Slaughter's TC Interview Flashcards
(52 cards)
1
Q
Tell me about yourself? [5]
A
- I was born and raised in York and have lived there all my life. I have continued studying in York, as I chose to go to the University of York to study law.
- Alongside studying and developing practical skills such as interviewing, negotiation and debating, I honed these through my work experience and position of responsibility at Citizens’ Advice and shadowing a barrister.
- Additionally, I work part-time at Tesco as a self-service and checkouts assistant.
- In my spare time I enjoy horse riding and volunteering - for instance I devoted last Summer volunteering with the mental health charity Mind.
- Overall, I find myself as someone who is passionate about the dynamic and changing nature of the law, and the developing role that legal professionals are playing. With Slaughter and May being at the forefront of legal developments, I would love to contribute this passion and dedication to the firm.
2
Q
Tell me about a time you worked as a team? / Were under pressure at work? [STARR]
A
Situation:
- Working at Tesco as a self-service assistant during xmas rush
Task:
- Mitigating large queues since customers were getting agitated.
Action:
Me and colleague stood at opposite ends of the station with headsets to direct customers to open tills
Result:
Reduced the queue by half
Reflection:
Seek feedback from customers on how we can make their experience better and more efficient.
3
Q
Do you have any questions? [4]
A
- What does a typical day look like?
- How does the multi-specialist approach affect day-to-day tasks? Does it mean your typical work is more varied?
- What’s your favourite thing about working there?
- What do you think makes Slaughter and May stand out?
4
Q
What has been your greatest failure and have you been able to bounce back from it? If so, tell me how? [S & BB]
A
Situation:
- I did not receive the grade I needed in A-Level geography a few weeks before exams. This upset me, since I thought I would not get into university.
Bounce Back:
- However, I bounced back by recognising a defeatist mindset wouldn’t get me the grade I wanted.
- I went to my teacher for direct improvement and completed more mock papers to improve my application in essays
- As a result I increased my grade by two levels in a few weeks.
5
Q
Why did you study law? [4]
A
- I want to pursue a career in law due to the dynamic, challenging and fast-paced career it offers.
- When I volunteered at Court. I had the privilege of supporting witnesses and providing them with practical information and emotional support. First-hand, I got to experience how my advice could make a profound impact on people.
- Also, I liked the fast-paced nature of the role. For instance, I enjoyed working at Tesco at Christmas time since you had to think on your feet. I found a way to mitigate the long Christmas shopping queues with my colleague by standing at each end and guiding customers to open tills.
- These skills I have acquired I think would translate well into the legal sphere and make a rewarding career.
6
Q
What modules are you studying? Which one is your favourite? [6]
A
- I am studying various modules including
- Foundations in Law: Public, EU, Criminal, Law of Obligations, Property
- Legal Skills: Practical skills and reflection e.g. advocacy, mooting, negotiations, interviewing, debating
- My favourite is Law & The Business Environment
- You are tasked with creating a business plan for a fictional law firm in York that has been losing profitability.
- I enjoyed it most because you had a lot of freedom to conduct a SWOT/PESTLE analysis of the firm and come to your conclusions on proposals that could improve the firm.
7
Q
Why do you want to pursue a career in law? [4]
A
- I’ve been interested in being a lawyer since I was in secondary school, as I recognised it as a dynamic and fast-paced career which appealed to me. I chose to pursue it at university, specifically at the University of York, since it engaged in more practical elements of law such as practice interviewing clients, negotiation and advocacy.
- This developed when I spent time in legal work experience, interacting with clients virtually and talking to witnesses in court, and I gained an in-depth understanding of the legal system by witnessing the real-world application of legal principles.
- Attending attended various talks and presentations with trainee solicitors such as the University of York law careers dinner to gain insight into what it could be like as a trainee.
- Speaking to an associate named Phillippa on the social mobility network highlighted to me that as a lawyer often no two days were the same and that diversity appealed to me.
8
Q
What is a secondment?
A
A secondment is an arrangement where a company temporarily assigns an employee to a new position
9
Q
What are the typical tasks of a trainee? [3]
A
- drafting parts of the transaction documents;
- liaising with other advisers and the client in relation to the transaction timetable;
- participating in, and sometimes chairing, calls and face-to-face meetings with the client;
10
Q
Tell me something that isn’t on your CV? [3]
A
- I am a law student at the University of York. I have focused on improving my practical skills via interviewing, negotiation, advocacy –> gained practical experience in this via volunteering & shadowing.
