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

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Dayna1980

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Nov 3, 2021
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Freshfields AC! My first ever so I’m rly anxious. I feel like I have insufficient commercial knowledge and that it would be an issue esp in the analytical interview 😓 Any advice/resources on how I can brush up on everything, including the basics (bc what are counted as the commercial basics that I must know?)? The AC is in two weeks time.
I have an AC coming up as well, and haven't been to one yet so not sure if the advice I am going to give is any good but this is what I did and I feel a lot more confident about my commercial awareness now.

- Listen to some sky news, FT or another type of podcasts. Sky News has some really good business podcasts and it's free! I took notes on them so that I can look back to remind myself, which I think will be helpful in the days running up to remember what happened in the last few weeks.
- Think about the firm's major clients/sectors and consider some key issues facing that industry/type of client
- Brush up don't the latest big issues (Covid, Brexit, but also supply chain issues, energy crisis, and inflation) - try and understand why this is happening and how clients have been impacted/would be impacted
- Find a few specific stories that REALLY GENUINELY interest you and then drive deep, think about how this is impacting the firm's clients, but maybe the world at large, and be curious about what this might mean in the future - this way you can talk about things you are genuinely interested in and confident talking about.
- Lastly, but also really important, brush up on the legal industry itself (legal tech, the firms competitors and how they differ, how law firms remain competitive) and how news issues might be impacting law firms as a business themselves.

Hope this gives you some ideas of where to start. Just like you, I felt pretty overwhelmed because there is so much information out there, but just stick to the basics and you should feel more confident! Just don't procrastinate, if you only have two weeks I would recommend starting today! :)
 

Rachael.Elisa

Distinguished Member
Junior Lawyer
Jun 15, 2021
73
149
I have an AC coming up as well, and haven't been to one yet so not sure if the advice I am going to give is any good but this is what I did and I feel a lot more confident about my commercial awareness now.

- Listen to some sky news, FT or another type of podcasts. Sky News has some really good business podcasts and it's free! I took notes on them so that I can look back to remind myself, which I think will be helpful in the days running up to remember what happened in the last few weeks.
- Think about the firm's major clients/sectors and consider some key issues facing that industry/type of client
- Brush up don't the latest big issues (Covid, Brexit, but also supply chain issues, energy crisis, and inflation) - try and understand why this is happening and how clients have been impacted/would be impacted
- Find a few specific stories that REALLY GENUINELY interest you and then drive deep, think about how this is impacting the firm's clients, but maybe the world at large, and be curious about what this might mean in the future - this way you can talk about things you are genuinely interested in and confident talking about.
- Lastly, but also really important, brush up on the legal industry itself (legal tech, the firms competitors and how they differ, how law firms remain competitive) and how news issues might be impacting law firms as a business themselves.

Hope this gives you some ideas of where to start. Just like you, I felt pretty overwhelmed because there is so much information out there, but just stick to the basics and you should feel more confident! Just don't procrastinate, if you only have two weeks I would recommend starting today! :)
Hiya,

I haven't been offered an AC yet but I recently did a mentoring scheme with Freshfields, during which I did a mock analytical interview.

Just wanted to add to your advice and say that it is a good idea to research defining features of different world markets, including emerging markets. Also, when giving your answers in the interview, always try to give a complete answer in the first instance and be considerate and precise with your language. For example, during my interview I kept referring to the author of the article as 'they' rather than 'the author', and I was picked up on this.

Hope that's helpful!
 
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SLKEJRWOI97

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Jan 22, 2020
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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.
Hey there!

Just to clarify, you wouldn't look like a weaker candidate at all if you talked about burnout. We're all human so please don't think that.

However, as @Jessica Booker mentioned, the example should be quite tangible. I would interpret this as a question asking about weakness and use that. For example:

"As President of the X Society, my committee experienced a period of low morale due to a mindset I had which was "if you want it done right, do it yourself"... etc".
 

Jessica Booker

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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.
My only concern with this is could the low 2.1s really be classified as a failure?

I think if the rest of your academics are strong (eg no other low 2.1 grades in first and second year) then it is a clear blip and a clear under performance that could be classified as a failure when contrasted with your other grades. However if you have other grades that are similar, then it’s hard to distinguish this as a failure, just a similar performance.

