Sainsbury's and Asda merger - Interview topic

I think it's quite likely this topic will come up in some interviews this year. In addition to M&A and finance scenarios, competition comes up a fair bit and this is a great case study for interviewers to use.

You can use this thread to share any links or comments on the proposed merger.

Currently, the two supermarkets are battling the UK competition authority, the Competition and Markets Authority, which warned that it could block a merger unless they made some significant changes. (@Sara Moon covered this in more detail in the February commercial awareness update).

Sainsbury's and Asda have offered to sell between 120 and 150 supermarkets if allowed to merge- https://www.bbc.co.uk/news/business-47669614

Some interesting charts from the BBC:

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Africa: Should businesses & law firms still be investing in this emerging market?

Africa: Should businesses & law firms still be investing in this emerging market?

In the wake of the global financial crisis, international law firms turned to the African legal market.

Magic circle firms Allen & Overy and Clifford Chance launched in Morocco, while Linklaters formed an alliance with South Africa's Webber Wentzel.

A series of top UK law firms followed.

Why choose Africa? Was it a mistake? Which markets are hot?

If you've been wanting to learn more about the African legal market, this article from TCLA writer @Oliver Gilliland is for you.

Read More

Cover Letter

Hello Everyone,

I was just wondering for the "Why you should chose me" section of a cover letter, how detailed to I need to be?
At the moment I have listed skills that I posses that the firm has stated they are looking for on their website. I have then stated how I have demonstrated these skills with brief examples. So for example ..."I am a good team player as I played a team sport " ... which has developed my communication skills.
Another example I gave for being proactive was during my work experience I would start new tasks without being prompted etc. I didn't go into much detail as to what the tasks were- is this something I should be doing.
I am also slightly concerned that my answers revolve too much around law related activities. Should I also say what else I do in my spare time even though this is in the CV?

Many thanks :)

Paralegal Interview at Squire Patton Boggs

Hey everyone!

I had an interview for a paralegal position at Squire Patton Boggs today, so I thought I would share my experience, as Im sure it may be helpful for some.

It was a very straightforward interview. I was asked about my CV, more specifically, the most important skills I've gained from my work experiences so far. I was asked why I wanted to join SPB and why I decided to become a corporate lawyer.

Finally, I was asked a few situational questions. Such as, if I had a client deadline approaching, would I rather submit a perfect but late piece of work, or would I rather submit it an average piece of work, but on time.

The partner that interviewed me was very friendly and easy to talk to.

I hope this is helpful for some!

Summer Plans Advice

Hi guys,

Following my second application cycle, I have made progress by not getting rejected at the application stage in most of my applications. However, I was still unable to secure a vac scheme, and I hope that I will be third-time lucky next year. I'm still in law school, so I have another year of uni anyway. Nevertheless, I want to make the most of my summer. My current plans are to renew and improve my German language skills which fell behind after the completion of my German A Level; I also plan to complete a few online courses from Udemy and Coursera that are related to coding and corporate finance. Do you think that this will allow me to fulfil my summer with meaningful activities that would keep me in the "application game" for next year? I am really scared of having an empty summer as I've always had summer internships until this year.

Weekly Writing Tip 3: Making the most of your experiences

For my third writing tip I thought I would try and shed some light on how to write about work experience and extra-curricular activities in a convincing manner. From personal experience, the work experience section can be neglected in favour of the bigger, 250-300 word questions that law firms want answering. I used to believe that bullet-points would cut it. The reality is that this is yet another section in which you can sell yourself and shine, so should be taken as seriously as the essay-style questions.

1) Before you write, consider the work experiences you have

It is a very big myth that you cannot obtain a vacation scheme or training contract without legal experience. My first Assessment Centre and interview invites came before I even had an ounce of legal experience, so it is definitely doable. On that note, however, you would need a rich history of experience to draw upon and use to extract the skills that recruiters are looking to see. I think this Shearman & Sterling blog post, which discusses the different experiences that count, is extremely useful and one that everyone should look through – is there an experience you’re glossing over because you think it’s irrelevant? I think this blog post will allow you to re-think your experiences.

