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I have been reading up lately on smart contracts and found it interesting. So I would like to share a few things here on what I have learnt!

what are smart contracts?:
Smart contracts are a blockchain-based technology which executes and self-perform through coded instructions based on the information that is replicated and stored on a blockchain.

what is a blockchain?:
A blockchain is essentially a public ledger that allows the public to modify, contribute and store data records. It is highly secure because it is protected by powerful cryptography, and it is transparent and reliable because it is public and everyone can see each other's transaction on this digital ledger. It essentially cuts out the middleman of transactions, which renders this technology a MASSIVE DISRUPTOR in many industries.

3 main takeaway points on smart contracts:
1. It optimises the workload of a contract lawyer and made transactions transparent, convenient, reliable and cost/time effective. The opportunities it poses for clients, firms and lawyers are apparent.
2, Lawyers need to adapt its role when integrating this technology in their work. Issues such as having to recreate certain legal concepts (esp abstract ones like 'in good faith') to be compliant with code, and having to consider the multi-jurisdictional aspect of blockchain and take measures to resolve cross-border conflicts. This changes the priorities of contract lawyers and the complexity of the work they undertake.
3. This technology exists in an unregulated landscape, we can predict the rise of regulatory controls on blockchain and cryptocurrencies.

For more reading materials:
https://hackernoon.com/even-the-bes...lawyers-out-of-work-anytime-soon-a224736e0235
http://www.cms-lawnow.com/ealerts/2018/02/building-blocks-of-the-future

Feel free to add more to this summary (I wanted to keep it short and informative) and feel free to correct any information I have gotten wrong! Let's discuss more about this exciting new legal technology.

Hi guys,

I am having some trouble to structure my answer to the commercial question. My issue is to discuss a topic that is going to impact on the GLOBAL practice rather than the UK firm.
I was thinking to talk about the Iran sanctions or the impact of GDPR on EU and international companies.
Any advice? How should I structure my answer?

Hi guys,

I just wondered if anyone knew the structure of the Macfarlanes Assessment centre and how to impress? If anyone had any hints/tips for me or knows anyone who has partaken in the assessment day before, that would be much appreciated

Thanks a lot,
Daniel

Hi All,

We are very close to 1,000 members and in celebration of this we will be giving out free TCLA Premium (Silver) memberships to students over the course of November. We will choose one student every week based on their active/helpful contributions.

Happy posting all and as always, any questions comment below or message us!

Best,

TCLA

Hi Guys,

Just had a small question - I got accepted at HSF's open day - I just wanted to ask who has done their open day before and how many people do they select? coz my application wasn't even good and I got picked this make me worry that HSF treat open day as if it was nothing ?

How important is attending HSF open day? does it put you in a good step for VAC or TCs?

Hello all,

Apologies if this thread has already been created but I was wondering if anyone had any insight into Latham & Watkins' video interview? I tried to look in the interview insights section but couldn't find anything so thought this would be the best place to ask!

Thank you!

Hi All,

Sign ups for our next commercial awareness class close on Friday. See a snapshot of the prep material below.

As winter vacation scheme applications are coming to an end, I was wondering if anyone is thinking of applying straight for a TC? If so, information on whether firms recruit heavily from vacation schemes are important to understand the likelihood to be accepted for a TC.
Awhile ago, I was reading up on this and came across this list.
https://www.thelawyer.com/which-firms-take-most-and-fewest-trainees-from-vac-schemes/

Thought it would be helpful, if anyone has anything to add, please leave a comment below!

I have an open day next week and the dress code is smart casual. What kind of stuff do you guys think is appropriate to wear? Anyone have any experiences with a smart casual dress code for an open day or similar event?

I was thinking a suit but without a tie. Don't want to be overdressed or underdressed.

It only makes sense to make a seperate thread for members who are applying for straight TC’s this year (I know I am one of them)!

So far, I am hoping to apply to CC, Freshfields and A&O.

What about everyone else?

