New Threads

Hey everyone,

You may have seen this in our newsletter today. Next week, I'm going to be on a panel discussing the mental health concerns for aspiring lawyers/how law firms can set up trainees for the long term.

Most of the top law firms are going to be in attendance, and I really want to make sure I'm relaying any concerns you guys have about beginning your training contract. I'm also hoping this is a chance for law firms to evaluate the steps they can take to support you, particularly in the field of mental health.

Whether you're an aspiring lawyer, a future trainee or an associate, it would really help me if you could complete this survey. It should take about 5 minutes and it's completely anonymous. I'll read every answer and try my best to capture it all during the panel.

Thank you!

Jaysen

Hey everyone! I thought it would be good to create a new, more relaxed thread for members to share and discuss some of their favourite films/documentaries/books which have a commercial or legal edge to them.

Commercial awareness/technical knowledge can be really hard to 'get in to', and sometimes you just need a cursory introduction before you pull out the economics textbooks. I have found that films/documentaries/books, which incorporate aspects of industry, are a great way to get candidates into certain commercial topics and encourage them to learn more about them. Nevertheless, it can be difficult to know where to start - hence, this thread!

Over the next couple of weeks, I'll be looking to post some short reviews of films/documentaries/books which (I think) do a great job of illustrating commercial affairs or giving an introduction to some commercial/technical concepts. These aren't going to be particularly formal reviews, but rather pointers towards some more accessible, 'commercial awareness' learning material - and, of course, to encourage forum members to share their own reviews/suggestions!

Before I kick off with the first 'review'/recommendation, I want to highlight that I'll be staying away from (as far as possible) media that might be in a commercial/legal setting but are not particularly helpful for VS/TC candidates. This is not to say that 'Suits', for example, is an unenjoyable show (my stance regarding that serial is, 'no comment')! Rather I don't think it, and others similar really have a place in this thread.

Finally, as always, I know this is a more informal thread, but let's keep the discussion civil - what might be helpful/interesting for one person might not be for all; nevertheless, everyone has their own individual taste, which should be respected.

So, without further ado...

Margin Call​

Shock, horror, chaos - I didn't start with The Big Short! Instead, welcome to The Big Short's leaner, grittier, older brother (review coming in the next few weeks on The Big Short, of course).

Here you will find the likes of Zachary Quinto, Paul Bettany, Jeremy Irons, Stanley Tucci, Kevin Spacey, and more, playing soon-to-be sin-stained individuals in a dark, lucrative industry...

...namely, acting as employees of an unnamed fictional investment bank just before the GFC (mid-2007 - 2008/9).

Plot (SPOILERS)​

Frivolities aside, the film depicts a fictional investment bank over an approximate 24-hour period, which makes you feel like a lot of the film is in real-time. Over these 24-hours, an associate at the bank finishes a financial model which is recently-fired supervisor had left behind. The model shows huge volatility in the bank's mortgage-backed securities (MBS) portfolio. Because the bank's position is overleveraged, a drop in the value of the portfolio would lead to a loss greater than the value of the bank itself.

The associate reports this to his superior, and *drama ensues*. Eventually, in the early hours of the morning, a decision is made by the lovely Mr Irons, playing the CEO of the bank, to dump as much of the toxic portfolio as possible, and to do so...all at once...when the markets open that morning. Needless to say, this would compromise the bank's relations with its industry peers and damage the market as a whole. Notwithstanding these warnings, in a few hours time, the firesale goes ahead - *drama ensues*.

The upshot is that the bank has taken eye-watering loses, destroyed their customer/peer relationships but has managed to dump the toxic portfolio. The implication is that this unnamed investment bank was the one that saw the Global Financial Crisis (GFC) coming and was one of the ones that got out early and alive.

Benefits of Watching​

Okay, so aside from getting to experience Mr Quinto's magnificent eyebrows, Mr Bettany and Mr Irons' gorgeous vocal timbres, and some great cinematic pacing, Margin Call is a great film to get a 'feel' for the GFC, and see, from the perspective of the banks, the catch-22 position they were in. You really do get a feel for the dilemma - is this really the end? Do we really have to bail out now? The losses will be huge, but will this really crash like we think it will?

