TCLA Vacation Scheme Applications Discussion Thread 2025-26

[badmintonflyinginsect]

I would not expect the new Budget and the associated increased government borrowing to have much of a positive impact in terms dealmaking activity, outside of perhaps some specific sectors the government will be able to invest more into - although it is doubtful that given the current budget deficit issues, economic stagnation, and persistent inflation we will see a significant ram up in investments.

The other potential consequences mentioned, to the extent they actually materialise, would have a negative effect: crowding out effects and increasing interest rates will make general borrowing and therefore financing of transactions more difficult, while decreasing confidence in the UK's ability to repay its debts should lead to a decrease in willingness to invest in the UK economy. The only tailwind I cans see as a result of the new Budget would have more to do with the increased taxes/spending cuts, as those reinforce investor confidence in the fiscal prudence of the Government.

Thanks so much for your response! I agree that the potential consequences would lead to a negative effect. However, interest rates have been cut thrice this year and once again (potentially) in December, and the budget seems to have been received better than expected (softening inflation). Inflation has come down to 3.6% after some persistent months at 3.8%.

Besides the budget, do you reckon these are actually positive economic indicators for (somewhat) better dealmaking? Of course not 2021/22-style but mild improvement(?). I was also wondering about if/how this affects the attractiveness of private credit.

 

[asplawyer100]

DLA wg invite. Applied on their deadline.

Which office?

 

[Someoneinlaw]

From my exp this usually means 23:59 tomorrow, but I would submit it before the 30th just to be safe

Please I will like to know the outcome of your application if you do end up applying, because they literally rejected me the next day 😭and I think it's because I applied late but if you get the WG then I know its because my application was trash lol

 

[lawstudent2]

Does anyone know what time the Skadden and Eversheds deadlines are on the 1st?

 

[Harvey Specter - Presiding Partner]

Does anyone know what time the Skadden and Eversheds deadlines are on the 1st?

I think Skadden is 23:59 on the 1st, so just over 48 hours till their deadline. Probably best to get it in at least a few hours before in case there are technical difficulties with the platform!​

 

[user55998384]

Hi @Abbie Whitlock and @Andrei Radu: for a q on why the firm, i have structure it in terms of paragraph 1) work paragraph 2) int presence and 3) blended in qality of training + pro-bono work - i have advised to have quality of training as a point on its own but i do not have too much substance on it as attending insight days + speaking to trainees there was no like specific stnad outs that i got so do you think my structure is okay?

 

[gmcaolaw]

Who do we address the Davis Polk cover letter to?

 

[lawstudent2]

I think Skadden is 23:59 on the 1st, so just over 48 hours till their deadline. Probably best to get it in at least a few hours before in case there are technical difficulties with the platform!​

Thanks!

 

[yk1906]

Do you think it's a mauvais ton to mention an upcoming internship if it's at a very prestigious place?

 

[1stCycleApplicant]

Which office?

London

 

[yk1906]

Do you think it's a mauvais ton to mention an upcoming internship if it's at a very prestigious place?

@Abbie Whitlock

 

[Amgrad]

Davis Polk keeps sending me a reminder to my unsubmitted app, whilst I think it'd be a waste to apply if I am ineligible as I don't have a law degree or studying PGDL. How can I tell them to withdraw my app if there's no button like Linklaters?

Also, specific question for @Andrei Radu since you a future trainee there, how is your experience at Barbri? I heard its alumni has the highest SQE pass rate compared to other providers, wondering after completing PGDL at BPP/ULaw we can pick Barbri as SQE prep?

 

[bh.sa]

Davis Polk keeps sending me a reminder to my unsubmitted app, whilst I think it'd be a waste to apply if I am ineligible as I don't have a law degree or studying PGDL. How can I tell them to withdraw my app if there's no button like Linklaters?

Also, specific question for @Andrei Radu since you a future trainee there, how is your experience at Barbri? I heard its alumni has the highest SQE pass rate compared to other providers, wondering after completing PGDL at BPP/ULaw we can pick Barbri as SQE prep?

I got those emails from AllHires too, I think you don't have to do anything because you haven't submitted your application, so the firm hasn't received it anyways

 

[lawberri3]

did anyone who did macfarlanes second stage get a confirmation email? i closed my laptop as soon as i pressed submit and watched the video (ptsd) i forgot to let the exit page load.

