TCLA General Discussion Thread 2022-23

[Aga123+]

Hey there - yes, we had a breakdown of capital markets from a capital markets lawyer in our Understanding the Financial World course: https://classes.thecorporatelawacademy.com/courses/commercial-awareness-training/lectures/45950768

We also have a written breakdown in our Understanding the City course: https://classes.thecorporatelawacademy.com/courses/introduction-to-the-city/lectures/22243652

Hi @Jaysen, in the M&A for Commercial Law class, it refers to finance and capital markets class- Is this the same as the one you mentioned above - many thanks.

 

[LLM2022]

Spending time for travelling is fine - many people do this.

As you are now back in the U.K., I would try to secure something. This doesn’t have to be paralegal work, it can be anything. Being unemployed isn’t necessarily an issue but obviously being in some form of employment will only be an advantage. The only issue with being in employment is that it may limit your ability to do vacation schemes - so it does depend what your application strategy is and what type of jobs you are applying to.

Hi @LLM2022,

Just to add to @Jessica Booker's great advice. It also depends on what you already have on your CV as well. If you feel like you have sufficient experience already to demonstrate your enthusiasm, then there is little reason to pursue only legal jobs. However, it definitely wouldn't hurt.

Also on the VS point (ie having time to complete vacation schemes) - from my experience over the past few months, many agencies do have several short-term jobs in the legal space involving document review. They are usually very casual or at most part-time, also with good pay. It may be worth contacting Larbey Evans or Ryder Reid!

Hope this helps

Thank you both so much!

 

[laurabeaumont]

Thank you both so much!

Anytime! Let me know if there is anything else I can help you with

 

[Jaysen]

Hi @Jaysen, in the M&A for Commercial Law class, it refers to finance and capital markets class- Is this the same as the one you mentioned above - many thanks.

Great point - I suspect this was actually referring to the following two lectures on equity/debt finance and financial statements:

Mastering Technical Case Studies - Equity and Debt Finance

Practise the hardest interview questions in the comfort of your own home

classes.thecorporatelawacademy.com

Mastering Technical Case Studies - Financial Statements and EBITDA

Practise the hardest interview questions in the comfort of your own home

classes.thecorporatelawacademy.com

 

[Aga123+]

Great point - I suspect this was actually referring to the following two lectures on equity/debt finance and financial statements:

Mastering Technical Case Studies - Equity and Debt Finance

Practise the hardest interview questions in the comfort of your own home

classes.thecorporatelawacademy.com

Mastering Technical Case Studies - Financial Statements and EBITDA

Practise the hardest interview questions in the comfort of your own home

classes.thecorporatelawacademy.com

Thanks!

 

[AG2000]

Hi, has anyone who has done a vac scheme at Taylor Wessing willing to talk about their experience? Thank you!

 

[Ambbb]

Does anyone know how firms reimburse fuel costs for an AC? Train tickets are £100+ so thinking of driving but unsure of how firms reimburse for fuel

 

[Jessica Booker]

Does anyone know how firms reimburse fuel costs for an AC? Train tickets are £100+ so thinking of driving but unsure of how firms reimburse for fuel

Usually works on a mileage basis - typically between 42 and 48p per mile.

Alternatively they may ask for you to provide a petrol receipt.

You should ask the firm what they can/cannot reimburse though and in what format they would do this.

 

[Ambbb]

Usually works on a mileage basis - typically between 42 and 48p per mile.

Alternatively they may ask for you to provide a petrol receipt.

You should ask the firm what they can/cannot reimburse though and in what format they would do this.

Thank you!!

 

[InvesmentBanker]

@Jaysen Would you consider yourself to be a celebrity? I'm pretty sure I'd have the same reaction if I saw Cristiano Ronaldo or you

 

[laurabeaumont]

@Jaysen Would you consider yourself to be a celebrity? I'm pretty sure I'd have the same reaction if I saw Cristiano Ronaldo or you

I wish I could pin this ...

 

[Jaysen]

@Jaysen Would you consider yourself to be a celebrity? I'm pretty sure I'd have the same reaction if I saw Cristiano Ronaldo or you

Not at all! I'm a big believer in trying to avoid putting people on pedestals because it separates you from them/makes it hard to believe you can do what they do. And I'd apply this to myself - I was an aspiring lawyer like everyone here not that long ago and just decided to take a different path!

But also...this has made my day, so thank you 😃

 

[legally confused]

Hi,

I hope you are all well!

