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

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Jaysen

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  • Feb 17, 2018
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    I just wanted to say I really loved @Jaysen Linkedin post this morning and which was also included in the TCLA email subscription.

    That post was really accurate on point about the different types of people who get into law. Everything in that post was spot on and 100% true as from a disadvantaged background I can relate so much to it.
    Thank you Asil :)
     

    Rob93

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    Dec 29, 2020
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    (Sorry if this again is another stupid Q from me but I'm really specific and can't make sense of these things sometimes) -

    Does everything finance related fall into the remit of a 'finance lawyer' e.g. fintech, restructuring, etc.
    Gemerally no, but there is some variety from firm to firm and some will have different ranges of activities within a finance group, which may or may not be further subdivided. Fintech will very rarely be the special purview of the finance dept., though they will naturally be involved in lots of those matters.

    Common discrete areas or subdivisions are:
    (Syndicated) loans
    Debt capital markets (straight bonds)
    High yield bonds (usually complementary to PE corporate)
    Acquisition finance (ditto)
    Restructuring (often distinct as it involves particular knowledge of insolvency regimes or has a mix of transactional and contentious)
    Financial services advisory
    Securitisation (may sit within DCM but is often highly specialised)
    Real Estate finance
    Project finance

    Again, firm to firm will vary - Slaughters and SullCrom stand out as having very broad stroke finance depts where the same lawyers do a number of these things. Some firms have consolidated capital markets groups which will do both bonds and equity issuance. A decent number of American firms have discrete practices for restructuring and/or securitisation and/or project finance, I suspect because of historical contingency and profitability considerations. As noted PE-focused firms will tend to have one or more finance arms that operate in that space in particular.
     
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    Asil Ahmad

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  • Mar 29, 2020
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    I'd be a bit cautious as almost all dichotomies are false dichotomies. In general the two groups Jaysen mentions do have very different routes into law, but not everyone will fit in to one of those two groups.

    Many people may have grown up in a mix of the two. So they might have had family dinners and supportive parents and still been bullied at school and had to deal with mental health difficulties. The simplified version makes a more compelling story, but in reality there's more nuance in people's individual circumstances.
    I see where you are coming from but I do agree about the last bit in that post about not choosing your circumstances bit. But the post is about some people have challenges getting into law where others are lucky to have a not so easy journey into law.

    I mean both groups of people have their challenges but there should be more support provided to the second group of people those who don't know how to have a professional conversation with people.
     

    IRO

    Distinguished Member
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    Jan 21, 2021
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    I see where you are coming from but I do agree about the last bit in that post about not choosing your circumstances bit. But the post is about some people have challenges getting into law where others are lucky to have a not so easy journey into law.

    I mean both groups of people have their challenges but there should be more support provided to the second group of people those who don't know how to have a professional conversation with people.
    Of course, I wasn't commenting on the circumstances of anyone who fits into the groups Jaysen described, or the amount of support that should be provided to them. I was asserting that there are people who don't fit into those groups, and their existence should be acknowledged as well. Personally, I didn't love the post because I don't feel I fit into either category, and pretending those are the only categories at play seems a bit reductionist.
     
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    Rob93

    Legendary Member
    Dec 29, 2020
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    I see where you are coming from but I do agree about the last bit in that post about not choosing your circumstances bit. But the post is about some people have challenges getting into law where others are lucky to have a not so easy journey into law.

    I mean both groups of people have their challenges but there should be more support provided to the second group of people those who don't know how to have a professional conversation with people.
    I think the point is that there are a lot of people who don't neatly fit either category, that differentials of advantage straddle an infinite gradient. I myself have been blessed with certain substantial privileges but also confronted with a number of unusual hardships. It's bizarre having a foot in both worlds but somehow in neither, and that experience is rarely, if ever, spoken to. Ultimately most people probably sit somewhere between the extremes of privation and privilege.

    That said I quite liked Jaysen's commentary and yours, and it's not really feasible to address every possible circumstance and it's tidy when making a point to gesture towards broad categories. I'd certainly agree that making the point that all disadvantage should be accounted for is as good an argument as any that *any* disadvantage should be accounted for with a view to leveling the playing field.
     
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    IRO

    Distinguished Member
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    Jan 21, 2021
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    I think the point is that there are a lot of people who don't neatly fit either category, that differentials of advantage straddle an infinite gradient. I myself have been blessed with certain aubstantial privileges but also confronted with a number of unusual hardships. It's bizarre having a foot in both worlds but somehow in neither, and that experience is rarely, if ever, spoken to. Ultimately most people probably sit somewhere between the extremes of privation and privilege.

    That said I quite liked Jaysen's commentary and yours, and it's not really feasible to address every possible circumstance and it's tidy when making a point to gesture towards broad categories. I'd certainly agree that making the point that all disadvantage should be accounted for is as good an argument as any that *any* disadvantage should be accounted for with a view to leveling the playing field.
    I absolutely agree with this; I was essentially trying to articulate this viewpoint though less eloquently!
     
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    theag

    Standard Member
    Feb 9, 2022
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    Literally just finished it! A huge benefit of virtual ACs is that I can immediately sit on my couch and pour a large glass of wine to decompress with!

    I think it went well, guess now its wait to hear the outcome! I'm not so sure about the WG element - does anyone know if we can request our score?
    Glad to hear it went well! Not too sure on the WG score, but I can't see the harm in asking after you get the outcome!
    Just to clarify, there is no HR/partner interview at this stage?
     
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