hey does anyone have any tips on answering this question?
How do you feel about knowing the majority of your work will make rich people richer
Hey - it would be best to create a thread for this question, rather than posting this here.
hey does anyone have any tips on answering this question?
How do you feel about knowing the majority of your work will make rich people richer
Hi All,
My name is LM and I am a Corporate Associate at a global law firm. I am pleased to announce that I have joined the TCLA forum team. I have just commenced a sabbatical to pursue further study and wanted to take this opportunity to share my experiences so far in the industry.
I applied to several firms in 2016 while undertaking the GDL as a non-law student. Following successful vacation schemes across multiple firms, I commenced my training contract in 2017. During my training contract, I was fortunate enough to undertake an international secondment to the US and a client secondment. In 2018, I accepted a position as an Associate in the Firm's Corporate department.
Please use this thread to ask me any questions relating to training contracts, secondments, the role of a Trainee or the role of an Associate.
Thank you all for reading and I look forward to answering any questions you may have.
Best,
LM
Hi @LM
Thank you so much for sharing your insights.
I am currently a trainee in my third seat and wondered if you had any advice on the following:
1) Navigating the qualification process - I have been told that NQ interviews are particularly challenging. Did you prepare extensively to ensure you secured a place in your chosen department? Did you consider applying externally?
2) Technical ability - You mentioned that some trainees may do mundane tasks during their contract. How does one develop technical ability if so and how were you able to demonstrate the legal knowledge you acquired on qualification?
3) Commercial awareness - has your approach to developing commercial awareness changed at all following qualification? Were you expected to demonstrate a higher level of business acumen?
4) Attention to detail - developing this skill has been particularly challenging for me and the pressure to achieve perfection can be overwhelming. Did you receive any form of training to develop this skill?
Thanks again for your contribution to the Forum, it's really appreciated.
How difficult is it to move firms as an NQ?
Say if someone did their TC at a niche (but nonetheless international/commercial) firm, and decided to qualify in corporate or another more generalist practice, how difficult would it be to move to a global/US/MC firm?
Hi LM, thank you so much for creating this forum,
What would you say are the benefits of working at a global law firm in terms of the quality of work - Firms often refer to the added layer of complexity of multi-jurisdictional or cross border deals but what does this mean for work of the lawyers at the firm in practice?
Relating to this, how does a global law firm delegate work requiring expertise in multiple jurisdictions i.e. how much exposure does a lawyer get to the work relating to another jurisdiction; is it matter of delegating wholly to the relevant office and piecing everything together later?
Thank you!
Hi @LM , thank you for taking the time to provide such detailed answers!
I have a couple of questions:
1. How do you manage your workload day to day?
2. In an earlier post, you mentioned making mistakes. I was wondering how you dealt with making mistakes (since they’re inevitable). By that I mean mistakes that you’ve realised yourself and mistakes that have been pointed out to you.
Thank you!
Thanks @LM. When applying, what were you looking for in your training contract and do you think you found it?
Hi @LM thank you for your time to answer questions.
It’s been interesting to read about the differences between advisory and corporate departments, especially how advisory departments research aspects and feed back to the corporate team on a deal. I was wondering how you would describe a finance department, would the role they play be similar to an advisory department on a deal or more similar to a corporate department, or different altogether?
Thank you
Hi @LM thanks so much for agreeing to do this thread - I know I can speak for everyone when I say reading your thoughtful responses has been really insightful!
Firstly, I wondered what made you decide to undertake further study now?
Secondly, you said that you did several vacation schemes, what factors led you to pick the firm you did to train at?
Finally, I wondered if you could explain how your role has changed as an associate? Is the jump from trainee to qualified associate a big step up?
Thanks again,
Dan
Hi LM,
I am a corporate solicitor (2 yrs PQE soon) with a focus on M&A work, I trained and qualified at a regional firm. I am eager to move to London and work in the corporate department of a top firm. However, many of the vacancies I want to apply for require that the applicant trained at a City firm.
