New Threads

Hi All,

I'm pleased to say one of our long-time forum members, @Abstruser, has kindly agreed to answer any questions you have on this thread.

She is a future trainee at a Magic Circle law firm, and a first-class law graduate. She secured multiple training contract offers in her second cycle of applications as an international, non-EU student. She is currently studying the LPC.

You might want to use this thread to ask about how she worked on applications, went about developing commercial awareness or even tips for securing a first. Abstruser will be sharing her advice based on her own journey and experiences, but it's worth noting - there are many ways to approach all of these things and what works for one person might be different for another.

Enjoy!

Hi,

I have to complete a written assessment for an assessment centre with SEO London, and one of the questions is 'tell me about a commercial story or development of interest'. (300 word count)
How do you think I should go about this question?

Kind regards,
Jasleen

Hey guys,

I applied to a firm last year and was successful with the initial stages. Can I use similar application answers if I update and change my work experiences/motivations?

Cheers

Hi everyone,

Is anyone here taking part in the competition this year?

Thought we could share commercial awareness tips and tricks before it starts if people wanted to!

Hello,

I was reading one of TCLA's guides about how law firms grow internationally. Please does anyone know how White & Case grows internationally or where I can find it on their website?

Thanks.

Alot of people are having/going to have assessment centres. Whilst it's not really possible to prepare for the written exercises, it seems a lot of them involve writing a client memo.

I was wondering what is the best way to structure a client memo? I'm still slightly confused as to what the purpose of a memo is! If any trainees/vac schemers have done any, think their opinions could be really useful!
Any other tips would be greatly appreciated.

I've had a search and it doesn't seem as if this has been discussed before! Apologies if it has!

I couldn't remember if there was an article on the website about this already, but I think this is a key issue that law firms are facing and wondered if anyone wanted to share their thoughts as we get ready for application season. Please note that I have not done any specific research before writing this, and have just based this off of things I've read, heard at Open Days etc., as well as my own opinions.

For me, generational change is about how law firms engage with recruiting and keeping talent. In previous times the rigid 'up or out' system that we are fairly used to was the only model practiced at law firms, and while the work is still hard and the competition to reach partner is still fierce, it is now recognised the old system has led to a lot of excellent (but probably burnt out) talent being lost. Larger firms appear therefore to be doing more to keep staff feeling happy and supported, albeit in very different ways:

• On one hand, you can see this in the "Magic Circle" approach. This approach encapsulates firms, like the Magic Circle, that invest heavily in lawyer support services, diversity & affinity networks, as well as technology-enabled flexible and gig-working. I personally think that whether this has been successful or not is an open question: a lot of firms pay lip service to making the workplace more people-friendly, but unless you have childcare commitments, I do not think there is a huge difference between working hard till 1am at the office, or in your bed.

• On the other, I think we can clearly see a "Kirkland" approach. The Kirklands of this world are, like the eponymous firm, generally American and generally paying outrageous salaries at every level. There is probably less investment in support services here because of the lean nature of many of these firms' London offices, and the expectation is that the money makes up for the lack. Several firms seem to have opted for the Magic Circle approach because they cannot/do not want to compete with Kirkland et al's fluctuating dollar-pegged pay packets. It comes down to the idea of "you will work just as hard, but even though you will be paid slightly less than the top of the market, you will be far better supported."

Structural change to me seems more varied. The traditional legal career of trying to stay as a solicitor in private practice for as long as possible is no longer the only option. Becoming the in-house counsel of a business, which is where a lot of the 'out' typically ended up, is no longer seen as a career-ending move - many general counsel are recruited from the partnerships of top law firms, and you can now see movements of lawyers going the other way and back into private practice. Some larger corporates now offer training contracts to some employees, but it seems that this is only something offered to those who have worked there for a large period of time.

