📩 If you want to get ahead before the next cycle, read this

Good afternoon

Last week, we opened the Future Trainee Academy.

Since then, 500+ aspiring lawyers have already joined and many have already finished it and claimed their certificates.

That matters for one reason:

The people who get ahead are usually the ones who start preparing before the next cycle opens, not when deadlines are already approaching again.

The academy was built to help you do that properly.

Inside, you’ll find guidance on:

• applications

• work experience

• interviews

• group exercises

• case studies

• partner interviews

along with examples from trainees who secured offers and insights from a graduate recruiter who assessed 10,000+ candidates.

Access is free, but once the remaining spaces are taken, there will be no further access this month.

If you want to use the next few weeks to get ahead, you can join here:

On Saturday, April 4th, we are hosting an application writing masterclass.

Led by Dylan Anton, a future trainee solicitor at a Magic Circle firm, the session breaks down how to approach common written questions such as why law, why commercial law, and how to present work experience effectively.

Dylan will go over what recruiters are actually assessing at this stage and how strong candidates structure their answers to be specific and relevant. If you want a more concrete understanding of how to write strong written responses, rather than relying on generic advice, this event is for you.

1. 📄Research for your applications

   Access over 20 law firm profiles, complete with breakdowns, seats, secondments, and other requirements.

2. 💼 Virtual Work Experience

   Explore free virtual internships and DIY vacation schemes. Build real-world skills you can showcase on applications.

3. 📚 Studying

   First Class LLB Notes, Problem Question Model Answers, Essay Structures and more tips to ace your degree.

4. ✍️ Application Writing & Tests

   Application tracker, CV & Cover Letter guidance, psychometric tests guidance, interview answering guidance and more.

5. 🏆 Personal Development

   Resources to boost your confidence, communication, and professional skills.

Private Credit Faces Reality Check

Blackstone’s $48 billion private credit fund reported a 0.4% loss in February, its first monthly loss since 2022. Private credit is lending by non-bank financial companies, like Blackstone, directly to companies in need of loans that do not want to deal with the hassle of highly regulated bank lending. Over the past decade, the private credit market has been booming, as traditional banks have been more cautious with lending since the 2008 financial crisis. This is what makes Blackstone’s loss interesting, suggesting private credit may be facing its first big obstacle.

Analysis

Wealthy individuals and financial institutions like pension funds have been pouring money into private credit investments, being promised attractive annual returns and the ability to withdraw their money at regular points throughout each financial year. However, problems have started surfacing with these investments, due to recent macroeconomic changes, mirroring the impact on returns for the private equity sector too.

What are these problems?

• Firstly, private credit funds had aggressively lent to software companies that were experiencing rapid growth at the time, but with intensified competition and AI disruption the growth of these software companies has stalled.

• Secondly, private credit funds promised investors they could withdraw money regularly, but this does not match up to the reality of loans that will keep cash locked up for a number of years.

• Thirdly, the system of valuing private credit loans has always been questionable: private credit institutions are incentivised to value loans highly to appease investors

How to Use This In Applications

22 March 1824 — The British Parliament voted to purchase 38 paintings at a cost of £57,000 (£8.2m today) to establish a national collection which is now housed in the National Gallery, Trafalgar Square, London.

23 March 2020 — British Prime Minister Boris Johnson addressed the nation and told them they were only permitted to leave their homes for essential needs, in an attempt to curb the spread of the coronavirus.

24 March 1603 — Crowns of England and Scotland were united when King James VI of Scotland succeeded to the English throne.

25 March 1807 — The Slave Trade Act receives Royal Assent, brining an end to the slave trade. The 1833 Slavery Abolition Act outlawed slavery itself throughout the British Empire but slaves did not gain their final freedom until 1838.

26 March 1973 — Women stockbroker were allowed, for the first time in its 200 year history, on the floor of the London Stock Exchange.

27 March 1871 — First international rugby match, played by Scotland and England. Set a precedent for the formalisation and regulation of international sports.

28 March 1800 — The Irish Parliament passed the Act of Union with England. They formed a single kingdom, the United Kingdom of Great Britain and Ireland, and lasted until 1922.