TCLA Vacation Scheme Applications Discussion Thread 2024-25

[Ram Sabaratnam]

hey @Amma Usman @Ram Sabaratnam @Andrei Radu

I’ve got a question that might be a bit basic. I recently did a virtual assessment center with a law firm, and one of the tasks was a written exercise. We had 60 minutes to go through a 14-page document and draft a report answering four questions. It was an M&A case study where we had to advise a client on choosing between two potential target companies.

The questions focused on risks for both companies, which company to acquire, and "commercial factors." But I’m a bit confused about what "commercial factors" really mean. A lot of the points I wanted to make felt more legal—like one of the companies had IP issues, and I wasn’t sure if it was right to bring that up as a "commercial factor."

I also felt like I ended up overlapping my answers, especially when I started discussing external market-specific content in the quesiton of which company to acquire and risks. so when you’re advising on a choice like this, are you expected to bring in outside commercial knowledge, or should you stick strictly to what’s in the case study and save external factors for later?

Basically, I was blending legal and commercial factors in my answers and wasn’t sure where the line is. Could you give me some tips on what’s actually expected when they ask about "commercial factors"?

Hiya @suhana

@Andrei Radu and @Amma Usman would definitely have more to say here, but I just wanted to chime in beforehand.

I think this is a really good question. It's easy for discussions of “commercial" and "legal" factors to overlap significantly when drafting a written exercise. That said, I think the most straightforward way to conceptualise the difference is by thinking of "commercial factors" as including, more broadly, the financial, strategic, or operational implications of a business decision (whether an acquisition, a restructuring, or investment). When law firms ask applicants to discuss commercial factors, they want to see that you’re able to think about such factors when drafting your answers.

I've generally found that econ and business students are more likely to have come across the factors below, but it's worth bearing in them in mind when completing an exercise that's testing your commercial awareness. The factors below are just some of the things you'll want to think about:

1. Financial Factors

• Revenue Growth: Will the decision lead to sustainable increases in the company's income?
• Profit Margins: Does the decision help maintain or improve profitability?
• Cost Efficiency: How effectively are resources being used? Does it reduce costs or at least do the costs lead to measurable improvements in a client's operational efficiency?
• Return on Investment: Are the financial returns worth the cost and risk of the decision?

2. Strategy and Market Factors

• Goal Compatibility: Does the acquisition/investment decision align with the company’s long-term goals and vision?
• Competitive Advantage: Will the business decision strengthen the company’s position in the market (e.g. allowing the client to differentiate itself)? Is the client likely to be competitive in the particular industry or will it struggle to keep up as a result of the business decision?
• Market Expansion: Does the decision create opportunities to enter new markets or grow market share in existing ones?
• Market Needs: Does the decision address current or emerging customer demands effectively?
• Opportunity Cost: If you advise the client to pursue one option over another, what other opportunities are being foregone, and is this preferred decision the best use of resources by comparison?
• Timing: Is the decision being made at the right time to maximise impact or capitalise on opportunities?

3. Operational Factors

• Scalability: Can the decision be scaled up effectively if needed?
• Efficiency Gains: Does the business decision streamline processes or improve productivity?
• Integration Feasibility: If it involves merging or acquiring, how easily can the new entity be integrated?
• Risk Mitigation: How well does the decision anticipate and address potential challenges?
• Employee and Cultural Impact: Does the decision improve employee satisfaction, retention, or productivity? Are there cultural tensions that emerge as a result of the merger/acquisition that might need to be addressed?

In an M&A case, any of these factors could be discussed depending on the scenario you've been given. To ensure there's sufficient clarity, I'd encourage you to focus on the structure and organisation of your written work. You can simply signpost within the written exercise itself to indicate that you're moving from one set of commercial considerations to another, and then clearly state when you're discussing the more legal elements at play. This can help you easily distinguish the commercial from the legal in your answer. Apologies in advance for the length of this reply but I hope it helps!

 

[fitzer401]

Just heard back with an invite to interview!

Do you mind if I ask when you completed the written assessment?

 

[lou1707]

Has anyone got any experience with Birketts partner interview? I have it next week would be grateful if anyone has experience they can share

for what office is it if you don't mind?

 

[kokoprep]

Hey has anyone heard back from Sidley with AC last week? I heard they have sent invites?

 

[member7830]

anyone heard positively from NRF?

 

[kokoprep]

No people have heard back with AC

I didn’t think anyone had heard for summer yet?

 

[FoxStella]

Do you mind if I ask when you completed the written assessment?

Sure, I did mine last Tuesday. They said at the time that we might hear back sooner than others since we were an early slot

 

[g.cl.2020344]

Did anyone who didn’t get the Latham email contact them in the end?