Another feature that has changed is how firms approach partnership:

• Some firms have chosen to double down on the traditional lockstep model, such as Slaughters, and it does have its benefits. Keeping a firm's culture collegial and the income of its partners relatively equal limits egos and other destructive behaviours, and promotes consensus and long-term strategic business planning.

• On the other hand, money talks, and a lot of partners and senior associates near partnership level are finding it hard to ignore the whispers in their ears of highly lucrative but short-term mega contracts at better-funded US giants. I think an article I read in Legal Week quoted one associate as being called by recruiters for different US firms up to 5 times a week.

• Equally, several firms have begun adopting equity/non-equity partner splits. This appears to me to be a double-edged sword. It allows ambitious associates who have no designs on going in-house to reach partnership a lot faster, but denies them the real rewards they have been seeking for several more years. I also think it stymies change within a firm. Existing equity partners have little incentive to change the direction of the firm's strategy when newer voices are only given a token stake in the outcome.

So what do you all think? What will the effects of all these changes be on law firms? Slightly more shamelessly, how would you make these points in an application?

My personal situation is probably very different from the vast majority of applicants, but I would appreciate any insights as to my prospects of securing a vac scheme and/or TC.

I study Law at a top university, after achieving very good GCSE and A Level grades. I achieved the highest marks in my home country for two out of my three subjects. However, my first year results were dismal, to say the very least. I initially struggled to keep up with the rigours of the course, and I suffer pure-O OCD and GAD. Whatever the cause was, I ended up failing my Contract Law module, which was probably the worst outcome for someone interested in commercial law. I re-sat and passed but my official mark is capped at 40%, so a bare pass. My performance in my other modules wasn't great either, with 2:2s and low 2:1s.

I was determined to turn things around and I really worked hard this year, alongside getting proper medication and counseling support. I've ended up with a mid-2:1 average for second-year, including a first. I know that for most law students such results come naturally, but after my first year, I am quite proud of how far I've progressed. I've been a Committee member on four different societies and I've taken up a part-time retail job. In terms of legal experience, I've done four internships at prestigious international law firms based in my home country; I've attended first-year insight schemes and campus Careers events, and I actively volunteer as a caseworker at a legal clinic. I'm also multilingual.

In short, do I still have any chance for even getting a vacation scheme? Firms keep on going on about how they're willing to take extenuating circumstances into account, but realistically, even if I write the best app I can; I have relevant ECs and good A-Levels/good second year grades (from a very reputed/competitive uni), does my first-year pull me back? My degree is awarded based only on second and third year performance so I can still achieve a 2:1 overall, but are firms going to reject me instantly because of Contract/an average of 2:2 in first year?

Would really appreciate any advice/support because I've been getting very anxious about my future. I do want to qualify as a solicitor in a commercial firm, and I feel like I've screwed up years of hard work and dedication because of one bad examination.

Dear all,

I am doubtful there will be many people who have been in my position. I am a funded Cambridge University PhD student (MSt from Oxford, First-Class degree from King's College London), going into my penultimate year. I have been researching law firms over the past year with an eye to leaving academia behind and making money in the city. I have a passion for life sciences in general, although my PhD is in Philosophy. I expect to graduate from my PhD in 2021, and am beginning to organise work experience in the legal sector alongside writing my thesis, as I am sure this is indispensable to finally securing a training contract.

Given that I am going into the second year of my PhD, when should I think about applying for vacation schemes and/or training contracts? I am aware that the GDL route will no longer be available in 2021 when I graduate. I am nervous about the unknowns of the SQE, and how training contracts will work around those exams (without being accompanied by a formal course of study).

I would be grateful for advice in my predicament. I already have an internship for summer 2020 at an educational charity in Monaco, so will not be able to do a summer vacation scheme. I wonder whether, with my current lack of legal work experience, it is worth my applying for vac schemes (for Winter 2019, Spring 2020)? Please, anybody, give this aspiring solicitor some advice.

All the best!