It is slightly more advanced than, say The Big Short, because it doesn't really stop to explain anything. Acronyms are used (like MBS), technical terms are employed (like 'leverage') all without any fanfare or explanation. So, if you aren't particularly familiar with these concepts you can treat this film in two ways: (1) watch the film, enjoy it, and note down anything you don't understand, or (2) watch its younger brother, The Big Short, first, and then watch this to 'test' your understanding.

Personally, if you're in the aforementioned position, I would suggest: watch Margin Call and make some notes → conduct some basic research based on your notes (to develop a basic understanding) → watch The Big Short → rewatch Margin Call. Disclaimer: do not do this in a short timeframe! I mean, you can - but I know I don't have enough time to do all of that at once, and it might be a little nauseating to do so anyway!

- Right, I think I'll stop there! If you need more information on the film, you can always do a quick search online, but I think this gives you a decent idea of what to expect! I really do enjoy this film, and I think it is a lot more impactful (albeit less accessible) than its younger brother!

Hi everyone! I have a virtual assessment tomorrow. It's a written exercise, where we book a one-hour time slot. I've been practising case studies and writing letters, and have been reading about the firm. Wondering if anyone can shed any light on what the one hour is like if they've ever done the same? Are you sharing your screen/camera so they can see your work/thought processes? Is there an interview component? It's for a VS. Any and all help would be appreciated! Thanks

Please state the month/year you interviewed at the firm.

February 2021

Please specify what the interview was for.

Spring Vacation Scheme 2021

Please give an overview of the day with approximate timings.

It was a virtual interview experience. 10.45am interview with a senior associate and member of graduate recruitment, which lasted approximately 40 minutes. Then I had the rest of the day to complete the written exercise, which was timed at 75 minutes.

Please provide a summary of each assessment on the day with approximate timings.

Interview - 45 minute discussion about you, your motivations for the firm, your work experiences, what you know about the firm and answering competency questions. The conversation flows very naturally depending on the answers you give.

Written exercise - 75 minute written legal memo for a partner in the form of an email. The partner has a client coming in for a meeting tomorrow. I was provided with four articles and the task was to read through the articles, summarise them and identify key issues for the client based on these articles, as well as any other commercial knowledge you may have yourself. You should also suggest potential solutions for the client. All the instructions will be included.

What is your best advice for each aspect of the assessment on the day? Please break this down for each assessment. This can include advice for preparation, as well as tips for the day.

White & Case's interview is CV blind, so it truly is an opportunity to sell yourself. Make sure you know a lot about the firm's unique points, including its strategy, the guaranteed international secondment, its industry focuses and top practice areas. It's worth knowing how these operate on a global scale, not limited to the London office. A lot of the discussion was based on the previous answer I had given, so make sure you only mention things you can then go on to speak about. If you mention a case/deal the firm was involved in, know it well! The senior associate I had had worked very closely on the case I mentioned, and so he specifically asked me what I know about it and what I thought about the firm's involvement (it was a sovereign case), so feel free to bring in your opinion and spark a debate. They ask at the end if there is anything you'd like to mention, so use this time to focus on your own strong points and make sure the interviewers know these before the interview ends.

The written assessment is largely based on commercial knowledge, including what you know about a particular industry, the challenges a business may face etc. Reading through TCLA's case study materials was the only thing I did to prepare. I would recommend skim reading everything first, so you get a basic idea, and then reading in detail. Although I had a timer in front of me, I found it was helpful using my phone to set 10-15 minute bursts so I knew when to move on, and so I didn't get carried away. Use simple language and break your sections into smaller paragraphs (no one wants to read huge chunks of text). If there are several matters to note, make sure you prioritise - you can't include everything.

Were you successful?

Yes

Please state the month/year you interviewed at the firm.

