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TCLA Vacation Scheme Applications Discussion Thread 2025-26

Laurel Lance - Black Canary

Legendary Member
  • Jul 31, 2025
    210
    243
    Hello, which DTC applications are open right now, including firms that allow you to reapply if you were rejected for their VS in the same cycle? I know the following:
    - King & Spalding
    - Fried Frank
    - Paul Hastings
    - Bclp
    - Morgan Lewis

    Not sure about W&C and Macfarlanes
    Morgan Lewis & Macfarlanes allow you to reapply in the same cycle if you are rejected before AC stage.

    The rest is unlikely to offer you a place after being rejected in the same cycle. BCLP and White & Case would still consider if you ever had an AC in previous cycle but failed, but others three are difficult and certainly least possible.
     

    Bruce Wayne Attorney at Law

    Esteemed Member
    Gold Member
    Premium Member
    Sep 10, 2023
    96
    161
    Hi @Abbie Whitlock and others,

    I was wondering how you would answer the "what is your weakness question" without really going into anything that feels like a reflag for a career in commercial law but also isn't a straw man answer. Something I related to was struggling a bit with turning professional connections into personal relations (I'm very comfortable in structured professional settings, meetings, networking events where there's an agenda, one-on-ones where the purpose is clear. But I've noticed that I sometimes default to keeping things transactional when the better long-term move is to invest in the relationship itself, finding the common ground beyond the work) and I took some steps to work on that and consciously paid more effort into it. However, I am worried that unless I frame this very specifically it may come across as an issue for US firms that generally have lean team.

    I was wondering what some reasonable alternatives could be ?

    I thought of these options, but not sure if it feels genuine enough or if its a bit of a redflag to talk about them:

    "I have a tendency to want to feel completely across a topic before I put forward a view, which can be a strength, but I've noticed it can slow me down in situations where a provisional answer early is more useful than a perfect answer late. I've been working on learning to time-box research and give a working view with caveats, rather than waiting until I feel I've covered everything."

    "I'm naturally someone who tries to work things out myself before asking for help, which is useful up to a point, but I've realised that in a team environment, there's a cost to spending too long on something independently when a five-minute conversation would have moved things forward. I've been more conscious about recognising that asking early isn't a sign of weakness ,it's actually more efficient for everyone."

    What sort of answers have others gone with in interviews ?
     
    Reactions: Abbie Whitlock

    radssss

    Legendary Member
    Aug 16, 2024
    677
    996
    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 :)
     

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