Log in
Register
Search
Search titles only
By:
Search titles only
By:
Log in
Register
Search
Search titles only
By:
Search titles only
By:
More options
Toggle width
Share this page
Share this page
Share
Facebook
Twitter
Reddit
Pinterest
Tumblr
WhatsApp
Email
Share
Link
Menu
Install the app
Install
Forums
Law Firm Events
Law Firm Deadlines
TCLA TV
Members
Leaderboards
Premium Database
Premium Chat
Commercial Awareness
Future Trainee Advice
Forums
Aspiring Lawyers - Applications & General Advice
Applications Discussion
Ask a Future Magic Circle (Allen & Overy) Trainee Anything!
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Anon08" data-source="post: 68359"><p>Hey Edward,</p><p></p><p>Thank you very much - and great question!</p><p></p><p>Before I answer your question, I just want to say congratulations on reaching a final stage AC at an MC firm in your first cycle. As I am sure you are aware, it is really challenging just to get to that stage so it is a real achievement in itself! Additionally, A&O's case study is known to be one of the most challenging in the market, so I do empathise with your struggle with the assessment.</p><p></p><p>Now, with regards to case studies:</p><p></p><p>You will typically have 10 minutes (but sometimes 5 or 15 minutes) to give your presentation, with approximately 30-45 minutes preparation time prior.</p><p></p><p>Resultantly, structure is everything - you must have a structure prepared <em>before</em> your ACs. Yes, you do not have the exact case study, but you do have your reasoning abilities. Here is the generic structure I would use:</p><p></p><ol> <li data-xf-list-type="ol"><strong>FACTS</strong> - lay out the fact pattern of the matter. Recap who the parties are (their names), what do they do (e.g. they are a textiles supplier), and what role/position they have in the transaction (e.g. the target). Naturally, you'll want to recap the transaction itself - who is (its normally an acquisition) acquiring who and why.</li> <li data-xf-list-type="ol"><strong>CHECKBOX INTERLUDE</strong> - after you have laid out the fact pattern, answer any questions in the brief that demand a factual answer. For example, the case study might ask you to do a calculation to work out the purchase price, or 'are the heads of terms legally binding?'. You can give straightforward 1-2 sentence answers on these and move forward with the rest of your presentation - you are making sure that the 'checkboxes' (in the form of the fact-based questions asked to you) are ticked.</li> <li data-xf-list-type="ol"><strong>ISSUES (+LAW+ANALYSIS)</strong>- now you get into the meat of your presentation. You will have had some questions in the brief that will prompt you to think about certain issues, and you will use your prep time to discover ones of your own. In this section, you want to apply your critical thinking, as well as any legal knowledge you have (either of legislation or of commercial/legal concepts). Discuss each issue in turn, making sure to definitely cover the ones prompted in the brief, as follows:<ol> <li data-xf-list-type="ol">State the issue as a headline (e.g. there are news articles which allege the target is engaged in bribery).</li> <li data-xf-list-type="ol">Explain the issue in more detail (e.g. the article states that Mr Smith received £1,000,000 from an anonymous foreign donor).</li> <li data-xf-list-type="ol">Explain why the issue is a problem (e.g. bribery is immoral, and if you're not a fan of Immanuel Kant, then it is illegal under the Bribery Act 2005).</li> <li data-xf-list-type="ol">Explain how this relates to the matter (e.g. as legal advisors, we cannot, if the bribery is true, in good faith, recommend our client to acquire a business that is engaged in illegal activities - whilst the bribery might only be with regards to a director of the target, there might be other skeletons in the cupboard, etc. - also, it would indicate a rather precarious (and illegal) business model!).</li> <li data-xf-list-type="ol">Suggest your solution/remedies/next steps (e.g. this must be investigated through more due diligence to uncover whether this bribery is really happening - and if it is happening, the suggestion might be that we suggest our client pulls the plug).</li> </ol></li> <li data-xf-list-type="ol"><strong>CONCLUSION</strong> - you want to summarise your arguments and provide a judgement (e.g. I do/do not recommend this transaction on grounds <em>x, y, z</em>). You might also want to suggest some next steps if there are some things you would want more information on/cleared up (e.g. I suggest that we double-check the target's accounts, and ask for more information from the target's directors, in order to ascertain why they have increased their capital expenditure by 500% last year compared to the year before.</li> </ol><p>You mention that you have taken some economics/business modules at uni, but I think it is just worth mentioning anyway that your commercial legal knowledge needs to be up to scratch. Commercial awareness is often understood as knowing about deals or current affairs - honestly, I have never been asked to discuss a news story in any of my interviews (DISCLAIMER: that does not mean you will not, and you should definitely keep up with the news, and so on!). Candidates often neglect to learn about commercial/legal concepts. Here is (an unexhaustive) list of things you should know about for case studies/general interview discussions:</p><ol> <li data-xf-list-type="ol">Share purchase vs asset purchase</li> <li data-xf-list-type="ol">Equity financing vs debt financing</li> <li data-xf-list-type="ol">Structure of a SPA</li> <li data-xf-list-type="ol">Representations, warranties and indemnities (not just the differences, but when each should be used, and what they look like - e.g. a basket indemnity, or using an escrow)</li> <li data-xf-list-type="ol">EBITDA - what does it mean? How is it used?</li> <li data-xf-list-type="ol">Leverage - what is it? Why use it?</li> <li data-xf-list-type="ol">Corporate boardroom dynamics - share classes, minority shareholder rights, hostile takeovers vs recommended takeovers</li> <li data-xf-list-type="ol">Litigation vs Arbitration - New York Convention, Seat of Arbitration, and so on</li> <li data-xf-list-type="ol">Bribery (know it is illegal and immoral - Bribery Act 2005)</li> <li data-xf-list-type="ol">Discrimination (know it is illegal - Equal Pay Act 1970 & Equality Act 2010)</li> </ol><p>I am sure you can find all this information on TCLA, and there are a wealth of resources (both online and in print) for you to learn about such things.</p><p></p><p>I hope this helps, and please do feel free to ask follow-up questions!</p></blockquote><p></p>