- I am someone who is passionate about the dynamic and changing nature of the law an the role legal professionals are playing.
- With Slaughters being at the forefront of legal innovation, I would love to contribute this dedication and passion to the firm
11
Q
What is your biggest weakness? [2]
A
- I feel I can’t live up to my abilities at times.
- However, I have overcome this by being willing to engage and take constructive criticism from my peers. This has especially been the case in PBL.
12
Q
Why commercial law? [3]
A
- My experience supporting witnesses in Court at Citizens Advice helped me develop the ability to handle client relationships under pressure. I recognised these skills would translate well into commercial law.
- Also, my work at Tesco in handling customer complaints and working under pressure would translate well to the demanding commercial law atomosphere.
- Alongside this, I have attended various talks and presentations with trainee solicitors such as the University of York law careers dinner to gain insight into what it could be like as a trainee.
- Speaking to an associate named Jezah on the social mobility network highlighted to me that as a lawyer often no two days were the same and that diversity appealed to me.
13
Q
What’s the difference between contract and tort?
A
- Contract pertains to the enforcement of voluntary agreements between parties, with rights and obligations arising from specific contractual terms.
- Tort law addresses civil wrongs and compensates for harm or loss resulting from breaches of general legal duties rather than pre-existing agreements.
14
Q
Why not employment law?
A
- Thrive in a collaborative environment. Although employment law firm was different, they still have a collaborative culture that appeals to me.
15
Q
What work would a partner do on a deal? (5)
A
Negotiation
- Engaging in discussions with the other party to reach mutually beneficial terms,
Due Diligence
- Thorough research and analysis of the potential deal, examining financial records, legal docs etc. Assess risks and opportunities
Deal Structuring
- Collaborate with legal and financial teams to determine the most advantageous structure
Communication
- Communicate progress, updates and key information to internal stakeholders
Exit Strategy
- Develop exit plans in case the deal does not proceed as plan, considering long-term implicaitons
16
Q
How do you deal with conflict?
A
- Conflict occurs when two people don’t agree, which is not necessarily such a bad thing
- I think finding a middle ground is important - there has been instances in my SLF when people get worked up over silly things
- Ensuring people remain on task is important (example of PBL with drawing a line…)
- Managing to stay on task
17
Q
How do you deal with feedback?
A
Recieving bad grades - first and foremost reading the feedback, take it in my stride.
If confused or need clarification - ask for help
Do extra work/papers to see improvement
18
Q
What is your understanding of the role of a trainee?
A
- Tasks involve drafting and research, but mainly vary from seat to seat
- A key role within the team:
Can be a main point of contact on transactions/cases e.g. scheduling meetings
19
Q
What challenges do trainees face? [3]
A
- Managing workloads and expectations for different supervisors
- Finding the balance between asking for help and doing things myself
- Handling the uncertainty of not initially knowing what to do for most tasks
20
Q
What challenges do law firms face? [4]
A
- Working from home
- Covid e.g. trends with M&A declining and insolvency/restructuring work expanding.
- AI
- Rising interest rates and unemployment. High property prices –> real estate struggles, less purchases, higher loans
21
Q
How do businesses finance their operations?
A
Financing a business
- When it first starts out, using savings/cash reserves
- Then may use loans/overdrafts
For larger sums:
- Bonds
- Equity funding (e.g. through private investors or IPOs)
Far more complex to arrange and costly.
In this order depending on where a business is at in its life cycle.
22
Q
What are the benefits of M&A activity? [5]
A
Economies of scale
- Cost advantage that arises when fixed costs remain the same.
- E.g. consolidating teams
- Consolidating assets (e.g. head office/factories)
- Consolidate budgets
- Bulk buying (reduces shipments, same cost overall)
If you are combined with a much bigger company, you can buy much bigger quantities from your suppliers. Makes more profit overall.
Geographical expansion
- Quicker geographical expansion than opening up new offices.
