm will prefer a cohort of 5 vacation scheme students who work really well together, than 5 who work independently and very competitively. This is dependent on the firm, however, as US firms take a different perspective to British firms – although as a principle it is good to follow.
  • I don't think preparation is necessary as much per se. I am watching some videos on how to best work in groups, and trying to draw from what's worked in past group activities. Learning how to actively listen and contribute to others ideas can only be beneficial.

• Be enthusiastic, inquisitive, and sociable. I think it goes without saying that a firm will prefer someone who really enjoys the environment and will thrive there. In talks they give, ask questions and arrange coffee meetings with the person giving the talk if it is a topic that genuinely interests you. Be clear on what you must do when given work, and ask questions about any uncertainties. It is better to clarify/ask questions about the work provided so you get it right - than get it wrong by guessing. Also be sociable/respectful with everyone you come across – regardless of whether they are managing partner or a paralegal.
  • Planning some questions to prep beforehand, and looking at certain contracts (some are available on gold membership here I believe) will come in use. Aside from that, you either fit in at that firm or you don't - so if you're not interested in anything there I personally don't believe there's any point forcing it. If you get the training contract and don't like the firm, you will be unhappy/worse off a few years down the line.

• Keep a record (log book) of everything you do on the vacation scheme, and start building on interview notes beforehand and during the scheme. The interview for a training contract can come during the vac scheme when youre working and have other tasks to do. It's not always at the end of the scheme.
  • I think by preparing for the interview before the scheme, you are putting yourself in a better position. You can then use the log book to back up points you've made.

I think loads of other good points have been raised on this thread, such as understanding how the City works in general. Law is just one part of the transaction, and understanding how banking/accountancy etc works in a deal can only be useful.

Outside of this, honestly I think one of the main challenges of the whole vacation scheme process is a mental one, feeling that you may be out of place or not as good as others there. It is competitive process and not everyone gets a job. However, they selected you for the vac scheme because they believe you have the potential to work there. If you give it your all, do some preparation beforehand, and act professionally – there's not much else you can do. Worst case scenario if you don't end up with a training contract is that you are given a decent salary for a week or two of work, and have experience which is invaluable for the next cycle.

If anyone has any other ideas it would be great to hear them.

Best of luck.

Brilliant post!

 

[Alice G]

Hi everyone,

Just like to add how I am preparing for upcoming vacation schemes. Having spoken to partners who assess vacation scheme students, I have gauged the following criteria as being important. Note that this is not a ubiquitous view, as i'm sure solicitors of different firms value different things too. Additionally, it may also be known/common sense to those on here.

• Understand how you can apply current affairs to a transaction/department/deal, and don't be shy to do this. From my understanding, what distinguishes candidates is not just solely carrying out the tasks they set - but applying perspectives and wider knowledge that are unique. Of course, there are many instances where it is not possible to do this. But by bringing a flair of originality in some tasks through commercial awareness it will clearly separate you from others. Even if you are wrong, by trying it will gain you points (within reason).
  • I am learning who the firms clients are in specific sectors, what their priorities are, and highlighting stories relating to these clients in the economist/FT. Also I am looking at reports which show developments in sectors the firm works in. I think using legal and non-legal annual reports will also help here.

• Act well socially, and work with others - do not excessively compete against each other. From what I've heard there are countless incidents of students who do not act in a way solicitors would at the firm. Arrogance and excessive competition is generally not viewed favourably. A firm will prefer a cohort of 5 vacation scheme students who work really well together, than 5 who work independently and very competitively. This is dependent on the firm, however, as US firms take a different perspective to British firms – although as a principle it is good to follow.
  • I don't think preparation is necessary as much per se. I am watching some videos on how to best work in groups, and trying to draw from what's worked in past group activities. Learning how to actively listen and contribute to others ideas can only be beneficial.

