TCLA Vacation Scheme Applications Discussion Thread 2024-25

[TonyStark]

Hi @Chris Brown to take the questions one at a time:

• Market position: Paul Hastings is a Vault 20 firm (the immediate next tier in general reputation after the V10 in the US, particularly in regards to transactional practices) operating a medium-sized office in the City with a focus on finance/capital markets practices.
• Closest competitors in core practice areas: in the capital markets space, while we could subdivide between competitors in ECM, DCM, CLOs, securitization, and high-yield (and, for the purposes of the interview, perhaps one ought to look up Chambers rankings for all of them) at a general level I would say Paul Hastings' competitors will be some of the Magic Circle firms (in particular, A&O Shearman and Clifford Chance), Latham, White & Case, Weil, and Milbank. For its big ticket lender-side banking and finance practice, the firm's main rivals would be Latham, A&O, Linklaters, Clifford Chance, White & Case, and Milbank. For its private equity investment funds offering, we would be looking at Kirkland, Simpson Thacher, Debevoise, Clifford Chance, and Goodwin.
• Closest US firm competitors: looking at other V20 firms with a focus on finance/capital markets practices, I would say Milbank, Weil, and Ropes & Gray.
• What makes Paul Hastings unique: the firm has market leading expertise in the CLO and hotels & leisure space; and as opposed to many of its finance-focused US competitors it has strong expertise in a set of practices that can be complementary for many transactions, such as employment, real estate, and white collar crime.
• Securitization: securitization essentially involves taking illiquid assets (so, assets that cannot be traded) such as loans, pooling them together, and repackaging them into securities (such as bonds) that can be sold to investors. The pooling of many different assets (such as mortgages, student loans, credit card receivables etc) in theory will provide the investors with greater protection from impact of defaults, which makes buying the package of assets more attractive than purchasing specific assets individually. This is a method used by banks and other lenders to take credit off their balance sheets and transfer risk to investors; freeing them up to loan more money to others. It is also a highly-regulated area of finance following the Great Financial Crisis, so there is a lot of work for lawyers to ensure business remain compliant.
• High-yields products: this refers to the offering of high-yield bonds; sometimes also called 'junk bonds'. The term is used in opposition to investment-grade bonds to refer to bonds issued by companies who are at a higher risk of default. To compensate for it, the companies will have to offer investors significantly higher yields (essentially, higher interest payments) than for investment grade bonds.

Finally, I have recently written an in depth post describing the differences between debt and equity finance, I will quote it bellow:

Hi @Andrei Radu ,

Please could I trouble you the same questions but for Skadden?

How would you describe Skadden’s’ position in the City of London? Who are the firm’s closest competitors in relation to (1) the firm’s core practice areas and (2) other US BigLaw firms in London? What makes Skadden unique compared to its competitors?

Many thanks

 

[studentdelaw786]

any interviews from Faegre?

Do you know of anyone that has been invited?

It’s a little unnerving to have seen someone get a PFO already..

 

[jojo23]

did anybody hear from browne jacobson this week?

 

[mg42guy32]

Do you know of anyone that has been invited?

It’s a little unnerving to have seen someone get a PFO already..

I don’t know anyone invited either but it should be hopefully be alright!

 

[Ram Sabaratnam]

Just got feedback post AC, and I was rejected because my interviewers were "uncertain about my commitment to the UK" (international candidate, recent graduate from RG London, some work experience in my home country). I am not sure how my interviewers assumed that given: I was not asked anything about my commitment to the UK, and I did make a case about training in the UK (spoke about how I chose to study law in the UK in the first place, cited diversity and opportunities to deal with international law) while answering "why our firm". I was told I was a "fantastic" candidate otherwise, with a unique background and fresh perspectives. Not only am I unsure how to deal with this going forward, but this remark has left a sour taste - it feels like a cop-out, biased way to reject international candidates.

Hi @1123tripod

I’m really sorry to hear this. It’s such a frustrating piece of feedback, especially when you weren’t even asked directly about your commitment to the UK. As an international candidate myself, I was actually surprised by how often this concern came up during my own interviews, even when I thought I’d made my intentions clear. During one interview with a US firm, a partner quite bluntly asked how the firm could be sure I intended to stay in the UK long term rather than return to Canada (something I wasn’t fully prepared for, but I managed to give a fairly solid response on the spot).

