New Threads

This is my first time posting here, so I apologise if my question is properly aligned with forum's focus. I'm currently navigating vacation scheme applications and came across Linklaters' process, which really stood out to me. For those who may not be familiar, their application does not include any traditional-essay style questions. Instead, it simply requires you to complete a situational judgement test and the Watson Glaser.

I found this approach to be quite a refreshing change compared to many other firms, and I was wondering if anyone else had encountered a similar application process with any other firm out there? I've been searching haven't come across anything that does not also require an essay question so far. Any insights or recommendations would be greatly appreciated, thanks!

Is there anyone who is willing to speak/text me about specific questions I had on doing admin litigation tasks, please?

I start as a contract litigation paralegal at Tier 1 London firm on 20 December Friday.

I would be grateful if you could spare a few minutes.

Can some guide me generally at a paralegal level on

(1) questions I can ask while being given asks if we don’t know it and
(2) practical tips on working in a US firm in a very busy team - if we don’t know a basic task - how to speak to the team
3) if the senior solicitor who is very busy has given a task, can we ask someone else questions about doing the tasks

I start a contract paralegal role at a US firm on 20 December.

I'm asking this question to those who have already sat the SQE1 exams (whether you passed or not!) -

As objectively as possible, how 'ready' did you feel leading up to the SQE1 exams, and how did it correlate with your performance in the real exam?

I know a lot of us law students are quite harsh on ourselves, myself included. And, although I have decent mock results so far, I struggled to cover even half of the academic law thus far and am almost there with a revision of the practice law we learned this term. This has left me feeling incredibly conflicted; underprepared, but somehow getting through OK, especially with fellow SQE takers saying that 'you never feel ready', despite them passing (and some failing). Can I pass whilst feeling this way?

So what I wonder is, if you were to look on your preparation and performance as objectively as possible (without the classic self-deprecation and belittling of oneself); how prepared were you? (maybe consider how many mocks taken, practice SBAQs, how recently you had reviewed Academic Law, how genuinely confident you felt on a scale of 1-10). And how did you perform? (I'm talking grade, but also whether you felt it was a true reflection of your preparation).

It would be a great insight into what is a realistic 'feeling' prior to sitting the exam, and an indication of how too far gone I may actually be without realising it...

Hi everyone,

I am an Indian qualified lawyer, 3+ years of experience working with one of the top law firms in India. Just finished my LLM in TMT from QMUL and I am applying for vac schemes in this cycle. I did two TC applications last cycle just to understand the process but I was unprepared and knew nothing so obviously was unsuccessful. In this cycle, I have a list of firms that I want to apply to for vac schemes (about 10 firms), with their deadlines spread across December, Jan and Feb. Considering TCs, if I manage to get one, won't start till the next two years, I am planning to work as a paralegal in the interim so I am also applying for paralegal jobs whilst working a part time sales job. The lack of a routine, rejections in daily applications and the uncertainity of the process has left me very overwhelmed and while I was initially due to apply for winter vacation schemes, being severely underprepared forced me to concentrate on summer vac schemes. I am looking for advice on how to navigate the process from people who would have been in a similar position like me, I unfortunately haven't come across anyone with a similar trajectory as most master's students prefer to go back to India. Any advice on how to stand out in applications and/or leverage my Indian legal experience would be helpful.

Honestly just looking for some advice. I am a second year law student at the Uni of Cambridge, got a 2:1 in First Year, I had met HSF at an open day and networked with them on 3 different occasions. I believe my application was as good as it could have been - I had a friend who get the vac scheme at HSF last year have a final look and give me lots of advice which I incorporated. I did the personality test thing which I apparently passed. All of this just to get rejected with the rejection email citing academics.

I guess I'm asking what more should I do? Aim for a First this year? Or reduce my expectations and apply to some less competitive firms - possibly in the silver circle? (I have never made it past the application stage at any MC or US firm).

Any advice would be appreciated - thanks.