I have a situation at hand, and I was hoping that I could get some advice for my current situation. I have been applying for VS/TCs since my second year at university which was the 2019-2020 application cycle and after many years of painful rejections, I am so thankful I have received a TC offer recently. I applied to this firm’s 2024 intake, however, when I got my offer call Grad Rec informed me that they could only give me a place on the 2025 intake as the places were filled for 2024. I asked the Grad Rec team member if it was possible to keep me under consideration in case anyone wanted to defer their TC so I could take their place for 2024 but I was told this won't happen/ would be highly unlikely.

Whilst I am so incredibly thankful for the offer, I just have a feeling that I am falling behind (I have had such a feeling since my 3rd year at a very competitive Russel Group uni, most of my friends were given TCs at Uni or right after (deservedly so for each of them!) compared to myself who has already spent 2 years following my undergrad being a paralegal and will have to wait another 2 years to even start my TC. I have this fear that I am getting old, and I have not accomplished anything yet. I am nearly 23 now and will be 25 when I begin my TC. I know some people start their TCs at that age or even older, but I think the key difference is that all these people have amazing experiences/accomplishments under their belt. Whereas I feel like I have done nothing with my life other than study and then pursue a TC relentlessly.

So, I still have another year of work ahead of me and then another year doing the SQE. Since I cannot change this situation, I am hoping to take up hobbies and even learn a new language in this ‘gap year’ but the fear of falling behind remains present. How can I shift my mindset?

 

[Kubed]

Hi,

I hope you are all well!

I have a situation at hand, and I was hoping that I could get some advice for my current situation. I have been applying for VS/TCs since my second year at university which was the 2019-2020 application cycle and after many years of painful rejections, I am so thankful I have received a TC offer recently. I applied to this firm’s 2024 intake, however, when I got my offer call Grad Rec informed me that they could only give me a place on the 2025 intake as the places were filled for 2024. I asked the Grad Rec team member if it was possible to keep me under consideration in case anyone wanted to defer their TC so I could take their place for 2024 but I was told this won't happen/ would be highly unlikely.

Whilst I am so incredibly thankful for the offer, I just have a feeling that I am falling behind (I have had such a feeling since my 3rd year at a very competitive Russel Group uni, most of my friends were given TCs at Uni or right after (deservedly so for each of them!) compared to myself who has already spent 2 years following my undergrad being a paralegal and will have to wait another 2 years to even start my TC. I have this fear that I am getting old, and I have not accomplished anything yet. I am nearly 23 now and will be 25 when I begin my TC. I know some people start their TCs at that age or even older, but I think the key difference is that all these people have amazing experiences/accomplishments under their belt. Whereas I feel like I have done nothing with my life other than study and then pursue a TC relentlessly.

So, I still have another year of work ahead of me and then another year doing the SQE. Since I cannot change this situation, I am hoping to take up hobbies and even learn a new language in this ‘gap year’ but the fear of falling behind remains present. How can I shift my mindset?

Hey, congratulations on the TC! I totally understand this feeling but I think it's really important to appreciate that everyone is on their own timeline. This is, of course, much easier said than done but you've already accomplished so much in having received a TC offer.

Perhaps viewing the 'gap year' as an amazing opportunity would help - instead of falling behind, you've actually got time to learn lots of additional skills and, in a sense, enter the world of work as a more mature and worldly person. There is no rush to start working - after all, you'll be doing that for many years ahead, so take the time to focus on hobbies and other interests you have, as there'll inevitably be less time to indulge in these things once you start working.

Also worth noting that the average age of qualifying is now something like 29.9 years old, so purely quantitatively, you're not actually 'behind'!

All the best.

 

[Jessica Booker]

Hi,

I hope you are all well!

I have a situation at hand, and I was hoping that I could get some advice for my current situation. I have been applying for VS/TCs since my second year at university which was the 2019-2020 application cycle and after many years of painful rejections, I am so thankful I have received a TC offer recently. I applied to this firm’s 2024 intake, however, when I got my offer call Grad Rec informed me that they could only give me a place on the 2025 intake as the places were filled for 2024. I asked the Grad Rec team member if it was possible to keep me under consideration in case anyone wanted to defer their TC so I could take their place for 2024 but I was told this won't happen/ would be highly unlikely.