February 2021

Please specify what the interview was for.

Summer Vacation Scheme 2021

Please give an overview of the day with approximate timings.

welcome talk, in-tray written exercise, reflection, lunch with trainees, internal meeting negotiation exercise, reflection, partner interview (no reflection for the interview).

Please provide a summary of each assessment on the day with approximate timings.

The AC started at 9:30 am and finished approx at 3:30 pm - In-tray written exercise (approx 1hr 40mins) - Reflection (approx 15mins) - Internal meeting negotiation exercise (approx 30mins to read/prep, 20mins meeting, 15mins reflection). - Partner interview (approx 1hr)

What is your best advice for each aspect of the assessment on the day? Please break this down for each assessment. This can include advice for preparation, as well as tips for the day.

Internal meeting / negotiation exercise:
- This sounds complicated but it is not. The hardest thing about this task is limited time pressure. The content/task itself is not difficult to understand and you do not need any legal knowledge whatsoever. The documents actually guide you towards the side you should pick and provide you with all the evidence/arguments you need to support tour points.
- The documents will be full of some key information whilst others are not very important and could actually waste your time if you spend a lot of time reading them. Therefore to know which documents are worth spending time on reading, you should read the instructions given properly as they tell you exactly what information you need, making it easier to navigate through the documents.
- Do not spend time writing down full sentences when planning what you will say but rather bullet point them to save time and can be easier to read/glance over during the meeting to make sure you’re not missing out on any important info.
- When you go into the meeting make sure you use your team working / interpersonal skills and show the partner you can work well with others. This is not supposed to be an aggressive negotiation but instead a calm and professional discussion. This does not mean you should change your opinion! Stick to your argument and be confident with it because if you’re not then how will they be?
- This task is mainly testing 3 things here:
1. Your ability to work under pressure, prioritise, attention to detail.
2. How you work with other people / how you can handle different opposing opinions.
3. How well you can articulate your arguments / convince others.

In-Tray / written exercise:
- The idea here is to prioritise the tasks, making sure you at least complete the most important ones and submit them. I personally did not complete everything but made sure to complete the most important ones.
- The way I dealt with this task is by firstly doing a quick scan over all the emails to see which one I should do first. I chose to prioritise by completing the tasks sent by partners and work for clients first as they were more urgent. I then dealt with the other emails. There were some emails that I did not have time to fully respond to but I still made sure to say something like “I will have a look at this and will get back to you at the end of the day with a definite answer”. Do not do this for every email obviously, only use it where appropriate.
- You will also know which tasks to prioritise as some of the tasks have dated deadlines, making it easier to know which one needs to be done now.
- There is not a way to prepare for this task before the AC. The only thing I did was read about people’s experiences of completing this task (TCLA does a great job at providing this) and talked with previous vac schemers who did the same task just to get advice. This actually helped me during the task as I was not completely clueless as to what to expect/shocked by the task.
- Again you do not need legal knowledge here. They will provide you will all the information you need.
- Make sure to complete the proofreading task too as this is testing a different skill in comparison to the in-tray email task and so if you do not complete it they will have nothing to mark you on in this regard.
- I personally found the most difficult aspect of this was the time-limited pressure. However, if you remain calm and prioritise from the start you will be able to get through it properly.

Partner interview:
- The partner that interviewed me was very welcoming and friendly and made sure to clarify any questions I had.
- They give you the opportunity to ask questions at the end and the partner was more than happy to answer and give as much detail as possible and I actually found myself learning a lot about the legal industry and the firm so make sure to have questions prepared.
- To prepare: have an example of a role/work experience/position of responsibility prepared for each skill. For example, to answer a question about teamwork, have an example of a time you worked well in a team. Make sure to use the STAR method when answering the questions as this is the best way to ensure you’re giving them all the details they need. When talking about the “R” (Result) make sure to talk about what motivated and energised you. Try to find the positive in every situation, even if it was not a particularly pleasant experience. For example, if the question is about a time you had to complete a difficult piece of work, you should still highlight how you enjoyed this (e.g. you enjoyed the challenge, problem-solving and being out of your comfort zone helped with your personal growth/self-development. Here you are showing that you can still stay motivated during tough tasks and able to reflect and learn from them).