L

Hi guys,

I was hoping to get some clarity on this question:

Why have you chosen to become a solicitor? What relevant skills do you possess? (200 words)

Given this question is 200 words and wants me to cover why I want to become a solicitor AND what skills I possess, I have basically jumped straight into why I want to be a commercial solicitor specifically (it's a commercial firm that I am applying for.)

Do you think this is acceptable? Or should I make more effort to explain why I want to be a solicitor generally?

I'm trying to do it in 100 words to leave room for the skills.

Thanks!

Hi all,

I was just wondering whether Shearman's winter and summer vac scheme 2020 is on a rolling basis?

Many thanks!

As recruitment season is approaching, I was wondering about the sorts of questions I should be asking to Recruiters/Lawyers.

What are some of examples of questions that helped you decide on what firms to apply to for training contracts? What type of questions do you recommend regarding the application?

Aside from researching the firm's website, It's difficult to differentiate the law firm's culture and if it could be a good fit in such a short amount of time talking with recruiters and trainees.

Anything helps, thanks!

Hi everyone

It's a new month again, time really flies!

Hope you enjoy this week's updates!

Commercial News Update – Wednesday, 4th September 2019

Topics covered this week:

1. Deal Agreed for British Steel Subsidiary TSP Projects (@ELA)
2. Labour’s Plans for Share Seizures @LJ
3. Argentine Debt Crisis @Moni
4. The Future of HS2 and Brexit Update @Alice G
5. UK High Street Reform @Sara Moon

1. Deal Agreed for British Steel Subsidiary TSP Projects (@ELA)

The Story

Last week, French engineering firm Systra agreed a rescue deal for TSP Projects, an infrastructure design consultancy owned by British Steel.

Control of British Steel passed to the official receiver in May, as the high court ordered the company’s compulsory liquidation.

Impact on Businesses and Law Firms

The acquisition will make TSP a fully-owned subsidiary of Systra, which means Systra will now own 100% of TSP’s shares. The official receiver was able to make the decision to sell TSP because one of British Steel’s creditors, White Oak Asset Finance, agreed to release the security it held over the subsidiary, removing a claim over the business. Corporate and finance legal departments will have been needed to coordinate this structural change and update contracts linking TSP with British Steel and its creditors.

Moreover, it was reported that the acquisition will save 400 jobs and that the agreement includes TSP’s £70m of pension liabilities. During due diligence, Systra’s legal team would have had to examine employment contracts and advise their clients on the legal and commercial feasibility of the acquisition.

Finally, the transaction is a good example of how businesses can use an acquisition to achieve strategic aims. Indeed, the acquisition will double Systra’s size in the UK and strengthen its position in the engineering and consultancy market for mass transit, mobility and infrastructure. Its CEO, Pascal Mercier, said that “this acquisition [was] a game-changer for [Systra’s] UK and Ireland business, placing [it] among the leading UK consulting engineering firms”. He also recognised the importance of firms sharing a similar culture to realise synergies post-acquisition, noting his feeling that the acquisition was “a good fit between two like-minded companies with a shared commitment to excellence, safety and innovation.”

Some commentators noted TSP was always the most “attractive” part of British Steel because it is a service business and therefore, unlike its manufacturing parent company, it is unlikely to suffer as much from Brexit uncertainty – one factor which was cited as a reason for British Steel’s struggles.

2. Labour’s Plans for Share Seizures @LJ

The Story

Analysis by Clifford Chance and the FT claims that a Labour government would confiscate roughly £300bn of shares in the 7,000 largest companies and transfer them to workers. The FT claims that this would be one of the biggest raids on the private sector to take place in a western democracy, representing a shift in power away from bosses to workers.

Specifically, McDonnell’s plan is to gradually hand 10% of equity to workers in any company which has more than 250 staff. Workers can earn up to £500 a year in dividends, with anything above this, significantly, going to the state through a ‘stealth tax’.

Impact on Businesses and Law Firms

It is difficult to pinpoint the exact impact this will have on both businesses and law firms. As Dan Neidle (partner at Clifford Chance) explained, “there is no historic precedent” and we would be in “completely uncharted territory”.

