TCLA Vacation Scheme Applications Discussion Thread 2025-26

[A_ede]

What should we expect, look out for during written exercises on M&A? What are key issues to flag and more minor details? Any tips on answering these questions?

Hi,

My main tip on answering written exercises is to write very clearly and concisely. You want the person reading it to see that you have well-formulated and structured arguments. This is incredibly important because the knowledge aspect can be fixed, but the way you think can show a real insight into the way you approach problems. I would typically try and bring out three points/issues and discuss these in three separate paragraphs.

For me, the main issues to flag are typically surrounding warranties and indemnities. There are normally litigation issues or some reason why it is risky for a seller to acquire the business. Therefore, I would really emphasise preparing what warranties and indemnities are and how they can be used to help negotiate an M&A deal. For example, an indemnity can be used to promise the buyer compensation for a litigation case. Indemnities and warranties are negotiated in the Share Purchase Agreement (the SPA).

I would also know the difference between share sales and asset sales and what differences these can have on a deal. For example, for a share sale, the buyer has to take on the risks of the company but for an asset sale, the buyer only has to take on the risks associated with that asset.

 

[ReedSmithBecca]

If it's alright, I've got a few questions about the Reed Smith process? I've been observing for a little haha, but this is my first post here so please let me know if this should be in a different thread.

Has anyone heard back from Reed Smith after SJT/VI? I have applied for the winter scheme and I would've thought ACs would take place before Christmas?

Further to that, roughly how many people make it through to AC? How many vac scheme offers are made? What is success rate from a vac scheme? I've been told before it's roughly 50% through to blended assessment but I'm not sure if that's accurate? Also how many places are actually available on each scheme, as there is conflicting information on different websites.

Sorry for the barrage of questions, Reed Smith is by far my top choice firm, but I wasn't able to attend any open days to ask my questions. Any advice would be much appreciated!!! @Abbie Whitlock @RikPalmer-ReedSmith @ReedSmithBecca

Hi, yes, sure, I'll answer in bullet points below!:
- You wouldn't have been able to apply exclusively to the Winter Scheme, as it's one application to be considered for either scheme. We have been inviting candidates through the Assessment Centre already, but do have places remaining on the Winter Scheme, and candidates who successfully reach an early-mid Jan AC will still be considered for this.
We aim to respond to candidates within 1 month of completing the SJT/VI and have largely been doing this.
- We can't give specific information on this, but have approximately 15 places on each scheme. This varies each year as we don't have a strict number of AC or VS places, we progress people based on reaching an expected score.

 

[Trophy]

Assuming it's Linklaters, I only got 92 percentile, which I'm not sure if it's enough to progress.

yes Linklaters, 92 is a amazing score. I do believe that the capp test is held in higher regard than the WG as this is retaken if successful to the AC. Someone a while back got 99 percentile and was unsuccessful so as long as your capp assessment was good you'll be good

 

[TheLegalEdit]

quick question how are people's links WG scores looking? I have got the best score I have ever got with them but i got fairly mid in the evaluating arguments section whereas i normally perform the highest in that section. for context the first time i ever took WG i got 1 percentile LMAO and i got 80 on my most recent.

Currently on hold at 70% which means nothing tbh just patiently waiting

Honestly it’s really depends on your Capp test. They look at it together, you can pass the WG and not Capp and so you won’t progress if that happens.

 

[A_ede]

How would you go about answering why transactional law and not investment banking?

Hi,

I was asked this in my final TC interview and the first thing I acknowledged was the overlap between transactional law and investment banking.

I then went on to discuss three reasons why I was drawn to commercial law. I discussed the team/client relationship within law firms and the value I place on such relationships. I also discussed the analysis, problem solving and skills required in transaction law, relating some experience to this (which at the time was a Vacation Scheme experience but could be any relevant experience). I then also discussed the role that a transactional lawyer takes in a deal and directly compared this with an investment banker's role, and highlighted why this was more attractive to me.

Hope this helps!

 

[Madison Pinewall]

Are people like heavily practising for the WG? I've just been winging it after reading about how it works, there's no where near enough time to practice it extensively, apply and be prepared for my degree work!

 

[elle woods]

Just got the invite myself! Mayer Brown Grad Rec said it would be four questions, of which two have unlimited prep time and two have limited prep time, they all have two mins recording time. I think there was something about the order of these too but I can't quite remember. I was also told to expect the standard motivational questions, and the top tip was to not rush through the answer while the clock ticks down. They find it's almost never the content of the answer that trips people up at this stage, but the overall presentation instead

Thank you that’s very helpful!

