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Aspiring Lawyers - Interviews & Vacation Schemes
Vacation Schemes Discussion
Legal knowledge vs Commercial acumen
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<blockquote data-quote="TC fiend" data-source="post: 115037" data-attributes="member: 12349"><p>First of all, congratulations on securing a VS! It’s an incredible feat that is not to be understated.</p><p></p><p>I think there’s a lot to unpack here. I’m going to start by saying you should try to keep an open mind as to contentious and non-contentious seats. Unless you’ve spent an extended period of time in both, you’re just not sure yet what you might end up enjoying. I know lots of transactional lawyers who thought they might enjoy contentious seats and hated it, and vice versa I know plenty of litigation lawyers who thought they might like a non-contentious seat but found it wasn’t for them. So don’t close yourself off to an opportunity quite yet <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile :)" loading="lazy" data-shortname=":)" /> </p><p></p><p>As for prep, I would disagree what you learn in your GDL/LLB only applies to contentious seats. For example, if you are working in ie a finance seat, the drafting of a force majeure clause in your financial agreements will be extremely important (just look at all the deals that were put on ice or fell through due to COVID or the crisis in Ukraine).</p><p></p><p>If you want to try to improve your technical understanding ahead of your VS, I’d really recommend spending a good chunk of time on Practical Law and Lexis PSL (it sounds like you’re a law student so you should have access to that through your university). There are usually great documents and articles which take you through ie the process of litigation step by step, the closing of an M&A deal, FAQ about high yield debt, etc. I’d also recommend digging around on websites like Investopedia. While no one is expecting you to join a VS with a wealth of technical knowledge, at least knowing what you are trying to achieve and sorts of matters you might be working on will be extremely helpful and make it easier for you to dedicate your energy to making a good impression instead of just trying to keep up.</p><p></p><p>Lastly I’d say don’t underestimate how much these schemes are assessed on soft skills. Things like having attention to detail, being sociable, asking questions at the right time, taking initiative to take a crack at things or figure out a way to make things easier, are equally, if not more, important than your legal knowledge or commercial pizzazz. As a VS student you’re not going to be the most knowledgeable person in the room most of the time - but you can be the person who went the extra mile to read up, show enthusiasm, lend a hand and crack a joke.</p><p></p><p>Also, insider tip - never underestimate how important it is to have a good relationship with secretaries, PAs, paralegals, IT and other BD staff. They can give you the updates on peoples calendars, what else is going on in the department/firm that week, and other valuable information which will help you integrate into the team.</p><p></p><p>I hope that’s a helpful start. Let me know if you have any more questions. Good luck and enjoy your VS!!</p></blockquote><p></p>
[QUOTE="TC fiend, post: 115037, member: 12349"] First of all, congratulations on securing a VS! It’s an incredible feat that is not to be understated. I think there’s a lot to unpack here. I’m going to start by saying you should try to keep an open mind as to contentious and non-contentious seats. Unless you’ve spent an extended period of time in both, you’re just not sure yet what you might end up enjoying. I know lots of transactional lawyers who thought they might enjoy contentious seats and hated it, and vice versa I know plenty of litigation lawyers who thought they might like a non-contentious seat but found it wasn’t for them. So don’t close yourself off to an opportunity quite yet :) As for prep, I would disagree what you learn in your GDL/LLB only applies to contentious seats. For example, if you are working in ie a finance seat, the drafting of a force majeure clause in your financial agreements will be extremely important (just look at all the deals that were put on ice or fell through due to COVID or the crisis in Ukraine). If you want to try to improve your technical understanding ahead of your VS, I’d really recommend spending a good chunk of time on Practical Law and Lexis PSL (it sounds like you’re a law student so you should have access to that through your university). There are usually great documents and articles which take you through ie the process of litigation step by step, the closing of an M&A deal, FAQ about high yield debt, etc. I’d also recommend digging around on websites like Investopedia. While no one is expecting you to join a VS with a wealth of technical knowledge, at least knowing what you are trying to achieve and sorts of matters you might be working on will be extremely helpful and make it easier for you to dedicate your energy to making a good impression instead of just trying to keep up. Lastly I’d say don’t underestimate how much these schemes are assessed on soft skills. Things like having attention to detail, being sociable, asking questions at the right time, taking initiative to take a crack at things or figure out a way to make things easier, are equally, if not more, important than your legal knowledge or commercial pizzazz. As a VS student you’re not going to be the most knowledgeable person in the room most of the time - but you can be the person who went the extra mile to read up, show enthusiasm, lend a hand and crack a joke. Also, insider tip - never underestimate how important it is to have a good relationship with secretaries, PAs, paralegals, IT and other BD staff. They can give you the updates on peoples calendars, what else is going on in the department/firm that week, and other valuable information which will help you integrate into the team. I hope that’s a helpful start. Let me know if you have any more questions. Good luck and enjoy your VS!! [/QUOTE]
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Aspiring Lawyers - Interviews & Vacation Schemes
Vacation Schemes Discussion
Legal knowledge vs Commercial acumen
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