Mayer Brown VAC SCHEME!!! MY FIRST EVER
BLM doesDoes anybody know which law firms offer alternative fee arrangements already?
I think it's a bit like talking about how much money you earn. Acceptable and encouraged in certain situations, but considered a bit unclassy in others.i mean, i have no insight whatsoever. there was a conversation a couple of pages back where someone who does have better insight said it is not uncommon. does this info rattle you? or is it only problematic if someone personally states it happens to apply in their case?
I completely agree with you e.g. I wouldn’t make a LinkedIn post about it, but felt like this was a safe space 😂 partly because it’s anon and everyone just shares their experiences on here.I think it's a bit like talking about how much money you earn. Acceptable and encouraged in certain situations, but considered a bit unclassy in others.
I would say a public forum is one of those situations where it's acceptable and encouraged for the reasons you already mentioned.
I definitely wouldn't talk about how many vac schemes I received if I was meeting some people in real life for the first time though.
Same!Orrick WG 😭 honestly forgot I even applied
I currently work in consulting and the biggest difference is situating business knowledge within the legal arguments. As a consultant you’ll make recommendations based entirely on market projections/industry insights. But with commercial law business underpins your legal solutions/ options.Hi! If asked at interview "why law and why not consulting?" What would you recommend saying?
That's a good question. I can't explain why vacation schemes pay the amount they do, but I have a banking internship lined up for the summer so I can maybe provide a bit of insight onto that. From my experience (obviously can't speak for all banks), the salary you get for the summer internship is what you'd get as a new graduate (or very close to that). Added to that is also a generous allowance at the start of the internship to cover accommodation costs (again- not sure if standard practice, but my experience). Paired with the fact that, as you rightly mentioned, the internship is longer, the whole experience places you in a position much more comparable to someone starting on their graduate schemes. Someone like Jessica would be in a better position to explain why law firms follow a different approach- could it be that vac schemes are seen as closer to a 2 week interview whereas banking internships are seen more as an early start to the graduate schemes? No clue about general salary however or salary progression so would love to hear other people's experiences and insight.Question somewhat related to vacation schemes but not really:
Does anyone know why banking internships pay significantly more than vacation schemes? I understand that usually, banking internships are longer, but still...
Would you say this is this indicative of the general salary of a graduate investment or commercial banker compared to a trainee or just because of the workload during the internship?
Also, why do vacation schemes pay only £350 - £500? Is it because it is expensive to run a vac scheme or just the way law firms prefer it?
Completely agree with this - some people are just naturally great and get many offers in their first cycle but I have to say from my experience this isn’t the norm. In my personal very linear case (which I think goes to show for a lot of people you just improve with each cycle / practice):I realise I may not have helped with my earlier posts on this conversation earlier.
I'd encourage everyone to normalise every outcome of how many vacation scheme offers someone gets.
We are talking about a process with so many variables, that the one thing that is really tricky to do is to say what an "average" is. We aren't taking anything into account as to why that average number might be what it is either.
None of that is helpful in my opinion.
From doing this for nearly 18 years, my experience is:
All of those outcomes are normal in my opinion.
- Many people get 0 vacation schemes, even across multiple cycles.
- Many people get 1-2 offers, whether it be across one or multiple cycles
- Many people get a lot of offers, sometimes in a really short period or time, in others other multiple years
It is just market trends - I don't think it really reflects too much on the difference in graduate salaries.Question somewhat related to vacation schemes but not really:
Does anyone know why banking internships pay significantly more than vacation schemes? I understand that usually, banking internships are longer, but still...
Would you say this is this indicative of the general salary of a graduate investment or commercial banker compared to a trainee or just because of the workload during the internship?
Also, why do vacation schemes pay only £350 - £500? Is it because it is expensive to run a vac scheme or just the way law firms prefer it?