 

[xxpip.12]

Hi guys please can I have some honest ideas of what you think is going wrong here because I’m getting constant rejections. I’m on my second application cycle, this time taking a far more tailored approach and only applying to firms I’ve interacted with and been to open days at. All of my applications are proofread by people that have secured TCs and I’ve read lots of successful cover letters so I know I’m along the right lines. I have top grades, study at Cambridge, hold society positions, have work experience law and non-law - please help 😓 I think I’m being filtered out by these assessments but I’ve been practising them loads

 

[Trophy]

Are people like heavily practising for the WG? I've just been winging it after reading about how it works, there's no where near enough time to practice it extensively, apply and be prepared for my degree work!

I never practice hence why i got 1 percentile on my first go haha but the more i did the better i got. My biggest strength is the assumptions but I'm not terrible at conclusions either as I'm always jumping to conclusions myself

 

[elle woods]

quick question how are people's links WG scores looking? I have got the best score I have ever got with them but i got fairly mid in the evaluating arguments section whereas i normally perform the highest in that section. for context the first time i ever took WG i got 1 percentile LMAO and i got 80 on my most recent.

Currently on hold at 70% which means nothing tbh just patiently waiting

I’m at the same exact situation as you! Same percentile and everything I think haha

 

[Sharkfin]

Are people like heavily practising for the WG? I've just been winging it after reading about how it works, there's no where near enough time to practice it extensively, apply and be prepared for my degree work!

Personally, I try and use a "little and often" approach - I cba sitting through an entire practice test every day, so instead I'll get gpt to give me a couple section specific questions (eg inference, assumptions) and just do a few of those whenever im bored. IMO consistency is the best thing for improving test scores, WG or otherwise 🫡

 

[Madison Pinewall]

Hi guys please can I have some honest ideas of what you think is going wrong here because I’m getting constant rejections. I’m on my second application cycle, this time taking a far more tailored approach and only applying to firms I’ve interacted with and been to open days at. All of my applications are proofread by people that have secured TCs and I’ve read lots of successful cover letters so I know I’m along the right lines. I have top grades, study at Cambridge, hold society positions, have work experience law and non-law - please help 😓 I think I’m being filtered out by these assessments but I’ve been practising them loads

I'm gonna pm you!

 

[elle woods]

Hi guys please can I have some honest ideas of what you think is going wrong here because I’m getting constant rejections. I’m on my second application cycle, this time taking a far more tailored approach and only applying to firms I’ve interacted with and been to open days at. All of my applications are proofread by people that have secured TCs and I’ve read lots of successful cover letters so I know I’m along the right lines. I have top grades, study at Cambridge, hold society positions, have work experience law and non-law - please help 😓 I think I’m being filtered out by these assessments but I’ve been practising them loads

Hey I’m at ur uni - if u want to talk id be happy to be dmed!

 

[Madison Pinewall]

Personally, I try and use a "little and often" approach - I cba sitting through an entire practice test every day, so instead I'll get gpt to give me a couple section specific questions (eg inference, assumptions) and just do a few of those whenever im bored. IMO consistency is the best thing for improving test scores, WG or otherwise 🫡

This is a good idea. I mean, it's a bit late... I've done a fair few tests for firms. I got to the job sim for hogan and passed the benchmark for HSF Kramer but I'm not sure how indicative this is. Do they continue to look at scores throughout ? Is there cut off quite low ?

 

[Madison Pinewall]

Hey I’m at ur uni - if u want to talk id be happy to be dmed!

I was not expecting you to be a Cambridge !! I get it tho because I'm at Ox and still feel very imposter syndrome.

 

[johnsmith]

Weil rejection just through, not surprised though as my uni grades just won't be good enough for them and the application style obviously relied on that heavily!

Completed SJT + VI 4th November.

 

[Madison Pinewall]

Just wondering, how many people here are law undergrads?

 

[elle woods]

I was not expecting you to be a Cambridge !! I get it tho because I'm at Ox and still feel very imposter syndrome.

Yeaa haha I don’t even believe that I’m at Cambridge LMAO

I think it’s the fact that I’m from a lower class background so the imposter syndrome never goes away hahaha - genuinely feel like I’m playing catch up in all aspects of my life!

 

[Suii]

Weil pfo after sjt/vi am not surprised with my feedback report.

 

[elle woods]

Weil pfo after sjt/vi am not surprised with my feedback report.

Man I’m terrified to do the OT now 😭😭😭