Though, while it’s hard to determine practical implications, it is possible to discuss the more theoretical arguments presented. McDonnell argues that shares establish a stronger vested interest for workers in the success of their company; therefore, potentially enhancing productivity (this model is famously seen in John Lewis’ partnership model). Likewise, the long-term impacts are also important to consider. Companies are likely to invest more in human resources, with employees more incentivised to stay longer, helping reduce overall turnover.

Nevertheless, companies may restrict investment into the UK if this does indeed pass as legislation, as it takes both profit and power away from owners. Furthermore, wages could be lowered in order to counteract these higher costs facing the company. Overall, it establishes further limitations generally on the flexibility of a more free market based economy.

Commercial lawyers may already be discussing how to anticipate this. Employment lawyers will be researching how this can change the relationship between ownership and staff. Additionally, restructuring lawyers will perhaps consider more substantial changes to corporate structure to minimise impact for clients.

3. Argentine Debt Crisis @Moni

The Story

Last week, Argentina entered a “technical default” on about $101bn in outstanding debt, including IMF loans and global bonds. The government previously announced that it was seeking to postpone payments on its local bonds and IMF loans, while it worked to adjust the maturity profile on $50bn of foreign-owned debt. Economic uncertainty, since the President’s unexpected defeat in the primary elections, has made it difficult for the government to place short term debt which it would use to cover repayments.

Since the announcement, Argentine bond prices have reached all-time lows, and the peso has rapidly devalued. Over the weekend, President Macri imposed capital controls to support the weakening currency and prevent the debt crisis from worsening. The official peso rate has improved; however, the full impact of the restrictions is yet to be seen.

Impact on Businesses and Law Firms

Argentina has now defaulted nine times and investors will worry that last week's events are only the beginning of yet another prolonged debt crisis. The default is especially concerning given that Argentina is currently going through a political transition. As such, there is concern that noone has sufficient authority to negotiate with the IMF and current bondholders. President Macri, who won over markets with his free-market economic agenda, suffered a surprising defeat to Alberto Fernandez in last month's primary election. Investors do not have a clear sense of Mr Fernandez' planned economic agenda and fear a return to populist policies that have previously resulted in economic stagnation.

Investors will be watching IMF and bondholder discussions closely with the hopes that President Macri can stem the crisis. The negotiations will also provide a significant opportunity for law firms with expertise in sovereign debt restructuring. Both the government and bondholders will look to legal counsel on how best to secure a working compromise in the coming months.

There are number of economic indicators suggesting the UK (and EU/US) is heading towards a recession.

I was wondering if anyone had any articles/resources etc help me understand how law firms are going to be impacted by a recession, and how they may operate in order to mitigate the effects of a recession?

Finally, I was wondering what sort of opportunities a recession might offer law firms or specific practices? Perhaps an increase in revenues from certain sources?

Hello all,

Hope you've had an enjoyable (but also productive) summer!

With the new academic year approaching, I've been compiling a 'shortlist' of firms to apply to.
My goal is to secure a TC by the end of next year and I hope to achieve that through vacation schemes, rather than direct TC applications. This is because I do want the opportunity to get to know (and compare) the different firms I'll be applying to and I feel it will also allow me to show my best to the firm over the course of the internship. Further, there seems to be a consensus that most TC offers are made to vac schemers.

Here comes the question: is there a verdict on how many vac scheme applications are too many?

The obvious issues with too many applications are: (i) application quality can be compromised, and (ii) if offers are made, the schemes might clash.

I've narrowed down the list to 8 firms (which I'm interested in based on mostly their practice strengths, but also their global strategies and future growth prospects). Out of these, however, I had intended to apply to a maximum of four or five. All of their schemes are held during the summer.

Do you think I'm shooting myself in the foot by not going for more, or is it better to stay focused on a smaller number of firms and get to know them as well as possible prior to the ACs?

