TCLA Vacation Scheme Applications Discussion Thread 2023-24

Ali A

Legendary Member
  • Feb 28, 2022
    247
    883
    okay? That doesn't mean that W&C's competitors are only law firms with a full-service practice in London. Law firms are constantly competing with each other all the time for deals, clients, talent etc.

    The fact that W&C is full-service in London is a way for W&C to DIFFERENTIATE itself from their competitors. Its a way for W&C to innovate and set itself apart from other law firms. It does not mean that W&C will only now face competition from other full-service London firms.

    But of course this is just my view, by all means, I'm welcome to any thoughts and further comments
    Not all US firms will be competitors just because W&C is a US firm. Its London office equally competes with the Magic Circle for work as it does with the US firms because of its size and areas of expertise.

    I had this same conversation with the managing partner of the W&C London office.
     

    EliteWhovian

    Legendary Member
  • Dec 8, 2022
    289
    784
    Anyone worried that grades will hinder their future success - the two high-flying partners at Skadden right now (including the managing partner) graduated with 2:2s with one doing his training contract at a high street firm in Hull.

    Keep plugging away!
    Thank you for that. Honestly you are truly a positive light in this forum and I just wanted to let you know that your kindness and supportive comments every now and then really don't go unappreciated!
     

    Percypig12

    Valued Member
    Oct 19, 2021
    119
    334
    okay? That doesn't mean that W&C's competitors are only law firms with a full-service practice in London. Law firms are constantly competing with each other all the time for deals, clients, talent etc.

    The fact that W&C is full-service in London is a way for W&C to DIFFERENTIATE itself from their competitors. Its a way for W&C to innovate and set itself apart from other law firms. It does not mean that W&C will only now face competition from other full-service London firms.

    But of course this is just my view, by all means, I'm welcome to any thoughts and further comments
    With respect I wasn't suggesting that. All I was saying was that there's a world of difference between the likes of W&C + Latham vs. Orrick, Goodwin for example
     

    RonRod13

    Distinguished Member
    Nov 18, 2023
    70
    137
    Not all US firms will be competitors just because W&C is a US firm. Its London office equally competes with the Magic Circle for work as it does with the US firms because of its size and areas of expertise.

    I had this same conversation with the managing partner of the W&C London office.
    Not all US law firms will be a competitor of W&C- a US law firm?

    Please tell me one US commercial law firm which somehow is not competing with W&C.

    Law firms are businesses. And businesses which produce the similar goods or services within the same industry are, by definition, competitors.

    That said, I welcome any counter-example you may be able to provide me with.
     

    Percypig12

    Valued Member
    Oct 19, 2021
    119
    334
    Not all US law firms will be a competitor of W&C- a US law firm?

    Please tell me one US commercial law firm which somehow is not competing with W&C.

    Law firms are businesses. And businesses which produce the similar goods or services within the same industry are, by definition, competitors.

    That said, I welcome any counter-example you may be able to provide me with.
    Yes, all US law firms provide legal services but not all US law firms target the same practice areas, sectors and clients. For example, on the whole Goodwin (VC, life sciences, tech etc.) is marketing its legal services to a very different section of the market than White & Case (broad client base but includes clients that would never instruct Goodwin e.g. oil companies)
     

    Seven

    Legendary Member
    Gold Member
    Premium Member
    May 15, 2022
    302
    975
    Not all US law firms will be a competitor of W&C- a US law firm?

    Please tell me one US commercial law firm which somehow is not competing with W&C.

    Law firms are businesses. And businesses which produce the similar goods or services within the same industry are, by definition, competitors.

    That said, I welcome any counter-example you may be able to provide me with.
    When a Partner at an interview asks you what their competitors are. They’re speaking of direct competitors. If you want to be literal, then yes, by definition most US firms would be competitors of White & Case by virtue of merely being an international law firm.

    But that’s not what they’re looking for. A firm that has a Band 2 ranking in M&A deals with a specialist focus on energy is not a competitor of a firm that has a Band 1 ranking in M&A deals with a specialist focus on TMT. They’re both of different calibres. In order to deduce a competitor, you have to identify the rankings, specialisms, type of clients and deals. Not every US firm will be a direct competitor of each other, regardless of “full-service offering”.

    By your advice, if X candidate went into an interview and said that one of White & Case’s competitors is Milbank for example who specialises in high-yield bonds and is tier 2 in projects work compared to White & Case with a tier 1 practice. You would technically be wrong based on a direct competitor.
     

    nliro85

    Star Member
    Jan 25, 2024
    41
    96
    Yes, all US law firms provide legal services but not all US law firms target the same practice areas, sectors and clients. For example, on the whole Goodwin (VC, life sciences, tech etc.) is marketing its legal services to a very different section of the market than White & Case (broad client base but includes clients that would never instruct Goodwin e.g. oil companies)
    Agree with this and to add to this. Cooley and Covington have a life sciences and tech focus whereas Orrick has an energy focus and then there are the big PE players that are known for their excellent culture and excellent work-life balance (Its a joke btw).
     

    Amehta1

    Esteemed Member
    Premium Member
  • Nov 4, 2023
    88
    147
    Not all US law firms will be a competitor of W&C- a US law firm?

    Please tell me one US commercial law firm which somehow is not competing with W&C.

    Law firms are businesses. And businesses which produce the similar goods or services within the same industry are, by definition, competitors.