 

[p2bv]

Do you think it's a mauvais ton to mention an upcoming internship if it's at a very prestigious place?

If its a vacation scheme, I wouldn't mention it for other VS applications as it wouldn't make a difference but for DTC you could mention it as it shows you would have legal experience

 

[hxnnahrobinson]

Has anyone heard back yet from CMS? I completed the critical analysis assessment on 30th October

 

[Amelia.05]

Hii, just completed Milbank's first-stage assessment. When did everyone hear about rejection/second stage, and did you get a feedback report?

 

[johnsmith]

Hii, just completed Milbank's first-stage assessment. When did everyone hear about rejection/second stage, and did you get a feedback report?

I didn’t get a rejection but no 2nd test!

 

[yk1906]

Hii, just completed Milbank's first-stage assessment. When did everyone hear about rejection/second stage, and did you get a feedback report?

I got a second test within around 5-6 hours... It was on a working day though

 

[Andrei Radu]

Thanks so much for your response! I agree that the potential consequences would lead to a negative effect. However, interest rates have been cut thrice this year and once again (potentially) in December, and the budget seems to have been received better than expected (softening inflation). Inflation has come down to 3.6% after some persistent months at 3.8%.

Besides the budget, do you reckon these are actually positive economic indicators for (somewhat) better dealmaking? Of course not 2021/22-style but mild improvement(?). I was also wondering about if/how this affects the attractiveness of private credit.

I definitely agree with you on the tailwinds you mentioned - in fact, from what I have been reading and hearing, global dealmaking has been surging in the last quarter, and some people in the field have actually drawn comparisons to the 2021 boom. Basically, a number of different factors seem to be coming together to enable a boom in M&A and capital markets activity:

• Dry powder: Post 2022 with the rise of interest rates, a lot of PE funds have chosen to sit on huge pools of capital (estimated in the trillions) rather than enter investments with lower projected rate of returns as a result of the unavailability of cheap debt. This put the industry under pressure, as investors wanted to see their cash put to work. As interest rates have finally come down, a lot of PE funds feel like now is the moment to make up for all the lost time.
• Exists pressure: on the other side of the PE industry, the difficult economic conditions and the unavailability of financing made exits difficult. This once again put pressure on PE funds, as they were unable to return money to investors, which led to the rise of secondary funds. Now, a lot of PE funds that have been keeping portfolio companies longer than they wanted to see this as a perfect moment to sell to larger corporates or list on a public stock exchange.
• Pent up appetite for corporates: on the strategic side of M&A, because of the difficult macroeconomic environment of the last few years, corporates have generally been holding back from big transactions. This led to many deals that would have normally been more spread out over the last few years be postponed, and now that global markets see this period as of one of relative stability, there is a lot of pent up demand for M&A deals.
• Reduced worries around trade policy: Looking only at year back, there was a lot of optimism about the economy and about a rebound in dealmaking after the election of Trump, who thought to have a strong pro-business economic policy. That was all brought to a halt by the imposition of high tariffs on many trade partners and by all the chaos that followed. Nonetheless, overall tariffs ended up being scaled down significantly, and things seem to have broadly calmed down on the trade policy end. This alleviates many macroeconomic worries and makes businesses a lot more willing to pursue cross-border M&A deals;
• A more relaxed merger control regime: with the Trump presidency in the US and a more pro-business EU Commission agenda, competition authorities have become a lot more willing to green light deals in the last year, which once again alleviates a major worry companies have when contemplating large deals.
• AI investments: as there is an ever growing demand for chips and for data centres to service generative AI usage, there has been huge investment in the area, leading to a boom in tech M&A;
• Uncertainty, leading to a need for scale and diversification: While uncertainty is normally thought to negatively affect M&A, in the current environment it arguably has the opposite effect. As investments in AI are reaching multiple trillion dollars figures and there are increasing worries of a bubble forming as a result of relatively unimpressive returns, many companies are unsure as to where the most value truly lies in the supply chain for AI tech, and, to an even larger extent, are unsure as to what the future role of AI in the global economy will be. Thus, there is a need for diversification which can only be achieved through scale: the larger a company is, and the more diversified its business and investments, the more likely it is it will be able to profits irrespective of how things turn up.

If you want to learn more about this topic, I have linked a recent podcast from Goldman Sachs here, as it presents a significantly more nuanced and detailed analysis of all these trends.