- Local expert knowledge pre-existing
- Existing brand awareness
Expansion of products
- Quicker
- Expert knowledge
Reduce competition (subject to competition law)
- Increased market power
- Competitors’ existing clients become yours
- Unfair if large company has too much power in a market.
Complementary resources
- E.g. integrate into the supply chain (can reduce input costs). Every business charges a profit margin, but acquiring the supply chain can reduce these costs.
- Increased efficiencies less ‘middle-men’ in the supply chain.
23
Q
What is mediation? [3]
A
- Appointing a neutral third party to facilitate communication and negotiation between parties
- Helps to reach a mutually acceptable resolution
- Aims to avoid the need for litigation and promotes amicable settlement of disputes.
24
Q
What is arbitration? [2]
A
- A form of ADR where parties agree to submit their dispute to one or more arbitrators
- Render a final and binding decision
- Offers a more flexible and private process compared to traditional litigation, tailored to specific needs of parties involved
25
What is negotiation? [2]
- Parties engage in direct negotiations to resolve the dispute before initiating formal legal proceedings.
- Allows parties to explore potential solutions and reach a settlement agreement without the need for third-party intervention
26
What parties may be involved in a transaction? [12]
- Buyers (e.g. corporations, private equity firms)
- Sellers
- lenders (help buyer to buy whatever company it is)
- Investment banks (will help companies to raise finance)
- Lawyers
- Accountants
- Tax advisers
- Public relations (e.g. Kraft buying Cadbury, public outcry spooked shareholders. PR experts to shift public relations)
- Consultants
- Environmental experts (making sure e.g. illegal waste dumping hasn’t occurred, due diligence process)c
- Other experts
- Regulators
27
What are the different types of buyers? [3]
Trade Buyers (e.g. other competitor companies who may buy for economies of scale)
Private Equity Firm (invest in firms w/ high growth potential that are not usually publically listed, later sell for a profit)
Venture Capital Firms (invest in earlier stage private businesses with high growth potential, tend to acquire smaller stakes than private equity)
28
What main things may a corporate team do on a purchase? [5]
Main client contact, project management role. Pulls in expertise and advice from specialist teams.
Onboarding
- KYC (Know Your Client) – no money laudering
- Engagement letter – sets out key terms between lawyer & client
Project management:
- Project managing due diligence process (e.g. may send documents to specialist teams e.g. real estate to review red flags/issues)
Due diligence:
- Ownership structure of seller – ensure seller actually has right to sell the target, what will the buyer be actually buying
- Commercial contracts
Key transaction documents:
- In charge of key transaction documents, e.g.
- SHA (Shareholders Agreement, regulates the relationship between a company’s shareholders e.g. decision making) – shareholders may include PE firm looking to buy another company. May regulate how that relationship may work
- SPA (Sale and Purchase Agreements/Asset Agreements) – contracts that describe the outcome of key negotiations – obligate a buyer to buy and seller to sell when signed. May be used to purchase shares of a company, for instance.
- Signing and completion
29
What are the key transaction documents? [2]
- SHA (Shareholders Agreement, regulates the relationship between a company’s shareholders e.g. decision making) – shareholders may include PE firm looking to buy another company. May regulate how that relationship may work
- SPA (Sale and Purchase Agreements/Asset Agreements) – contracts that describe the outcome of key negotiations – obligate a buyer to buy and seller to sell when signed. May be used to purchase shares of a company, for instance.
30
What things may real estate departments do in a purchase [3]
Due diligence
- E.g. if acting for the buyer. Make sure they know what they are buying, everything is okay.
- Who owns the properties, do they have a right to sell it?
- Is it freehold? Or is it subject to a long lease (leasehold)
- Third party rights easements (e.g. over the car park), restrictive covenants, security
Drafting
- Property-related documents (e.g. if buying building outright)
Planning permission
- Previous compliance
- Intended use (does buyer intend to use it for a different purpose, is that allowed if leasehold)?
31
What things may an employment department do in a purchase? [2]
Due diligence
- Compliance with employment-related regulations
- Review contracts of key employees change of control clauses (e.g. they can resign on spot if hotel is acquired by someone else), non-compete provisions
What can they do if they exist: Get employees to agree to waive those rights with an incentive – signing bonus, or targets, or equity incentivisation (longer you stay, more shares).