While choosing law firms for VS's or TC's, an important factor I consider is their M&A practice as I have done a few internships in this area. However, 70 to 80% of law firms are experts in this field, with the only difference being how significant deals they are involved in. For someone interested in practising specifically M&A, what are the other criteria's that makes law firms stand out when many firms are experts in the same field? Is it only the deals they are involved in?

Can anyone provide some insight on the following HL application questions:
1. We are a global firm that works together with mutual respect and collegiality. Describe a time when you have enjoyed collaborating with people from different cultures and backgrounds or with different personalities. What made the experience so enjoyable?

2. We set our standards high, and we trust our people to hold themselves accountable for meeting other people’s expectations. Describe a time when you had to drop everything and really “raise your game” in order to keep a promise you had made to someone else. How did you manage both this and your other commitments?

3. Sustaining a successful and profitable practice requires both commercial awareness and innovative thinking. Tell us about something that you have done that shows you have a strong innovative or entrepreneurial spirit.

More specifically what are they looking for?? Q1 is straight forward enough but a little less sure on 2 and 3.

Hi everyone!

I recently attended a Shearman & Sterling Open Day and wanted to share what they shared with everyone here. They gave really informative presentations and I thought their last one on Project Development & Finance (PDF) was particularly eye-opening, especially if that's a sector you are keen on or want to talk about in your applications/interviews!

An Introduction to the firm - James Webber, Antitrust Partner

• James reiterated the importance of categorising the different law firms in the market. This includes whether they are small and why they are small (in S&S's case, it's to retain their eliteness. They don't need size to do what they do best. More on that later...), whether they are American and what kind of American firm (are they East coast elite and have strong connections with Wall Street, like S&S, or are they like Reed Smith and have history with steel manufacturing in Pennsylvania. James strongly suggested that these differences are crucial)
• James suggested that the longer a US firm had been established in the UK, the more successful and grounded they were likely to be, as business connections and culture establishment take time. S&S came to London in the 70s.

• S&S is a Global Partnership. All partners of S&S are partners of the same firm and they all share a single profit pot. This is a model that is slower to grow but is more stable and the culture is more cohesive across borders. It fosters close collaboration between offices.
• S&S is relatively small when compared to the biggest firms in the world. In comparison to the largest which have lawyers in the thousands, S&S have 200 partners and 850 lawyers. I think James was mentioning these things to really hone into the crowd what mattered to the firm. They're not about physical growth, but more so profit growth. James urged the audience to go to a law firm that was growing and profitable (For a hint about this mattering to them, check their graduate recruitment brochure. The first page says: "Ready? Steady. Grow") See more here ***
• S&S is a full-service firm meaning they provide virtually all basic legal advice/services. But, they have 4 big departments that they focus on/are known for: M&A. Project Finance, Finance (Debt/Leveraged), Capital Markets.

• Sector Focus: Not strictly a sector-based firm but their clients fall into several, broad categories.
• Energy, Healthcare, Financial Institutions (largest client base), Industrials (2nd largest), Mining & Metals, Private Capital, Tech/Media/Telecomms

• Global Opportunities. This is an actual tagline in their recruitment literature.
• All offices work together on international deals and disputes - one transaction/deal for one network. Local offices don't necessarily generate local work. It's more about the big-ticket deals that need support all over the world

• Business Data***: 7 consecutive years of growth
• S&S want to grow further into disputes (litigation/arbitration)
• Growth will most likely be in London and New York so watch this space

• Landmark deals:
• Citigroup (Citibank) have been S&S's client since 1897 when the bank was formed through a merger. They are S&S's top billing client. This links back to the firm's New York links and the importance of developing relationships over a sustained period of time.
• S&S advised on Ford's IPO in the 1950s
• S&S is known for its "firsts", working on deals that no one's attempted before. This needs further research but it's relatively easy to find and appears to define them strongly. Could help you answer their application question on how they retain their elite standing.