However, these examples can sometimes work at the same time really don’t in others. It’s more the context behind the example that is relevant here rather than the headline, so hard for me to give advice on whether it’s appropriate or not unfortunately.
 

therealellewoods

Distinguished Member
  • Jan 20, 2022
    73
    144
    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.
    Thank you for this! The firm specifies ‘high’ 2:1s so I was worried low 2:1s would make me a weaker candidate in this instance but I totally agree they’re not necessarily a failure and I’m probably too harsh on myself. I wanted to use the example because I really did learn from it but after reading the comments you’re right it’s probably not the best example.
     
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    therealellewoods

    Distinguished Member
  • Jan 20, 2022
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    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.
    This is super helpful! Thank you so much! 🙏🙏🙏🙏
     
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    therealellewoods

    Distinguished Member
  • Jan 20, 2022
    73
    144
    I
    My only concern with this is could the low 2.1s really be classified as a failure?

    I think if the rest of your academics are strong (eg no other low 2.1 grades in first and second year) then it is a clear blip and a clear under performance that could be classified as a failure when contrasted with your other grades. However if you have other grades that are similar, then it’s hard to distinguish this as a failure, just a similar performance.

    However, these examples can sometimes work at the same time really don’t in others. It’s more the context behind the example that is relevant here rather than the headline, so hard for me to give advice on whether it’s appropriate or not unfortunately.
    Definitley agree! I think in context of my grades they were an under performance but potentially not the best example so I’ll probably try and think of a different example. Thank you!!
    Hey there!

    Just to clarify, you wouldn't look like a weaker candidate at all if you talked about burnout. We're all human so please don't think that.

    However, as @Jessica Booker mentioned, the example should be quite tangible. I would interpret this as a question asking about weakness and use that. For example:

    "As President of the X Society, my committee experienced a period of low morale due to a mindset I had which was "if you want it done right, do it yourself"... etc".
    Thanks so much ☺️
     
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    CorporateLaw101

    Legendary Member
  • Nov 16, 2021
    129
    307
    Hey guys,

    I’m looking to apply to K&L Gates but one section of the application asks to describe the ‘Main Social, Leisure, Sporting Activities including community service and positions of responsibility held both in school and university.’

    I’m loving the other section of questions but unfortunately I’ve never been part of a society or sport, and generally haven’t held any positions of responsibility in these realms.

    instead, I have worked full time as a business owner during university. I really don’t know how to answer this question. Could I leave it blank? Am I just wasting my time even applying?
     
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    tc_hopeful

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    Nov 18, 2020
    70
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    Hi! Can anyone shed light on what the Mayer Brown Trainee Job Simulation entails? What is the written task like? And how long do you get to speak for the video interview questions? Thanks in advance!~
     
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    LS_1998

    Star Member
    Junior Lawyer
    Jan 12, 2022
    35
    112
    Hi everyone! I have a TLT AC on Friday (eek - London office, applied day before deadline and did the WG 2 weeks ago for anyone wondering)

    Just wondering if anyone's got some tips on structuring strengths-based interview answers and likely / potential topics group tasks usually encompass? It's my first proper AC with these exercises :) thanksss so much in advance
     

    djqb

    Legendary Member
    Sep 6, 2020
    288
    592
    hi guys, I am struggling to understand the differences between solicitors and consulting people (apart from - the law- ) but more in terms of answering a 'why law and not consulting' question. Anyone would be able to help? Thank you

    I think this post from another thread would be useful in answering your question!

    Good question. @danieljonesqb

    Why did I switch?

    I will be perfectly honest here. I felt that I would not enjoy doing the tasks I did on my vacation scheme for many hours a day. For context, I also completed my summer vacation scheme during the peak of the pandemic and was not converted because of my answer to two questions in the exit interview (frustrating I know).

    Going back to the point about the tasks - my tasks, along with the tasks of more senior people, involved doing a large amount of paperwork for corporate transactions. This is expected as a large part of your client ‘deliverables’ as a transactional lawyer are contracts. I simply was not excited to work for the foreseeable future in a paperwork-driven job. I also never enjoyed litigation. However, I enjoyed the exposure to the key business context of the work and the client advisory element. I also enjoyed law in academia so I did not want to give up on my legal skills altogether.