Before I delve into the writing, I believe it’s also important to note that if you see a gap in your experience, there might still be something you can do to rectify that. When I didn’t have any legal experience half-way through my final year of university, I emailed every single high-street firm in the vicinity to see if they would take me on for at least a week. I also attended law society and law department events when I could, to bolster my knowledge of the profession further. This also applies to other kinds of experience. If you want to show you can work well in a team, seek out society or volunteering opportunities which allow you to do that.

2) Consider the skills a lawyer needs to possess

In order to focus on and highlight the most important aspects of your work experience, it makes sense to take some time to list and understand the skills a lawyer needs to have and therefore, what a recruiter will be looking for from you. This will help steer you away from simply stating facts when you come to write about your experience and activities. To start off, here are a few:
  • Commercial awareness

  • Attention to detail

  • People skills

  • Leadership
  • Team-work

  • Resilience

  • Written communication
When getting ready to write about each experience, always try and extract the lawyer-like skills that you've gained. For example, commercial awareness is applicable to working for any kind of business, whereas people skills can apply to all customer-related work experience.

3) The writing

i. Dedicate 10% of the word count to set the scene and 90% to the skills

First, I’d like to tackle the work experience section. I would advise that setting the scene takes a small portion of the overall word count (if there is one). This includes how long the experience was for and your most basic duties. As I’ve mentioned earlier, the most important part is the skill extraction. It might help if you weave your skills and examples when you are providing the scenario of your experience. For example: On my one-week scheme, I helped with xyz, this demonstrated..., which is important for a lawyer because.... And repeat again.

ii. If it’s non-legal work experience, the skills are the most important aspect, but if it’s legal, discussing practicalities is important

Below, I discuss my experience as a sales colleague at a supermarket:

My daily tasks included stocking shelves and assisting customers with their questions about the location and availability of stock. Due to the demanding nature of some customers, I had to work efficiently under pressure and learn on the job, particularly when I did not have the immediate knowledge to give prompt answers. Other skills I have gained from Asda have been the ability to create good customer relationships and commercial awareness.

I give little importance to the tasks of the work experience because my responsibilities don’t directly translate into a career as a lawyer. The transferable skills are more essential, such as those I’ve mentioned.

However, when it’s legal experience, the practicalities of what you had to do, matter a little more. For example:

I participated in team exercises, such as creating a bundle for a fictional Employment court case and suggesting how to make a commercial contract compliant with regulatory rules. This developed my teamworking skills in a similar setting to a solicitor.

While it’s not my best attempt, what I’m trying to show is that although this activity demonstrates that I can work in a team, it’s also important that I had the opportunity to experience what a solicitor does on a daily basis. This isn’t a skill, per se, but practical knowledge that can be used to demonstrate that you’ve done your research on this profession and know what will be expected of you as a future trainee.

Side note: some people may wish to leave this out altogether, however, I’m a big fan of linking back my skills to being a lawyer. I don’t do it all the time; however, I do like to mention it when it’s not glaringly obvious. For example, with people skills and serving customers, I enjoy explaining how I will translate that as a lawyer with clients and the importance of that relationship. I sometimes throw in the name of the firm as well, to make it more relatable to the recruiter reading my application. This isn't a tried and tested way of doing things, so do whatever makes you comfortable.

iii. Specifics are even more important in the extra-curricular section

Whilst practical experiences such as bundling and learning more about the inside of a business can be taken from your work experience, it’s a little harder to sell your extra-curriculars, as the skills and their importance aren’t as immediately obvious. For example, you can talk about what sports you played, most of which would have had a team-working element to them, but that’s not specific enough. Just because you've worked in a group, doesn’t mean you've worked as a team. Explain what it takes to be a team: the collective responsibility of attending training sessions so you can all better yourselves for the next match, the communication needed within the actual game which is a raw version of the team-work you would use when planning a group presentation and many more examples besides. Also try and draw out the skills that are harder to pinpoint such as dedication, resilience or time-management, all of which are needed to maintain a degree/working life as well as your extra-curriculars.

iv. Tangible results

Beyond the above, it is important that your experiences or extra-curriculars have some tangible, possibly numerical results, that have come about as a part of your involvement. For example, I think numbers are the best way to do this, such as the below:

Using my initiative, I researched book request schemes and successfully pitched a similar idea to my librarian. The result was “More Books - Your Books!” which secured 200 book requests within 3 weeks.