• Be enthusiastic, inquisitive, and sociable. I think it goes without saying that a firm will prefer someone who really enjoys the environment and will thrive there. In talks they give, ask questions and arrange coffee meetings with the person giving the talk if it is a topic that genuinely interests you. Be clear on what you must do when given work, and ask questions about any uncertainties. It is better to clarify/ask questions about the work provided so you get it right - than get it wrong by guessing. Also be sociable/respectful with everyone you come across – regardless of whether they are managing partner or a paralegal.
  • Planning some questions to prep beforehand, and looking at certain contracts (some are available on gold membership here I believe) will come in use. Aside from that, you either fit in at that firm or you don't - so if you're not interested in anything there I personally don't believe there's any point forcing it. If you get the training contract and don't like the firm, you will be unhappy/worse off a few years down the line.

• Keep a record (log book) of everything you do on the vacation scheme, and start building on interview notes beforehand and during the scheme. The interview for a training contract can come during the vac scheme when youre working and have other tasks to do. It's not always at the end of the scheme.
  • I think by preparing for the interview before the scheme, you are putting yourself in a better position. You can then use the log book to back up points you've made.

I think loads of other good points have been raised on this thread, such as understanding how the City works in general. Law is just one part of the transaction, and understanding how banking/accountancy etc works in a deal can only be useful.

Outside of this, honestly I think one of the main challenges of the whole vacation scheme process is a mental one, feeling that you may be out of place or not as good as others there. It is competitive process and not everyone gets a job. However, they selected you for the vac scheme because they believe you have the potential to work there. If you give it your all, do some preparation beforehand, and act professionally – there's not much else you can do. Worst case scenario if you don't end up with a training contract is that you are given a decent salary for a week or two of work, and have experience which is invaluable for the next cycle.

If anyone has any other ideas it would be great to hear them.

Best of luck.

Excellent post!!

Could not agree more when you say the greatest aspect is your own mentality and love that you point out that if you do not feel 100% there then this is all part of the process and refining what is for you!

Two further points to note:

Don't be excessive with coffee invites - it can distract you from work and I remember a trainee advising a group of us on the scheme that it can come across in the wrong way sometimes. I had a couple of coffees on both my schemes - on my second one I went with a trainee mentor and again with one of the legal secretaries who I became really friendly with and still meet up with to this day! This also feeds into the point of making an effort with everyone and not just partners. The secretary who I have befriended has been one of my greatest sources of support and she is just honestly one of the most incredible and positive people I have ever met who gives amazing advice.

Definitely do ask questions - do not feel afraid or like you are being silly because you have not understood. This was one of my biggest mistakes and I want to add here that if you are made to feel like an inconvenience for seeking clarification or that you feel genuinely like you cannot ask things, then like we said above, maybe the firm is not for you. I have come to realise that sometimes, people just forget you are a vac schemer or not as further along as the trainees they have become accustomed to briefing and they can honestly unintentionally leave out some context and details.

 

[Daniel Boden]

Hey Daniel and Alice, like Daniel mentioned in his post that we should look at courses from Edx or Coursera etc, can you list down all the subjects that we should study- that will benefit our commercial awareness- I mean economics, finance etc. I am just starting out in terms of Commercial awareness- so would be great if you could also name a few courses

There are some great courses on Finance Unlocked which are very good at explaining things in very simple terms. (That's now free for 6 months if you sign up to Debut)

There's some interesting courses there on M&A, Investment Banking, How a bank works, Blockchain to name a few

On Coursera, the courses on Financial Markets and Private Equity/Venture Capital are very useful.

But by all means, have a browse through the catalogue and see what interests you the most

Hope that helps!

 

[SG]

Hi Konstantinos,

Thanks for your question!

So the way that I'm preparing for this vacation scheme is to try and upskill myself in terms of financial knowledge and to just become more financially literate which will help my commercial awareness. I'd really recommend looking at some courses on Coursera or Harvard EDX which I think a lot of people will find very useful. Equally, I'd really recommend Allen & Overy's 'Anatomy of a Deal' and Ray Dalio's 'How the Economic Machine Works' as they explain fairly complicated concepts in a brilliantly simple way.