    In this context, financial regulatory consulting seemed to combine the best of both the business and legal worlds. Financial regulation, in general, is a very multi-disciplinary subject and you can witness lawyers, economists, stats and quant specialists, and even coders in the field.


    My answer to the ‘why consulting over law?’ interview question

    It leads on from the points I made above. In specific, I stressed on three primary reasons.

    I desired to work in a role where I could directly make a difference to the business model of a client.

    For example, if I am advising an investment bank as a financial regulatory consultant, I could advise on how the bank should be governed, the internal controls that should exist, help senior management modify business strategy to accommodate upcoming legislative changes etc. This would be opposed to a transactional lawyers’ contract-drafting driven job. Even if I worked as a financial regulation advisory lawyer, my role would be restricted to simply interpreting legislation for clients.

    Consultants enjoy significantly more exposure to clients due to the nature of their job.

    If you are a consultant, you will enjoy a huge amount of exposure to your clients. In fact, you will often work directly in their offices (called ‘working on-site’ in consulting). You will also travel extensively, nationally and internationally, to complete these commitments. For example, in my first year, my firm mandates up to 25% of my year going towards travelling to network offices and client offices in Europe (pandemic permitting). Such deep exposures to multiple clients over let’s say 5 years is hugely enriching for your skill set.

    I wanted a profession that was not limited by jurisdictional boundaries and was truly international.

    Law firms often talk about how ‘international’ their work is - and it is - but there exist practical limitations on it. For example, you cannot really advise clients on the domestic law of other countries due to local attorney regulations. In reality, this makes the cross-border mobility of the profession poor. However, management consulting is not a regulated profession. As long as you have the business acumen you can work anywhere in the world. This is because my advice does not constitute ‘legal advice’ that is regulated but rather ‘business advice,’ even though there is overlap in fin. reg..

    A bonus justification that only applies to financial regulatory consulting is that my ability to interpret regulations and advise financial services clients on their impact is already strong because I come from a corporate law background.

    Happy to clarify anything else!
     

    rayemuse

    Distinguished Member
  • Jan 23, 2022
    58
    163
    I have an AC coming up as well, and haven't been to one yet so not sure if the advice I am going to give is any good but this is what I did and I feel a lot more confident about my commercial awareness now.

    - Listen to some sky news, FT or another type of podcasts. Sky News has some really good business podcasts and it's free! I took notes on them so that I can look back to remind myself, which I think will be helpful in the days running up to remember what happened in the last few weeks.
    - Think about the firm's major clients/sectors and consider some key issues facing that industry/type of client
    - Brush up don't the latest big issues (Covid, Brexit, but also supply chain issues, energy crisis, and inflation) - try and understand why this is happening and how clients have been impacted/would be impacted
    - Find a few specific stories that REALLY GENUINELY interest you and then drive deep, think about how this is impacting the firm's clients, but maybe the world at large, and be curious about what this might mean in the future - this way you can talk about things you are genuinely interested in and confident talking about.
    - Lastly, but also really important, brush up on the legal industry itself (legal tech, the firms competitors and how they differ, how law firms remain competitive) and how news issues might be impacting law firms as a business themselves.

    Hope this gives you some ideas of where to start. Just like you, I felt pretty overwhelmed because there is so much information out there, but just stick to the basics and you should feel more confident! Just don't procrastinate, if you only have two weeks I would recommend starting today! :)
    Hi, thank you! That was rly helpful. Will definitely try to do those things asap
     

    John Travoni

    Legendary Member
    Jan 14, 2021
    662
    885
    Just done the Kennedys SST... goodness that was difficult. Did anyone get that report that outlines your strengths and weaknesses? If so, how soon did you get it after completing the assessment?
    It doesn’t outline any weaknesses, it just gives you your top strengths, and yes, I received mine around 2 days after completing the SST
     

    George Maxwell

    Administrator
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    Junior Lawyer 50
    Oct 25, 2021
    552
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    Hi! just wondering if anyone who has done the Slaughter & May AC can confirm there's no written exercise and only an article discussion please?
    If this is the same as when I was applying (2020/1), it depends on if you are applying for a direct TC or VS.

    If nothing has changed, for direct TCs there is both a written exercise and article interview. For their VS there was just an article-based interview (no written exercise).

    Hope that helps!
     
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