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

[GXA123]

Does anyone know what the Gateley AC looked like last year? They didn’t give much away in the invite email

I am very interested , I still don't know what tasks we will be given

 

[tc.la.vs]

Ropes PFO

 

[Simba281]

Fieldfisher 2023 direct TC AC invite!

Hey Congratulations! How long did you have to wait after the TI?

 

[AspiringTrainee]

Hey Congratulations! How long did you have to wait after the TI?

Thank you - it took them exactly 7 days after the interview.

 

[James Carrabino]

Hi everyone, just a friendly reminder that the deadline to respond to this thread about the SQE or this thread about the PGDL in order to be in contention for a Starred Thread award this week is tomorrow at 11:59pm

 

[Jerewar]

Has anyone been rejected after Freshfields AC? It has been 4 weeks since and expecting PFO...

 

[CJ123]

Has anyone been rejected after Freshfields AC? It has been 4 weeks since and expecting PFO...

same still waiting

 

[Rob93]

I did know most of that but not insulted in the least, always good to share information. And everything in the corporate holding structure of a given acquisition will be a special purpose vehicle (SPV) - funds I guess also but it seems like more precise language (or just 'fund') is usually used in that context.

Would be careful with the GP liability point though - I don't think that GPs are on the hook for the financial liabilities of operating companies, there are many many discrete corporate entities with limited liability in between the GP and the opco. I'm fairly certain you could bankrupt a portfolio company and walk away unscathed, that liability shouldn't reach into the rest of the fund, much less the individual partners. I think PE firms will sometimes get dinged on regulatory grounds for opco activities, but I'm pretty sure they aren't liable in a broad sense for their portfolio companies.

Coming back on this to correct myself as I've had to do some research on partnership and funds recently, and I hate being wrong on the Internet - the GP *is* liable in a limited partnership, *but* will often itself be a corporate entity with limited liability for its owners, shielding them from many forms of liability - and will likely maintain minimal capital and assets in its own name. Liability is also generally limited downstream as topcos, midcos etc. will be corporate entities with limited liability down the ownership structure so the default of an opco/portco shouldn't impact other fund assets.

 

[GXA123]

I called them yesterday. They said they don’t have a fixed date yet as they want to accommodate the preferences of their offer holders. But it’s usually from the end of June to early July.

this is really interesting! I wish more firms start doing this.

 

[aspiringlawyer123_]

this is really interesting! I wish more firms start doing this.

I suppose as Cooley have such a low intake it would work better for them compared to other firms - but yes this is cool!

 

[rose0904]

does anyone have any advice for answering a question about when you've paid attention to detail? i've never really had a job where I've had to proof read or anything similar - does anyone have any examples of what they use? my last resort is discussing something uni related but i'd rather not because it'd kinda have to really tailor something to fit where it doesn't if that makes sense!

 

[WiseOwl]

Thank you @Jessica Booker @summer207 @curious_cat - I am just wondering, if I keep relating my experiences back to commercial law when they ask me about my CV, would it seem very contrived? I've broken down my CV into what I enjoyed about my experiences and the skills I gained but am not sure if it would always be necessary to make the link back to commercial law? Interested in hearing your thoughts!

 

[WiseOwl]

Also, when speaking about specific deals (maybe I can loop @George Maxwell in here too), would you have any advice as to how much detail we should have? Some parts of the deal (other than what is public knowledge) may be confidential, so how can we substantiate our answer? Is it worth talking about the impact of the deal/company on the industry? Interested in hearing your thoughts!

 

[show_me_the_tc]

Hi everyone, I am preparing for an AC next week and I'm really struggling to prepare for the commercial questions, specifically "how will (X topical issue) affect our clients?" I'm specifically trying to prepare to answer this with regard to the Ukraine conflict and the supply chain issues. Does anybody have any good tips for understanding how commercial issues affect law firm clients? Thanks

 

[Rob93]

Also, when speaking about specific deals (maybe I can loop @George Maxwell in here too), would you have any advice as to how much detail we should have? Some parts of the deal (other than what is public knowledge) may be confidential, so how can we substantiate our answer? Is it worth talking about the impact of the deal/company on the industry? Interested in hearing your thoughts!

I think that linking deals to broader industry trends is a smart way to go - it does the service of showing a fairly sophisticated understanding of what partners and clients are thinking about. One trick with this is to avoid overreach and overgeneralisation, and I would expect to be grilled on any broader comments on the market. That said, it's probably in many ways easier to make a broad comment on market context and implications than to dig into the nitty-gritty of deals which, as you've mentioned, are not publicised in granular fashion. The expectation won't be the you've got expert knowledge so don't sweat it too much, you should acquit yourself well with basic knowledge, sense and the courage of your convictions.

 

[TCLA Community Assistant]

Thank you @Jessica Booker @summer207 @curious_cat - I am just wondering, if I keep relating my experiences back to commercial law when they ask me about my CV, would it seem very contrived? I've broken down my CV into what I enjoyed about my experiences and the skills I gained but am not sure if it would always be necessary to make the link back to commercial law? Interested in hearing your thoughts!

I don’t think you do have to link your experiences back to commercial law unless explicitly asked.

 

[elephant]

Hi guys, I was just wondering if anyone has any tips on Dechert AC. The invitation email says the day consists of two interviews and a coffee break with a trainee. Does this mean there won't be a written exercise?

 

[rb26]

Has anyone previously interviewed at Greenberg Traurig ? If so can I drop you a PM?

 

[WiseOwl]

I think that linking deals to broader industry trends is a smart way to go - it does the service of showing a fairly sophisticated understanding of what partners and clients are thinking about. One trick with this is to avoid overreach and overgeneralisation, and I would expect to be grilled on any broader comments on the market. That said, it's probably in many ways easier to make a broad comment on market context and implications than to dig into the nitty-gritty of deals which, as you've mentioned, are not publicised in granular fashion. The expectation won't be the you've got expert knowledge so don't sweat it too much, you should acquit yourself well with basic knowledge, sense and the courage of your convictions.

Ah, thank you!

 

[AP2000]

Hey! I'm involved in a university society and we're organising a law event. A firm I've applied to are experts on the specific topic of the event and I think they'd be great to reach out to. Is there anything wrong with me reaching out to grad rec about this given I am an applicant?