First of all, sorry if this is redundant and similar topics already exist. I tried to look for them but couldn’t find anything that exactly answered my question, which is:
How can I effectively proofread my applications if I don’t have anyone to review them? Most of my friends and acquaintances don’t have the required level of English proficiency to spot minor grammar, punctuation, or sentence structure errors. Additionally, none of them are familiar with the specific nature of vacation scheme or training contract application writing.

Currently, I proofread my applications first and then use Grammarly (free version, as I can’t afford premium) until it gives me a score of 100. After that, I ask ChatGPT to identify any further mistakes. However, after watching the video on proofreading available here on TCLA, I’ve realized that this approach isn’t sufficient.

Does anyone have any suggestions?

Hi everyone,



I am due to accept an offer for a place at the University of Law. The offer is for a origramne in SQE1&2 LLM PART TIME. please anyone able to explain to me the exam dates on the website because they make no sense to me at all.



As a partime student I start my course in January 2025 and write my SQE1 in July 2025. This is the same amount of time given for a full time student that started their course in September 2024 ans is writing their exams in January 2025. I cant seem to don't understand why I am getting the same amount of time ti oreoare for the exams as someone who is a full time student. I have tried calling and messaging the university a number of times and I have gotten no where in trying to find a response to this question.

Taylor Wessing online test. Has anyone done it before, please DM me, I have no idea what to expect!

Hi I'm a non law and only found out about the first year schemes recently. I've noticed many of them opened back in September or October. Is it still worth applying given now it's December and they might've filled their spaces? It seems most of their deadlines are in January or February.
Thanks

Not sure if anyone else has done this one, but I found it a bit strange.

It had two parts, a set of spoken question (which could equally have been done as text) where you had a work scenario and had to choose one "best" and one "worst" answer. They had one sample question, where they told you the best and worst answers afterwards, so it's clear there is a right and wrong answer, although they subsequently don't tell you what you got wrong.

The second part they had four statements like "I relate well with other people" or "I am always confident about expressing myself at work", and then you can choose 1 to 5, where 1 is 'least like me' and 5 'most like me', but can't choose the same option twice.

However the subsequent feedback didn't really seem to relate to the answers. Not sure if anyone experienced the same?

It says

© SOVA Assessment 2024

Hi all,

i applied to the SQE programme 2025 in professional liability team, does anyone know how long it roughly takes for them to respond?

Hey TCLA Community!

We’re back again with the mock case studies

This time around, I decided to take a different approach. I’ve included the case study below, and will leave the floor open for a couple of days so you can all provide your thoughts and ideas on the commercial and legal issues. I will post my personal responses by the 6th of December, and am really keen to hear all your amazing thoughts!!!

NB; your responses really don‘t have to be anything lengthy at all. In one way or another, we‘ll all learn from each other through this fun fictitious exercise.

For reference to the basics of PE, feel free to have a look at a past guide I developed HERE.


Case Study: Acquisition of TechComar by Sigma Equity


Overview:

Sigma Equity, a prominent private equity (PE) firm, is considering the acquisition of a mid-sized technology company, TechComar. Known for its pioneering software solutions in the healthcare sector, TechComar has strong growth potential but is facing operational inefficiencies and cash flow challenges. Sigma Equity sees an opportunity to turn around the company by streamlining its operations, expanding its product lines, and leveraging its network to enter new markets. The deal, however, presents multiple legal and business challenges, including potential regulatory issues, financing complexities, and employee retention concerns.


Sigma Equity is proposing a leveraged buyout (LBO) of TechComar. This will involve:

• Equity Investment: Funding from Sigma's investors (Limited Partners or LPs) to acquire a portion of TechComar's shares.

• Debt Financing: Significant debt to finance the remainder of the acquisition cost, leveraging TechComar’s assets and future cash flows as collateral.

Key Legal and Business Issues:



1. Valuation and Due Diligence:

• Issue: TechComar’s value depends heavily on its intellectual property (IP) portfolio and customer contracts, particularly its contracts with healthcare providers and government entities. Sigma needs to confirm the reliability and long-term profitability of these assets.

