Amazing news, congratulations guys!!! So happy to see all of your hard work paying off, and I hope you all take the time to celebrate! 🥳 🥳 🥳
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TCLA Vacation Scheme Applications Discussion Thread 2025-26
- Thread starter Ram Sabaratnam
- Start date
Lewis Silkin rejection post app London
Hello!Hey everyone,
Firstly, congrats to everyone who got offers/ made it to the next stage today, so happy for Yall
I just wanted to ask if anyone has done an m&a, pe case study and could send me a few sample case studies they have/ any case study they remember they might have done, what it was surrounding? Please please pm me! I am trying to prep for an ac (US law firm - very finance focused) so would be very grateful for any tips on how to approach it!
@Abbie Whitlock
Congratulations on the AC invite!!
The main resource that I used when preparing for a case study interview was this guide by Jacob Miller - I would definitely take a look! There is also a guide to Private Equity that is useful for understanding how a PE transaction is structured -you can find that here.
I have also quoted some more general posts I have made in relation to approaching case study exercises, so hopefully they are helpful too.
Best of luck!!
Hello!
Huge congratulations on getting an invite - that's a great achievement, especially in your first cycle!
Case studies are usually designed to test your commercial awareness, logical reasoning, and ability to interpret financial information. Whilst I haven't completed the case study interview at A&O Shearman, here are a few general tips:
There are also some amazing resources on TCLA that I used when I was preparing for the AC that resulted in my TC, so I would absolutely check these out as they were a lifesaver:
- Get comfortable with basic financial concepts: as you mentioned, I would have a look at thinks such as revenue vs. profit, market share, valuation, interest rates, and how macroeconomic factors can impact businesses. I would recommend sites such as Investopedia, as this is what I used when trying to digest all of the basic financial concepts for commercial awareness.
- Practice breaking down information / data logically: you might be given a short brief and asked to make recommendations or discuss implications. Focus on structuring your thoughts clearly - identify the key issue, explain the relevant factors, and conclude with a reasoned judgment. There won't necessarily be one 'right' answer, however, you should make sure to show your thought process and be able to defend your stance if questioned (although make sure you are also flexible if it is an aspect that you hadn't thought of!).
- Stay calm under time pressure: it can feel very overwhelming to be handed a bundle of documents and know that you have to go through it all under the time limit. I would start by reading through all of the documents, and then go back over and start highlighting the important parts and areas that you would want more information. They're more interested in how you think and communicate than whether your answer is 'right'.
- Brush up on A&O Shearman's key practice areas: if this is a finance-based case study, make sure to have a look at their finance, M&A, and restructuring teams. Have a look at recent deals, and see if you can link these to your reasoning in the case study.
- Practice: if you have time before your AC, I would try a few practice case studies online just to get used to analysing data quickly.
- Structure: I would go into the case study interview with a clear structure of how you have analysed the brief and what your conclusions are. How you want to structure this is completely personal to you, but I would make sure that you have a rough idea so that you can go into the interview and discuss all the most important points without missing something out. Some case study interviews have set questions, whilst others will be a conversation on the brief, but going in with a rough idea is a great way to prepare yourself and manage nerves.
Overall, I would treat it as a conversation where they're assessing how you approach problems. If you show curiosity, commercial reasoning, and an open-mind - you'll do great!
Wishing you the best of luck, and I'm sure you'll smash it
Hi!
Huge congratulations on receiving the AC invite for Reed Smith!!
Whilst I can't share any specifics, I'm happy to share some general tips for case studies, motivational interviews, and proof reading exercises! Across all of the exercises, I would say that structure and clarity are really key. The assessors are usually less focused on you having the "perfect" answer and more on how you approach the task, prioritise issues, and explain your reasoning as you go along.
For the case study, I would absolutely make good use of the preparation time. What helped me was to read through all of the documents first to get a sense of the overall scenario, and then go back over it to familiarise myself with the finer details. If there is anything that is unclear or confusing, I would try to work it out during the prep time so that, if it comes up in the interview discussion, you are able to explain your understanding confidently (or at least explain your thought process in working it out if you are still not 100% sure!). One piece of advice that my mentor gave me that I found really helpful was to become comfortable with what contracts actually look like in practice - i.e. understanding common clauses, what they mean, and the effect they can have (and whether they are favourable / less favourable to your client). I would also try not to overcomplicate it - this is something I really struggled with at first, but if the answer feels like it is relatively straightforward, I would go with your gut! If the interviewers / assessors require more information, they might be able to ask follow-up questions that you can then address.
For the motivational interview, I would make sure that you have researched the firm (which I'm sure you have!) and can clearly articulate why Reed Smith specifically. Think about how your experiences and interests align with the firm's distinctive features (e.g. its sector focus or initiatives like the Professional SQE Placement Year). For example, I linked my previous vacation scheme experience at a firm with shipping expertise to Reed Smith's expertise in the area, as I could explain how my interest in the area had developed and why Reed Smith's practice stood out to me (compared to the other firm). As with any interview, it also helps to prepare a few thoughtful questions to ask at the end - although if any questions naturally arise due to things discussed in the interview, I'd always encourage you to ask those! Importantly (and I know this is the most annoying advice ever), be yourself! They're assessing your fit to the firm as much as motivation and experience, so I'd try to be friendly and match the atmosphere in the room as this really does go a long way.