[QUOTE="Anon08, post: 68359"] Hey Edward, Thank you very much - and great question! Before I answer your question, I just want to say congratulations on reaching a final stage AC at an MC firm in your first cycle. As I am sure you are aware, it is really challenging just to get to that stage so it is a real achievement in itself! Additionally, A&O's case study is known to be one of the most challenging in the market, so I do empathise with your struggle with the assessment. Now, with regards to case studies: You will typically have 10 minutes (but sometimes 5 or 15 minutes) to give your presentation, with approximately 30-45 minutes preparation time prior. Resultantly, structure is everything - you must have a structure prepared [I]before[/I] your ACs. Yes, you do not have the exact case study, but you do have your reasoning abilities. Here is the generic structure I would use: [LIST=1] [*][B]FACTS[/B] - lay out the fact pattern of the matter. Recap who the parties are (their names), what do they do (e.g. they are a textiles supplier), and what role/position they have in the transaction (e.g. the target). Naturally, you'll want to recap the transaction itself - who is (its normally an acquisition) acquiring who and why. [*][B]CHECKBOX INTERLUDE[/B] - after you have laid out the fact pattern, answer any questions in the brief that demand a factual answer. For example, the case study might ask you to do a calculation to work out the purchase price, or 'are the heads of terms legally binding?'. You can give straightforward 1-2 sentence answers on these and move forward with the rest of your presentation - you are making sure that the 'checkboxes' (in the form of the fact-based questions asked to you) are ticked. [*][B]ISSUES (+LAW+ANALYSIS)[/B]- now you get into the meat of your presentation. You will have had some questions in the brief that will prompt you to think about certain issues, and you will use your prep time to discover ones of your own. In this section, you want to apply your critical thinking, as well as any legal knowledge you have (either of legislation or of commercial/legal concepts). Discuss each issue in turn, making sure to definitely cover the ones prompted in the brief, as follows: [LIST=1] [*]State the issue as a headline (e.g. there are news articles which allege the target is engaged in bribery). [*]Explain the issue in more detail (e.g. the article states that Mr Smith received £1,000,000 from an anonymous foreign donor). [*]Explain why the issue is a problem (e.g. bribery is immoral, and if you're not a fan of Immanuel Kant, then it is illegal under the Bribery Act 2005). [*]Explain how this relates to the matter (e.g. as legal advisors, we cannot, if the bribery is true, in good faith, recommend our client to acquire a business that is engaged in illegal activities - whilst the bribery might only be with regards to a director of the target, there might be other skeletons in the cupboard, etc. - also, it would indicate a rather precarious (and illegal) business model!). [*]Suggest your solution/remedies/next steps (e.g. this must be investigated through more due diligence to uncover whether this bribery is really happening - and if it is happening, the suggestion might be that we suggest our client pulls the plug). [/LIST] [*][B]CONCLUSION[/B] - you want to summarise your arguments and provide a judgement (e.g. I do/do not recommend this transaction on grounds [I]x, y, z[/I]). You might also want to suggest some next steps if there are some things you would want more information on/cleared up (e.g. I suggest that we double-check the target's accounts, and ask for more information from the target's directors, in order to ascertain why they have increased their capital expenditure by 500% last year compared to the year before. [/LIST] You mention that you have taken some economics/business modules at uni, but I think it is just worth mentioning anyway that your commercial legal knowledge needs to be up to scratch. Commercial awareness is often understood as knowing about deals or current affairs - honestly, I have never been asked to discuss a news story in any of my interviews (DISCLAIMER: that does not mean you will not, and you should definitely keep up with the news, and so on!). Candidates often neglect to learn about commercial/legal concepts. Here is (an unexhaustive) list of things you should know about for case studies/general interview discussions: [LIST=1] [*]Share purchase vs asset purchase [*]Equity financing vs debt financing [*]Structure of a SPA [*]Representations, warranties and indemnities (not just the differences, but when each should be used, and what they look like - e.g. a basket indemnity, or using an escrow) [*]EBITDA - what does it mean? How is it used? [*]Leverage - what is it? Why use it? [*]Corporate boardroom dynamics - share classes, minority shareholder rights, hostile takeovers vs recommended takeovers [*]Litigation vs Arbitration - New York Convention, Seat of Arbitration, and so on [*]Bribery (know it is illegal and immoral - Bribery Act 2005) [*]Discrimination (know it is illegal - Equal Pay Act 1970 & Equality Act 2010) [/LIST] I am sure you can find all this information on TCLA, and there are a wealth of resources (both online and in print) for you to learn about such things. I hope this helps, and please do feel free to ask follow-up questions! [/QUOTE]
Insert quotes…
Verification
Our company is called, "The Corporate ___ Academy". What is the missing word here?
Post reply
Forums
Aspiring Lawyers - Applications & General Advice
Applications Discussion
Ask a Future Magic Circle (Allen & Overy) Trainee Anything!
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…