Whilst I am so incredibly thankful for the offer, I just have a feeling that I am falling behind (I have had such a feeling since my 3rd year at a very competitive Russel Group uni, most of my friends were given TCs at Uni or right after (deservedly so for each of them!) compared to myself who has already spent 2 years following my undergrad being a paralegal and will have to wait another 2 years to even start my TC. I have this fear that I am getting old, and I have not accomplished anything yet. I am nearly 23 now and will be 25 when I begin my TC. I know some people start their TCs at that age or even older, but I think the key difference is that all these people have amazing experiences/accomplishments under their belt. Whereas I feel like I have done nothing with my life other than study and then pursue a TC relentlessly.

So, I still have another year of work ahead of me and then another year doing the SQE. Since I cannot change this situation, I am hoping to take up hobbies and even learn a new language in this ‘gap year’ but the fear of falling behind remains present. How can I shift my mindset?

Enjoy doing something else before your TC. The vast majority of lawyers I know would look to have been able to go back and be in your position and start a year later and do something that was of interest to them. You could go and do something that makes you feel you have got an “achievement” in your locker as a trainee.

You are still going to be younger than the average trainee by the time you start your TC.

A year when you are 25 seems a decent amount of time. A year by the time you’re 35 will feel like 3 months, especially when you are a lawyer. You’ve potentially got 40+ years of this job, assuming you stick to doing it. Waiting an extra year to get there is no time at all really in the grand scheme of things.

In short, this is a massive opportunity you are unlikely to ever have again rather than a hindrance.

 

[RANDOTRON]

Hi,

I hope you are all well!

I have a situation at hand, and I was hoping that I could get some advice for my current situation. I have been applying for VS/TCs since my second year at university which was the 2019-2020 application cycle and after many years of painful rejections, I am so thankful I have received a TC offer recently. I applied to this firm’s 2024 intake, however, when I got my offer call Grad Rec informed me that they could only give me a place on the 2025 intake as the places were filled for 2024. I asked the Grad Rec team member if it was possible to keep me under consideration in case anyone wanted to defer their TC so I could take their place for 2024 but I was told this won't happen/ would be highly unlikely.

Whilst I am so incredibly thankful for the offer, I just have a feeling that I am falling behind (I have had such a feeling since my 3rd year at a very competitive Russel Group uni, most of my friends were given TCs at Uni or right after (deservedly so for each of them!) compared to myself who has already spent 2 years following my undergrad being a paralegal and will have to wait another 2 years to even start my TC. I have this fear that I am getting old, and I have not accomplished anything yet. I am nearly 23 now and will be 25 when I begin my TC. I know some people start their TCs at that age or even older, but I think the key difference is that all these people have amazing experiences/accomplishments under their belt. Whereas I feel like I have done nothing with my life other than study and then pursue a TC relentlessly.

So, I still have another year of work ahead of me and then another year doing the SQE. Since I cannot change this situation, I am hoping to take up hobbies and even learn a new language in this ‘gap year’ but the fear of falling behind remains present. How can I shift my mindset?

Congrats on securing a TC! I second everything that @Kubed said. I am in the exact same position as you – I'll be starting my TC at 25 (fingers crossed, I pass the SQE). On the other hand, some of my friends will be starting their TC this year and I have a friend in his 30s with an ocean of experience under his belt. So I had the same feeling of falling behind and feeling like I've done nothing with my life other than pursue a TC.

But after speaking to my friends, they helped me realise something that changed my mindset. That something is "so what?" Everyone's journey is different. And more importantly, we're friends. Don't get me wrong, comparison is a very natural thing, and not necessarily unhealthy. But the point it becomes unhealthy is when you compare your own self-worth to others to fuel negative self-talk, discourage yourself or diminish your own achievements – comparison then becomes the thief of joy. And you shouldn't compare yourself to strangers either, because as I said everyone has their own journey – you don't know theirs and they don't know yours. Just because someone may seem to have it all together on the outside doesn't mean that's the case. One way you can change your mindset is to acknowledge deep down that you have done incredible things to get here, so give yourself the credit you deserve and be confident about it. And I think I speak for this community when I say that we are incredibly proud of you for what you've accomplished.

One final bit: If you're okay with it, speak to your friends and family about how you feel – in my experience, I always feel more relief after sharing and processing my feelings with those I trust to confide in.

For what it's worth, here this article and this one on healthy and unhealthy comparison.

Also as @Jessica Booker said, this one year break is a massive opportunity and free time that you'll probably won't have again for a long while. I recommend you spend it on something that is worthwhile and genuinely important to you. I spent 1/4 of my break hunting for paralegal roles because I felt that it was what I was "supposed" to do. I did end up doing a brief stint at a firm which I thoroughly enjoyed, but I also realised halfway that I really wanted to go home so I can make up loss time with family. The firm was kind enough to end my contract so I can go home. Looking back, I would not have spent 1/4 of my break hunting for paralegal roles and should have just went home early.