Pension scheme deficit (COMPLEX)
- Companies have to ensure there’s enough money to pay employees when they retire. If there’s a deficit, its something to be aware of.
32
What are options for dispute resolution? (Contentious) [6]
- Could walk away
- Reduce purchase price
- Indemnity (promise to pay compensation for anything post-acquisition) what if insolvent? Not much can do
- Conditions precedent settle (not in control of parties)
- Escrow (neutral account, stays in that to protect seller)
- Insurance
33
Why acquire another business?
[5]
Economies of scale
- Cost advantage that arises when fixed costs remain the same.
- E.g. consolidating teams
- Consolidating assets (e.g. head office/factories)
- Consolidate budgets
- Bulk buying (reduces shipments, same cost overall)
If you are combined with a much bigger company, you can buy much bigger quantities from your suppliers. Makes more profit overall.
Geographical expansion
- Quicker geographical expansion than opening up new offices.
- Local expert knowledge pre-existing
- Existing brand awareness
Expansion of products
- Quicker
- Expert knowledge
Reduce competition (subject to competition law)
- Increased market power
- Competitors’ existing clients become yours
- Unfair if large company has too much power in a market.
Complementary resources
- E.g. integrate into the supply chain (can reduce input costs). Every business charges a profit margin, but acquiring the supply chain can reduce these costs.
- Increased efficiencies less ‘middle-men’ in the supply chain.
34
What are some issues with acquisitive growth? [4]
Costly
- A lot of management and legal fees
- Buyer might need to take on a lot of debt (high interest rates)
Complex
- Difficult to integrate companies/cultures
Time consuming
- Due diligence
- Negotiations
Risk
- Potential reputational harm (what if they were doing something shady?)
- Acquire other company’s liabilities
35
Other opportunites for growth/expansion? [3]
Exporting
- Selling abroad
- Issues around marketing/local knowledge
Franchising
- Shifting the burden of expansion to others
- Issues around control
Licensing
- Method of commercialising a product without the burden of marketing, distribution etc.
- Lack of brand recognition (for embedded technology)
- Lack of customer ownership/relationship/loyalty
36
How do you purchase a business? [2]
Buy its shares
- Acquire controls
- Acquire employees
- Acquire intangible assets
Full control over the business, but
- Relies on shareholder consent
- Take on existing liabilities/obligations
Buy specific assets
- Flexibility to ‘cherry pick’ assets
- Cheaper
- More focused due diligence
However
- May not gain full control
- May not acquire key employees or internal know-how (e.g. how to use machines)
37
What do you consider when buying a business? [3]
- Market growth/industry change
- Economies of scale
- Upcoming opportunities e.g. Olympics
38
How do you finance a business? [5]
- When it first starts out, using savings/ cash reserves
- Then may use loans/overdrafts
- Venture capital firms
- Syndacative loans, PE firms
- Bonds/IPOs
39
What tasks do trainees do? [7]
Due diligence: investigation to gain understanding of the target company's market, revealing any red flags
Document review: on contentious teams - reviewing thousands of documents, ensuring arguments are supported
Project management: managing client work, document review, coordinating paralegals, coordinating deal singings
Bundling: producing folders of documents
Non-chargeable work
Training: e.g. skills courses, team training sessions
Graduate Recruitment: open days, q&a panels, social events
CSR: pro bono initiatives, e.g. volunteering, advising charities
40
What is corporate practice area? [3]
- Main focus on deal execution, e.g. mergers, acquisitions.
- Tend to interact with other internal teams to source expertise
- Produces key documents necessary
41
What is the real estate practice area? [2]
- Advice on acquisitions, sales, financing tangible assets (helping develop buildings), leases, rights
- Large variety of work
42
What is the employment practice area? [3]
- Responsible for drafting employment contracts/settlement agreements
- Advice on recruitment/retention of employees
- Inherently human element, directly affects people.
43
What are common trainee challenges? [3]
Working outside your comfort zone: e.g. if you dont understand jargon --> ask for clarification as part of learning
Time Management: Adopting filing systems, to do lists, note pads. Prioritising tasks important as a trainee
Adapting to supervisors' working preferences: e.g. how to present your work, softcopy/hardcopy - asking about preferences helps
44
Recent news story [1] (Labour's Win - Employment Pledge)
Labour's Win
- Labour wants to end zero-hour contracts and ensure workers have contracts reflecting their usual hours.