• Q&A session
• Would S&S consider a merger?: Never say never. Culture cohesion is important for the firm, they consider themselves a "social" organisation, and its difficult to capture a good merger synergy (where the two firms' culture aligns well and they both have similar expectations with their relationship going forward). James suggested that firm's who were weaker usually pursued this strategy - i.e. they needed help growing.
• What legal/commercial issues do you foresee?: Politics is becoming increasingly intrusive. Calm prosperity appears to be coming to an end and governments are looking to constrain or control economies, which don't usually end well. Business of law, subsequently, becomes harder, more costly and less predictable.

Applications & Interviews Workshop - Paul Gascoyne, Recruitment Manager

• 13 trainee places last year
• 2742 applications -> 90 interviewed -> 30 on vac schemes -> 13 offered a TC
• Not figures to scare you. They just demonstrate that a good application form is vital. After that, you've got a roughly 1:3 chance of passing. Take each step you pass as a success.
• Re-applications are welcomed, only if you haven't completed a vac scheme with them and been rejected
• Trainee spaces fill up quickly so applying for the earlier vac schemes, Winter and Spring, is advised (but they aren't recruiting on a rolling basis)
• Doesn't consider AI a good topic to talk about relating to S&S, simply because it isn't affecting them much yet

• Situational Interview Questions: prepare questions about...
• 1) You (e.g. why you? what qualities do you have that would make you a good lawyer?)
• 2) The profession (why do you want to be a lawyer? do you know what it entails? how is the legal market at the moment?
• 3) The Firm (have you considered why you want to apply to S&S? Can you pinpoint what exactly it is and have you considered whether we're a good suit for you? - such as, do you prefer the smaller trainee intake)

• Work Experience section:
• Link it back to skills relatable to law, in full prose

• Really honed in on how precise you need to be with your application questions, with the three prose questions weighing differently in terms of importance for the recruiter reading it (essentially, it goes from most important, to least)
• Stellar academics will not make-up for spelling mistakes. Look for mistakes even in how you've spelt your subjects, not just in the big prose sections

Project Development & Finance (PDF) Workshop

This bit is pretty in-depth so if it's not your cup of tea, skip it!

• What is it?
• Projects can cover infrastructure of all-sorts such as buildings, transport and energy facilities. Quite often, they take place in emerging markets.
• Financing a project often lasts 4-5 years, much longer than a regular finance deal
• The tangibility of the product, and therefore its liability to delays and mounting costs, also means if differs to regular financing
• Local governments can get heavily involved, not usually the case with other deals

• Who is involved?
• Project company - usually created with a Special Purpose Vehicle which takes on the risk, seperate to the "Sponsor" or parent company who came up with the company.
• Sponsor - For example, this could be BP or Shell. They want the project, but they don't want the risk that comes with it. They create the SPV using a shareholder agreement (S&S's job) to create a standalone company for the project.
• Lenders - Connected to the Project company via a loan agreement (the only financial document in this project). They essentially agree to lend the company the money to make the project work. They are usually big banks like JP Morgan and Goldman.
• Operator - Connected to the project company through an operating agreement. They essentially "operate" the facility when it's done, so oil rig workers if it's an oil rig
• Construction Contractor - (Construction agreement). They build the project.
• Input supplier - (input supply agreement) Lost my notes for this bit
• Offtake purchaser - (Offtake purchase agreement) Buys the product being made, e.g. wind energy is sold to energy suppliers who provide it to our homes
• Grantor - (concession agreement) Usually a government who gives the project permission (a license) to go ahead

• More jargon - Some words that become commonplace in this sector:
• Debt/equity finance - Projects are mostly financed with debt finance (loans from banks). Equity finance, usually raising capital by selling shares, wouldn't create enough for a project
• Syndicated lending - essentially different banks chipping in money so risk is reduced
• Conditions precedent - conditions that have to be met by all participants. Can be around 400 to 500 conditions and these have to be kept track of during the time the project is coming to life
• Financial close - everyone agrees to how much money is given. Everyone says yes to the finance side of things
• Security - collateral that guarantees repayment
• Limited Recourse Financing - Ensures that the lendor can only get money back from the project company. They cannot pursue debt from the sponsor and its shareholders.

• Some Risks and Other Considerations
• Delays - the contract will set out variations and obligations in case there is more money needed
• Protestors and environmental concerns. Being careful with your image

Yesterday, Philip Hammond delivered his last budget before Brexit. What should you know about the budget for your law firm interviews?