I am looking for some insight into what was expected of you as an associate so I can compare the skills and experience I have to that level of expectation. For instance, I am aware that firms expect their juniors to be commercially aware, but could you give me an example of a situation where you would be expected to apply such knowledge?
As another example, when I attended a ULaw PSC course in London the teacher seemed to suggest that she would expect trainees (in her previous role) to be able to calculate and comment on a company's financial leverage ratios after reviewing their accounts in anticipation of a kick-off meeting. This is beyond what would be expected from a trainee at my firm but it would be helpful to know if this is the standard at your firm? What would be the expectations of a corporate junior in a client meeting? If I draft a lengthy email or prepare a shareholders' agreement, I would take time editing it - were you in an environment where there was an expectation to get the drafting right the first time, particularly in terms of efficiency?
You mentioned in a previous post points about thinking on your feet and trusting that someone can carry out good quality work - are you able to add context to this? Is good quality work something that is correct and produced in a timely manner or does it go the extra mile to add value for the client in some way? I ask because I sometimes overlook what I am already achieving when I do not know where the benchmark is.
I understand working in London would involve longer hours; greater volume of work; tighter deadlines; larger teams; more demanding clients and deal values are much higher, but I am looking for more specific insight into what is expected in terms of knowledge and experience. What was your role in respect of transactions, for example?
In my current position, I work directly for partners who worked at international City firms for a substantial period. I am:
- regularly the first point of contact to clients (CEOs/ owners of mostly private /family-owned businesses);
- responsible for aspects of transactions (disclosure, ancillary docs, organising signing/closing) usually valued at up to £20m;
- project managing transactions; and
- responsible for leading smaller deals, including negotiating key documents with the other side.
In general, what I would like to be able to assess is whether I meet the knowledge / experience criteria of my City counter-part and work to fill any potential gaps where I do not.
Finally, thank you for starting this thread - I find that there is much less information available concerning career progression once you qualify unless you have the benefit of a mentor.
Thank you for your time.
V
Thanks, @Numerius Negidius. My responses to your questions are below:Hi LM,
Thank you for your insightful replies to everyone's questions above! Here are my questions:
1. Do you find that the number of hours you work in actuality is lower, similar, or higher than your billable hours target (if you have one)?
2. You mentioned above that during your secondment, you primarily practiced US law. Did you have to become NY qualified before going on secondment? Were there any challenges adapting to their legal system or familiarizing yourself with New York laws? Did you do anything to prepare before you began your secondment?
3. Are NY secondments competitive at US firms?
4. What are the prospects of a US firm NQ or 2-3PQE transferring to a US office? If it is difficult, is the main challenge immigration restrictions, them preferring US-educated candidates, or competition, etc?
Thanks for your time!
How difficult is it to move firms as an NQ?
Say if someone did their TC at a niche (but nonetheless international/commercial) firm, and decided to qualify in corporate or another more generalist practice, how difficult would it be to move to a global/US/MC firm?
Thanks a lot @LM!Thanks, @Daniel Boden. I shall answer all your questions individually.
Question 1 - I don't know how others in the TCLA community have felt about the GDL/LPC process, but I found the whole experience to be somewhat rushed. I was never able to engage in discussions about certain topics and I found that to be deeply unsatisfying. Now that I have been qualified for a while, I feel that I have a much clearer understanding about what area of law I am interested in and where I see my career going, and this further study compliments that. This is the first reason. The second reason is because, as you get older, life gets in the way of these opportunities and I want to seize these opportunities while I am still able to.
Question 2 - This goes back to a question I responded to earlier. Primarily it was because I felt this particular firm didn't close any doors to possible career paths and in fact, introduced me to doors I didn't even realise were there. Further, I love my department and the people I work with and I genuinely enjoy going to work each day, doing the type of work I specialize in.
