Commercial Awareness Update - April 2019!

Hi everyone!

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


Commercial News Update - 3rd April 2019

Topics covered this week:

1. Progress in US-China trade talks – @Abstruser
2. Approval of Draft EU Copyright Directive – @kitk
3. Jaguar Land Rover’s victory in the Chinese Courts - @bugsy malone
4. The Mueller Report – @Angel

(Personal views of authors may be implied)


Progress in US-China trade talks (by @Abstruser)

The story:

Last Friday, China and the US concluded the latest round of trade talks between the two countries. US Treasury secretary Steven Mnuchin described the talks, which took place in Beijing, as “candid and constructive”, and negotiations are expected to continue in Washington this week.

The negotiations take place against the backdrop of an uneasy truce between the two countries. President Trump had previously threatened to increase tariffs on $200 billion worth of Chinese goods from 10% to 25% if a trade agreement was not reached by March 1. However, in mid-February, President Trump delayed the deadline in light of progress being made in negotiations, stating that “[t]he date is not a magical date because a lot of things are happening.”


Presently, 10% tariffs continue to be applied on $200 billion of Chinese goods, including items such as soybeans and medical equipment. As President Trump did not officially commit to extending the deadline, the threat of higher 25% tariffs still hangs over US-China trade negotiations.

Spokesmen for both countries have indicated that a trade agreement is not expected to be reached for a significant while yet. Chinese officials stated that they hope to reach an agreement by April or May, while US economic advisor Larry Kudlow stated “If it takes a few more weeks, or if it takes months, so be it.”


Impact on businesses and law firms:

The ongoing political tension between both countries is particularly disruptive for businesses running international operations. US LNG supplier Cheniere, for example, has been unable to renew substantial supply contracts with its Chinese buyers, due to China imposing 10% tariffs on US LNG imports. Similarly, one of China’s largest carmakers, Guangzhou Automobile Group suspended its plans to export its new line of sports vehicles to the US due to steep tariffs on Chinese cars.

Law firms will likely continue to monitor the political landscape and take steps to manage political risk in clients’ business activities. The US-China trade talks also serve to underline the growing trend of countries concluding preferential trade agreements with one another. For instance, just last year, the EU concluded two prominent trade agreements with Singapore and Canada. The proliferation of these international agreements, which are governed by international law, is likely to continue creating new opportunities for law firms to assist businesses with treaty interpretation and dispute resolution under these agreements.

Grades Question

HI all,

I'm a graduate who is currently doing a senior-status LLB and with exams coming up I wanted to ask about the specific grade requirements in my unusual situation. I have a first-class degree BSs from a Russell group uni which means I fulfil the academic requirements. What are the expectations of law firms regarding non-law students' education after their bachelors? How strictly are individual grades at postgraduate/GDL level looked at?

Thank you.

TC questions

Hi, I am currently applying for direct TCS and I have some questions.

1) How do you structure your answer to why you want to be a trainee solicitor at x fir. I would mention three points. I want to be a trainee solicitor at X firm for three reasons: practice area, type of training and diversity.

2) When you have to explain how a firm stays competitive, attract new clients without compromising its profitability, would you mention agile working?

Thank you very much

Goldman Sachs Legal Insight Programme for LGBT+ Law Students

Hi All,

I was sent this from a Goldman associate, thought I'd share in case anyone is interested.

Goldman are running this 3.5 week program for LGBT+ Law Students graduating in 2021/2022 in partnership with Hogan Lovells, EY, and Hyatt. Deadline is 11 April 2019.

You can find the programme here: https://www.goldmansachs.com/career...ea/goldman-sachs-legal-insight-programme.html
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Vacation Scheme Top Tips

Hey guys! I know there are a few posts in the forum relating to how we can impress on a vacation scheme, but I thought it would be great to start a new thread with spring vacs just around the corner! If anyone has done a vac scheme before it would be great to hear your top tips and maybe things you wish you had known and done differently! :) thanks everyone and hope you’re having a great week!

Orrick Open Day 2019

Details of the 2019 Orrick Open day, thank you to this poster for sharing.

1. Drafting exercise


a. Responding to a letter

2. Interview with HR and Senior Lawyer
  1. Why law?
  2. Why Orrick?
  3. Why do you think are Orrick’s competitors? And who else have you applied to
  4. What qualities do you believe are important for a lawyer and what have you done?
  5. What are the biggest challenges facing the legal sector and how do you find out information about that
  6. also how have clients changed and their expectations apart from innovation etc?
  7. When have you demonstrated qualities like resilience and organisation and those qualities that are essential to being a lawyer?
  8. When have you worked in a team where others contributed and what was their contribution? what were your own?
  9. When has a deadline changed and how did you deal with that and why did that come about
  10. When did you have to convince someone or a group to go your direction and were there any difficult members?
  11. If you hosted a dinner who would you invite? (dead/alive)
  12. How would your friends describe you in 3 words?
Negotiation
  • Three party negotiation in teams of 3
4. Lots of sessions to talk and network
  • Day was 9.30am-6.30pm
  • Friendly lawyers
  • 🏆
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TCLA's New Podcast: Trainee Talk

The Corporate Law Academy is delighted to announce its new podcast: Trainee Talk. The podcast is run by @Yee Rou Quah, a member of the TCLA team and a future trainee at DAC Beachcroft.

Episode 1: An interview with Laura B., a trainee from CMS. In this episode, TCLA talks to Laura about her application journey, from graduating from university into the recession, to being crowned CMS UK Trainee of the Year in 2019.

Episode 2: Our first interview with Lewis Malkin, who secured six vacation schemes and is now a trainee solicitor at Baker McKenzie.

More episodes coming soon!

Check it out here: https://soundcloud.com/traineetalk

LLB/GDL Revision Thread

As we all know, excellent academics build the foundation of an impressive application. With exams coming up, I thought that it is a good idea to have a revision thread to help us get through these two/three months and provide support to each other. I always find contributions from friends at other universities very creative and thought-provoking given the slightly different syllabus in different universities. I will be recording my daily activities here so to provide some motivation for others and to help my organisation. I encourage you to do the same. This year, I'm covering Contract Law, Land Law, Tort Law, and Public Law.

Recording N1:
- Tasks to complete: Tort Law Essay 2000 words on police negligence by April 2nd; Public Law PQ 3000 counter-terrorism and human rights by April 26th.
- What did I do: read and took notes of the three key judgements, still reading commentary on police negligence and the Robinson case in particular. (If anyone has a reading list or any reading recommendations on police negligence, I will find it very helpful).

If you guys have any ideas on how to organise/structure the revision thread, please do share them in the comments.

Now, let's go work! Have fun revising and remember - it's never too early to start!

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?

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