For the proofreading exercise, I would encourage you to work slowly and methodically. One practical tip that I found helpful was to use your finger to guide yourself through the text and make note of anything that stands out. While I didn't personally do a proofreading exercise at my Reed Smith AC, I have done similar ones elsewhere and always looked for things such as defined terms (and whether they're capitalised consistently), spelling / grammar, and whether dates and deadlines match throughout the document. These are things that you might not necessarily think to check in a proofreading exercise, but are always important in the legal context!
Above all - stay calm, be structured, and try to explain your thinking clearly wherever you can. It sounds silly to say, but I did really enjoy my Reed Smith AC and I felt that the partners and graduate recruitment team wanted me to do well, rather than trying to catch me out.
I'm sure that you will smash it, and best of luck!
Hey!
I'm not too knowledgeable on these areas myself, so my advice would be quite general! However, when I was starting to learn more about specific areas my starting point is usually Investopedia. For example, I've had a look for posts on Funds and Private Credit and have found:
If videos are what work best for you, I would definitely have a look at YouTube and search things such as "How private equity works", "What is private credit", "How a fund is structured", etc. When I was preparing for an interview at a PE-focused firm last cycle, I found this video from TCLA really helpful as an introduction: "What Private Equity Lawyers Actually Do? - with Bernie Rivard"
- Private Credit vs Private Equity: What's the Difference?
- Fund: Definition, How It Works, Types and Ways to Invest
- What Investors Should Know About Investing in Private Debt
In a case study, they are usually testing:
For example, in an M&A case study, you need to think about what the buyer is actually trying to achieve and what are the main risks to highlight in due diligence. For PE, this might be how the fund will exit and what could impact returns from the investment. Lastly, for private credit, you would want to consider what the lender would be worried about (e.g. repayment, security, etc.).
- Can you spot key risks?
- Do you understand the client's overall commercial objective?
- Can you think commercially and offer practical solutions?
A simple structure that might help you as you approach these exercises is:
Try to focus on keeping it logical and commercial - they won't be expecting you to address the technical complexities of an LBO model, but rather to show that you understand the client's objective, can identify the key commercial risks, and can think practically about how a lawyer would help protect the client's position.
- What is the client's goal?
- What are the main commercial risks?
- What would you prioritise as their lawyer?
I hope that helps!
Hey!
This is completely normal - they are definitely harder to predict, so it can be difficult to prepare for them! The key is remembering that they are not testing whether you "get it right", but whether you can analyse the case study in a structured and commercial way.
I wouldn't explicitly use the SWOT/PESTLE framework when answering, but instead use them as mental checklists to ensure that you cover everything.
WIth SWOT, it might help to quickly think:
Then, I would focus on 2-3 of the most material points and prioritise - sometimes it doesn't make sense to list absolutely everything.
- What are the client's key strengths and weaknesses?
- Where is the main opportunity in the scenario?
- What is the biggest threat (e.g. regulatory, financial, reputational)?
With PESTLE, I would use it to ensure that you haven't missed a big external factor (e.g. economic pressure, regulatory change, tech disruption). You won't necessarily need every category if it is not relevant. I'd say that the partners are looking to see the following:
You might not be able to give a definitive answer if there are areas that you would need further information, but it always helps to make a decisive answer where you can - even if you added a caveat of "...but this would depend on further information on X".
- Can you identify the core commercial issue(s)?
- Can you prioritise risks?
- Can you give balanced advice?
- Do you understand how a lawyer adds value in a transaction?
I hope that assists!
White & Case WE!! I thought it would be a PFO after I did the VI so long ago. Anyone has any advice on how to prepare for it? Thank you!!
This email gave me a heart attack ! I though they were rejecting me very quickly 😅 we won't hear back for a while as well !
Bevan Brittan holding email, outcome by 7th April!!! so long to wait
Agreed I think it’ll be Monday or Tuesday next week
Unless has anyone heard back already?
no PFO from TS...are there still ppl waiting to hear back from Cleary regarding their SVS after WGT?
Thank you so much!Hey!
From my experience with case study interviews, M&A is definitely the most common format. However, a few other themes could be:
- Market expansion: e.g. entering a new country or launching a new product
- Restructuring / Insolvency: e.g. discussing cost-cutting and refinancing
- Regulatory Issues: especially in sectors such as technology and energy
- Litigation Risk: this will typically including looking at reputational, financial and commercial consequence
However, rather than trying to revise every possible topic, it might help to practise structuring your thinking around:
- What is the client trying to achieve?
- What are the risks?
- What are the potential options for the client?
- Which is the best option that you would recommend, and why?
I hope that assists!
Is anyone else still waiting to hear back about the Osborne Clarke Vacation Scheme Assessment Centre for the London office? I heard for the Bristol Office they let half the group know on Monday and the other half Wednesday (mixed acceptance and rejections across both days). Wondering if they’ve messed up and done the same for London as I’m still waiting to hear back and was told we would hear by COB today!
if anyone has any ACs soon trumps tariffs have been overturned!
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