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Most application advice tells you to “be specific” and “show commercial awareness.” It never shows you what that looks like when someone pulls it off. So you guess, and a lot of strong candidates guess wrong.
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When customers took out loans to buy cars, the dealership arranging that loan often received a commission payment from the lender. Customers were not properly told by these dealerships about this happening. That lack of transparency meant some buyers unknowingly paid higher interest rates than they needed to, which meant that the dealership could pocket a bonus through the commission received from lenders.
The regulator overseeing this, the Financial Conduct Authority (FCA), wants to force lenders to pay compensation and reckons this compensation bill could hit over £9 billion. However, several carmakers like Volkswagen are taking the FCA to court on the basis that the compensation scheme is unlawful. This has meant the compensation scheme has hit a roadblock.
Analysis
This case represents a clash between two opposing legal positions: the regulator that wants quick compensation for the customers that were misled and deserve to be paid, against the lenders that want to avoid being roped into a poorly designed compensation scheme. The biggest victims of this standoff are the customers waiting on their payments.
What does this mean for the sector?
Lenders/carmakers are stuck setting aside huge amounts of money in anticipation of a compensation bill, which means this same money cannot be used for business activity
The court challenge could derail or completely get rid of compensation for millions of customers that deserve to see money
Any business model built around hidden commissions, not just in car finance, might now face closer regulatory attention
How to use in applications
Disputes and litigation teams would be representing carmakers like Volkswagen and Mercedes-Benz in their challenge against the FCA at court, building the argument that the current scheme is not fair or properly targeted. Also within disputes, class action teams at law firms might act for the customers caught in the middle, pushing to ensure that compensation actually reaches the people it is meant to.
Financial regulation teams would guide lenders through exactly what is expected of them under the FCA's proposals while the legal uncertainty continues.
Corporate advisory teams would help carmakers' finance divisions work out sensible amounts for the companies to set aside in anticipation of any future compensation that may be ordered by the courts.
Applications
Access over 27 law firm profiles, complete with breakdowns, seats, secondments, and other requirements.
A 9-step law firm research checklist that shows you what to look for, where to find it, and how to use it.
This breaks down recent transactions and explains how to move beyond simply mentioning a deal, towards demonstrating real commercial understanding and relevance.
How to structure your answers, apply the rule of three and build a compelling narrative for your applications.
15 real application answers samples from major firms along with an explanation of what worked and why
What to do if your efforts still aren’t converting, despite trying everything.
Access CV and Cover Letter templates, and more.
Psychometric Tests
Timed questions across all five sections of the test, with an explanation for every answer. Practise as many times as you need until you're ready.
A clear breakdown of the key skills tested in critical thinking tests, along with where to practice, mistakes and red flags to watch out for.
Interviews
Guidance on how to develop your commercial awareness and a worked example showing what a strong answers looks like.
Over 80+ interview questions asked by leading law firms.
Covering common formats, how firms assess answers, and how to communicate clearly and confidently on camera.
Work Experience
This covers six avenues you could explore to gain relevant legal work experience.
Explore free virtual internships and DIY vacation schemes. Build real-world skills you can showcase on applications.
45+ opportunities across law firms, chambers, early-careers programmes and paralegal roles.
Studying
Includes proven tips for managing time, revision, and exams.
How to structure a problem question answer and showcase your legal reasoning.
Covers how to open with impact, write clearly and finish with a focused conclusion.
A simplified guide to OSCOLA referencing, covering how to cite cases, legislation, books, journal articles, and more.
Guides
16 October
Dechert — Winter Vacation Scheme
Jones Day — Winter Vacation Scheme
26 October
Burges Salmon — Winter Vacation Scheme
30 October
Winston Taylor — Spring Vacation Scheme
Freshfields — Summer Vacation Scheme
Clearly Gottlieb — Winter Vacation Scheme
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