Allen & Overy "Introduce a new law" question for VS application

[b.]

Hi @Jessica Booker hope you're doing well and having a lovely weekend I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?

 

[TCLA Community Assistant]

Hi @Jessica Booker hope your'e doing well and having a lovely weekend I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?

I’m not the best person to speak to about things like this as I have no knowledge of the topic.

If you do choose this theme, you’ll need to ensure it is talked about in simple terms that anyone can understand, as currently (from the post) I can’t really comprehend what’s likely to be discussed

 

[Alice G]

Hi @Jessica Booker hope your'e doing well and having a lovely weekend I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?

The issue with discussing LIBOR is that I feel it’s something which is already in motion - are you saying you want to suggest how it ought to be done differently? I just wonder if that really qualifies as a new law and something divergent enough to what’s already happening with LIBOR.

On what basis would you want to rule out CVAs for retailers? Be mindful that in June 2020 new legislation came in which has implemented ‘restructuring plans’ for businesses which are another formal arrangement for struggling business which has sought to remedy some of the inherent issues with CVAs and schemes of arrangement.

 

[Jaysen]

Hi @Jessica Booker hope your'e doing well and having a lovely weekend I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?

As Alice said, you do want to be clear on how you are introducing a new law. Personally, I would interpret this broadly, and I think a new regulation (and possibly a change of regulation) could fit under this, as long as you are phrasing this correctly.

Generally speaking, I don't think the topic itself is as important as the way you explain it. I like the CVA/retailer suggestion!

 

[M1999]

Hi would it be a good idea for an answer to this question to talk about an extension of a law, for example, the current law does not cover certain institutions, and I want to propose a new law that does cover this & talk about why this would enhance the existing law much more.
Also, is it okay to talk about a law that might negatively impact businesses?

 

[Alice G]

Hi would it be a good idea for an answer to this question to talk about an extension of a law, for example, the current law does not cover certain institutions, and I want to propose a new law that does cover this & talk about why this would enhance the existing law much more.
Also, is it okay to talk about a law that might negatively impact businesses?

would it be a significant modification to existing law? I feel you would be fine to do this but maybe just make sure it is significant enough to be a clear extension.

With it being negative for business - if you mean it might hold them to account then I see no issue but I would advise you to consider if the law might make you seem anti business.

Sadly, with questions like this and the nuances you mention it is very hard to advise unless you feel comfortable sharing your thoughts more explicitly

 

[James Kitching]

Hi @Jessica Booker hope your'e doing well and having a lovely weekend I was thinking about writing mine on LIBOR's cessation and transfer to risk free rates. The regulation regarding it needs changing with an extended deadline needed, more information on how it'll all work and there's also no consensus on the underpinning mechanisms of it by regulators in different jurisdictions. That is despite a deadline for the transition having been set for next year. Or even something like removing the option of CVAs for retailers but I feel like I may be talking about introducing new regulation with both of these ideas and not a new law? Not sure how I should change it or if these ideas need scrapping in favour of something else?

Hiya, can I ask why you would remove CVA option for retailers? I am interested to know the reason behind this. Thanks!

 

[Lawgirl123]

Hey there!

May I ask what you mean by if they’ve been considered before? If they’ve been considered and just not passed into law this is perfectly fine! Ultimately it just needs to be a law which hasn’t yet been passed or in its final stages etc.
A new tax would count too! Just be careful it’s not too complex to explain as a key assessment for this question is how well you can explain the law and justify it.

Hi Alice

Thanks for your reply - apologies I completely missed your response. I have either a new tax which has been considered but not passed or a current tax law which I believe should be reformed. Do you think either is okay?

Many thanks

 

[Shreya26]

Hi @Jessica Booker,

My new law is along the lines of AI and tech products. Do you think this is a topic that is overdone, or would you say it is the structure and succinctness of my answer that matters more? I picked it because I have a genuine interest in this area, there isn't any law for the specific problem I identified, and I am able to relate it back to how it could impact A&Os operations, and their clients. Thank you in advance!