As long as you have at least some claim to making those numbers happen, getting your statistics in order is impressive and makes your involvement that much more real.

Want to join our commercial writers team?

Hi All,

We have one position available in our commercial writers team (the team responsible for weekly commercial updates) to start in April.

With exams coming up, the successful candidate will help to support team members who will be taking time off to prepare for exams.

You can read more details about the role here. Since they started, the team have been extremely successful and their weekly posts have attracted many followers!

If you're interested, please fill out this Google Form. Applications are open until 31 March 2019.

Thanks,

Jaysen

Big Tech Regulation

I thought we had a thread on this in here already but it doesn't seem like it.

Big tech regulation is one of those ongoing stories that's worth familiarising yourself with. @kaveesha did a great guide on this here: https://www.thecorporatelawacademy.com/the-lawyers-guide-to-big-tech-regulation/

Following the attack in New Zealand today, social media sites (especially Facebook) will be under pressure to put a stop to the posting and sharing of these kinds of videos (the attack was live-streamed on Facebook).

https://www.bbc.co.uk/news/technology-47583393
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Struggling to differentiate between firms?

Hi Everyone,

I have had a few members message me about how I prepare for interviews and ACs and, specifically, how I go about distinguishing firms from each other. I compiled a bullet pointed list of things I consider and answer when trying to do this and I felt it might be beneficial for me to share this here for everyone to take a look at! If anything is unclear please let me know and I can try to add greater clarity :)

1) What working/billable targets does the firm have? Does this fit with your personal working style and preferences?
2) Partner remuneration - is it lockstep, modified lockstep? - this can affect culture and can be beneficial or not depending on your work preferences again :)
3) Firm's values/principles (Most firms do pro bono but WHAT pro bono do they do and are they big on mental health initiatives and championing women in the workplace, etc? )
4) Management structure/firm governance - can impact culture and flexibility in your work, especially at the partner level!
5) Global reach and international strategy (look at number 25 - Do all offices share a single profit pool or not, i.e. LLP model? Are the international offices collaborative? Is the London office autonomous or is it more of a satellite office if the firm is US heritage?)
6) Lateral hires made recently- helps to understand the firm's strategy and areas of growth/focus
7) Work benefits - work from home, help for parents who are still fee-earners?
8) What networks are available i.e. diversity network, women's network?
9) Extra-curriculars in the firm? i.e. netball team?
10) Do they have any specific initiatives, i.e. mental health initiatives if they don't already have a network geared towards this? A similar point to values really but more testing how tangible these values are in the sense of having dedicated groups etc.
11) Trainee intake size
12) Tech?
13) Awards and rankings - roll on friday etc
14) Practice group/industry strengths
15) Scale - in London and globally - can impact levels of work available to you and opportunities for professional development
16) Retention rates - very important I think!
17) Culture - always try and meet and engage with firms where you can - did you have a positive impression of the people there? Don't just consider your personal experience but look around you - are partners and trainees socialising naturally too?
18) Full service offering?
19) Firm's origin - more pertinent for the US but is it a New York bred firm or did it begin its roots in LA? Can have a cultural impact to a degree and may indicate the types of work undertaken and clients?
20) Clients? FTSE 100? Private Equity Houses? This can help with understanding strengths and areas of focus too.
21) Do they prefer homegrown talent or does the firm tend to make lateral and partner hires? Consider your own long term plans and ambitions for the future.
22) Do they have strong mentorship programs in place?
23) Specialists or multi-specialist? Relates slightly back to scale really but think about the sort of person you are and which you would prefer.
24) Regular feedback and appraisals?
25) Swiss Verein or LLP? (Look at Shearman's Whiteboard Wednesday video for this, linked here: https://ukgraduates.shearman.com/20...n-vs-global-partnership-whiteboard-wednesday/)
26) When you have looked at all of this and picked out key things that are important to you, can you substantiate why these are important to you through your past experience and current situation?
27) Have these bullet points helped you to consider main competitors? If so, who are they and what are they doing specifically which these other firms are not? Why is this significant to you?

