TCLA General Discussion Thread 2022-23

[OliverInce]

I think you have to be confident that you’ll secure a 2024 training contract to invest in the LPC now, or that you know you’ll work for a small firm/organisation that won’t have an intake of trainees.

Many firms will have moved to the SQE by 2025 and going into this recruitment cycle (mainly for 2026 roles), then it’s pretty much guaranteed to be a SQE intake by then, as the majority of law undergraduates who graduate after 2024 will have to do the SQE.

If you are wanting to join a firm with a larger trainee intake for 2025 or 2026 having done the LPC, you could find that you have to do SQE2 anyway

okay thank you very much, so with my current options considering I won’t have a training contract for 2024 it is probably best for me to continue my SQE route?

 

[Jessica Booker]

okay thank you very much, so with my current options considering I won’t have a training contract for 2024 it is probably best for me to continue my SQE route?

I personally think so - it’s likely to be much more practical for vacancies from 2025 onwards. You can do the LPC if you started your LLB before December 2021, but I think the longevity of it is starting to wane very quickly because of the talent pool available to take it has effectively halved already (non-law grads had to have started the GDL before December 2021) and apart from those on four year or part-time courses, the law grads will also shrink massively after the summer of 2024.

 

[OliverInce]

I personally think so - it’s likely to be much more practical for vacancies from 2025 onwards. You can do the LPC if you started your LLB before December 2021, but I think the longevity of it is starting to wane very quickly because of the talent pool available to take it has effectively halved already (non-law grads had to have started the GDL before December 2021) and apart from those on four year or part-time courses, the law grads will also shrink massively after the summer of 2024.

thank you 😁

 

[NJS]

Question on developing commercial awareness, do you guys think its better to place emphasis on developing knowledge around commercial principles first, instead of just trying to drown myself in actual news, feel like that way I would actual be able to become comercially minded, instead of just knowing stories that come and go? Any recommendations for resources for this, I have Jake Shoggers handbook and Stoakes book. Any thoughts are appreciated xx

 

[Hollie23]

I was just wondering whether it is recommended to do the SQE 1 and SQE2 preparation courses, or alternatively an LLM legal practice course which has the additional preparation for practice modules?

 

[Jake Rickman]

Question on developing commercial awareness, do you guys think its better to place emphasis on developing knowledge around commercial principles first, instead of just trying to drown myself in actual news, feel like that way I would actual be able to become comercially minded, instead of just knowing stories that come and go? Any recommendations for resources for this, I have Jake Shoggers handbook and Stoakes book. Any thoughts are appreciated xx

I have personally found that it is not feasible to try and divorce principles from how we encounter the principles in practice. My approach and what I recommend to everyone is to stay on top of areas that you find interesting and which are immediately relevant to commercial law. My go-to topics and themes include:

• macroeconomic themes (inflation/interest rates)
• capital markets trends (.e.g, new IPOs, share buybacks, the issuance of new kinds of debt products, etc.)
• M&A deals
• Private equity and private credit activity
• proposed reforms to insurance and banking regulations
• financial distress and insolvency proceedings
• high-profile competition authority developments

I then read around the concepts when I come across something I do not understand. Practical Law if you have access gives a good legal-centric overview of most financial and commercial concepts. Investopedia is okay but very American-centric and not peer-reviewed.

As for resources, I would recommend subscribing to TCLA's commercial newsletter, archives of which can be found under my TCLA profile. We also run a TCLA Commercial Awareness Office Hours. Much of the discussion is spent drilling down into one or two themes in detail and how to discuss them at an interview, but we try and make room for general commercial awareness questions.

 

[K1111]

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

If anyone has I would love to know

 

[Ambbb]

Stupid question but I'm trying to read up on news stories in the real estate sector and came across a story about stores closing down and high streets suffering. Would this be ok to discuss in an interview in a real estate focused firm? Or would this count as retail? Really struggling with real estate-related business news stories

 

[Jake Rickman]

Stupid question but I'm trying to read up on news stories in the real estate sector and came across a story about stores closing down and high streets suffering. Would this be ok to discuss in an interview in a real estate focused firm? Or would this count as retail? Really struggling with real estate-related business news stories

Not a stupid question. That would be a decent topic, but you should do more reading around it and determine which locales are most affected. It would impact retail and real estate, but ask yourself how the impact would differ.

 

[Ambbb]

Not a stupid question. That would be a decent topic, but you should do more reading around it and determine which locales are most affected. It would impact retail and real estate, but ask yourself how the impact would differ.

Thank you! For how the real estate industry would be impacted, could i talk about why stores are being vacated - that the increase in interest rates is leading to higher mortgage repayments, which store owners aren't able to pay? So law firms could help by reviewing existing lease agreements? Sorry i know this is so basic but i really don't know how to talk about this news story - i'm just personally interested in it but not sure how to relate it to real estate specifically.