As well as this, now that I've finished university, I'll be trying to keep on top with topical commercial issues. I prefer to listen to podcasts so I listen to the FT Daily Briefing, the Commercial Awareness podcast and other similar podcasts which I'd recommend.

Equally, given the profound impact of COVID-19 across the board, I'd recommend choosing 2/3 particular industries that interest you the most and following them for the next few weeks. So, for me, I'm following the impact of COVID-19 on private equity, the automotive industry and the retail industry and looking at what it could potentially mean for these industries going forwards.

Closer to my scheme, I'll do an overview of the firm (Gibson Dunn) and just update my notes since I did my interview. I'm more than happy to share this template for people if it'll be useful?

Other than that, I'm trying not to think about it too much and am trying to exercise and enjoy the nice weather we're blessed with at the moment as I think that finding a balance is crucial to having scheme success.

Hope that helps!

Firstly, thanks for this thread. It seems like such a useful resource, for not only learning/preparation for vacation schemes but also support.

Just to hear about people's views, what do you all think is the best approach to following 2-3 particular industries and the impact of Covid-19 on them, as Daniel suggested? There are so many resources and platforms for information that can make it a bit too overwhelming and hard to keep a focused and concise approach to following updates in the commercial world, especially when Covid-19 creates such fast changes overnight. Would love to hear how everyone is going about avoiding getting bogged down in all the news and maintaining a focused approach? Thank you!

 

[Daniel Boden]

Firstly, thanks for this thread. It seems like such a useful resource, for not only learning/preparation for vacation schemes but also support.

Just to hear about people's views, what do you all think is the best approach to following 2-3 particular industries and the impact of Covid-19 on them, as Daniel suggested? There are so many resources and platforms for information that can make it a bit too overwhelming and hard to keep a focused and concise approach to following updates in the commercial world, especially when Covid-19 creates such fast changes overnight. Would love to hear how everyone is going about avoiding getting bogged down in all the news and maintaining a focused approach? Thank you!

Thanks for the question! Yeah I completely get where you're coming from! For me, I am using the FT to focus on the 2/3 particular industries because it allows you to add those options to the 'myFT' feature if that makes sense? E.g. retail, private equity, mergers & acquisitions, IPOs... whatever you are interested in, you can add that to the 'myFT' feature and it will give you daily updates - hope that helps!

 

[RJ24]

What are everyones thoughts on the fact that schemes are being held virtually? I worry that the experience, despite the firm's best efforts, will somewhat be diluted and so it might be hard to leave a lasting impression. Especially considering that many of the schemes have been shortened from two weeks to one.

 

[Asmee DC]

What are everyones thoughts on the fact that schemes are being held virtually? I worry that the experience, despite the firm's best efforts, will somewhat be diluted and so it might be hard to leave a lasting impression. Especially considering that many of the schemes have been shortened from two weeks to one.

I have also been concerned about how to leave a lasting impression on the firm due to the schemes being virtual. But I also believe that firms understand the situation that everyone has been put in. By firms still accommodating and holding virtual vac schemes instead of cancelling it altogether to me means they are confident in their ability to deliver an experience that is worthwhile for candidates. I don't think candidates will be held to the same standard as if it was a physical vac scheme, but then again I'm uncertain about this as well!

My partner is doing a virtual vac scheme with Pinsent Masons and they have done an excellent job in outlining a schedule for each candidate in terms of the tasks they need to complete, social and informational webinars/networking, and information sessions on TC assessments which are still being held virtually at the end of the vac scheme. So with that being said, I think that if we try our best under these circumstances and ensure we are attending every virtual event/completing every task given to us that we will be a strong candidate for a TC! Hope this eases your anxieties and concerns

P.S: I know that barely anyone has ever experienced a virtual vac scheme, but if there are any tips on how to stand out I'm sure everyone would appreciate it!

 

[Kubed]

Hi Konstantinos,

Thanks for your question!

