TCLA Vacation Scheme Applications Discussion Thread 2025-26

[rosedunn]

can you mention an upcoming vacation scheme in an application or is that not good practice?

 

[mg42guy32]

Are you allowed to redo the NRF test?

 

[Lawlawland]

Did anyone hear back from the King and Spalding Disputes Open Day?

 

[abc124]

What is Reed Smith's position on grades - do they require 2.1s in all modules

They said they look for a 2.1 overall and don’t really analyse grades beyond that, whether you progress or not essentially comes down to how you answer the application questions

 

[Sharkfin]

Pretty much Immediately. Or within an hour.

But it's important to note that passing WGT is NOT ENOUGH for CC. They have an internal threshold for percentile that we have to meet. Only then your application will be read.

Any idea what the percentile is 👀👀

 

[LaDiva]

can you mention an upcoming vacation scheme in an application or is that not good practice?

I would perhaps avoid it, draw whatever conclusion you need without mentioning the upcoming VS?

 

[Lawlawland]

Any idea what the percentile is 👀👀

Percentile is not the score out of 40.
It's your position among the pool of candidates. For instance, if you have 94%, you are better than 94% people in the pool. (You could have scored 34, but if there are more people above that, your percentile would still be low, if that makes sense.)

Percentile is calculated not just based on your score. Other candidates' scores also determines that. To be on the safer side, you gotta have the best possible percentile.

(That said, I think this is not a good way of measuring someone's skills. But it is what it is)

 

[xMontmorency]

Thanks so much for this! I'll just reframe how I've understood this and perhaps you could let me know whether I'm right?
First, PE and structured finance are different. Structured finance is only relevant to sponsor-side PE in certain situations where the PE firm decides it wants some kind of fancy funding. Equally, it could be useful for NAV subscription lines (which, in my understanding, is when a PE firm needs a short term loan to keep operations going in the company it has just acquired.)

This then means that you don't need to be particularly strong in structured finance to be able to be a sponsor-side powerhouse. (E.g Kirkland) Weil is more highly rated for structured finance/ derivatives but that is because it does some lender-sided securitisation alongside PE/ LevFin. I think this was what I was hung-up about. I saw how Weil is band 2 for securitisation, which is on-par with mega finance firms like Paul Hastings and I thought they must be a structured finance powerhouse as well.

I just have one question though on this
"CLOs and other forms of structured finance are an important part of traditional private equity in the sense that it eases access to debt. But a private equity firm may have nothing to do with the collateralisation of the loans they have taken out."

Are debts generally easier to come by because lenders (like banks) expect to sell their loans to CLO managers? This makes a lot of intuitive sense to me but wanted to confirm.

Again, I appreciate you taking the time out to respond to my message. It's been helpful.

You got it! I would recommend doing some more specific research into Weil to be sure - i.e. the details of the structured finance mandates it has worked on. The ranking's aren't that helpful.

NAV lending is usually medium term debt used by funds with a portfolio of assets, secured by the value of that portfolio. It could be used to fund underlying operations (maybe in real estate or infrastructure PE), but that's an expensive and inefficient alternative to just getting your portfolio company to take out a revolving credit facility. It's more likely to be used for a fund-wide iniative or to pay out LPs when you can't get any cash from your investments. That's why NAV financing is taking off right now - PE firms are struggling to exit investments and need to find ways to borrow to satisfy their investors.

Re CLOs: yes. It depends what kind of product we're talking about.

If the PE firm is directly taking out some form of structured finance, then it helps them because it might provide access to debt at cheaper rates or with better conditions attached - or maybe they just can't get an ordinary TLA or TLB.

If loans taken out by PE firms are being securitised to CLOs and other funds on a secondary market, it helps the PE firms because it creates greater liquidity in the primary market. The same syndicates of institutional and private creditors can keep on lending to PE firms engaging in LBOs since securitisation takes the risk associated with previous loans off their books and frees up capital for lenders to deploy. This is particularly important given the stringent minimum capital requirements for banks under the Basel II regulations.

 

[elliece]

Anyone else having a lot of trouble with the Vantage application platform always crashing and taking ages to load?😩 Any tips to try and fix it would be greatly appreciated

 

[l789]

Did anyone hear back from the King and Spalding Disputes Open Day?

Yes - recieved an offer

 

[Lawlawland]

Yes - recieved an offer

May I know when you applied and when did they get back?

 

[Abbie Whitlock]

What is Reed Smith's position on grades - do they require 2.1s in all modules

Hello!

Just to confirm what other forum users have stated, we look for a 2:1 overall - it doesn't matter if you have a few modules below a 2:1! As long as you meet this requirement, the main thing we'll focus on is your written answers

 

[JBM]

HSFK WVS PFO as expected.

 

[Lawyergyal123!]

Does anyone have any insight on freshfields stage 2 video interview!

 

[Abbie Whitlock]

Hello @Abbie Whitlock @Andrei Radu
This may seem ridiculous but I was wondering how can I actually keep track of ongoing things in the market, like inflation / interest rates, trade wars and geopolitics etc - I feel like there's so much information, and with things like interest rates which keep changing how am I supposed to track when it changes and other things in relation to this?

Thank you

It's not ridiculous at all, and it can feel very overwhelming at first! There is a ton of information out there, and markets do move fast - but you don't need to follow absolutely everything to stay informed. A few simple plans can help you keep up to date.

