2020-21 Vacation Scheme Applications Discussion

[Ricky]

I got asked a v similar question and I think in that case an escrow account would potentially be used to store a percentage of the money the seller gets until the threat is over?? I’m not 100% sure though

Yes, you can use an escrow/retention account for a specified period of time to cover any indemnity claims.

 

[Jacob Miller]

Question for all the M&A heads here.

If you uncover an issue during due diligence that may potentially arise in the future, for example, a threat of litigation. Then from my understanding, one possible solution would be an indemnity. However, I said this in an AC and the partner challenged the solution and asked what the point would be to ask for an indemnity from a target company that you are acquiring, as that company will now become a subsidiary of your company which I hadn't thought about before. If I am buying a company that is going to become part of my empire, what sense does it make to take money away from that company (as an indemnity)?

The warranties and indemnities aren't underwritten by the target company, but instead by the shareholders (and occasionally directors) of the company personally, or it's pitted against a part of the purchase price which is held in escrow for a period of time (often 2 years, but could be the tort claim period of 6 years etc). The individuals then become either jointly and severally unlimitedly liable or pro rata unlimitedly liable for any breach of warranty or an indemnification costs, or the money is deducted from the escrow account at the end of the time period so each individual who was going to be paid is paid their amount less their pro rata share of the indemnification costs/ breach of warranty.

 

[macala russell]

Did anyone else on here apply to Northridge Law?

yes I did

 

[Sekani Wraith]

Thank you for the clarification guys!

 

[moesha12]

Thank you for this! Question: are we able to move on to the next question once we're done speaking or must we wait if we finish early?

You can stop the recording early and even have a break in between questions as you choose when to move on to the next at your own discretion

 

[Slawrelated]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

 

[Ricky]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

Investopedia is very useful. Also, check out All You Need to Know About the City

All You Need To Know About The City: Amazon.co.uk: Stoakes, Christopher: 9780957494664: Books

Buy All You Need To Know About The City by Stoakes, Christopher (ISBN: 9780957494664) from Amazon's Book Store. Everyday low prices and free delivery on eligible orders.

www.amazon.co.uk

and The Money Machine to read after for a bit more history/detail

The Money Machine: How the City Works: Amazon.co.uk: Coggan, Philip: 9780141980737: Books

Buy The Money Machine: How the City Works UK ed. by Coggan, Philip (ISBN: 9780141980737) from Amazon's Book Store. Everyday low prices and free delivery on eligible orders.

www.amazon.co.uk

After that, check out thought leadership on law firms websites for more up to date information, regulatory developments etc etc

 

[Andrew M]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

I doubt many of us on this forum have studied business. A quick guide (e.g. Chris Stoakes, Commercial Awareness) will outline the key terminology. But the best way to learn these terms is by using them - it's like a language. Get involved in conversations like these.

 

[MJ90]

For those doing Vinson VI- It must be done ' by midnight on 7 Febuary 2021 (GMT+00:00) today or tomoz??

 

[jan28]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

One way I’ve built up my knowledge is by actually just frequently listening to commercial podcasts (FT News, Wake up to money, Peter Watson’s Comm. Awareness, Money Talks from the Economist to name a few). Instead of listening to music when travelling, shower (idk if that’s just me ), or getting ready I put on a podcast and as they discuss the daily news, these terminologies come up and whilst they’re not explicitly defined during the podcast, they’re put into context within the news which in turn helps me understand them!

 

[jan28]

hi guys any pwc vi tips?

also idk why motivation is so low atm... even though i have this vi, and another interview coming up - anyone else ever feel like this at a time they should be be the most motivated?

 

[TCLA Community Assistant]

For those doing Vinson VI- It must be done ' by midnight on 7 Febuary 2021 (GMT+00:00) today or tomoz??

If it is launchpad they mean 23.59 on the 7th.

 

[MJ90]

For those doing Vinson VI- It must be done ' by midnight on 7 Febuary 2021 (GMT+00:00) today or tomoz??

If it is launchpad they mean 23.59 on the 7th.

Legend-thank you! Yup It is launchpad

 

[Rob93]

Where and how do people acquire knowledge of commercial terms? I know it sounds like a stupid question but I never did business Alevel so how do you know where to look for commercial terms like: hedge funds, indemnities, private equity? And how do you understand them

ps sorry if this is such a silly question

Agree with all previously said. I also think if you really want to understand something, check if it comes up in any firms' insidesherpa/forage programmes. Latham's M&A programme, for example, I know has solid components because parts of it were similar to things I actually did as a paralegal supporting a PE transaction.

 

[Etudierlaw2022]

I wouldn't assume that just yet because they are sending them in batches based on when you applied. From what I've seen on the forum they sent them last Friday for the earlier spring VS apps and last night for those who applied closer to the deadline.

I assume summer will be either this week or after the ACs for spring vac schemes are completed.

I applied for W&C on the day of deadline for spring and haven't heard yet, assuming it's a rejection :/

 

[Rob93]

I applied for W&C on the day of deadline for spring and haven't heard yet, assuming it's a rejection :/

It's not a rejection til it's a rejection. WC iirc has the most spots, and applicants, of any US firm in London. Even if that's not correct, they have a *lot* to turn around. They didn't take very long to give me the PFO in the 19/20 cycle (my application was genuinely poor) so don't count yourself out of the running just yet.

 

[MZ]

Don't panic about something you cannot change. Focus on what matters now: prep.

Congrats!

Hi! Congrats on the AC invite, they started on the 14th of Jan (2 AC slots per week since then), but it goes on till March 16th so they're very likely to have enough spaces available at the March 2nd AC, so as @Celestie said don't worry too much about it!

I was in a late Hogan Lovells AC last year (10th March) and there were still a few of us who got offered the VS so I wouldn't worry!

I know that for the winter vac they had to have extra ACs because they didn't fill all the spots in the ones they had already planned for. So I wouldn't worry.

Thank you!! That's definitely helped calm my nerves

 

[MandyAA]

Hi, I was wondering if anyone could help me on answering this Shoomsmiths question:

‘... Looking forward, consider the challenges facing the profession and describe how Shoomsiths can remain competitive and attractive to clients without compromising on profitability? There are many issues which may feed into this answer, but we would like you to focus on your top three priorities.’

Do you think it would it be best for me to look at 3 separate challenges and then provide 3 solutions?
Or 1 challenge with 3 different solutions?

 

[corplaw0702]

Does anybody have any insights into the platform Launchpad for a written assessment? Will I be able to copy/paste, highlight, download? Thanks!

 

[John Travoni]

Are Gateley rolling basis or not?