Reflection:
- This is a great opportunity to show them you are self-aware. For example, if you made a mistake during the task, you could mention this and say how you would improve next time if you were to do it again. Be as honest as possible and again give as much detail as you can.

Overall advice:
- The firm focus on your strengths, motivations, what keeps you energised and how well you fit in with everyone. It is quite a long and tough AC but because the firm has an incredibly welcoming and friendly culture, everyone is very genuine and wants you to do well and so they really do help with calming your nerves. Prepare for the interview as much as you can, as out of all the tasks this is the only one you can prepare for. Prior to the AC, the firm will give you a document explaining the AC process so make sure to read it a few times as it helps.
- Read the other experiences that have been shared on the TCLA forum as each candidate may have a different experience and so it is good to get an overall picture of how they assess you.

Were you successful?

Yes

Please state the month/year you interviewed at the firm.

March 2021

Please specify what the interview was for.

Summer Vacation Scheme 2021

Please give an overview of the day with approximate timings.

1 hour long interview with 1 partner (virtual, over zoom).

Please provide a summary of each assessment on the day with approximate timings.

1 hour long interview with 1 partner. There were no other activities / tasks.

What is your best advice for each aspect of the assessment on the day? Please break this down for each assessment. This can include advice for preparation, as well as tips for the day.

1. Review your entire application (both cover letter & work experience) as they may pick up on any work you’ve done and ask you about it so you want to make sure you’re ready for any questions. They picked up on a university society role I had as well as other legal work experience so make sure you review everything, not just your legal work experience.

2. Know answers to the 3 Why’s: why law / commercial law, why travers, why you. The partner asked me these questions but not directly, he weaved them in with other questions / asked them as follow ups.

3. Commercial question: I was surprised that I wasn’t asked the “tell us a recent news story that interests you” but rather the partner picked a story. The story they picked linked to the area of law they work in. My advice here would be to firstly have a news story that interests you prepared just incase they do give you the choice to choose a topic. Secondly, however, you should research the partner that is interviewing you (they will tell you who it is prior to your interview) and find out what area of law they specialise in. You should then see what news is going on in that area. For example, if an employment lawyer is interviewing you they may ask you about the gig economy and the story about Uber (I was asked about this). Similarly, if your interviewer is a corporate lawyer, they may ask you about M&A and ask you about a recent merger in the news.

4. The partner did not ask me to talk about any deals they’ve worked on, despite the fact that I mentioned a deal in my application. I would advise you prepare for this question regardless just in case.

5. Debate question: as everyone always advises, stick to your point, stay confident and explain your reasoning behind your opinion. There is not much you can do to prepare for the debate question. Perhaps make sure you have a broad idea of what is happening in the news as they could pick a recent story and try to debate it as they did with me.

6. Have some questions prepared at the end as they give you some time to ask questions.

When I was preparing for this interview, I came across a wide variety of advice regarding how to prepare and the type of questions they ask you. After completing the interview, it appears that the questions you’re asked and the amount of detail on certain topics you’d need to know really varies depending on your interviewer. My interviewer told me at the start that he had a list of questions to ask me, but his follow up questions were all asked on the spot and not prepared, meaning that every candidate will have quite a different experience during the interview. For example if you mention you did work experience and you learnt about the process of an M&A transaction, one interviewer may ask you to explain the process to them whilst another may just move on to the next question. I also spent a lot of time revising topics such as private equity, M&A, IPO’s etc but I was not asked anything about them. Again, this could vary however depending on your interviewer.

Overall advice: prepare answers for the 3 why’s, brush up on recent news in general and more specifically about the area your interviewer works in, review your application.

Were you successful?

Waiting to hear back

I received the mail below 5/3/2021 - and have still not recieved the link... should I be worried? Is this normal?