General

• This Budget is the biggest boost to public spending since 2010, ending eight years of austerity measures.
• It's a political budget. The UK government will need MP support when it comes to voting in Brexit. The message is that the Conservative party back Theresa May, they can secure a Brexit deal and luck greater public spending.
• It's a very pro-business budget. Theresa May wants businesses and investors to invest in the UK despite Brexit. The government is also showing that they listen to business leaders.

Where is the money coming from?

• Before setting a budget, the government is given a set of forecasts from the Office for Budget Responsibility (OBR). In the past, lower than expected tax revenues has limited the amount of money the government can spend.
• However, this time, the Office for Budget Responsibility revealed it had underestimated tax revenues in its last Spring forecast. The government had also borrowed £10bn less than it had expected.
• This gifted Philip Hammond with extra cash to play around with.
• The UK government will also raise money through a digital tax (discussed below)

So how does the budget help businesses?

• Annual investment allowance (AIA) increased from £200,000 to £1m. Those of you who have studied the LPC will know this one. The AIA is a form of tax relief which encourages businesses to invest.
• A one-third cut in business rates for pubs, shops, restaurants and cafes (venues with a rateable value of less than 51k). Business rates are a tax on business properties. Many businesses struggle with the cost of business rates. This cut will help the high street including shops, pubs, restaurants and cafes.
• A £2bn increase for UK Export Finance's lending facility. This will encourage firms to export overseas. It provides loans to foreign buyers, helping them to purchase goods and services from UK exports.
• A £1.6bn investment in research and development to promote science and tech innovation.
• £50m for artificial intelligence fellowships. This aims to encourage AI researchers to come to the UK. Note, AI is a hot topic in legal services delivery at the moment.
• A two-year freeze on the VAT threshold.
• A fall in the apprenticeship levy (normally a 10% fee) for smaller firms.
• The launch of a new Future High Streets Fund. There will be a £675m investment to support councils to transform their high streets. As you'll know -- many high streets are struggling to compete with e-commerce platforms.

Households

• The personal allowance for income tax will be increased to £12,500. So from next year, households can earn £12,500 before they need to pay income tax. This gives households more disposal income which may increase consumer spending.
• An increase in the higher rate taxpayers' band to £50,000. The point at which the higher rate of tax begins is now increased. This will give individuals earning £50,000 year an extra £860 a year (which is relevant to some of you when you'll be on high trainee salaries).
• An additional £1.7bn to increase the work allowance (the amount people can earn before Universal Credit begans to be withdrawn) and an additional £1bn funding for those being switched to universal credit Universal credit was introduced to simplify benefits. It replaced six-means tested benefits with a single monthly payment. This reverses cuts made by the last Chancellor of the Exchequer, George Osborne. In other words, the budget is helping those on both higher and lower incomes.

Digital services tax

• A new digital tax will be imposed on the sales of "tech giants" earning over £500m of revenue a year in April 2020. By 2020, this is expected to bring in £400m per year.
• The UK has taken a tough approach on large tech companies like Google, Facebook and Amazon who pay little tax because of the way they structure their business.
• This is more severe than many tax regimes around the world (apart from Spain).
• There are many implications to the fact that this tax targets large US tech companies.
  • It comes at a time when Big Tech has suffered a series of scandals.
  • The US -- especially Donald Trump -- is likely to react badly to the UK penalising US tech companies. The problem is the UK may need the US after Brexit.
  • Rising costs could impact technology and innovation.
  • Smaller businesses will be pleased by the news. There has been a growing public outcry over the limited tax paid by large tech companies.
  • The FT says the European Commission could end up investigating this proposal. It could be argued that this is a protectionist measure because US businesses are being targeted (and not British).

Defence

• An additional £1bn will be invested in the defence budget between now and the end of next year. Philip Hammond explicitly mentioned some of this will be used to boost cyber capabilities. Note, cyber security is a hot topic for law firms at the moment.