 

[TCLA Community Assistant]

Hi @Jessica Booker,

My new law is along the lines of AI and tech products. Do you think this is a topic that is overdone, or would you say it is the structure and succinctness of my answer that matters more? I picked it because I have a genuine interest in this area, there isn't any law for the specific problem I identified, and I am able to relate it back to how it could impact A&Os operations, and their clients. Thank you in advance!

you don’t have to relate it back to A&O and their clients (although a fair number of candidates do)

It sounds ok to me - I don’t think it is an over done subject as this sounds a little more specific to me. Really depends on the context though - if it is just about AI and tech generally, that’s a very big subject area. If it is about something specific in that subject area then it could be much more precise/unique

 

[lawyering]

Hi @Jessica Booker, my provisional topic for this question is asylum seekers’ right to work. I am concerned that this is more policy based than law? Although the 2002 Act did bring into force the rule where asylum seekers may only apply after 12 months, there are lots of stats suggesting a strong case for relaxing these rules. Pre-2002 permission to work was set at 6 months plus, so I am just wondering whether arguing for a return to the 6-month ‘policy’ could/would be a new ‘law’ as such? Happy to hear your thoughts on this, or equally any similar ideas. Thank you!

 

[TCLA Community Assistant]

Hi @Jessica Booker, my provisional topic for this question is asylum seekers’ right to work. I am concerned that this is more policy based than law? Although the 2002 Act did bring into force the rule where asylum seekers may only apply after 12 months, there are lots of stats suggesting a strong case for relaxing these rules. Pre-2002 permission to work was set at 6 months plus, so I am just wondering whether arguing for a return to the 6-month ‘policy’ could/would be a new ‘law’ as such? Happy to hear your thoughts on this, or equally any similar ideas. Thank you!

I don’t know enough about the technicalities of law/policy to be able to comment. I would just stress that this question is a good opportunity to focus on something more commercial, especially if you are lacking commercial work experience, and so I would just be mindful that this won’t have any direct commercial connections, and therefore you’d want to ensure the rest of your application is strong in this regard.

 

[lawyering]

I don’t know enough about the technicalities of law/policy to be able to comment. I would just stress that this question is a good opportunity to focus on something more commercial, especially if you are lacking commercial work experience, and so I would just be mindful that this won’t have any direct commercial connections, and therefore you’d want to ensure the rest of your application is strong in this regard.

Although what @Alice G mentioned earlier on in the thread made me think that perhaps this question was an opportunity to show my personality, I think I'll take your advice there @Jessica Booker, as I don't have much commercial experience! Thank you so much for answering my question!

 

[b.]

Hiya, can I ask why you would remove CVA option for retailers? I am interested to know the reason behind this. Thanks!

Hi James, so sorry for the late reply, I've only just seen this now

I was thinking along the lines of how CVA's for the most part tend not to be successful in the long term, in the retail industry. An industry which has been suffering for a while now - at least on the high street. We're currently seeing a lot of high street retailers going into administration due to the pandemic, which has exacerbated issues that were ongoing pre-COVID. So, I really do wonder how well retailers like New Look will do, who've opted for a CVA recently. Despite new legislation attempting to tackle some of the issues with CVAs, clearly some retailers are still opting for them. Is there a huge need for retailers opting for CVAs though, when they're hated by landlords and if anything, we've seen during the pandemic that landlords are readily making concessions to help retailers survive?

It's in that vein, I would've argued to remove the CVA option for (high street) retailers. I scrapped that as a potential answer anyhow and went with something completely different, but hope this is of some help, James

 

[James Kitching]

Hi James, so sorry for the late reply, I've only just seen this now

I was thinking along the lines of how CVA's for the most part tend not to be successful in the long term, in the retail industry. An industry which has been suffering for a while now - at least on the high street. We're currently seeing a lot of high street retailers going into administration due to the pandemic, which has exacerbated issues that were ongoing pre-COVID. So, I really do wonder how well retailers like New Look will do, who've opted for a CVA recently. Despite new legislation attempting to tackle some of the issues with CVAs, clearly some retailers are still opting for them. Is there a huge need for retailers opting for CVAs though, when they're hated by landlords and if anything, we've seen during the pandemic that landlords are readily making concessions to help retailers survive?

It's in that vein, I would've argued to remove the CVA option for (high street) retailers. I scrapped that as a potential answer anyhow and went with something completely different, but hope this is of some help, James

That’s brilliant, thanks!