- They also want to give day-one rights to parental and sick leave and make it easier to challenge unfair dismissal.
Impact on law firms:
- Need to provide comprehensive advice to businesses on new day-one rights for sick and parental leave.
- This will involve drafting updated employment contracts and company policies to ensure compliance..
45
Recent news story [2]
Shipping costs skyrocketing:
- Attacks in the Red Sea have caused international shipping costs to skyrocket as businesses scramble to get goods shipped for the festive season earlier than usual.
- Due to the attacks, ships are having to go a slower route around Africa, making everything more expensive and slower.
Impact on law firms:
- Clients may need legal assistance to renegotiate shipping and supply contracts to account for increased costs and delays.
46
What recent deal have you been reading about? [1]
Brief Overview of the Deal:
- Recently I have been following a significant corporate sector deal. Slaughter and May advised Shepherd Building Group on the sale of Portakabin to Antin Infrastructure Partners.
Key Rationale:
- Portakabin owns a fleet of over 100,000 modular units, leasing to over 4,000 customers across the UK and Europe.
- Antin, an experienced infrastructure investor will support the next stage of growth for Portakabin.
- Includes: Corporate, Construction, Financing, Pensions/Employment/Incentives, Tax, Technology, Environment, Real Estate, Competition, Financial Regulation teams.
Why it is interesting:
- Portakabin was founded in 1961 and is still headquartered in my hometown of Huntington, York.
- Growing up in Huntington, I have seen firsthand how much the company benefits our local economy, employing 750 in Huntington.
- This deal personally interests me, as this significant sale provides the opportunity for the company to continue to expand and provide even more jobs as a local employer.
47
What recent deal have you been reading about? [2]
Brief Overview of the Deal:
Slaughter and May is advising Nationwide on its recommended all-cash acquisition of Virgin Money.
Key Rationale:
- The acquisition values the entire issued share capital of Virgin Money at approximately £2.9 billion - positioning itself as the UK's second largest mortgage and savings entity.
- Nationwide's decision to finance this acquisition entirely from its existing cash reserves is noteworthy. This approach highlights Nationwide's strong liquidity position and its strategic decision to avoid diluting existing shareholders' interests or incurring significant debt, which is a prudent financial move.
Why it is interesting:
- This deal is interesting as the acquisition will create the UK's second-largest provider of mortgages and savings, which could significantly alter the competitive landscape. This will greatly enhance Nationwide's ability to offer diversified products, improving its market position against both traditional banks and emerging fintech challengers.
Cash Reserve pros:
- No additional debt incurred. Preserves borrowing capacity
Cash Reserve Cons:
- Reduced future cash buffer.
48
What seats do S&M do? [12]
- Corporate
- M&A
- Financing
- Competition
- Disputes & Investigations
- Financial Regulation
- Intellectual Property/Technology
- Pensions
- Employment & Incentives
- Real Estate
- Tax
- Sustainability & Climate Change
49
Why do you want to work in London?
- London is at the heart of everything, and engage in large projects. A huge contrast to where I live now
50
Who are S&M's main clients?
- Work with more FTSE 100 and FTSE 250 clients than any other law firm.
- Burberry: advising luxury fashion brand Burberry on its £300 million multi-currency sustainability linked revolving credit facility.
- Ocado: advising leading online food retailer Ocado on its new customer fufillment centre in Luton.
- ASOS: advising ASOS on acquisition of Topshop, Topman, Miss Selfridge and other HIIT brands
51
Unique S&M selling points [5]
- Does not impose billable hours targets (promoting a more collaborative approach)
- Multi-specialist approach – lawyers working more as generalists, offering more variety and diversity of work.
- Large client base of FTSE 100 and FTSE 250 companies in the UK.
- Focused on more high profile and cutting edge matters, for instance advising H.M. Treasury.
- Best friend network – involves lawyers working alongside selected partner firms that are market leaders in their jurisdictions. Opportunities to learn from best lawyers around the world.
52
S&M Innovative Legal Services
- Slaughter and May collaborate, the firm’s legal tech programme
- Accepting applications for the fourth round of their programme