Property

• The Help to Buy scheme will be extended by two years from 2021 to 2023. This scheme provides a 20% loan (40% in London) to purchase newly built homes with deposits of only 5%.
• An additional £500m will be available for the housing infrastructure fund.
• Stamp duty will be abolished for first time buyers using shared ownership.

Brexit

• An extra £500m is set aside for a no-deal Brexit (total is now £4.2bn)
• There will be £15bn set aside as a buffer in the event of a no-deal Brexit
• However, there were few additional plans or guidance for Brexit.

How is the UK economy doing?

• Wage growth is at its highest level for a decade
• However, the UK has been suffering a productivity crisis since the 2007-8 financial crash.
• The UK was one of the slowest growing economies in the G7 (a group of the largest advanced economies) in the first three months of 2018
• The OBR raised the forecast for growth next year from 1.3% to 1.6%
• The OBR recently said uncertainty over Brexit would reduce business investment even more than expected.

hey guys,

I know realistically everyone should wear a suit for these law fairs, but i wanted to ask do people turn up in i dont know other clothes other than a suit? If so, will the LSE admin team let them in - because they do say please if you are not smart we will turn you away? So is the suit only way of showing smart clothing

As we are in the midst of application season, I thought I would share what I learnt in my journey to obtain a training contact. I started applying for training contracts during my second year of university, in 2013. I received a training contract offer this year, in 2018. I write this in the hope that it will encourage you and show you that if I can do it, so can you.

1. Focus on yourself

This is easier said than done but, do not compare yourself with your peers. We are all guilty of this. I often compared myself with friends who are younger than me and who received training contracts in their second year, or peers who were qualifying when I was still attending vacation schemes. But I realised that comparing myself with these people only left me discouraged and disheartened, and further lowered my self-confidence, which had a negative impact on my applications.

2. Progress not perfection

There are many hurdles to finally obtaining that training contract: application form, psychometric test(s), telephone interview/ video interview, assessment day, vacation scheme, and final partner interview. It is heart-breaking to make progress and think ‘This is it! This is my chance!’ only to be told that once again, you were not successful. It is important to acknowledge your victories, whilst also learning from your mistakes. When I first started applying for training contracts, I would be rejected based on my application form. However, as the years progressed, I learnt what it means to submit a strong application. The next challenge for me is then to improve my interview skills! Give yourself credit for overcoming each hurdle, and remind yourself how far you have come.

3. Take it seriously

You would have heard this advice over and over again: make tailored applications. My first round of applications was unfocused- I didn’t know what areas of law I was interested in and what I wanted to do. I was just applying to the same firms that everyone else was applying to! It wasn’t until during the LPC and whilst working as a paralegal that I realised what I was truly fascinated by. Working in the practice area was eye-opening for me as it showed me the realities of what lawyers do. Ask yourself: Which areas of law might you potentially be interested in practising in? Is there anyone you can speak to to get an idea of the realities of the job? Are there any other resources that you can utilise to gain this understanding?

Prepare, prepare, and prepare when you have been invited to an interview and/or an assessment day. Do not only start preparing the day before the interview! Think about the questions that are bound to come up. Anticipating questions helped me tremendously- I realised that I could estimate most of the interview questions that come up during the assessment day. I turned to Student Room extensively during my preparation as many students who have been through the same process posted there. I also looked at questions I was asked at previous assessment days where I had been unsuccessful and made sure that for the next assessment day, I would have strong answers prepared.

4. Practice makes perfect

Psychometric tests are challenging. Most of us do not find it easy. There is no shortcut to this: you have to make time to practise. If possible, spend at least an hour a day practising these tests seven days before the day that you are going to do the test. There are many websites on the internet that offer practice packs (some which are free, others which come with a cost).

I feared video interviews the most. It is difficult to articulate clearly when you only have 30 seconds to prepare and one minute to answer! I recorded myself on my phone to practise. Through this process I learnt how long my answer was, what the main points I wanted to get across were, and how I could articulate the answer more succinctly.

