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You will need to send something in writing to formally withdraw your candidacy. If this is before you have taken any financial support or started the onboarding process for the GDL/SQE, then this will be fairly straight forward. Normally I would recommend speaking to the GR/HR team over the phone before sending something in writing, especially if you have had a lot of interaction with the firm (such as attending a vacation scheme), but a lot of people don't feel comfortable doing this and so they just send an email instead.

I would recommend being clear on why you are reneging. If you don't, the firm is likely to ask why you are reneging anyway, so probably worthwhile disclosing anyway. The firm is likely to ask which firm you will be joining instead if you are reneging for another offer.