 

[hannah04]

For commercial awareness interviews, if they ask a commercial question on a topic or concept that you are completely unfamiliar with, is it better to say "I'm not entirely sure but I think its...." and try and give some guess even if its most likely wrong, or is it better to just venture some guess with confidence, or is it best to admit you don't know the answer?

 

[Jessica Booker]

For commercial awareness interviews, if they ask a commercial question on a topic or concept that you are completely unfamiliar with, is it better to say "I'm not entirely sure but I think its...." and try and give some guess even if its most likely wrong, or is it better to just venture some guess with confidence, or is it best to admit you don't know the answer?

It is fine to do the former but just phrase it more positively - “I’m not entirely sure” can be rephrased to something like “l have some knowledge on this matter but” or “I would have thought that”.

The worst thing to do is just say “I don’t know” but the second worst thing to do is act like you are extremely knowledgable about something and then for your answer to demonstrate that you are not. So there is a fine balance, in showing some confidence and a willingness to give an answer a go, whilst recognising the limits of what you do know rather than focusing/highlighting what you don’t.

 

[selaw2023]

Hi everyone! I’ve just secured a training contract in Manchester with a large national firm, and was wondering how difficult it would be to secure an NQ role back home in London after I qualify? I’m hoping to qualify into the corporate/commercial sphere.

 

[Jessica Booker]

Hi everyone! I’ve just secured a training contract in Manchester with a large national firm, and was wondering how difficult it would be to secure an NQ role back home in London after I qualify? I’m hoping to qualify into the corporate/commercial sphere.

The possibility of a NQ role is very difficult to determine as it will depend on the market at the time and also what practice area you want to qualify into.

But generally you could move to another national firm in London as you’ll likely to have worked on similar matters that are of a similar size/complexity. It maybe more difficult to move to international firms if your work is predominately with domestic clients or with more domestic matters.

 

[Legalmel_99]

Hello!

I am one year into my TC now and the thought of qualifying should excite me but I am so nervous because to be honest I don’t actually know where I want to qualify both seats in my first year I now know I don’t want to qualify in.

my past paralegal experience the areas I worked in also taught me I don’t want to qualify in them areas too.

Although this seems negative I’m trying to make it positive atleast this has narrowed down where I know I don’t want to qualify in as an NQ.

Please could someone possibly give me some guidance on how they find the right area? Or what I should potentially be looking for in terms of what areas i have tried considering non contentious/ contentious work? But I quite like both so I’m kinda stuck

 

[Jessica Booker]

Hello!

I am one year into my TC now and the thought of qualifying should excite me but I am so nervous because to be honest I don’t actually know where I want to qualify both seats in my first year I now know I don’t want to qualify in.

my past paralegal experience the areas I worked in also taught me I don’t want to qualify in them areas too.

Although this seems negative I’m trying to make it positive atleast this has narrowed down where I know I don’t want to qualify in as an NQ.

Please could someone possibly give me some guidance on how they find the right area? Or what I should potentially be looking for in terms of what areas i have tried considering non contentious/ contentious work? But I quite like both so I’m kinda stuck

You may want to join our junior lawyers community and post your question in there as there maybe more responses in there rather than the standard forum.

 

[Legalmel_99]

You may want to join our junior lawyers community and post your question in there as there maybe more responses in there rather than the standard forum.

How do I join?

 

[lolamcd1]

I am trying to think ahead to next cycle. I am currently working as a paralegal. Really not enjoying the firm I am in, I am finding it quite toxic as it is small, niche firm. I am thinking of starting the SQE exams in September. Would I be better of application-wise doing the SQE exams or trying to find another paralegal job for the year? Thank you so much in advance, feeling quite stuck!

 

[Jessica Booker]

I am trying to think ahead to next cycle. I am currently working as a paralegal. Really not enjoying the firm I am in, I am finding it quite toxic as it is small, niche firm. I am thinking of starting the SQE exams in September. Would I be better of application-wise doing the SQE exams or trying to find another paralegal job for the year? Thank you so much in advance, feeling quite stuck!

I don’t think it necessarily needs to be either/or. You could try both, especially if you found a flexible SQE course. You could easily study at a slower pace and then plan to take the SQE1 exams in July rather than January.

 

[hannah04]

In an AC interview, if you want to integrate a deal the firm has worked on in your answer, would it be bad if the deal was a few years ago but was one of the biggest deals that the firm has done and is very relevant to your answer? (This would be a question like about practice areas you're interested in, not a question that specifically asks about a "recent deal thats captured your interest").