2020-21 Vacation Scheme Applications Discussion

[Ricky]

In the meantime, we could organise some virtual drinks and a pub quiz type thing. Who's keen? Thinking in a couple of weeks time once all the assessments etc are done would be ideal. If sufficient interest could start a new 'Social Thread' to arrange.

Virtual Post-Application Social

As mentioned in the VS thread, thought it would be a great idea to organise a virtual social/drinks/pub quiz type affair in the next couple weeks once applications are done with. Can also use this thread for general social chit chat/memes/gifs. @cmaj @hannahs @eveh1784 @LS12 @Jon Neo @Emily K...

www.thecorporatelawacademy.com

 

[Andrew M]

Jackie Weaver fan club?

That depends on whether I have the authority...

 

[S87]

It is officially the weekend!! I can do hard training and then waist all my efforts into a bottle of beer and prodigal son episodes!!

 

[jan28]

Don't you dare. She's a national treasure!

Kicking out the chairman from the meeting is pretty iconic I must say

 

[MJ90]

Have they def given out rejections? I thought they're a firm that ghosts you if its a PFO. I havent heard anything

Yes, I know for certain some people have been rejected on their apply 4 law!

 

[LS12]

Kicking out the chairman from the meeting is pretty iconic I must say

He was also a self appointed clerk

 

[Andrew M]

Kicking out the chairman from the meeting is pretty iconic I must say

 

[S87]

Why in hell am I looking at my emails knowing that I will not get a PFO?

 

[Hele25]

How I feel like everyone decent into madness is going....

 

[S87]

Re Jackie Weaver..can I call myself master of PFOs?

 

[TCLA Community Assistant]

Just wondering how to interpret this question:

Womble Bond Dickinson has been recognised as an innovator within the legal profession. Tell us about a business or person you feel has been particularly innovative; why do you find them innovative and are there any lessons that we can learn from them?

Does the 'we' here refer to WBD itself or 'we' in the broader sense, as a society?

WBD

 

[OB]

Anyone who attended TCLA's law firm as a business webinar, could someone please explain why higher leverage equals higher revenue for each partner? I remember him saying that if associates worked for free, you've leveraged up time - I don't understand this, because wouldn't you want associates to be paid? Or have I misheard this/am i missing the whole point TIA!

I didn't go to the webinar above, but this term leverage and other key law firm metrics are explained really well in one of Shearman & Sterling's Whiteboard Wednesday videos!

 

[packhorse]

Hey all also wanted to say that V&E VI does not require prep at all - it's all competency/personality based (from my experience anyway)

 

[JayC]

Yes, I know for certain some people have been rejected on their apply 4 law!

When did you apply?

 

[Jacob Miller]

In the meantime, we could organise some virtual drinks and a pub quiz type thing. Who's keen? Thinking in a couple of weeks time once all the assessments etc are done would be ideal. If sufficient interest could start a new 'Social Thread' to arrange.

I've got a premium zoom license through my company, happy to use it if that would be a help

 

[Daniel Boden]

I've got a premium zoom license through my company, happy to use it if that would be a help

Not all heroes wear capes

 

[Jaysen]

Anyone who attended TCLA's law firm as a business webinar, could someone please explain why higher leverage equals higher revenue for each partner? I remember him saying that if associates worked for free, you've leveraged up time - I don't understand this, because wouldn't you want associates to be paid? Or have I misheard this/am i missing the whole point TIA!

@LM can help here!

 

[collie_121]

Thanks so much for this! Just wondering, which webinar was that?

'Sustainable Business and the Law' WBD x Legal Cheek

 

[LM]

@LM can help here!

Thanks @Jaysen and @layk.

I want you to ignore what I said in the presentation and focus on my response below, as hopefully this shall address any confusion.

In simple terms, leveraging makes it possible for partners to bring in more money, billing no more and often fewer hours than they are currently billing. To increase leverage, a partner will place more associates on a matter.

Let's take for example a partner (Partner). Partner charges £300 an hour for 10 hours of work and brings in £3,000.

Let's change this fact pattern. Let's say 5 of the 10 hours Partner worked are passed down to an associate (Associate). The Partner now brings in only £1,500 and the Associate, at their rate of £150 an hour, bring in £750. The total billed to the client, is reduced to £2,250. Bare in mind that the £750 that wasn't charged isn't "lost", because the extra five hours Partner doesn't bill on this matter can go on another matter, which will give the firm an additional £1,500. Add this £1,500 to the £2,250 billed and the firm sees £3,750 - all without the partner billing an additional hour / more time.

As you can see from the above, by leveraging up more associates on a matter, the firm is able to gain more revenue. Further, as Partner's salary comes from the firm's revenue, they will get paid more.

Let me know if this is still unclear!

 

[Jacob Miller]

Thanks @Jaysen and @layk.

I want you to ignore what I said in the presentation and focus on my response below, as hopefully this shall address any confusion.

In simple terms, leveraging makes it possible for partners to bring in more money, billing no more and often fewer hours than they are currently billing. To increase leverage, a partner will place more associates on a matter.

Let's take for example a partner (Partner). Partner charges £300 an hour for 10 hours of work and brings in £3,000.

Let's change this fact pattern. Let's say 5 of the 10 hours Partner worked are passed down to an associate (Associate). The Partner now brings in only £1,500 and the Associate, at their rate of £150 an hour, bring in £750. The total billed to the client, is reduced to £2,250. Bare in mind that the £750 that wasn't charged isn't "lost", because the extra five hours Partner doesn't bill on this matter can go on another matter, which will give the firm an additional £1,500. Add this £1,500 to the £2,250 billed and the firm sees £3,750 - all without the partner billing an additional hour / more time.

As you can see from the above, by leveraging up more associates on a matter, the firm is able to gain more revenue. Further, as Partner's salary comes from the firm's revenue, they will get paid more.

Let me know if this is still unclear!

*bookmarks*