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

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Miki3999

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  • Jun 2, 2019
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    Hi guys, i have a banking paralegal interview with Dentons, specifically within derivatives. If anyone has any insight into the world of derivatives, the types of work trainees within this practice area would do, or any general insights, this would be really appreciated!!
    Wouldn't this involve corporate finance and possibly debt shifting (as companies often rely on the bias towards debt in the majority of tax systems as well as on interest deductibility in order to minimise their income liabilities, i.e. payments on interest can be deducted from taxable profits while payments on equity, such as dividends, cannot, and companies often rely on debt financing for tax purposes. Likewise, derivatives are used by corporations for financing/tax planning strategies: there are certain derivatives, such as warrants or subordinated debt, that have the characteristics of both debt and equity and therefore tax systems do not really know how to tax them (tax systems have certain prescribed "cubbyholes" into which intruments would typically fall, but this is not usually the case when it comes to certain derivatives, as they blur the traditional legal distinctions on which tax systems rely). Moreover, derivatives can mimic the economic substance of other underlying financial assets (they can "convert" debt into equity and vice versa), again for tax planning purposes. I don't know what trainees in banking would specifically do, but it might be related to the above.
     

    Adrian_S

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    Jan 13, 2021
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    Has anyone heard back from Dentons after telephone interview? Just wondering how long they usually take to get back to people - my interviewer had been quite vague about when they’d get back so thought I’d ask here
     

    shennind

    Standard Member
    Feb 12, 2022
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    Hi all, Just wanted to know if anyone has done the CRS vacation scheme recently. I would be so grateful for a rundown on what the scheme entails and involves and how they found it personally? I'm doing mine in June and am nervous as it is my first vac scheme. Any advice and help related to CRS will be greatly appreciated!
     

    Jessica Booker

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    Aug 1, 2019
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    I was having a look at Lex 100's survey results (among others). I know there there isn't really an answer to this but how seriously should applicants take the results of things like trainee surveys?
    I think they are somewhat useful to compare and contrast firms and pick up general themes of the good and bad parts of firms.

    But you need to take it with a pinch of salt. Firms can be pretty tactical in who they get to complete such surveys and also plan when the trainees are surveyed. With Lex100, firms can edit out parts they don't want included (or that used to be the case anyway).

    I'd recommend reviewing such content against other rankings/firm guides (Chambers Student) and also against what people are saying on sites like Glassdoor. The more the themes come across in multiple sources, the more reliable they are likely to be.
     
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    TC fiend

    Legendary Member
  • Apr 27, 2021
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    Silly question but when we fill out a 'languages spoken' section, do we put down English?
    No. It’s implied. They wouldn’t hire you otherwise. When you join a firm and they ask for your language capabilities they are putting this on the internal system so if they are looking for someone who speaks a foreign language they can source someone internally. Only time I’d put it down is if it is your only language or you are applying to a non-English office.
     

    georgiejg

    Active Member
    Jan 6, 2022
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    Hello all - this might not be the right thread to post this is so if there is somewhere/someone more appropriate I should direct this to, please do let me know.

    I have 3 vacation schemes coming up this summer. I'm really excited but feel quite underprepared in terms of knowledge. I haven't done my LPC yet, my paralegal experience is not commercial and I didn't really study commercial law modules at university.

    I'm hoping we are not expected to have too much knowledge but I would like to have a more general understanding before starting than I do now. I'm worried I will miss out on being able to participate fully if not.

    Does anyone have any suggestions on what to read etc for a good background / or overviews of helpful concepts / terminology. I guess it could be LPC / uni type textbooks but again, recommendations / suggestions would be really appreciated!

    Thanks in advance!
     
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    thirdtimelucky

    Legendary Member
    Junior Lawyer
  • Nov 12, 2019
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    Hello all - this might not be the right thread to post this is so if there is somewhere/someone more appropriate I should direct this to, please do let me know.

    I have 3 vacation schemes coming up this summer. I'm really excited but feel quite underprepared in terms of knowledge. I haven't done my LPC yet, my paralegal experience is not commercial and I didn't really study commercial law modules at university.

    I'm hoping we are not expected to have too much knowledge but I would like to have a more general understanding before starting than I do now. I'm worried I will miss out on being able to participate fully if not.

    Does anyone have any suggestions on what to read etc for a good background / or overviews of helpful concepts / terminology. I guess it could be LPC / uni type textbooks but again, recommendations / suggestions would be really appreciated!

    Thanks in advance!
    Congrats on getting 3 VS for the summer! Clearly they’ve seen that you have the skills and knowledge (and potential) to get a training contract and further demonstrate that at a VS, so in all honesty I wouldn’t worry very much about being underprepared. Secondly, there are likely going to be non-law students in the scheme and everyone is expected to do the same tasks etc so again don’t think too much about being underprepared because you clearly are if you got into the scheme in the first place. I do know that the law students on my scheme we’re expected to know contract law quiet well and it was advised before the final interview to revise some modules so that would be my only bit of advise if you have time. Even as a non law student (with no real legal experience) I was asked questions about contract law (although assessed as someone who hadn’t studied it). I’d also recommend getting Christopher Stokes book “all you need to know about the city” and Jake Schogger’s commercial law handbook which were both i drape silbe as ways that I built up my commercial knowledge/what’s the day-to-day life of a lawyer. I’d also recommend listening to podcasts when you have some free time, two of my favourites are commercial awareness with Watson’s Daily and the weekly money talks podcast by the Economist! All of this is good if you have the time to do it, but I really wouldn’t stress out too much about it as they’re looking for a range of skills like team work, presentation, written skills and problem solving alongside the technical knowledge. Make sure to be yourself, be friendly and stay calm as that’s the best way to enjoy the experience which is likely to produce the best results! Hope that helps :)
     

    AvniD

    Legendary Member
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    Premium Member
    Oct 25, 2021
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    Hello all - this might not be the right thread to post this is so if there is somewhere/someone more appropriate I should direct this to, please do let me know.

    I have 3 vacation schemes coming up this summer. I'm really excited but feel quite underprepared in terms of knowledge. I haven't done my LPC yet, my paralegal experience is not commercial and I didn't really study commercial law modules at university.

    I'm hoping we are not expected to have too much knowledge but I would like to have a more general understanding before starting than I do now. I'm worried I will miss out on being able to participate fully if not.

    Does anyone have any suggestions on what to read etc for a good background / or overviews of helpful concepts / terminology. I guess it could be LPC / uni type textbooks but again, recommendations / suggestions would be really appreciated!

    Thanks in advance!
    I think @thirdtimelucky has given you an excellent perspective on this already. The best part about law, and specifically commercial law if I can say so myself, is that non-legal/non-commercial experience is just as important as legal/commercial experience in helping you understand how you can relate with a diverse range of people and serve your clients pointedly.

    There will always be links between your work as a paralegal and your non-commercial legal studies and the work you're looking to do in commercial law- you just need to spend some time introspecting to make those links more apparent.

    Commercial lawyers need to be excellent communicators, be responsive, work really well with teams in their own firms but also beyond, preempt issues that may arise in a deal/case and look at their clients' problems from all angles (economic, legal, policy, political etc.). Your non-commercial studies and work can undoubtedly help you demonstrate that you can do all these things well as long as you pick the right examples and find the best links.

    Wishing you the best fro your vac schemes!
     
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