---

Thank you for applying to BDB Pitmans. This is to confirm that we have received your application. You will be sent a separate email with a link to complete the Situational Judgement Test. This test must be completed by the deadline for your application to be considered.

Thanks

The Graduate Recruitment Team
BDB Pitmans

Hey everyone,

We're currently preparing for the last workshop of TCLA's M&A bootcamp and we're tailoring this one to the litigation issues surrounding an M&A deal.

We have a fair idea of how litigation has come up in the past, but we'd find it really useful to know more about how it may have come up for other candidates in their interviews (either in a case study or otherwise). This'll then help us to structure our session in the most useful way.

If you can help, here's a quick Google Form which you can fill out: https://forms.gle/u6B9FW99V7FRzyw37. We'd really appreciate it.

Thank you!

Jaysen

Hi everyone!

I just received a telephone interview invite for Mayer Brown. Does anyone have any advice/tips ?
My slot is on Monday, so I really want to use the weekend to prep.

Thank you

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Hi there! I was wanting to get some advice and other people's perspectives on my options after the GDL which I will be finishing in April this year.
I know that the SQE is being introduced which I feel complicates things as I now feel pressure to start the LPC but obviously this is v expensive and I have yet to even gain a vac scheme let alone a TC (I'm still applying to but really losing hope at this point)
Would a year out in between the GDL and LPC be okay considering that firms will want to start introducing the SQE v soon?
I was also wondering whether applications during the LPC is doable? I understand the course in even more intense than the GDL and I've already found it difficult to balance studies and applications, prep for interviews etc so really not sure if I would be sacrificing the quality of either of those during the LPC??
I've noticed a lot of paralegal/legal assistant jobs that are advertised seem to want previous experience but unsure of where to get this in the first place - would it be worth sending speculative applications to local firms?
And generally, any advice on how to fill my summer/time productively that would help applications for between now and the LPC/whatever I end up doing??
Just wondering what others who are in a similar position are thinking of doing??

Thanks so much for the help!!

Hello!

As VSs might potentially be in person this summer, I’ve realised I desperately need to update my wardrobe.

Does anyone have recommendations for good places to buy office-wear clothing, particularly for women? I know Zara, H&M and M&S can be decent low-cost high-street options but I worry that the quality won’t be as good? Is this something that other people notice as well (just bc I’ve heard of stories of people judging others for not wearing a tailored designer suit lol)?

Also what is appropriate clothing generally for the office? I feel like it’s harder for women because although there’s more choice, there’s also potentially more ways to go wrong! Are coloured suits/shirts acceptable? Boucle jackets? A nice midi dress? What is too casual? I feel as though I’ve seen a mix of those amongst professionals but at the same time have also seen a lot more formal attire…

Previous internships I’ve experienced were a lot more informal in comparison to commercial law!

It would be so great and helpful to hear suggestions - I’m someone who enjoys fashion/dressing nicely but I’ve never really shopped properly for professional clothing (as you can likely tell)!

Thanks so much in advance!

I picked up on this rather interesting article in the latest edition of the Economist (link below) about the operations of Chinese law firms, specifically "Red Circle" firms, and how they may threaten the UK and US law firm global status quo.

Whilst being an intriguing topic in its own right, I think it is also an area which is particularly relevant to interviews (especially the popular "what are the challenges law firms will face in the future" question).

We have already seen a semi-exodus of UK & US firms from China, such as Vinson & Elkins, Stephenson Harwood, and BCLP, in conjunction with a series of lateral hires from US to Chinese firms – signalling the growing dominance of "Red Circle" firms. Moreover, with China commanding a greater influence in areas such as project finance with the Belt and Road initiative, it may be the case that we start to see Chinese firms offering TC's in London and competing with top firms in the City.

Perhaps some of these notions are a bit far-fetched – but I think it is definitely a story to keep an eye on!