Anyways, I hope all of this helped you feel better! Please do feel free to reach out if you ever want to talk to someone. 😊

 

[legally confused]

Hey, congratulations on the TC! I totally understand this feeling but I think it's really important to appreciate that everyone is on their own timeline. This is, of course, much easier said than done but you've already accomplished so much in having received a TC offer.

Perhaps viewing the 'gap year' as an amazing opportunity would help - instead of falling behind, you've actually got time to learn lots of additional skills and, in a sense, enter the world of work as a more mature and worldly person. There is no rush to start working - after all, you'll be doing that for many years ahead, so take the time to focus on hobbies and other interests you have, as there'll inevitably be less time to indulge in these things once you start working.

Also worth noting that the average age of qualifying is now something like 29.9 years old, so purely quantitatively, you're not actually 'behind'!

All the best.

Thank you so much! You are so right in the re-framing approach, I will definitely try to think of it as an opportunity rather than just another transitory year. I didn't know that the average age is now 29.9, that does make me feel less alone. Thank you!!!

 

[legally confused]

Enjoy doing something else before your TC. The vast majority of lawyers I know would look to have been able to go back and be in your position and start a year later and do something that was of interest to them. You could go and do something that makes you feel you have got an “achievement” in your locker as a trainee.

You are still going to be younger than the average trainee by the time you start your TC.

A year when you are 25 seems a decent amount of time. A year by the time you’re 35 will feel like 3 months, especially when you are a lawyer. You’ve potentially got 40+ years of this job, assuming you stick to doing it. Waiting an extra year to get there is no time at all really in the grand scheme of things.

In short, this is a massive opportunity you are unlikely to ever have again rather than a hindrance.

Thanks Jessica! I never thought that this could be so important when looking back (given I focus on doing new things and gaining experiences that I may not have time for in the future). Thanks a million!

 

[legally confused]

Congrats on securing a TC! I second everything that @Kubed said. I am in the exact same position as you – I'll be starting my TC at 25 (fingers crossed, I pass the SQE). On the other hand, some of my friends will be starting their TC this year and I have a friend in his 30s with an ocean of experience under his belt. So I had the same feeling of falling behind and feeling like I've done nothing with my life other than pursue a TC.

But after speaking to my friends, they helped me realise something that changed my mindset. That something is "so what?" Everyone's journey is different. And more importantly, we're friends. Don't get me wrong, comparison is a very natural thing, and not necessarily unhealthy. But the point it becomes unhealthy is when you compare your own self-worth to others to fuel negative self-talk, discourage yourself or diminish your own achievements – comparison then becomes the thief of joy. And you shouldn't compare yourself to strangers either, because as I said everyone has their own journey – you don't know theirs and they don't know yours. Just because someone may seem to have it all together on the outside doesn't mean that's the case. One way you can change your mindset is to acknowledge deep down that you have done incredible things to get here, so give yourself the credit you deserve and be confident about it. And I think I speak for this community when I say that we are incredibly proud of you for what you've accomplished.

One final bit: If you're okay with it, speak to your friends and family about how you feel – in my experience, I always feel more relief after sharing and processing my feelings with those I trust to confide in.

For what it's worth, here this article and this one on healthy and unhealthy comparison.

Also as @Jessica Booker said, this one year break is a massive opportunity and free time that you'll probably won't have again for a long while. I recommend you spend it on something that is worthwhile and genuinely important to you. I spent 1/4 of my break hunting for paralegal roles because I felt that it was what I was "supposed" to do. I did end up doing a brief stint at a firm which I thoroughly enjoyed, but I also realised halfway that I really wanted to go home so I can make up loss time with family. The firm was kind enough to end my contract so I can go home. Looking back, I would not have spent 1/4 of my break hunting for paralegal roles and should have just went home early.

Anyways, I hope all of this helped you feel better! Please do feel free to reach out if you ever want to talk to someone. 😊

Thank you for the amazing advice! That is such an important perspective on comparison and is something that I really do need to work on so thank you for that! (I will add that to my to-do list for the gap year 🤓.)

I do realise now that this 'gap year' can turn into something very worthwhile and I will do my best to make something out of it. 🤞

Good luck with your SQE, you will smash it! Congrats on your TC too, that's amazing!!!🙌🎉

 

[Ghana M.]

Is anyone here who's on the AS HSBC & Bakers Mentoring Scheme?