TCLA Vacation Scheme Applications Discussion Thread 2021-22 (#1)

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Haz

Legendary Member
  • Dec 28, 2020
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    Does anyone know/can estimate how many people may be invited to an AC for Reed Smith? I heard they usually take around 22 people on their vacation scheme but this may be off.
    Using last year as reference for the Spring scheme; 70-85 had an AC and there were 12/13 on the VS. Assuming similar numbers in regards to Summer too.
     

    nkji500

    Well-Known Member
  • Jul 13, 2021
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    Hey guys! For anyone who has done the CC AC, I was wondering how long do you think we are expected to write for the written exercise? I remember grad rec saying "don't write too much but you need to write enough so it's not too brief"... Did you guys aim for a page or maybe half a page? Not too sure what to expect!

    Thanks :)
    They typically advise that you spend 5-10 minutes on it and I feel like that is enough time - I think I only wrote about a paragraph or two - hope this helps!
     

    Ks36

    Star Member
    Dec 14, 2021
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    Am I in the same boat as a lot of people when I say I don’t know if no response is necessary a PFO - it’s my first cycle and I see a lot of people saying I haven’t had a response does that mean going to be rejected. I’ve never thought so but am I wrong to think that?
     

    SLKEJRWOI97

    Legendary Member
    2020 Community Winner
    Junior Lawyer
    Jan 22, 2020
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    Am I in the same boat as a lot of people when I say I don’t know if no response is necessary a PFO - it’s my first cycle and I see a lot of people saying I haven’t had a response does that mean going to be rejected. I’ve never thought so but am I wrong to think that?
    No it doesn't. There are so many variables to the outcome of an application and for the reason why one person has heard and the other person hasn't.

    As easy as it is to think no response = pfo, I'd advise to adopt the mentality "it's not a pfo until you get one". If you find yourself worrying, keep yourself busy by doing other apps, other stuff you do day to day, etc.

    Good luck!
     

    Ks36

    Star Member
    Dec 14, 2021
    32
    101
    No it doesn't. There are so many variables to the outcome of an application and for the reason why one person has heard and the other person hasn't.

    As easy as it is to think no response = pfo, I'd advise to adopt the mentality "it's not a pfo until you get one". If you find yourself worrying, keep yourself busy by doing other apps, other stuff you do day to day, etc.

    Good luck!
    Thank you for this! I didn’t subscribe to that belief at all but eventually the January blues got to me ! Thank you!
     
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    SLKEJRWOI97

    Legendary Member
    2020 Community Winner
    Junior Lawyer
    Jan 22, 2020
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    Thank you for this! I didn’t subscribe to that belief at all but eventually the January blues got to me ! Thank you!
    I totally get why people do though. I do too. And sometimes (more often than not), not hearing back does increase your chances of a PFO. I also think that most of us applicants are more pessimistic than not.

    Either way, concentrate on other stuff and whatever happens, will happen. All the best! :D
     
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    OB

    Legendary Member
    2020 Community Winner
    Junior Lawyer
  • Feb 10, 2020
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    Am I in the same boat as a lot of people when I say I don’t know if no response is necessary a PFO - it’s my first cycle and I see a lot of people saying I haven’t had a response does that mean going to be rejected. I’ve never thought so but am I wrong to think that?
    Lots of people got CMS ACs before Christmas and I assumed I was a PFO because I hadn’t heard but I got a last minute AC and now I have a place on the scheme so definitely not a PFO if you haven’t heard yet!
     

    therealellewoods

    Distinguished Member
  • Jan 20, 2022
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    It really needs something more tangible. But it doesn’t need anything big. This is more about how you bounce back from the failure, rather than the failure itself.
    Hi Jessica! I'm answering a similar question. I got two low 2:1 grades in the final year of university and then finished with good 2:1s and two firsts. I was thinking about speaking about this and saying how the failure was underperforming in my grades because of burnout/not implementing enough healthy habits and that I've now learnt from this and therefore improved in my final grades that year. But is this okay? Would this also make me look like a weaker candidate somehow if I talk about burnout etc? I want my response to be genuine and this really is my biggest failure and I can talk about how I genuinely learnt from it but I don't want to draw attention to my two bad grades and make myself look worse either.
     

    Lumree

    Legendary Member
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    Highest Rated Member
    Junior Lawyer
  • Jan 17, 2019
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    Lots of people got CMS ACs before Christmas and I assumed I was a PFO because I hadn’t heard but I got a last minute AC and now I have a place on the scheme so definitely not a PFO if you haven’t heard yet!
    Do you know how many more AC’s they’re running?
     

    therealellewoods

    Distinguished Member
  • Jan 20, 2022
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    Hi everyone, could someone please help me with understanding whether finance and private equity are to be spoken about separately? e.g. finance like banks etc and then PE like PE firms. But does private equity come under finance? e.g. if I said 'im interested in both finance and private equity' is that a logical fallacy? Thanks in advance x
     

    ssolicitorz

    Legendary Member
    Premium Member
    Aug 3, 2021
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    Hi Jessica! I'm answering a similar question. I got two low 2:1 grades in the final year of university and then finished with good 2:1s and two firsts. I was thinking about speaking about this and saying how the failure was underperforming in my grades because of burnout/not implementing enough healthy habits and that I've now learnt from this and therefore improved in my final grades that year. But is this okay? Would this also make me look like a weaker candidate somehow if I talk about burnout etc? I want my response to be genuine and this really is my biggest failure and I can talk about how I genuinely learnt from it but I don't want to draw attention to my two bad grades and make myself look worse either.
    I may be wrong on this so don't take my word for it. These are just my thoughts.

    I don't think getting 2 low 2:1's is a good example of bouncing back from failure. First of all, I think most people (law firms included) would not see low 2:1's as failing at all. In fact the requirement for firms is a mere 2:1- a low 2:1 suffices. So by deeming low 2:1's as failure, it kind of goes against common belief and is therefore not really a strong example of failure. I can understand why you may have been disappointed by those grades as you like many law students, are probably are a high achiever. But to deem a 2:1 as bad-despite it being low- might give off a bad impression of cockiness, which I am sure you are not.
     

    Rob93

    Legendary Member
    Dec 29, 2020
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    Hi everyone, could someone please help me with understanding whether finance and private equity are to be spoken about separately? e.g. finance like banks etc and then PE like PE firms. But does private equity come under finance? e.g. if I said 'im interested in both finance and private equity' is that a logical fallacy? Thanks in advance x
    Totally correct to discuss them separately, as they are separate (though often related) parts of a firm's business.

    A 'PE practice' can involve three main things: funds, which will be the raising of institutional capital placed in the equity part of a private equity transaction; corporate M&A with a PE focus (this is what is most commonly meant by a firm's private equity practice); and debt finance, where firms will help PE sponsors or lenders set up the debt financing which makes up the 'leverage' part of a leveraged buyout. Highly focused firms' competition, tax, employment and other 'support departments' may also be focused on work related to the funds, M&A or debt financing of PE clients.

    As a shorthand though, PE usually means PE m&a, whereas finance is the broad world of, mostly, debt finance - equity capital markets are often parked separately with corporate - in general terms corporate will cover off everything pertaining to the ownership & governance of a company. Finance will generally be loans, bonds, sometimes derivatives, securitisation (notionally still bonds usually).

    At some firms much of the finance work will be in the context of PE buyouts, so notionally its part of the PE offering, but it's still perfectly valid to differentiate - at most firms, in any case, finance will involve lots of deals that have nothing to do with PE at all.
     
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