Question 3 - It is a big jump. There is much less support when you become an Associate and the amount of work you have to juggle increases exponentially. However, the two years of training prepares you (somewhat for this) and you are able to handle matters on your own when the time comes. So overall, the workload increases and so does your involvement on the actual deal itself.
Thanks a lot @LM!
Just as a follow-up to your response to my first question, was it easy to get your firm to sign off on your period of further study and I assume you'll be returning to your firm upon completion of your study programme? Is it common for a firm to sponsor an associate in further study just as some industries may do if an associate wants to do an MBA?
Forgive all the questions, I'm just curious as to how this process works as it's something I may consider as I too share your concerns about the rushed nature of the law conversion process as there are some things I've enjoyed studying but only have scratched the surface of due to the obvious course and time constraints.
Thanks!
Hi @LM,
Been great having you on the team recently and I wanted to extend my thanks on behalf of all the members for you taking the time to help everyone out.
I did want to ask a couple of things, and would really appreciate any input you have on them:
1- what are three things you wish you'd known about life as a trainee before you started your TC?
2- what do you feel are the top things which separate a 'good' trainee from a 'great' trainee?
(It feels odd to be the one asking questions rather than answering them now!)
This is amazing, thank you so much!Many thanks @Jacob Miller for the warm welcome.
Question 1 - I get asked this question a lot and I always find it hard to answer (which is usually the sign of a great question). In general, I would say I haven't ever really thought "oh I wish I knew [x] or [y]". The reason for this is because the training contract is about you learning and developing, and this is obviously unique for each individual. If you knew everything beforehand, you wouldn't learn anything. That being said, I want give you some good takeaways so I shall endeavour to actually answer your question! So the three things I wish I knew are:
1) The training contract is a marathon, not a sprint. Taking on too much work from the beginning may lead to burnout and can lead to poor quality work. Therefore, especially during your first seat, take your time to settle in and don't feel pressured to say yes to every single piece of work that comes your way.
2) You are your own worst enemy. In a previous post I talked about making mistakes and checking through old emails for typos. I have learnt that beating yourself up over past mistakes is useless; the most important thing is to accept mistakes will be made and your objective should be to try and learn from them.
3) Your intake can be your bedrock. When I started my training contract I did not spend much time with my intake. Maybe I thought I was "too cool for school", but over time, I established some really strong connections with members of my intake that I am still close with today. These individuals can really help you in your time of need and can be the perfect resource for "silly" questions.
Question 2 - Another great question. I would say: (i) they go the extra mile by thinking ahead and progressing workstreams without me asking them to; (ii) show a real interest in issues affecting the department; and (iii) they generally find ways to make my life easier.
Hopefully my responses help, but please let me know if I can expand on the above.
This is amazing, thank you so much!
Slightly following on from your second point to question 1, can I ask a little about how you managed/ dealt with making mistakes etc as a trainee? Like what you said, I'm my absolute worst critic and have a bad habit of getting into my own head when I make a mistake - second guessing a lot of what I then do and letting a single error spill into other things!
One of the only things I'm nervous about before starting the TC is the inevitability of making errors, so any input would be hugely appreciated.
Thank you. I read through the thread and this must have been the only post I accidentally glossed over! haha.Hi @Jacob Miller. Not a problem and happy to help. If you look at entry #46 of this thread, I have discussed dealing with mistakes. For your reference I have also provided the relevant section of my response below, emphasising in bold and italics the most important info:
"Making mistakes is an interesting topic to discuss. I have always taken mistakes to heart and it is an area I am always trying to improve on. For example, during my early years, I would go back to old emails I sent to see if I made spelling mistakes. If I had, I would beat myself up (not literally, of course). This is an incredibly self-destructive habit. However, I have learnt to control this urge, as I have realised it doesn't bring me any happiness nor does it improve me as a lawyer. When I notice a mistake, what I try to understand is why it happened and if needed, ask the relevant individual about improving so that it doesn't happen again. The same goes for when someone points out a mistake to me."
Hopefully this helps!