    That said, I welcome any counter-example you may be able to provide me with.
    But by this logic every firm is competing with every other firm. Of course there is some truth to that because law firms are a business with similar services but if Samsung launches a mid range phone they aren’t trying to compete with the flagship offering of Apple. Each firm has their own USP that makes them competent in certain specific sectors. Therefore when asked what competitors a firm has it’s a more rudimentary answer to say every other US law firm, but shows nuance if you can draw on specific practice areas that W&C specialise in and in turn, other firms also excel at.
     

    RonRod13

    Distinguished Member
    Nov 18, 2023
    70
    137
    Yes, all US law firms provide legal services but not all US law firms target the same practice areas, sectors and clients. For example, on the whole Goodwin (VC, life sciences, tech etc.) is marketing its legal services to a very different section of the market than White & Case (broad client base but includes clients that would never instruct Goodwin e.g. oil companies)
    Ok but once again, I think you are getting confused between HOW businesses compete and WHO the competitors actually are. Those are just ways that law firms compete against each other and try to stand out.

    Let’s look at the example of the car industry for instance: Tesla and Ferrari are both car manufactures. Now just because Tesla produces electric cars and Ferrari produces high performance petrol cars doesn’t mean that they are not competitors. Just because they try to target different audiences, brand themselves differently, price their cars differently etc. does not take away from the fundamental aspect that they are both car manufacturers in the same industry.
     

    AlexJ

    Valued Member
    Junior Lawyer
  • Sep 23, 2022
    102
    139
    Re Competitors

    There are two kinds-

    Those who compete for the same work in a practice area or industry.
    With the example of W&C, their Africa projects team will compete mainly with MC and Latham who do work in this area.

    This will be different for each practice area!

    Those who are following a similar business model overall (and particularly in London).
    By being bigger in London (their biggest office) W&C is pushing Latham / Kirkland on office size, and thus is a competitor of those firms, moving to a more full service model. Equally these firms compete with established UK firms for talent and work in London. Its a very different model to a Weil for example, who focus on their core areas of expertise in London.
     

    neonorange

    Distinguished Member
    Feb 2, 2024
    51
    184
    Anyone worried that grades will hinder their future success - the two high-flying partners at Skadden right now (including the managing partner) graduated with 2:2s with one doing his training contract at a high street firm in Hull.

    Keep plugging away!
    Sort of agree, sort of disagree. My partner (romantic) is the right hand of a partner (business) at a Big 4 who dropped out part way through a degree at what was then a poly but obviously now is making silly money. These days that would be nigh impossible because the partner wouldn't even have got their foot in the door. It was possible maybe 20/30 years ago to enter these sorts of professional services without strong academics but I think these days competition is so tough and the recruitment processes so rigorous that whilst it may be possible if you keep going and look for roundabout ways of entry, it requires so much mental fortitude and time and the sort of dogged determination I don't think too many people have.

    Not to sound negative in the face of such good vibes of course but this is a conversation I've had many times with my partner (romantic) and we always come to the same conclusion!
     

    academicweapon121

    Distinguished Member
  • Feb 20, 2023
    58
    127
    Sort of agree, sort of disagree. My partner (romantic) is the right hand of a partner (business) at a Big 4 who dropped out part way through a degree at what was then a poly but obviously now is making silly money. These days that would be nigh impossible because the partner wouldn't even have got their foot in the door. It was possible maybe 20/30 years ago to enter these sorts of professional services without strong academics but I think these days competition is so tough and the recruitment processes so rigorous that whilst it may be possible if you keep going and look for roundabout ways of entry, it requires so much mental fortitude and time and the sort of dogged determination I don't think too many people have.
    I hate to be negative, but I agree! There is a much higher number of people attending university these days, which makes for stiffer competition. Also, the legal industry has changed a lot (for the better) in terms of it historically enabling things like nepotism, which may have mitigated a lower academic grade back then. Obviously, you are not doomed if you hold a 2:2 degree, but there is no doubt that it will be significantly harder than if you were in the same position 25 years ago!
     

    Lola333

    Star Member
    Aug 27, 2023
    48
    100
    Sort of agree, sort of disagree. My partner (romantic) is the right hand of a partner (business) at a Big 4 who dropped out part way through a degree at what was then a poly but obviously now is making silly money. These days that would be nigh impossible because the partner wouldn't even have got their foot in the door. It was possible maybe 20/30 years ago to enter these sorts of professional services without strong academics but I think these days competition is so tough and the recruitment processes so rigorous that whilst it may be possible if you keep going and look for roundabout ways of entry, it requires so much mental fortitude and time and the sort of dogged determination I don't think too many people have.

    Not to sound negative in the face of such good vibes of course but this is a conversation I've had many times with my partner (romantic) and we always come to the same conclusion!
    laughing at (romantic) and (business) 🤣
     

    Percypig12

    Valued Member
    Oct 19, 2021
    119
    334
    Ok but once again, I think you are getting confused between HOW businesses compete and WHO the competitors actually are. Those are just ways that law firms compete against each other and try to stand out.

    Let’s look at the example of the car industry for instance: Tesla and Ferrari are both car manufactures. Now just because Tesla produces electric cars and Ferrari produces high performance petrol cars doesn’t mean that they are not competitors. Just because they try to target different audiences, brand themselves differently, price their cars differently etc. does not take away from the fundamental aspect that they are both car manufacturers in the same industry.
    Being in the same broad industry ≠ competitors. Competitors fight for the same market share. That might be at a particular price point, in a particular region or otherwise. For example, The Commercial Law Academy (am I allowed to mention them here LOL) is fighting for the same market share as TLCA (people looking to go into corporate law). By contrast, a business helping people get into investment banking is still in the industry of getting people into professional careers but is not threatening TCLA's/The CLA's market share
     

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