2. Leveraged Buyout Financing:

• Issue: Given the proposed LBO structure, Sigma plans to take on substantial debt, increasing TechComar’s liabilities. This debt must be managed carefully to avoid burdening TechComar’s cash flow and risking insolvency.

3. Employee Retention and Compensation:

• Issue: TechComar’s workforce includes skilled software developers and executives with long-standing relationships with clients. Sigma’s proposed cost-cutting measures could lead to staff turnover.

4. Governance and Control:

• Issue: Sigma intends to appoint new directors to TechComar’s board to exercise greater control and improve decision-making processes. This transition requires ensuring TechComar’s corporate governance aligns with Sigma’s oversight requirements.

5. Regulatory and Compliance Challenges:

• Issue: TechComar’s technology deals with sensitive patient data, which raises regulatory concerns around data privacy and compliance with healthcare standards. Expanding operations might introduce additional regulatory scrutiny.

6. Exit Strategy:

• Issue: Sigma aims to sell TechComar within five to seven years, ideally via an initial public offering (IPO) or a sale to another strategic buyer. However, the success of this exit strategy depends on TechComar’s growth trajectory and the market’s willingness to value it highly.

In this guide, I’ll be talking about how to identify a law firm’s competitors. This is a skill that’s not only useful for applications but also helps you get a much better understanding of the legal industry as a whole. Honestly, this was something I initially struggled with. I found it hard to figure out where one firm stood compared to others in the same space. However, once I cracked the code, everything became so much easier. Applying to firms felt less overwhelming because I already knew the industry inside out. For any firm I applied to, I also had a clear picture of who their competitors were, which made answering application and interview questions so much smoother.

Understanding a law firm’s competitors is crucial because it helps you position yourself as an informed candidate. It shows you’ve done your homework and understand not just the firm but also the broader landscape they operate in.


This is a simple four-step method I use to figure out a firm’s competitors, with some examples to make it easier to follow.


Step 1: Identify the Firm’s Core Practice Areas

Start by looking at the firm’s primary areas of expertise. You can find this information on the firm’s website under "Practice Areas" or "What We Do."


Example 1 (CMS):

CMS has a strong focus on tax law, real estate, and energy and infrastructure.


Example 2 (Transactional Law Firms):

Kirkland & Ellis and Latham & Watkins specialise in high-yield debt and large-scale private equity (PE) transactions. Travers Smith focuses on mid-market private equity.



Step 2: Search for the Firm’s Chambers Rankings

Visit Chambers and Partners’ website and check the firm’s rankings in their core practice areas. Focus on the practice areas where the firm is ranked highly.


Example 1 (CMS):

CMS is ranked Band 1 for Tax in the UK.


Example 2 (Transactional Law Firms):

Kirkland & Ellis and Latham & Watkins are consistently ranked at the top for Private Equity: High-End Capability and Capital Markets: High-Yield Debt. Travers Smith is ranked in Band 1 or 2 for Private Equity: Mid-Market.



Step 3: Identify Other Firms with Similar Rankings

Look at which other firms are ranked in the same or adjacent bands for those practice areas. These firms are likely competitors as they operate at a similar level of expertise and reputation.


Example 1 (CMS):

For Tax, other firms ranked in Band 1 or Band 2 include PwC Legal, DLA Piper, and Freshfields Bruckhaus Deringer.


Example 2 (Transactional Law Firms):

In high-yield deals, firms like Weil, Gotshal & Manges and Simpson Thacher frequently compete with Kirkland and Latham. In mid-market private equity, Macfarlanes and Addleshaw Goddard are notable competitors to Travers Smith.



Step 4: Analyse the Scope and Type of Deals

Investigate the types of deals the firm works on. Are they advising large multinationals, mid-market clients, or startups? Do they focus on complex cross-border transactions or smaller domestic matters? Identify other firms handling similar client types and deal scopes.


Example 1 (CMS):

CMS often works on mid-market deals and has a strong client base in the energy sector. Firms like Eversheds Sutherland and Pinsent Masons also operate heavily in these areas.


