TCLA Vacation Scheme Applications Discussion Thread 2021-22 (#1)

[Rob93]

@AvniD @George Maxwell @James Carrabino @Jessica Booker

What would you guys say are the biggest challenges and opportunities in the legal industry at the moment. I am talking about general awareness of the current and foreseeable market - so if you were perhaps the managing partner at a city law firm, what would be you top considerations currently. Would love to hear people's opinions.

I'll start - I was thinking: (1) Retaining talent and well being; and (2) for a UK firm, probably US rivals coming in and dominating some areas in London.

I would have lots of anxiety about the macro environment. Inflation is an issue, as potentially are rate rises though law firms tend not to have substantial debt on their balance sheets so won't be bludgeoned by that directly. Concerns though about a general economic downturn, or shifting of winds. Many elite firms note that they do alright in a downturn because of a so-called 'flight to quality' ie. beleaguered corporates will turn to the most prestigious advisors when things get very rough. Obviously this has implications for smaller firms, but also less-established/growth practices of elite firms (you may be MC/US with a decent restructuring department, but will you be a go-to in crisis for the most plum clients?). A lot of more speculative sectors (mostly in tech or adjacent) are due for a harrowing, and I'd wonder if my firm's positioning is going to keep me in with the winners there. If I do a lot of M&A for plcs, I'm going to worry because my clients will be less competitive if stock markets retreat - public Corps love to use their own shares as acquisition currency, but this becomes less attractive if trading is weaker. Conversely if I'm in PE M&A I'm going to be salivating - deep-pocketed PE houses or outfits with a distressed situations focus will have piles of cash to drop on deals in a general downturn. Advisors to certain types of hedge funds with esoteric credit strategies will also make out well on this. If you're already big in these spaces, you'll be worried about other firms wanting to move in on that market and considering how to fend them off.

 

[Bugsy Malone]

Bird & Bird pfo post VI today, gutting after doing a VS with them last summer, BUT Mayer Brown AC!! This process is such an emotional roller coaster!

 

[Asil Ahmad]

Anyone heard from Bakers post-VI for Summer?

You are done with VI for summer which is really good I am about to do their WG this week.

 

[Parsorandini]

Bird & Bird pfo post VI today, gutting after doing a VS with them last summer, BUT Mayer Brown AC!! This process is such an emotional roller coaster!

My process in rollercoaster form:

(Congrats on your AC)

 

[Bugsy Malone]

My process in rollercoaster form:

(Congrats on your AC)

Thank you!!

 

[Bugsy Malone]

I can relate, got rejected post AC with them last year and now post VI this year. and nice name btw, what a musical ! hahaha

Sorry to hear that, the rejection never seems to get easier. Best of luck with your apps this year.

Thanks, love the film

 

[Rob93]

I would have lots of anxiety about the macro environment. Inflation is an issue, as potentially are rate rises though law firms tend not to have substantial debt on their balance sheets so won't be bludgeoned by that directly. Concerns though about a general economic downturn, or shifting of winds. Many elite firms note that they do alright in a downturn because of a so-called 'flight to quality' ie. beleaguered corporates will turn to the most prestigious advisors when things get very rough. Obviously this has implications for smaller firms, but also less-established/growth practices of elite firms (you may be MC/US with a decent restructuring department, but will you be a go-to in crisis for the most plum clients?). A lot of more speculative sectors (mostly in tech or adjacent) are due for a harrowing, and I'd wonder if my firm's positioning is going to keep me in with the winners there. If I do a lot of M&A for plcs, I'm going to worry because my clients will be less competitive if stock markets retreat - public Corps love to use their own shares as acquisition currency, but this becomes less attractive if trading is weaker. Conversely if I'm in PE M&A I'm going to be salivating - deep-pocketed PE houses or outfits with a distressed situations focus will have piles of cash to drop on deals in a general downturn. Advisors to certain types of hedge funds with esoteric credit strategies will also make out well on this. If you're already big in these spaces, you'll be worried about other firms wanting to move in on that market and considering how to fend them off.