Feel free to discuss!

I am a non-law student in my second year studying history. Should I apply to vacation schemes this year or in my final year (next year)?

This question has always thrown me. What sort of information should include? I feel like in the past I have started to answer the "Why Law" and "Why this firm" question.

Also how long should this answer be? I'm unsure whether they want a snappy introduction about myself or something more detailed.

Would be grateful if someone could include a skeleton of the various things they mention. Thanks in advance!

Hi,

I have a straight TC interview coming up with Cleary and was wondering if anyone has experienced it? I believe it's different to the open day + vacation scheme interview as there doesn't seem to be a group exercise element involved.

Any info will be much appreciated!

Hi all,

I am in the process of making applications for winter Vac Schemes, albeit a limited number of firms offer them.

I am terribly keen on some of the magic circle firms but am conscious that 128 UCAS points (3 A-levels consisting of an A* and an A) does not meet their minimum criteria.

Can any members give me some pointers on which firms take a more contextualized approach to applications.

At present I've begun my application to Allen & Overy, but will be beginning to apply to Linklaters and Hogan Lovells shortly thereafter.

Any response or feedback would be greatly appreciated

Hello,

I'm currently finishing up a training contract application for a small-medium sized City firm that has two separate starting dates for their TCs: Sept 2021 & March 2021. Is it advantageous to choose one over the other? Does the firm split applicants into these two groups when assessing applications? If so, can you imagine one date being more popular than the other?

I'm assuming that they don't do this to prevent quality candidates from slipping through the cracks, but I'm hoping you may have some insight on this.

Cheers,

Garrett

In a question that asks you about your skills/work experience/hobbies and how they make you a commercially focussed solicitor of the future would you focus primarily on commercial awareness or discuss teamwork etc too? Also, would you spend time saying what a commercial solicitor does or is that just wasting words?

Thanks!

Hey,

When submitting A&O vacation scheme application, how long do I have to complete the SJT and then when do the subsequent tests/interviews happen? (assuming I am successful in the application review and SJT)

Thanks

As you may have already seen via LinkedIn/email:

We’re running our first event, an intensive one-day training session to help you guys secure training contracts.

It’s not just us who will be teaching. We’ve brought together some super talented people across the profession to teach you about mergers and acquisitions, legal technology and how the City works.

We’ll also share our best advice for writing applications that stand out, give you access to detailed checklists on current commercial topics and provide one-to-one application feedback.

Ultimately, we hope the event will help you become an exceptional candidate.

It’s on Saturday 9 November 2019 in Central London.

As it’s a training session, tickets are very limited – so if you can’t make this crash course, we hope to invite you to the next.

We’re keen for this event to be open to all aspiring lawyers, which is why we’re also happy to launch the TCLA Scholarship Fund.

You can check out more details on the events page: https://events.thecorporatelawacademy.com/

Hi everyone,

I've just started looking for commercial paralegal roles in London and looking for some advice:

1) Which agencies/websites are best for those with no paralegal experience (but lots of internship experience) and the LPC? I'm finding that a lot of vacancies require experience but are more flexible on whether candidates have the LPC.

2) Which firms only recruit directly for paralegal roles (as opposed to via agencies)?

3) If I had the choice between a paralegal position and a job in a client industry, which route would be preferred by TC recruiters (or are they given equal weighting)?

Thanks!

Hi all,

I am looking for some advice, as I am currently facing the dilemma of whether to defer my training contract. I have recently started a job at a Big 4 firm outside the UK in international tax, which I believe will be useful commercial experience. If I choose not to defer my training contract, I will gain only one year of work experience at the firm. If I do defer, then I will have two. I am, therefore, looking for advice on whether this experience and the length of it (1 year vs 2 years), will make any difference to:

(i) my employability if I want to switch firms after my TC, and
(ii) my career as a corporate lawyer (and not a tax lawyer) generally.

Any advice will be much appreciated, and thank you in advance!