TCLA Vacation Scheme Applications Discussion Thread 2023-24

[Untilwinter]

Ropes AC and WFW vac scheme offer!! What a good Monday!!

Congratulations!

 

[Untilwinter]

Buyer side: Having the regulatory approval will most likely increase the price. If you have already negotiated a price pre-regulatory approval, then the seller cannot increase it.

Property example: If you are selling land, and Buyer 1 is a house builder and has the intention to build 1000 flats on it to sell for £250K each, they may put in a bid of £X. The seller may think, the offer from Buyer 1 is great, Ill take it. Buyer 1 then goes out to get planning permission (costing them time and money), and after 6 months they get it. Now, they know they will rake in the money once they have built the flats, However, the seller now feels they have sold it too cheap and want to go out to tender again with regulatory approval that was granted. Seller now wants £2X.

But if they are signing the contract, doenst that mean the price is already fixed?

 

[Arf1309]

Irwin Mitchell AC!! 🤩 (Personal services, Manchester office)

 

[Untilwinter]

Sorry if I didn't reply to both I'm not too sure how to do that 💀
There's also other considerations like:

1. What are the contingencies in case regulatory approval does not happen
2. Will there be conditions placed in order to get regulatory approval and what happens if that's the case, financially, commercially and otherwise (e.g approval is contingent on selling a certain arm of the business to ensure competition - like with Microsoft/Activision)

The firm should advise the client on these possibilities, set these expectations and advise on next steps.

Hmm yes those are def worth taking into account.
But given the possibility where parties have to sell of parts of the business to get regulatory approval, is it realistic to sign the document with just a condition precedent? This is soo difficult!

Any input will be deeply appreciated @axelbeugre

 

[lonelycruise]

Ropes AC 🥹

 

[Kodak123]

Anyone else Ropes PFO say 2023 Vacation scheme? Rather than 2024, I know I’m fishing butttt

 

[legallybrunette8]

seeing Irwin mitchell ACs finally come in makes it so happy like we’ve waited MONTHSSS for this!!! anyway im not expecting it tho after that flop VI but good luck to y’all 🤞

 

[impostersyndrome]

Hmm yes those are def worth taking into account.
But given the possibility where parties have to sell of parts of the business to get regulatory approval, is it realistic to sign the document with just a condition precedent? This is soo difficult!

Any input will be deeply appreciated @axelbeugre

I would think that's how you advise a client

You say ok we can put in that condition precedent but also make them know the possible other consequences that can happen should they go forward without approval.

If approval happens that's all well and good but I'd think the advice focuses on what happens if the approval does not occur or the possible risks you expose the business to by signing before that approval occurs.

So I'd think you need to cover:
1. Legal risks
2. Reputational risks
3. Commercial risks
4. Financial risks

Etc.

If anyone has to more info please share tho id like to know lol!

 

[latome19]

For people who got an AC with Ropes, was it for a specific day or can you choose? Haven’t heard anything at all yet

 

[Happycloud100]

For people who got an AC with Ropes, was it for a specific day or can you choose? Haven’t heard anything at all yet

Hi for me I got a specific date!

 

[babylawyer1942]

For people who got an AC with Ropes, was it for a specific day or can you choose? Haven’t heard anything at all yet

was a specific date for me. I think they'll be sending more invites in batches because they apparently have multiple AC dates so if you haven't heard yet there's a chance xxxx

 

[Happycloud100]

For those w ropes AC - any resources for how to prepare for the negotiation excercise please?

 

[Jessica Booker]

Hey everyone! This is my first time posting here as I'm in a situation I'm quite upset about and would like some advice.

About a week ago, I had an assessment centre at a firm I was very keen on (I won't disclose which as I'm not sure I feel comfortable doing that). I feel the day generally went well and although the case study was quite difficult, I didn't think I performed *too* badly. There were 5 other people here on the day and everyone was really friendly, so didn't think anything was off and we all added each other on LinkedIn when there was a break period in the day after another candidate suggested we do so.

However, when the day was over, one of the other candidates hugged the Grad Rec member and said "it was great to see you Kathy, hopefully see you again in the next few weeks". When someone asked what she meant by this, she said she was a long-term family friend. This immediately seemed unfair to me; I don't know how strong her application was and she may have deservedly been there on her own merit, but it just made me feel uncomfortable. She said she hadn't performed too strongly throughout the day too, which I feel is worth bearing in mind.