Query I guess also on this how UK markets fare; EU and Asian markets are under strain, the US is ofc going a bit funny right now but the expert opinion for years now has been the UK publics are chronically undervalued in the wake of Brexit and the uncertainty it created. Fundamentals have stabilised somewhat with valuations still lagging so domestic public market heavyweights (Slaughters an obvious example) might make out well if the relative position of UK plc improves cause of difficulties elsewhere.

 

[AW_08]

Congrats!!! can i ask when you completed the trainee simulation?

I did mine 12th December!

 

[thirdtimelucky]

With the "where should we open a new office", I just found out that the firm had an office in the country I was going to discuss but closed it in 2019... would it be advised to chose a different place in this case? I feel like I have a strong argument but not sure if it would sit right?

 

[Rob93]

With the "where should we open a new office", I just found out that the firm had an office in the country I was going to discuss but closed it in 2019... would it be advised to chose a different place in this case? I feel like I have a strong argument but not sure if it would sit right?

If it closed that recently I would probably not run the argument unless you can directly address what's more attractive about that market now.

 

[Rob93]

With the "where should we open a new office", I just found out that the firm had an office in the country I was going to discuss but closed it in 2019... would it be advised to chose a different place in this case? I feel like I have a strong argument but not sure if it would sit right?

That said it kind of depends - if the old office was in the same country but you're proposing a different city/region that might be fine. In Germany for example, operating in Frankfurt is very different to operating in Munich.

 

[John Travoni]

Has anyone been rejected for Mayer Brown’s spring VS post job simulation ?

 

[ellensdaleoriginal]

Has anyone heard anything back from Greenberg Traurig??

Also if anyone has any inside info on their 1st-year trainee/NQ salary I'd be intrigued to know. Seeing as most law firms are so open about salary the fact I haven't seen any mention of it anywhere is making me a bit sceptical.

Considering their revenue, size, US roots, ranking etc I assume it will be pretty similar to other US firms in the city with around £50k for year 1 and then £120k plus for NQ but would be interested to know.

 

[Limanehious]

Congrats! when did you get the email?

Tonight at 6pm!

 

[djqb]

Has anyone heard anything back from Greenberg Traurig??

Also if anyone has any inside info on their 1st-year trainee/NQ salary I'd be intrigued to know. Seeing as most law firms are so open about salary the fact I haven't seen any mention of it anywhere is making me a bit sceptical.

Considering their revenue, size, US roots, ranking etc I assume it will be pretty similar to other US firms in the city with around £50k for year 1 and then £120k plus for NQ but would be interested to know.

Have you checkout out Glassdoor? They usually have all salaries on there

 

[futuretraineecity]

If my interview is centred around a debate of an article, would it then be okay to ask what their view is of the topic in the part for questions at the end? Don’t want to appear invasive

 

[caitlinayre]

Hey everyone!

I completed the Mayer Brown Vac Scheme application last night and I am wondering if they automatically invite you to job simulation or they review your application first?

 

[TCLA Community Assistant]

If my interview is centred around a debate of an article, would it then be okay to ask what their view is of the topic in the part for questions at the end? Don’t want to appear invasive

You could - but I wouldn’t spend too much time trying to do this. It’s your opportunity to talk about the firm to find out more about it to work out whether it’s right for you, and you could miss out on this opportunity if you only talk about the article. However, I think an initial question about their thoughts on something in the article is fine.

 

[John Travoni]

Hey everyone!

I completed the Mayer Brown Vac Scheme application last night and I am wondering if they automatically invite you to job simulation or they review your application first?

No. First you’re sent the online tests. If you’re successful in passing them, then you’re sent the job simulation.

 

[TCApp2021]

No. First you’re sent the online tests. If you’re successful in passing them, then you’re sent the job simulation.

Are the online tests automatic?