From that point on, I realised that I had to make sure it was clear that I wanted to be at a firm long-term, that is, beyond just qualification. I tried to think of phrases that made this clear even when it wasn’t explicitly asked. When explaining why I wanted to join a firm or pursue commercial law, I started making it clear what I found exciting about practising law in the UK, and how that’s made me want to actively build a long-term career here. I also found it helpful to frame things in terms of wanting to join a firm, not just train at one (something @Jessica Booker mentioned before), and which helps show you’re thinking beyond qualification.

It’s hard when a rejection feels like it’s based on something you didn’t get a chance to clarify. But it’s also something you can address going forward, just by being a little more explicit and intentional in how you frame your motivations. Good luck with any future interviews.

 

[CupOfTea17]

did anybody hear from browne jacobson this week?

Is this after TI? I thought they would get back to us this week, hopefully next week 🤞

 

[Ram Sabaratnam]

finally got a VS offer 😭 was starting to lose all hope that i can start training in 2027

Ah, so pleased to read this! Have seen how persistent you've been this cycle @toad92 - this is very well deserved!!! Good luck with the scheme!!!

 

[Law queries]

Hello guys, i recently took the capp test for linklaters - my strengths are critical thinking and resilience but my lowest is commercial thinking - will i be able to meet their benchmark or is this really bad? (

 

[Amma Usman]

I got 2 average and 3 above average on the Mayer Brown verbal reasoning test. Reckon that's enough to pass to the next stage?

I personally advise you to worry less about the scores. There are so many things that are considered when scoring, and different questions test different competencies that sometimes aren’t fully reflected in the scores themselves.

For example, I’ve received what I thought were quite low scores on verbal reasoning tests and still progressed to the next stage. Your mix of 2 average and 3 above average on the Mayer Brown test sounds promising, especially if the rest of your application is strong. Fingers crossed!

 

[Amma Usman]

Hello guys, i recently took the capp test for linklaters - my strengths are critical thinking and resilience but my lowest is commercial thinking - will i be able to meet their benchmark or is this really bad? (

Hey!

I’d try not to worry too much just yet. From what I understand, the competencies on the Capp test are usually looked at collectively, not in isolation. So even if commercial thinking wasn’t your strongest, strengths like critical thinking and resilience still carry a lot of weight.

It’s not necessarily a dealbreaker to have one area lower than the rest, especially if the overall picture still reflects strong potential.

 

[Amma Usman]

finally got a VS offer 😭 was starting to lose all hope that i can start training in 2027

Ayyy love to see it …..! Much deserved

 

[trainee4u]

Hello guys, i recently took the capp test for linklaters - my strengths are critical thinking and resilience but my lowest is commercial thinking - will i be able to meet their benchmark or is this really bad? (

the cappfinity test results given to the candidate are worthless.

they always have two strengths and one weakness, but don't indicate whether the candidate performed poorly or well

 

[Amma Usman]

Hi everyone! In order to apply for Dubai or GCC training contracts, is it necessary to know Arabic? Or can we still apply? Does anyone have any idea about it?

Some firms make it clear that you need to on their website, while for other firms they specify that one needs to have strong ties to the region. In any case, it’s always best to confirm with GR.

 

[Amma Usman]

What is Arbitrage?

Arbitrage is like spotting an opportunity to buy something cheap in one place and sell it for a higher price elsewhere, taking advantage of the price difference. It’s a way of making a profit with little to no risk.

For example, imagine you find a stock trading for 100 (in X currency) on one exchange, but at the same time, it’s trading for 101 on another exchange. If you quickly buy the stock for 100 and sell it for 101, you get the 1 difference.

Arbitrage works because markets don’t always price the same assets the same way in different locations or at different times.

 

[Ram Sabaratnam]

Hello guys, i recently took the capp test for linklaters - my strengths are critical thinking and resilience but my lowest is commercial thinking - will i be able to meet their benchmark or is this really bad? (

Hiya @Law queries


Just wanted to add to what @trainee4u has already mentioned. I think @Jessica Booker would also have much more interesting things to say here, but I wanted to get something to you While the Cappfinity skills report and the Watson Glaser feedback can give you insight into your strengths and areas for development, I just don't think candidates can tell by reading those reports whether they've passed to the next stage. The Cappfinity report, in particular, is designed to be developmental. It generally highlights how you performed across different competencies (e.g., resilience, critical thinking, collaboration), but it doesn’t indicate a pass/fail threshold and any such thresholds are likely to be kept confidential by graduate recruitment. I've seen people with very different traits not get through, and I've seen people who've had similar attributes to the ones you received also get through to the next stage. Likewise, your Watson Glaser feedback report will give you a breakdown of your performance in each section (inference, deduction, etc.) but not necessarily whether you've met Linklaters' benchmark (which they also keep confidential).

