TCLA Vacation Scheme Applications Discussion Thread 2025-26

[Bread]

has anyone heard back from SPB post VI?

The email said it would be a week before the scheduled AC dates (tho I hope it’s all at once given ACs are spread over several weeks)

 

[adfs456]

Sidley partner interview invite following stream of PFOs 😭 🙏💅

Any Insights/advice appreciated 🥳

 

[trainee1012]

Is there a list of DTC applications still open?

 

[BuddyingLawyer744]

Well that’s this cycle over - Ropes PFO

 

[Afuturetrainee]

Ropes PFO

 

[ilikelaw]

ropes pfo 😞

 

[radssss]

I study Finance, and this is very useful. Here is some more advice too:

• Link equity financing to:
  • Initial Public Offerings (IPOs) – when a firm first lists on the stock market to raise capital.
  • Seasoned Equity Offerings (SEOs) – when an already listed firm issues additional shares.
  • Both typically increase the number of shares outstanding, leading to share dilution (reduced ownership percentage and possibly lower EPS for existing shareholders).
• Firms can also issue shares through:
  • Rights issues – existing shareholders are offered new shares, usually at a discount, to maintain their ownership proportion.
  • Bonus (scrip) issues – free additional shares given to shareholders; no new cash is raised, but total shares increase, so dilution still occurs in value terms
• Be aware of financing restrictions often written into legal agreements:
  • Covenants may restrict additional borrowing or equity issuance.
  • Dividend restrictions can limit payouts to preserve cash for debt servicing.
  • Asset disposal restrictions prevent firms from selling key assets without lender approval.
  • These are designed to protect creditors and control risk-taking by management
• Always evaluate financing choices using the risk–return trade-off:
  • More debt → lower cost (as creditors are repaid first when a company goes into liquidation) but higher financial risk (gearing/leverage) - this can limit the firm’s liquidity due to interest payments on debt
  • More equity → safer balance sheet but higher cost of capital and potential dilution.

YOU ARE A STAR😍😍😍😍
Thank you so so much, this is so helpful

 

[AnnaliseK]

Anyone heard back from shoosmiths?

 

[Afuturetrainee]

Not Ropes sending the PFO email twice- like damn we get it😭😂

 

[Donuttime]

People who have gotten Ropes PFO sorry to hear can I ask when you applied?

 

[Afuturetrainee]

Has anyone else heard back from MOFO?

 

[CD20]

Amberjack

 

[AnnaliseK]

Anyone heard back from shoosmiths?

'No later than 6pm' is making me very uneasy, I'd rather they just say that they'll get back to us at the very start of Tuesday so I don't spend the whole day jumping at every notification...

 

[ash_22]

I haven’t gotten a CRS holding email…does that mean a likely rejection? Ughhh

 

[mrebeccafr]

I haven’t gotten a CRS holding email…does that mean a likely rejection? Ughhh

What office was this for?

 

[ash_22]

What office was this for?

London Spring pref

 

[Rosie_Kitten]

So far, every PFO has included the line "Record number of applications" and/or "unprecedented number of applicants"
I guess that's the sign of this cycle competitiveness...

 

[Donuttime]

So far, every PFO has included the line "Record number of applications" and/or "unprecedented number of applicants"
I guess that's the sign of this cycle competitiveness...

They say that every year tho 😭

 

[James Wakefield]

Any of you applied to Ropes on the deadline? thanks!

Still waiting to hear back

 

[CharlieandLola]

Ropes & Gray PFO