Example 2 (Transactional Law Firms):

High-Yield Private Equity: Kirkland & Ellis and Latham & Watkins typically handle large-scale, cross-border transactions for major PE clients like Blackstone and KKR. Their deals are often complex, high-value, and heavily leveraged.

Mid-Market Private Equity: Travers Smith advises mid-market PE firms like Bridgepoint and Inflexion, often on buyouts, exits, and growth capital investments. Their deals are smaller in scope but require tailored, hands-on advisory.


Confirm Your Findings

If a firm appears consistently across all four steps, it’s very likely to be a key competitor.


Example 1 (CMS):

When analysing CMS, you’ll notice that Eversheds Sutherland, Pinsent Masons, and DLA Piper come up repeatedly in tax law, real estate, and mid-market energy deals. These firms are strong competitors of CMS.


Example 2 (Transactional Law Firms):

For high-yield private equity deals, Kirkland & Ellis and Latham & Watkins consistently compete with Simpson Thacher and Weil, Gotshal & Manges. For mid-market private equity deals, Travers Smith faces competition from Macfarlanes and Addleshaw Goddard.



Note:

Although I’ve been going on and on about band rankings, band rankings are not everything. A firm may not have a Band 1 ranking in an area, but still have a good specialty in that practice - within a niche instead. Find out which law firms compete within that niche as well, to decide their respective competitors.

Another special note:

If you’re trying to figure out if firms are competitors, I wouldn’t rely on Band 1 rankings alone. It’s a good starting point, but there’s more to it. For example, just because a firm is Band 1 in infrastructure and five other firms are too, doesn’t mean they’re all direct competitors. You’ve got to dig deeper into what they actually do within that area. Are they working on the same type of projects? One firm might specialise in financing infrastructure deals, while another focuses on disputes or PPP projects, so they might not be directly competing.

You also need to look at where they’re operating. If one firm’s focus is primarily in the UK and the others are big in Asia or Africa, they’re not really clashing for the same clients. Cross-border work is another factor. If two firms have a strong global reach, they’re more likely to compete than if one only works regionally.

Another thing to check is their client base. Are they going after the same kinds of clients, like government bodies or private equity investors? If you notice they’re working for completely different sectors, they might not even be on each other’s radar. Rankings won’t tell you that, but their deal announcements or case studies might.

Then there’s reputation, beyond just being ranked Band 1, are these firms seen as leaders in the field? Do they publish thought pieces, host events, or push innovation like new ESG approaches? Sometimes a firm might technically rank the same but not have the same level of influence in the market.

Volume and size of deals also matter. A firm doing smaller or mid-sized infrastructure work won’t really be competing with a firm that handles billion-pound projects. It’s about scale, not just rankings.

One thing that really gives it away is lateral hires. If two firms are always poaching talent from each other in a certain area, it’s a big sign they see each other as competitors. And finally, you’ve got to think about strategy. If a firm has publicly said it’s focusing on growing its infrastructure practice and targeting the same regions as another Band 1 firm, that’s a clear overlap.

So yeah, Band 1 rankings are helpful, but they’re just scratching the surface. You’ve got to think about clients, geography, deal size, and strategy to really figure out if firms are competing. It’s all about the bigger picture.


Why This Approach Works

This method saves time and ensures accuracy by systematically cross-referencing rankings, deal types, and client profiles.



Best of luck this cycle… we’re rooting for you !!!

Hi! I have the Clyde & Co Digital Simulation coming up and was wondering if there is any advice regarding this??

Thank You!!

Hey everyone,


We'll be live tonight at 6pm with BCLP to answer your questions on 'How to secure a training contract'. You can join live from 6pm to 7pm.

To sign up, click attend on this page and follow the instructions to create an account or log in.

I am creating this thread in case anyone runs into any issues ahead of the session or during it. Please feel free to let us know here and we can resolve it for you.

One thing to flag ahead of time is that there is a 250 character limit on each message .

See you soon,
Jaysen

...