I did and the automated email said they can't answer questions about application updates cos they r too busy

 

[laurenn42]

Does anyone have any insight on the deductive reasoning test for OC? As in are the questions more written long-style or interactive like trying to find a slot for a meeting?

 

[wqueens8]

Has anyone applied for the BCLP Academy with aspiring solicitors? Or BCLP in general? Have to do a blended assessment and not sure what to expect x

 

[avocadob]

Does anyone have any insight on the deductive reasoning test for OC? As in are the questions more written long-style or interactive like trying to find a slot for a meeting?

Congratulations! Mind if I ask when did you apply and completed the test? Thanks!

 

[billyonthespeeddial]

anyone heard positively from NRF?

I would assume not, as this is probably pfos based purely on Arctic Shores

 

[fitzer401]

Sure, I did mine last Tuesday. They said at the time that we might hear back sooner than others since we were an early slot

Okay that's great. Thank you very much for replying!

 

[legal18]

Hiya @suhana

@Andrei Radu and @Amma Usman would definitely have more to say here, but I just wanted to chime in beforehand.

I think this is a really good question. It's easy for discussions of “commercial" and "legal" factors to overlap significantly when drafting a written exercise. That said, I think the most straightforward way to conceptualise the difference is by thinking of "commercial factors" as including, more broadly, the financial, strategic, or operational implications of a business decision (whether an acquisition, a restructuring, or investment). When law firms ask applicants to discuss commercial factors, they want to see that you’re able to think about such factors when drafting your answers.

I've generally found that econ and business students are more likely to have come across the factors below, but it's worth bearing in them in mind when completing an exercise that's testing your commercial awareness. The factors below are just some of the things you'll want to think about:

1. Financial Factors

• Revenue Growth: Will the decision lead to sustainable increases in the company's income?
• Profit Margins: Does the decision help maintain or improve profitability?
• Cost Efficiency: How effectively are resources being used? Does it reduce costs or at least do the costs lead to measurable improvements in a client's operational efficiency?
• Return on Investment: Are the financial returns worth the cost and risk of the decision?

2. Strategy and Market Factors

• Goal Compatibility: Does the acquisition/investment decision align with the company’s long-term goals and vision?
• Competitive Advantage: Will the business decision strengthen the company’s position in the market (e.g. allowing the client to differentiate itself)? Is the client likely to be competitive in the particular industry or will it struggle to keep up as a result of the business decision?
• Market Expansion: Does the decision create opportunities to enter new markets or grow market share in existing ones?
• Market Needs: Does the decision address current or emerging customer demands effectively?
• Opportunity Cost: If you advise the client to pursue one option over another, what other opportunities are being foregone, and is this preferred decision the best use of resources by comparison?
• Timing: Is the decision being made at the right time to maximise impact or capitalise on opportunities?

3. Operational Factors

• Scalability: Can the decision be scaled up effectively if needed?
• Efficiency Gains: Does the business decision streamline processes or improve productivity?
• Integration Feasibility: If it involves merging or acquiring, how easily can the new entity be integrated?
• Risk Mitigation: How well does the decision anticipate and address potential challenges?
• Employee and Cultural Impact: Does the decision improve employee satisfaction, retention, or productivity? Are there cultural tensions that emerge as a result of the merger/acquisition that might need to be addressed?

In an M&A case, any of these factors could be discussed depending on the scenario you've been given. To ensure there's sufficient clarity, I'd encourage you to focus on the structure and organisation of your written work. You can simply signpost within the written exercise itself to indicate that you're moving from one set of commercial considerations to another, and then clearly state when you're discussing the more legal elements at play. This can help you easily distinguish the commercial from the legal in your answer. Apologies in advance for the length of this reply but I hope it helps!

For a question like this what sort of structure would you recommend? Would you take a factor and then look at both companies and compare?

Also more broadly do you have any advice for structuring written exercises?

 

[Chris Brown]

FINALLY! EVERSHEDS SVS OFFER!😭🧿🩵

Congrats 🥳

 

[LB24]

Anyone heard anything from AG post-test for Manchester?

 

[futuretrainee8482]

anyone got sidley austin spring summer AC? Is it virtual for you guys if you are overseas?

 

[manifestingthetc]

V&E VI!

 

[bibss]

V&E VI!

 

[Wannabe_Lawyer]

To anyone who has applied to these firms (Gatelely, Browne Jacobson and Womble Bond Dickinson, Simmons & Simmons), do you receive the online assessment immediately after your application? And how much time do they give you to complete the assessment? Need to draft some last-min apps and don't want to waste time doing SJTs (since I seem to be awful at them).