Link: https://www.economist.com/business/2021/03/03/can-chinese-law-firms-take-over-the-world

Does anyone’s know how long it takes to hear back from Hogan Lovells post AC? Thanks!

Can we expect to see salary increases for London law firms?
Many firms have had record breaking years for profits, and there have been no rises in trainee salaries for some time.

Hi guys, I'm looking for a little insight. Last summer I had a virtual vac scheme and failed to convert. I've got a vac scheme with the same firm this year but I think the scheme is going ahead in person - do you have any tips for someone who's never done an in-person vac scheme and how to adapt from the virtual scheme?

Also any tips in general on how to prepare the "why law" answer? I think this is where I faltered last year because nerves got the best of me. I know I'm drawn to commercial law because of the cross jurisdictional, complex and team oriented work but would it be worth going into more detail about specific interests in practice areas? I think I failed last year because I got so hung up on trying to justify why I changed career paths.

I have my first ever paralegal interview tomorrow with Womble Bond Dickinson and looking if anyone has some advice they'd like to share please because I am super nervous. I have done ACs for vac schemes previously, but I'd like to know if I should approach this differently in any way. Also, is there anything WBD would be looking for specifically? Thank you in advance

Hi folks,

I was wondering if anyone could help me out. I have been applying to vac schemes this year without much luck, and still have some TC applications coming up. I'm anticipating having to self-fund my next steps, and it seems like the logical thing to do to get on with the GDL before SQE kicks in (and hope that next time round having the GDL under my belt might help me out somewhat, and that firms will then pay for me to do the LPC).

I am wondering how people feel about online GDL courses. I have been looking at UoL and BPP, which are obviously very expensive (at around 11k) but it seems they are the preference for companies. I was also looking at Southbank for the GDL as its much cheaper, and since it is so much cheaper, I might be able to move to London for it.

I am worried that online courses will limit my access to careers events and, particular, pro bono initiatives, but then on the other side of the coin, BPP and UoL do seem to have very solid teaching.

If anyone could give some advice on this, that would be great - applying in 2020/21 has had me pulling my hair out so having some guidance would be fantastic.

We're hiring TCLA's first-ever social media manager! Apply here: https://form.typeform.com/to/D7RTqC77

Approximately 5-10 hours a week at £15/hour + bonuses. The role will initially run from 1 April 2021 - 31 May 2021. If we're a great fit, we're keen to turn this into a longer-term contract.

You don't need formal social media marketing experience, but you do need to be passionate about helping the lives of aspiring lawyers, and love marketing/understanding what makes a business tick.

You should also:

• Understand what it means to produce authentic content that drives genuine engagement
• Be meticulous about organising your time and managing your tasks
• Understand how to repurpose content across social media platforms

Why apply?

• You will play a vital role in shaping the career journeys of thousands of our followers.
• We'll fast-track your understanding of social media marketing for a fast-growing company. You'll work directly with TCLA's founder and we'll pay for you to complete courses to accelerate your learning.
• It's completely remote!
• Responsibility is yours to take. If you love being creative, testing out new strategies, building relationships with aspiring lawyers - we'll give you the autonomy to run with your ideas.

Deadline: 31st March 2021
We'll be reviewing applications on a rolling basis.

Hi guys, I'm quite new around here and I'd really appreciate some guidance.

I'm a second-year Law student on a 3-year course. Admittedly, I did apply to the vac schemes late but I sent in a decent amount of applications, rejected from 4 so far, and not feeling that confident about the rest, at this point. It's actually taking a toll on my mental health.

I feel so discouraged. I don't have strong work experience, especially legal, and I honestly have no idea what I could do if I don't secure a vac scheme, and then a TC. I don't want to start my career late, ideally want to go straight to work or complete the LPC if I secure a TC, after third year

I'm not sure if this is even to the right place to ask, but it's worth a go. Any advice, or ideas of what I could do over the summer? Or what I could get up to after the end of third year if I don't get a TC? I'd appreciate the help a lot, I'm incredibly nervous and honestly, not in a great place mentally.