Hello, I just wanted to ask for some advice on how likely I would be to get a training contract.
My overall first year avatar was 59 with 2 subjects in the low 2:1 category and there rest in the high 2:2 catogory except criminal law which was a low 2:2.

My average for second year was a 61. And I received one 1st, one 2:1 , two upper 2:2s , 1 mid 2:2 and one lower 2:2.

During this time I had been struggling with really declining mental health and as I have a specific learning disability, both conditions made it extremely difficult to study, I would be able to ask my university if proof of extenuating circumstances but I fear wearyher i will be able to get a training contract.
I have previous academic record from oversees with high school grades of BBCCC and a prior university grade average of a 4.0 average overall.
I have also participated in some extracurriculars in leadership, negotiation and meditation.
But I worry if my grades will allow me to qualify for a gc.
Would you be able to recommend any advice?

Hi, I am currently applying for the vacation scheme at NRF, and one of the qs is as follows:

Norton Rose Fulbright has a sector led approach. Which one of our sectors do you think has the most potential for growth over the next 12 months, and why, and what opportunities do you see for the firm to maximise this potential? (300 words)

Should I focus on outlining current sector areas which currently are seeing a lot of legal risks, and how NRF can leverage on its current strengths to assist clients in navigating these risks? Thank you for your help.

Hi all! I hope you’re all having a wonderful week!

This is just a reminder to be kind to yourself and keep going! As we keep diving deeper into the application cycle, it’s important to remember to not let any setbacks get to you. You are on this journey for a reason and you are one application away from securing a VS/TC at your dream firm! So, don’t let any PFOs get to you - keep going, keep grinding, and the results will come. I always say this - every application and AC teaches you something new. These are things which only make you a better candidate, whether it’s refining your application technique, awareness of the industry, and so on!

Keep sending out those good quality applications and feel free to pop any questions in the forum.

Have a lovely rest of the week!

Hey TCLA Community!

In this thread, I’ve complied a list of 50 Capital Markets terms and their respective definitions. This will be particularly useful for those of you drawn to transactional law and are keen to know more about how these bustling financial markets work!

The first step? You guessed it - getting to know the basics and what these terms actually mean in practice. It’s all part of that commercial awareness!

Hope you find this series useful and feel free to drop any questions (or any terms you feel are worth sharing!).


Broad Capital Markets Concepts:


1. Capital Markets: Markets where buyers and sellers engage in the trade of financial securities like stocks and bonds.

2. Primary Market: Where new securities are issued and sold for the first time, typically through Initial Public Offerings (IPOs).

3. Secondary Market: Where existing securities are traded among investors.

4. Equity: Ownership interest in a company, typically represented by shares.

5. Debt: Borrowed money that must be repaid, often in the form of bonds or loans.

6. Securities: Tradable financial instruments, such as stocks, bonds, or derivatives.

7. IPO (Initial Public Offering): The process by which a private company offers its shares to the public for the first time (remember we had briefly touched on this in the last definitions thread?).

8. Underwriting: The process by which investment banks raise capital for companies by issuing securities.

9. Prospectus: A legal document issued to potential investors with information about an investment offering.

10. Market Capitalisation: The total market worth (value) of a company’s outstanding shares.


The Types of Securities To Know About:


11. Bonds: Fixed-income securities representing a loan made by an investor to a borrower.

12. Shares: Units of ownership in a company, which can be ordinary or preference shares.

13. Convertible Bonds: Bonds that can be converted into a specified number of shares.

14. Treasury Bills (T-Bills): Short-term debt securities issued by governments.

15. Corporate Bonds: Bonds issued by companies to raise funds for business operations or expansion.

16. Preference Shares: A type of equity that has preferential rights to dividends or asset distribution over ordinary shares.