Set up a small set of reliable sources

I would pick 2-3 places that you trust and understand, and stick with them rather than trying to read everything. For example:

1. Read BBC Business or the Financial Times for in depth articles of the most impactful commercial events
2. Listen to the FT News Briefing daily to keep up to date with recent changes and stories
3. Read LittleLaw (or another similar resource) to follow any commercial stories that are likely to have an impact on the legal sector.

It's important to pick resources that suit your style of learning and retention - I always enjoyed the FT News Briefing for a quick summary, and LittleLaw as it gave examples of how concepts worked in practice. However, this will be individual for you, so make sure to pick resources you know and like

Use alerts instead of constant monitoring

Interest rate changes don't happen randomly, and they will be released on fixed schedules. Most financial news apps or platforms allow you to set notifications for any specific events, so you're only alerted when something actually changes rather than constantly checking for updates.

Focus on broader trends rather than every headline

It can sometimes be more useful (and manageable) to track overarching themes (such as the general state of global trade relations or whether inflation is rising or stabilising) rather than trying to follow every minor update. This makes the information more coherent and easier to connect with your legal studies.

It also makes it easier to discuss commercial issues in activities such as case studies or commercial awareness exercises, as you will have a broader view of the factors currently impacting the market

Remember that you don't have to know absolutely everything - the goal is to keep you aware of the things that matter to you and your interests. I hope that helps!

 

[Amgrad]

Anyone received email from Skadden about our application update? They seem monitor our progress on portal though I haven't submitted it yet

 

[Abbie Whitlock]

@Abbie Whitlock @Andrei Radu

I hope you're doing well ✨
I would like to have some suggestions on how to answer this question:

"Why do you want to be a trainee solicitor in a transactional focused firm?"

Hey!

A strong answer will usually combine three main elements: what attracts you to transactional work, why that fits your skills and traits, and why a transactional-focused firm is the right environment for you. For example, this could look like:

1. What attracts you to transactional work: for example, you could state that you enjoy deal-making and seeing how businesses operate - or even preferring proactive, solution-focused work over disputes.

2. How your strengths fit this environment: you can mention things like attention to detail, teamwork, commercial thinking, or enjoying fast-paced projects with moving parts. Make sure to back up any strengths you state you have with brief examples of when you have displayed them.

3. Why a transactional-focused firm specifically: these firms often offer early responsibility, exposure to major deals, and a strong commercial training environment. I would explain why these factors matter to you, and how your long-term ambitions align with what the firm offers.

I hope that assists!

 

[johnsmith]

I got a no on the P,W OD but made the AS grand final 😁

 

[Abbie Whitlock]

Hey everyone!

I’m trying to work out the best approach to the work experience section on applications, especially when there isn’t a separate section for extracurriculars, or open days/events attended.

What counts as ‘work experience? Is it only paid jobs, internships, and in-person legal experience? Should I include positions of responsibility (e.g. a role at a uni society) in that section too? I’m asking this in relation to A&O Shearman (TC App), but the questions apply more broadly as well.

I’ve done several Forage courses (including A&O) attended open days, insight workshops, webinars, panel presentations etc. I thought these could show my interest and commitment to a career in law, however, I’m never quite sure if these should be included under WE.

For context, I’m an LLB and LLM Corporate Law grad, work full-time in financial services for alternatives (PE, RE etc.), but I have almost no legal work experience. I’m wondering whether including these courses/events in my WE section would be beneficial.

Also, how many experiences is too many if the firm doesn’t have a limit and are bullet points for this section a ‘no-go’?

@Abbie Whitlock @Andrei Radu @Jaysen Any advice would be greatly appreciated, thank you in advance!

Hello!

Great question! I would say that you don't need to limit "work experience" to paid jobs or formal legal roles.

It is usually treated quite broadly, so anything that develops relevant skills (including your financial services role and any positions of responsibility, such as society committee roles) absolutely belong there too! I always used to include my Forage programmes as well, particularly if they are a way of showing an interest in the legal sector. However, I would try to keep the entries brief and discuss what you learned from them and any insights they gave you.

You can definitely include open days and workshops too, if you can discuss what was involved and your main takeaways from each event. However, if you have a few shorter experiences, it's probably best to group these together if they are similar!

There's no strict limit on how many entries to include, but I would aim for a focused list of the most valuable experiences rather than everything you have done. If you can discuss your role, responsibilities, and skills developed (or insights gained if a programme / open day), then I think it is fine to include it

I would always advise using prose in the work experience section (as this is what most firms prefer), but if the firm doesn't state which they prefer, it is usually fine to write detailed bullet points.

I hope that assists - best of luck with your application!

 

[Abbie Whitlock]

This might sound dumb- but how exactly do you tailor your CV to specific firms? @Abbie Whitlock @Andrei Radu

Hi!

It's not a dumb question at all! You don't necessarily need to rewrite your whole CV for every firm (as the cover letter is usually the way you will show interest towards the firm) - however, you can selectively emphasise the parts of your experience that match what that firm values.

For example, if a firm is known for strong transactional work, I would highlight any experiences that show commercial awareness, teamwork, or involvement in business-focused / commercial roles. If a firm emphasises pro bono or community impact, you could give more space to volunteering or people-focused experiences. Tailoring is really just about highlighting which skills, achievements, and responsibilities you have that align with that firm's culture and strengths

I'd think of it as shifting the focus of your CV, rather than rewriting the whole thing - the core CV will stay the same, but you may include / exclude certain experiences to make it relevant to what the firm prioritises (especially if you don't have space to include them all).

I hope that assists!