I think that's it from me, sorry if it's a bit repetitive :) But if anyone has any suggestions to add, please do so below!

Vacation Scheme Diaries

Hi Everybody,

Following my previous post, (which I have copied below) please would you like this post if you would be interested in this idea and comment if you would be prepared to do a write-up for us :) Thank you all in advance!


"We are thinking of creating a new online space for people to document their vacation scheme experiences on the platform. Similar to the interview insights to a degree, I felt it would be useful for people to diarise their experiences on the forum. Taking notes on what you do each day on a vacation scheme is useful for you as the participant for your final interviews when you will typically be asked what you've done, and I think it will be invaluable for those who have not yet undertaken a VS to see what life as a trainee really looks like. We don't need specifics (and nor should you provide them because of confidentiality etc) but just a decent outline of what you got up to each day in your seats including any socials/talks etc. I will devise a template we can all use and these can absolutely be submitted anonymously to myself or Jaysen if you prefer. There will also be a reward for those who provide the best and most detailed summaries. I just think it would be great to provide the community with even more insight into the inner workings of law firms :)

Thank you so much everyone and hope you're all having a great week!"

Lyft IPO: A bet on things staying the same?

Here's an interesting commercial story to follow for future interviews.

If you start now, you can watch it develop in real time as both Lyft and Uber head for an IPO (with Uber's listing set to be one of the largest in history).

You can also take the story in a variety of directions - the rise of autonomy, the consequences of competition, or how companies manage huge valuations despite not being profitable!

Lyft IPO: A bet on things staying the same?

Career Ambitions

Hey everyone,

I have encountered the question "what are your career ambitions" on an application. I have already explained about my desire to become a partner and also to have an international career but I'm finding it hard to elaborate when I'm not sure what practice area I want to go into.

Does anyone have any suggestions on things to focus on if you're unsure about which area of law you want to go into? Also, if you have some experience in one area would it be worthwhile stating I'd like to explore it further?

Thanks :)

Happy International Women's Day!

We'll be doing giveaways across all our social media platforms to celebrate International Women's Day.

Twitter: https://twitter.com/OfficialTCLA
LinkedIn: https://www.linkedin.com/company/the-corporate-law-academy/
Facebook: https://www.facebook.com/The-Corporate-Law-Academy-152182482083752/

Credit to @Nichol Yesuthasan for the suggestion!

We're launching a commercial video team! Are you interested?

We think 2019 is the year of video, and we'd love to produce a series of videos to help aspiring lawyers develop their commercial awareness.

So, we're inviting applications to join our small commercial video team, which will be led by @MadisonK.

You'll be working together to create:
  • Short bite-sized videos, which break down key concepts in a variety of commercial areas (M&A, fintech, IP etc.) - weekly.
  • Commercial briefings that examine key news stories in an easy-to-understand manner and explain the impact on law firms - fortnightly.
Why join?
  • At TCLA, we're really big on helping team members develop their own personal brand. We want to use this as an opportunity to make sure you get noticed by law firms. The videos will be promoted using our website, email and social media channels (in January 2019, our website alone surpassed 15k visitors).
  • You'll be making a big difference to thousands of aspiring lawyers across the UK.
  • Teaching topics is one of the best ways to develop your own commercial awareness. You will also develop your presentation and communication skills, which you can market to law firms.
  • Successful members will receive a free subscription to TCLA Premium Version 2.0.
What do you need?

We're not actually looking for strong technical ability here, so don't worry if you struggle with commercial awareness. You also don't have to be used to video. We'll help you get there and provide resources and support along the way.

Instead, we want candidates who have an interest in the business world, strong communication skills and a genuine interest in helping aspiring lawyers develop their commercial awareness. This role is open to all aspiring lawyers, future trainees and trainees.

To apply, please fill out this short Google Form.

Applications are open until 22 March 2019.

Application Reviews

Hi All,

Just a quick reminder: from 1 April, we'll be taking our application reviews out of TCLA Premium and pricing them separately.

This will not apply to those who have purchased a three-month subscription already. They will still receive application reviews for the months they have purchased.