17. Fixed-Rate Bonds: Bonds that pay a fixed interest rate over their life.

18. Floating-Rate Notes (FRNs): Bonds with variable interest rates tied to a benchmark.

19. Zero-Coupon Bonds: Bonds issued at a discount that do not pay periodic interest but are redeemed at face value.

20. Green Bonds: Bonds issued to finance environmentally friendly projects.


Trading and Market Operations:


21. Stock Exchange: A marketplace where securities are bought and sold (e.g., LSE, NYSE, NASDAQ).

22. Order Book: A list of buy and sell orders for a particular security.

23. Bid-Ask Spread: The difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept.

24. Liquidity: The ease with which a security can be bought or sold without significantly affecting its price.

25. Market Maker: An entity or individual that provides liquidity by quoting buy and sell prices (e.g, a brokerage firm).

26. Short Selling: Borrowing a security with the intention of repurchasing it later at a lower price. High risk is involved here as there is a presumption that a lower price will be on offer.

27. Margin Trading: Borrowing funds to purchase securities, using them as collateral.

28. Block Trade: A large-volume transaction of securities, typically executed off the open market.

29. Settlement: The process of transferring securities and payment between buyer and seller after a trade.

30. Clearing House: An intermediary that ensures the proper settlement of trades and reduces counterparty risk.


Ensuring Regulation and Compliance:


31. FCA (Financial Conduct Authority): The UK regulator for financial markets.

32. SEC (Securities and Exchange Commission): The US regulator for financial markets.

33. MiFID II (Markets in Financial Instruments Directive II): EU legislation aimed at improving transparency in financial markets.

34. Insider Trading: Buying or selling securities with the aid of non-public information.

35. AML (Anti-Money Laundering): Procedures aimed at preventing non-permissible money laundering through financial systems.

36. KYC (Know Your Customer): A process to verify the identity of clients and assess risks of non-permissible activities.

37. Basel III: International regulatory framework designed to strengthen banks' capital requirements and risk management. Formed following the financial crisis of 2008.

38. Dodd-Frank Act: A US law aimed at reforming financial regulation following the 2008 crisis.

39. Compliance: Adhering to laws, regulations, and internal policies in a given market.

40. Prospectus Regulation: Rules governing the disclosure requirements for offering securities to the public in the EU.


Key Indices and Benchmarks To Know:


41. FTSE 100: An index of the 100 largest companies listed on the London Stock Exchange.

42. S&P 500: An index of 500 leading companies on US stock exchanges.

43. LIBOR (London Interbank Offered Rate): A benchmark interest rate previously used for short-term loans, now largely replaced by alternatives like SONIA in the UK.

44. MSCI Index: A collection of indices that measure stock performance across global markets.

45. Dow Jones Industrial Average: An index of 30 significant publicly traded US companies.


Key Instruments/Elements To Know:


46. Derivatives: Financial contracts whose value is based on an underlying asset (e.g., futures, options).

47. Hedging: A risk management strategy to offset potential losses in investments.

48. Equity Swaps: A derivative contract in which two parties exchange future cash flows based on equity returns.

49. Credit Default Swaps (CDS): A financial derivative providing protection against credit risk.

50. Structured Products: Pre-packaged investments that typically combine derivatives with traditional assets.

Hey all! I hope you’re all having a fantastic mid-week! I’ve included below 10 sources to help solidify that commercial awareness! Let’s keep going and building up on that skill everyday…!!!

Pro-tip: Take building commercial awareness as a lego exercise - building little blocks everyday before cementing it into a full blown toy machine! It shouldn’t feel like a chore, rather it should feel like an exciting opportunity to learn more about the financial/legal worlds. It’s a habit that certainly takes time to build, so please be patient with your commercial awareness journey!

10 Sources:

1. Financial Times (FT)

2. The Economist

3. Bloomberg

4.The Lawyer

5. Investopedia

6. The Wall Street Journal

7. The Daily Upside

8. LittleLaw

9. Finimize

10. Forbes

Has anyone heard back from Simmons & Simmons regarding Bristol SVS?

Hello,
What do people think about including very impressive achievements but when I was 15/16 years old? Would a more recent but less impressive experience be more worthwhile to include?

Has anyone heard back from Simmons & Simmons after the summer vac AC?