So the way that I'm preparing for this vacation scheme is to try and upskill myself in terms of financial knowledge and to just become more financially literate which will help my commercial awareness. I'd really recommend looking at some courses on Coursera or Harvard EDX which I think a lot of people will find very useful. Equally, I'd really recommend Allen & Overy's 'Anatomy of a Deal' and Ray Dalio's 'How the Economic Machine Works' as they explain fairly complicated concepts in a brilliantly simple way.

As well as this, now that I've finished university, I'll be trying to keep on top with topical commercial issues. I prefer to listen to podcasts so I listen to the FT Daily Briefing, the Commercial Awareness podcast and other similar podcasts which I'd recommend.

Equally, given the profound impact of COVID-19 across the board, I'd recommend choosing 2/3 particular industries that interest you the most and following them for the next few weeks. So, for me, I'm following the impact of COVID-19 on private equity, the automotive industry and the retail industry and looking at what it could potentially mean for these industries going forwards.

Closer to my scheme, I'll do an overview of the firm (Gibson Dunn) and just update my notes since I did my interview. I'm more than happy to share this template for people if it'll be useful?

Other than that, I'm trying not to think about it too much and am trying to exercise and enjoy the nice weather we're blessed with at the moment as I think that finding a balance is crucial to having scheme success.

Hope that helps!

Hi @Daniel Boden, apologies for raking up an old post and thanks for all the advice in it. I wondered if you still had that template for doing an overview of firms? I'm trying to be more structured in my approach to prepping for vac schemes and this seems like something that would be useful. Thanks in advance.

 

[Eliana]

Hi! I have an upcoming VS with a US firm and I was wondering from your experiences, what level of technical knowledge was expected? Any advice on how I can best get to grips with legal/financial technical terms that I may need to use and apply during my work on the VS? @Dheepa @Daniel Boden thank you

 

[Dheepa]

Hi! I have an upcoming VS with a US firm and I was wondering from your experiences, what level of technical knowledge was expected? Any advice on how I can best get to grips with legal/financial technical terms that I may need to use and apply during my work on the VS? @Dheepa @Daniel Boden thank you

Hey there! I personally don't think US firms have a higher expectation of technical/legal knowledge - any existing commercial awareness you have is going to be sufficient, especially since it got you on the scheme. If there is additional terms that you need to understand to complete your VS tasks, the firm probably expects you to do research into it and are actually trying to test your research skills. Your supervisor and trainee buddy will also actually expect you to have questions about the technical stuff - so again I wouldn't worry too much about it.

If the firm is a PE specialist, then I'd recommend getting to grips with PE jargon. I only the bare minimum going into my US firm VS but I think it will definitely help - Dan will probably have suggestions on resources for this.

 

[Daniel Boden]

Hi! I have an upcoming VS with a US firm and I was wondering from your experiences, what level of technical knowledge was expected? Any advice on how I can best get to grips with legal/financial technical terms that I may need to use and apply during my work on the VS? @Dheepa @Daniel Boden thank you

Yeah just to add to @Dheepa's excellent points above, I'd recommend Dechert's private equity webinars on youtube - there's some really interesting and useful stuff in there that will definitely help you stand out!

 

[Eliana]

Hey there! I personally don't think US firms have a higher expectation of technical/legal knowledge - any existing commercial awareness you have is going to be sufficient, especially since it got you on the scheme. If there is additional terms that you need to understand to complete your VS tasks, the firm probably expects you to do research into it and are actually trying to test your research skills. Your supervisor and trainee buddy will also actually expect you to have questions about the technical stuff - so again I wouldn't worry too much about it.

If the firm is a PE specialist, then I'd recommend getting to grips with PE jargon. I only the bare minimum going into my US firm VS but I think it will definitely help - Dan will probably have suggestions on resources for this.

Yeah just to add to @Dheepa's excellent points above, I'd recommend Dechert's private equity webinars on youtube - there's some really interesting and useful stuff in there that will definitely help you stand out!

Thank you both for your responses that's helpful
what sort of questions did you ask on your VS to help get a better understanding of the firm?