Earlier this week, I was rejected from the firm. I'm obviously disappointed but it's just one of those things. Nevertheless, when scrolling through LinkedIn, I saw the other girl post that she had successfully landed a VS at the firm. I instantly felt like the whole process was completely unfair and she had gained a place because she had internal contacts. If I'm honest, this upset me just as much as the rejection itself knowing I was up against what I feel was a nepotistic candidate.

Part of me wants to write to the firm and say how I feel this is unjustified, but I know that won't achieve anything. I'm female, state educated and have attended a non-RG university, so I already feel I've had to work harder than many other applicants just to be in this position. It feels like a slap in the face. Am I right to be annoyed or is this just commonplace in the City and something you just have to suck up?

I don't think you can assume this individual got the job because of their connection, whether directly or indirectly. Some people have connections to others in the industry, but this does not mean they are automatically getting prioritised because of that connection - they can just be capable candidates. I have recruited "celebrities", relatives of very famous judges, next door neighbours of partners, children of leading international politicians - all received their roles off their own merit and not because of who they were. And yet, unfortunately for them all they were all too easily labelled by others of having being given the opportunity of who they were or who their connection was. That was unfairly placed on all of them for quite a long time in their careers.

I get it is frustrating though, and to be honest both the candidate and the graduate recruitment contact should have really thought a little more about how an interaction like this could be construed - because I completely get how it looks. Both of them should have thought a little more about the setting and maintaining a professional demeanour, and in my opinion doing this is not something they should have done.

Unless you had evidence that the individual had been favourited through the recruitment process, I don't think you have anything to base your complaint to the firm on and therefore would advise not writing to them firm about this. You feel the injustice of the situation, but it does not mean there actually was an injustice that happened.

It is always going to feel very raw in the moments after hearing you have been unsuccessful and you are allowed to feel like this, but I sense you are connecting your disappointment to what feels like an easiest thing to blame right now. And I don't think that blame is justified based on what you have said.

 

[LehmanBrothersRiskManagementIntern]

I don't think you can assume this individual got the job because of their connection, whether directly or indirectly. Some people have connections to others in the industry, but this does not mean they are automatically getting prioritised because of that connection - they can just be capable candidates. I have recruited "celebrities", relatives of very famous judges, next door neighbours of partners, children of leading international politicians - all received their roles off their own merit and not because of who they were. And yet, unfortunately for them all they were all too easily labelled by others of having being given the opportunity of who they were or who their connection was. That was unfairly placed on all of them for quite a long time in their careers.

I get it is frustrating though, and to be honest both the candidate and the graduate recruitment contact should have really thought a little more about how an interaction like this could be construed - because I completely get how it looks. Both of them should have thought a little more about the setting and maintaining a professional demeanour, and in my opinion doing this is not something they should have done.

Unless you had evidence that the individual had been favourited through the recruitment process, I don't think you have anything to base your complaint to the firm on and therefore would advise not writing to them firm about this. You feel the injustice of the situation, but it does not mean there actually was an injustice that happened.

It is always going to feel very raw in the moments after hearing you have been unsuccessful and you are allowed to feel like this, but I sense you are connecting your disappointment to what feels like an easiest thing to blame right now. And I don't think that blame is justified based on what you have said.

That's really interesting. But how would you know someone is a relative of a famous judge? I get it with celebrities as they are famous and known across the globe but I am really curious how can grad rec infer that a candidate is the relative of a famous judge or a next door neighbour of partners? Or is that something candidates write in their app? Especially when some firms claim that app reviews are completely blind

 

[laylaamahmood]

Has anyone done trowers & hamlins AC or has one coming up, pm please please!!!!!!!!

Hey I just had mine !

 

[laylaamahmood]

Has anyone heard back from Clyde and Co? For Vac Scheme?

Yes I have !

 

[law12345]

Hi - has anyone done the Dentons AC yet? Does anyone have any advice?

 

[laylaamahmood]

I just secured a place on the Clyde and co vac scheme london 2024 !

 

[laylaamahmood]

Just secured Clyde and co vac scheme !

 

[lllaaawww098]

Hi - has anyone done the Dentons AC yet? Does anyone have any advice?

Hey, congrats! Is this for London spring or summer? And when did you have your VI, if you don't mind me asking