TCLA Vacation Scheme Applications Discussion Thread 2021-22 (#1)

[AspiringTrainee]

Mine went to spam but it took a day or two after completing the assessment as well.

 

[GXA123]

Mine went to spam but it took a day or two after completing the assessment as well.

mine was in my junk!

I haven't received my SJT feedback report from BCLP and I did their test a week ago. I saw that some people said that they received it the day after. Should I email them or should I just wait and hope for the best?

Just found mine in my spam as well

 

[lawvc2021]

Weil PFO!

 

[Commerciallaw]

I have a question - i read that an asset purchase is more complex than a share purchase? why is this? I had initially assumed that, for example, the DD for an asset purchase would be easier because there are just less stuff to consider and attention can be more focused?

 

[Adrian_S]

Weil PFO!

Oh god, I'm next.

(and sorry to hear that!)

 

[VS513]

Hi guys,

Any idea if Hogan Lovells and Eversheds London have sent out most of their AC applications/VI for Eversheds for the summer vacation scheme?

I submitted both applications close to the last day and completed the WG for HL on Jan 6th- just trying to manage expectations here!

 

[Donuttime]

Has anyone got any info on the Dechert VI and written exercise please? Been invited to it this morning (applied for summer vac) but can't find any tips online other than to have a commercial story prepared.

same here

 

[George Maxwell]

Hello forum!

Apologies if you have tagged me over the past week or so and I have not replied. I have been away revising for exams. Thankfully they went ok(🤞)!

I am now very happy to be back.

Please do tag me as normal if I can help at all.

I am delighted to see a number of messages in my personal inbox too. Unfortunately however, just to remind everyone that I, like all the community managers on TCLA, cannot reply individually to messages unless they relate to something personal that should or cannot be shared on the wider forum. So tagging me really is the best way to receive a response!

For example, I know that HSF are currently running interviews and I am very happy to help where I can.

Also I am keen for you to tag me if you have any good news to share! It is always great to hear about our community wins and I will have missed your updates while I was away.

Looking forward to getting involved again everyone!

 

[Rob93]

I have a question - i read that an asset purchase is more.complex than a share purchase? why is this? I has initially assumed that, for example, the DD for an asset purchase would be easier because there are just less stuff to consider and attention can be more focused?

I'm not sure if 'more complex' is right, especially in terms of DD, but in terms of ownership transfer, share purchase is obviously just the shares of the company - asset purchases you have to deal with the individual assets, if there's real estate involved this can become quite a substantial administrative task. Valuation is probably more challenging in some ways since you're not just (I say 'just' like it's easy, bankers please don't hurt me) forecasting future returns of a going concern based on historic performance. Employment concerns w asset purchases probably also more complicated, also issues around any existing service or supply contracts which would roll over in share purchase (subject to change of control termination rights) whereas asset purchase likely will require more proactive action to ensure continuity. Questions also around whether portion of the seller's financial liabilities should transfer alongside the assets (especially if secured against same) - if not, issue of releasing those assets from security.

There are probably more reasons but hopefully that is helpful

 

[YUKI1201]

I have a question - i read that an asset purchase is more complex than a share purchase? why is this? I had initially assumed that, for example, the DD for an asset purchase would be easier because there are just less stuff to consider and attention can be more focused?

Not exactly sure but here's my understanding: for a share purchase all the assets/liabilities/obligations will remain in place so you don't have to deal with them separately, whereas for asset purchase you'll need formalities for each asset you purchase, and that the contracts with customer/supplier will not automatically transfer so will again require additional assignment.

 

[LawfulRust00]

Hi guys,

Any idea if Hogan Lovells and Eversheds London have sent out most of their AC applications/VI for Eversheds for the summer vacation scheme?

I submitted both applications close to the last day and completed the WG for HL on Jan 6th- just trying to manage expectations here!

I have received a VI invite for Eversheds.

 

[YUKI1201]

Hi guys,

Any idea if Hogan Lovells and Eversheds London have sent out most of their AC applications/VI for Eversheds for the summer vacation scheme?

I submitted both applications close to the last day and completed the WG for HL on Jan 6th- just trying to manage expectations here!

I received HL AC on Saturday (I did my WG on the 6th or 7th) but have only seen one or two other people who also got it, so I think it's still early days!

 

[TCApp2021]

Anyone know if HSF still looking at Spring VS apps.. my apps been under review since 25 Nov! Not sure if I should email GR?

 

[Law2021vacschemer]

I have a question - i read that an asset purchase is more complex than a share purchase? why is this? I had initially assumed that, for example, the DD for an asset purchase would be easier because there are just less stuff to consider and attention can be more focused?

Asset purchase tends to require quite a lot of negotiation over which assets the company is or isn’t willing to sell- the company likely won’t want to give away all their best assets and then be left with the less profitable/beneficial ones and so I think the negotiations tend to be pretty intense. Also most companies wanting to sell will want to sell the whole business, not just parts of it and so may refuse an asset purchase.

 

[Commerciallaw]

I'm not sure if 'more complex' is right, especially in terms of DD, but in terms of ownership transfer, share purchase is obviously just the shares of the company - asset purchases you have to deal with the individual assets, if there's real estate involved this can become quite a substantial administrative task. Valuation is probably more challenging in some ways since you're not just (I say 'just' like it's easy, bankers please don't hurt me) forecasting future returns of a going concern based on historic performance. Employment concerns w asset purchases probably also more complicated, also issues around any existing service or supply contracts which would roll over in share purchase (subject to change of control termination rights) whereas asset purchase likely will require more proactive action to ensure continuity. Questions also around whether portion of the seller's financial liabilities should transfer alongside the assets (especially if secured against same) - if not, issue of releasing those assets from security.

There are probably more reasons but hopefully that is helpful

Not exactly sure but here's my understanding: for a share purchase all the assets/liabilities/obligations will remain in place so you don't have to deal with them separately, whereas for asset purchase you'll need formalities for each asset you purchase, and that the contracts with customer/supplier will not automatically transfer so will again require additional assignment.

Asset purchase tends to require quite a lot of negotiation over which assets the company is or isn’t willing to sell- the company likely won’t want to give away all their best assets and then be left with the less profitable/beneficial ones and so I think the negotiations tend to be pretty intense. Also most companies wanting to sell will want to sell the whole business, not just parts of it and so may refuse an asset purchase.

Thank you all! Very helpful ( I love this community)!!

I did some more research and I found also that
1) employment contracts, for example, may need to be renegotiated
2) Need to re-title the individual assets
3) Target board is needed to approve the transaction

 

[antisocial applicant]

Any news from Irwin Mitchell after the video interview? Radio silence for me.

 

[manifestingaTC]

Weil rejection post VI. Genuinely thought it was one of my better VIs. Gutted 😓

 

[lawful_neutral216]

Skadden and Weil PFO.

 

[OB]

DLA Piper pfo lol

 

[VS513]

I have received a VI invite for Eversheds.

I received HL AC on Saturday (I did my WG on the 6th or 7th) but have only seen one or two other people who also got it, so I think it's still early days!

Ah, alright. Thank you!