Ask Simpson Thacher Anything (26/27)

[Paul@SimpsonThacher]

Hi, I’m a law student on track for a 2:1 overall, but I have had to resit a module.

The reason for the resit is that I accidentally missed an assignment deadline, despite having completed the work. I don’t think this would qualify as mitigating circumstances.

Would having a module resit in these circumstances be a concern for graduate recruitment applications, or is it still worth applying?

Thanks!

Hi - yes, it's worth applying!

 

[Paul@SimpsonThacher]

@Paul@SimpsonThacher

Hi Paul, given that the training contract is specifically focused on private equity, to what extent do you expect applicants to have prior private equity experience? Is it more important to demonstrate a genuine understanding of and interest in the sector, even where someone’s previous legal experience has been in other practice areas?

Hi @Mace2121

Good question. We recognise that most students and recent graduates will not have had the opportunity to gain direct private equity experience, so this is certainly not something we expect applicants to have.

What is more important is that you have taken the time to understand private equity, can demonstrate a genuine interest in building a career in the sector, and can explain why this particular route appeals to you. We would encourage applicants to research the work, the clients and the broader commercial context so that they can articulate an informed and personal motivation for applying.

Experience in other legal practice areas can still be very valuable, particularly where you can reflect on the skills and insights you have gained and explain how these have shaped your interest in private equity. Ultimately, we are looking for potential, curiosity and a well-researched motivation, not a particular type of previous work experience.

Thanks,

Paul

 

[Dilraj - Simpson Thacher]

Hi again, I also had two questions for Christine and Dilraj about how their practices operate in different contexts.

@Christine - Simpson Thacher & Bartlett , I noticed that you worked on Oakley Capital’s investment in Steer Automotive as part of the Funds team. What issues bring a funds lawyer into an acquisition, and how does that work differ from a conventional fundraise?

@Dilraj - Simpson Thacher , I noticed that you have acted on both sponsor-side and lender-side acquisition financings. What changes most in how you assess a deal when you switch sides, and has working on both sides influenced how you advise sponsor clients?

Thank you for your time!

Hey - thanks for your question! When acting sponsor side, we're primarily concerned with ensuring that the borrower and the group has the flexibility to go about their general business with as few restrictions as possible whereas lenders seek to tighten the conditions before the group is able to do something i.e. make a further acquisition or pay a dividends etc. So it is the matter of finding the correct balance of flexibility/restriction, and we will assess the borrowing strength of the group to guide those decisions, when we are acting both lender or sponsor side.

Working on both sides has definitely influenced how we advise sponsor clients. We are able to anticipate certain issues that may be raised by lender counsel (having been in their position) and address them pre-emptively.

 

[Paul@SimpsonThacher]

Hi Paul, thank you for being here again. My question is specifically for applicants who have qualified in another jurisdiction and are currently undertaking postgraduate studies in the UK.


On the vacation scheme application form, are we able to include extracurricular activities from our undergraduate studies and prior legal training, even where these took place several years ago? And in terms of how we present them, do you prefer applicants to go into depth on a select few activities or to cover a broader range briefly, highlighting the skills gained from each?


Thank you.
Ejiro Ayara

Hi @Winifred

Yes, absolutely. We're interested in understanding the experiences that have helped shape you, so if extracurricular activities from your undergraduate studies or previous legal training are relevant and demonstrate skills, achievements, or interests that are important to your application, you should feel free to include them, even if they took place several years ago.

In terms of how you present them, there's no single right approach. Some candidates choose to focus on a smaller number of experiences and discuss them in greater depth, while others highlight a broader range of activities more concisely. Both approaches can work well.

Ultimately, we're much more interested in the quality of the examples and the reflection behind them than the number of activities listed.

Thanks,

Paul