Don’t be afraid to ask your friends for help. I asked my friends to conduct mock interviews for me and to participate in mock group exercises with me by bribing them with pizza! There are also practice packs available for these exercises on the internet.

5. Utilise your resources

I did not have any contacts in the legal industry and/or the City. None of my family are lawyers. I come from a first generation immigrant family. It was easy, at first, to feel resentful towards my friends who had contacts and managed to obtain work experiences that way, which they then used to get that vacation scheme, which they then converted to a training contract. At one point, I felt that it was impossible for me. Alas, the legal industry belonged to the elite. If you are the same, do not let this stop you! Many of us in the legal industry are committed to diversity and inclusion. I utilised the support offered by Aspiring Solicitors, Student Room, and the Corporate Law Academy. Help was out there from the beginning- I just had to ask for it!

6. Persevere and persist

If you have decided that this is your chosen career, do not give up! Yes, it is difficult, and yes, it will be worth it. The resilience you develop as you bounce back after each rejection will only help you in your future legal career. The last six years haven't been easy, but I have learnt so much from it. It is what I learnt about myself that is the biggest takeaway for me. I learnt that I can be organised and self-disciplined. I can work full-time whilst spending weekends and bank holidays writing application forms and preparing for interviews. As I overcome hurdles that once seemed like mountains to climb, I gained that self-confidence which I lacked and realised that as long as I was willing to put the work in, I can do it. I learnt what my career means to me and how determined I am to succeed. All this, I believe, will only assist me during my training contract and beyond.

We are all going through different journeys. You have your own path. Focus on this, continue to improve, and make the most out of the opportunities in front of you!

Hi there,

I was just wondering - is it possible to apply for an Open Day at L&W and then submit a separate application for their summer vac scheme once I attend the Open Day? In this way, I will be able to explain better why L&W over other firms.

Hi Jaysen,

Could you provide some advice on the role of a lawyer in restructuring, M&A and finance deals? As well as the documents that might be produced? For example, I've heard that for IPOs, a prospectus would have to be issued, but would this be the responsibility of lawyers to draft, or would investment bankers have a say in them as well?

Furthermore, could you provide some general advice on the applying commercial awareness to a law firm's clients? For example when it comes to Brexit, are there general ways law firms would help their clients face the uncertainties apart from amending client contracts?

Thanks!

Hey, is anyone else taking part in this?

2019/20 thread is here: https://www.thecorporatelawacademy....reness-competition-2019-2020.1628/#post-13815

I wanted to create a positive thoughts thread for everyone during this rollercaster application ride.

How does everyone remain positive?

Hi All,

We are looking for two commercial writers to join our forum team.

Why become a commercial writer?

• Your posts will be circulated to a readership of 4,000+ students, graduates and professionals.
• You will join a friendly team and be given the autonomy to drive the growth of TCLA's forum.
• You will be designated a commercial writer and have access to our private team forum for internal discussions
• You will develop your own commercial awareness.
• You will be able to showcase your role in your applications to law firms.

What will your responsibilities be?

• You will stay up to date with weekly business & legal topics.
• You will work together to post a weekly "commercial awareness" update in our forum.
• You will teach aspiring lawyers about topical commercial issues to prepare them for interviews.
• See Coralin's posts for an idea of we are looking for.

Who are we looking for?

There are two things we are looking for:

1. Written ability - you need to be able to explain topical issues in a clear and concise manner.
2. Commercial knowledge - you need to have a competent understanding of commercial issues.
3. Commitment - we are looking for students who are enthusiastic about the role and can commit a minimum of 4-5 hours a week (research + write-up).

You can apply here: https://goo.gl/forms/u194OVK0S6x5S6j13. The deadline is 4th November 2018.

We look forward to meeting our new team!

Does anyone have experience with a question like that?

The problem I am facing is that I am applying to a comparatively small transatlantic boutique law firm who don't even advertise their vacation schemes on their website. Also I am struggling to find any information on their firm's culture anywhere.

I guess I will just have to 'stick' to the generic skills?

I have focused on time management, team work, commercial awareness and communication.

Why would a law fair ask me this as one of the applications question ?
What are they aiming at ?