For this reason, I don't think you can really read too much into your Cappfinity report. I think your best bet is to focus on what’s in your control next. If you have any questions about other firms you might apply to, feel free to ask. Hope that helps and offers some reassurance

 

[Amma Usman]

What is Liquidity?

Liquidity refers to how quickly and easily an asset can be converted into cash without affecting its price too much. Think of it as how "liquid" something is…just like water, it flows easily and quickly.

For example, cash is the most liquid asset because you can use it immediately. On the other hand, real estate is much less liquid because it takes time to sell a property and might involve a price discount depending on how urgently you need to sell it.

In financial markets, high liquidity means there are lots of buyers and sellers for an asset, making it easier to buy or sell without large price changes. Stocks of large companies (like Apple or Microsoft) tend to be highly liquid, while niche or smaller stocks may have lower liquidity.

Liquidity is crucial for investors because it determines how easily they can access their funds or exit a position.

 

[Law queries]

Hey!

I’d try not to worry too much just yet. From what I understand, the competencies on the Capp test are usually looked at collectively, not in isolation. So even if commercial thinking wasn’t your strongest, strengths like critical thinking and resilience still carry a lot of weight.

It’s not necessarily a dealbreaker to have one area lower than the rest, especially if the overall picture still reflects strong potential.

Hey!

I’d try not to worry too much just yet. From what I understand, the competencies on the Capp test are usually looked at collectively, not in isolation. So even if commercial thinking wasn’t your strongest, strengths like critical thinking and resilience still carry a lot of weight.

It’s not necessarily a dealbreaker to have one area lower than the rest, especially if the overall picture still reflects strong potential.

the cappfinity test results given to the candidate are worthless.

they always have two strengths and one weakness, but don't indicate whether the candidate performed poorly or well

Hiya @Law queries


Just wanted to add to what @trainee4u has already mentioned. I think @Jessica Booker would also have much more interesting things to say here, but I wanted to get something to you While the Cappfinity skills report and the Watson Glaser feedback can give you insight into your strengths and areas for development, I just don't think candidates can tell by reading those reports whether they've passed to the next stage. The Cappfinity report, in particular, is designed to be developmental. It generally highlights how you performed across different competencies (e.g., resilience, critical thinking, collaboration), but it doesn’t indicate a pass/fail threshold and any such thresholds are likely to be kept confidential by graduate recruitment. I've seen people with very different traits not get through, and I've seen people who've had similar attributes to the ones you received also get through to the next stage. Likewise, your Watson Glaser feedback report will give you a breakdown of your performance in each section (inference, deduction, etc.) but not necessarily whether you've met Linklaters' benchmark (which they also keep confidential).

For this reason, I don't think you can really read too much into your Cappfinity report. I think your best bet is to focus on what’s in your control next. If you have any questions about other firms you might apply to, feel free to ask. Hope that helps and offers some reassurance

Hey, thank you so much guys. I get the idea.
This did bring some relief, thanks again!

 

[Amma Usman]

Warranties and Indemnities: What Are They?

Warranties and indemnities are terms in contracts, quite common, especially in business deals like mergers and acquisitions.

Warranties are like guarantees from one party to another. When a company sells something, it might provide warranties to confirm that specific facts about the business are true. For example, a seller might warrant that there are no ongoing legal issues or that the financial statements are accurate. If it turns out that the warranty is false, the seller could be held liable for any damage caused.

Indemnities, on the other hand, are promises to compensate the other party if certain issues arise. For example, if a company sells a business and there’s a lawsuit that the seller didn’t warn the buyer about, the seller might indemnify the buyer, meaning they’ll cover the costs or damages.

In short: warranties are assurances about facts, and indemnities are promises to cover specific losses or damages.

 

[Amma Usman]

Due Diligence: What Is It?

Due diligence refers to the investigation or research done by a buyer before making a business decision, such as purchasing a company or entering into a partnership. It’s essentially a way to ensure that all relevant facts and risks are understood before proceeding.

For example, if a company is considering buying another, they’ll carry out due diligence to check financial records, legal compliance, existing liabilities, and any potential risks. This helps the buyer make an informed decision about whether to move forward with the deal and at what price.

 

[Legal Wizard]

Does anyone have an email address to HR for HFW (not their early careers contact but for general HR enquiries) - cannot seem to find it anywhere?

HR director is Charlie Keeling and email is Charlie.keeting@hfw.com