Likewise, if have a subscription to TCLA Premium this month, you will still receive your two free application reviews.

Best,

Jaysen

Have your first assessment centre coming up? Here's what you need to know

Hi All,

We've been posting advice on LinkedIn and a few other places about how to approach your first assessment centre. Thought I'd put it all together here.

Written exercise:
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Partner Interview:

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Group exercise:

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The next one I'll be doing is on case studies, be sure to follow our LinkedIn page to stay updated.

Commercial Awareness Update - March 2019!


Hi everyone!

Hope you have all been well, and welcome to the first commercial news update in March! Happy reading!


Commercial News Update - 6th March 2019

Topics covered this week:

  • Rising tensions between India and Pakistan (Qin)
  • End to the trade war? (Sara)
  • US Task Force on Competition in Technology Industry (Kit)
  • AT&T – Time Warner Merger Update (Angel)
  • The Trend of Carmakers Increasingly Working Together (Flora)
  1. Rising tensions between India and Pakistan (Qin)
The story:

On February 14, a suicide bomber in Kashmir killed 40 Indian soldiers. The attack was claimed by Pakistan-based terrorist group Jaish-e-Muhammad (“Army of Muhammad”), a group whose main motive is to separate Kashmir from India. Kashmir has been a historic bone of contention between India and Pakistan, with both countries having fought four wars and several skirmishes over the region.

Although Pakistan’s Prime Minister, Imran Khan, offered his country’s cooperation in a peaceful investigation, India retaliated by carrying out several “pre-emptive” airstrikes on terrorist camps in Pakistan. Relations between the two countries subsequently deteriorated sharply. Pakistan responded by shooting two Indian aircrafts, and capturing an Indian pilot. Fire was traded on the ground across the Kashmir line of control, and at least six Pakistani civilians were killed in the conflict.

Mike Pompeo, US Secretary of State, and Jeremy Hunt, UK Foreign Secretary, called for both sides to exercise restraint and to de-escalate the situation. On March 1st, Pakistan returned the Indian pilot as a gesture of peace and goodwill. However, the situation is far from resolved. In response to Pakistan’s announcement that the pilot would be returned, Indian Prime Minister Narendra Modi suggested ominously that the airstrikes on Pakistan were just a taste of what was to come. “A pilot project has just been finished. Now, the real thing must be done, the first one was just practice.”

Impact on business and law firms:

The escalating violence of last week prompted Pakistan to shut down its airspace, causing severe disruptions to international airlines. Several routes connecting Asia and Europe with the Middle East rely on passage through Pakistani airspace, and several airlines were forced to reroute or cancel their flights as a result of the shutdown. Emirates, for example, cancelled all flights from Dubai-Pakistan on March 1, while Singapore Airlines and Thai Airways rerouted their Europe-bound flights through Dubai, Mumbai and China instead.​

The conflict also had a broader impact on Asian markets, as global investors shy away from the region more generally. On the day Pakistan shot down the Indian jets, stock markets in Singapore, Hong Kong and Malaysia swung into the red, alongside the Indian and Pakistani bourses. Investors seeking to avoid geopolitical risks in the Indian subcontinent moved instead to safer assets, such as the Japanese yen and Swiss franc, both of which gained against the US dollar.

For law firms, the India-Pakistan conflict underscores the importance of managing geopolitical risk for businesses. A common contractual mechanism is to include a force majeureclause. Such a clause relieves contractual parties of liability when an unforeseen and/or uncontrollable event makes contractual performance impossible. By way of example, Indian-owned GAIL (previously known as Gas Authority of India Limited) has a 20-year supply contract with US LNG supplier Cheniere, and a similar contract with the US Cove Point plant in Maryland. In an interview with analysts from Wells Fargo, Cheniere’s CEO indicated that the conflict had not yet escalated to a force majeuresituation for GAIL, and that the GAIL contract would continue to be honoured.
________________________________________________________________________________________________________________________________________________

2.
End to the trade war? - Trump’s decision to pause increasing taxes over China (Sara)
The story

Tariffs on $200 billion worth of Chinese exports to the US was due to rise from 10% to 25% on March 1st. However, on 24thof February, President Trump announced that the US will be suspending the tariff rise on China indefinitely, following “productive” talks, which led the two sides “getting very, very close”. Trump tweeted that there has been “substantial progress” on negotiations with Xi Jinping on issues including intellectual property protection and forced transfer of US technology. Last Sunday (3rdMarch), the Wall Street Journal reported another hopeful news that the two leaders are “in the final stage of completing a trade deal”, and that the deal may be reached around March 27.

The final trade deal, which will bring an end to the year-long trade war, is likely to include China lowering tariffs and other restrictions on “American farm, chemical, auto and other products” and the US “removing most, if not all, sanctions levied against Chinese products since last year”. In regard to the trade deficit between the two countries (the US is purchasing significantly more from China than China is from the US), China has already committed itself to buy an extra $1.2 trillion of American goods.

Impact on businesses and law firms

The US-China trade war had serious ramifications worldwide and in industries of all kind. The 10% tariff on Chinese goods raised costs of production and thus final price of goods, costing American businesses and consumers $2 billion per month. The trade war also caused extra damage to the Chinese economy, which was already slowing down. This led to a fall in consumer confidence, which was a huge threat around the globe, as demand from the world’s largest consumer base drastically fell. The effects were even felt by the tech titan Apple and US-based construction machinery behemoth Caterpiller as their profits fell. Honda also recently announced to close its Swindon plant, blaming China’s economic slowdown and the trade war for its decision. Therefore, the trade deal, if reached, will recover business certainties around the world and hopefully, assist China in getting out of the economic slump. Following the news on a possible trade deal, China’s benchmark stock index, the Shanghai Composite, rose more than 3% and the European stocks were traded higher (the pan-European Stoxx 600 provisionally closed 0.23% higher) on Monday.
_________________________________________________________________________________________________________________________________________________________

3. US Task Force on Competition in Technology Industry (Kit)

The story:

Last week, the US Federal Trade Commission (FTC) announced that it would be setting up a Technology Task Force. This would be a task force focusing on “monitoring competition in U.S. technology markets, investigating any potential anticompetitive conduct in those markets, and taking enforcement actions when warranted”.

The task force will include approximately 17 staff attorneys and a Technology Fellow, “who will provide important technical assistance and expertise to support the task force’s investigations”.

The task force’s powers will include reviewing existing and prospective mergers of technology companies. For the former, the task force would be able to seek the full set of remedies, such as unwinding and divestment of companies, that would be available during the review of a prospective merger.

The FTC has not named specific companies or deals which would be targeted by the task force.

Impact on businesses and law firms:

The FTC’s move is the latest in what appears to be a transnational trend towards greater regulation of technology companies’ market conduct. For instance, last year, the European Commission imposed an unprecedented fine of €4.34bn on Google for abusing its dominance in the online search market by restricting the use of its Android operating system. An example of such a restriction is that Google has arrangements with Android device manufacturers which incentivise the pre-installation of Google’s products on the devices. In a more recent case last month, Germany’s Federal Cartel Office prohibited Facebook from combining data from Facebook, Instagram, WhatsApp and third-party websites without the explicit consent of Facebook users.​

Overall, it seems that Big Tech would be facing an increasingly stringent regulatory landscape. Technology companies, and the law firms which advise them, should be prepared to review whether their seemingly innocuous, existing market conduct is likely to be deemed anti-competitive. They would also need to be conscious of the possible anti-competitive implications of any future policies and behaviour which they wish to adopt.​

TCLA Premium - Version 2.0 - now released!

Hi All,

As some of you will have seen, we have now released TCLA Premium Version 2.0.

TCLA Premium V2 provides high-level training and resources to help aspiring lawyers secure training contracts at elite commercial law firms. It specifically targets commercial awareness and interview preparation, the areas that we see most candidates struggle with the most.

Within TCLA Premium V2, you will find:
  • TCLA's Commercial Awareness Course
  • Monthly commercial courses (starting with private equity)
  • Law firm insights
  • 45+ threads in our private forum (which includes access to past applications and cover letters)
You can read more here: https://classes.thecorporatelawacademy.com/
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