ASSESSMENT
You are a trainee at Odburn and Lake LLP (OL), a leading international law firm with offices in 11 major cities throughout the UK and Europe and its headquarters in London.
QUESTION 1
OL’s tax team have asked you to write a short article to be placed on the firm’s internal intranet site. You have been asked to:
(a) Choose two fiscal policy measures deployed by the UK government in response to the pandemic and explain the economic rationale for their use. When selecting the measures please consider (b) and (c), selecting measures that illustrate the points you wish to make.
(b) Analyse whether the measures you chose at (a) were effective in the short term (less than 12 months). Use economic data to support your evaluation.
(c) Critically evaluate whether the fiscal measures you identified are likely to stimulate the economy in the long term and/or whether they carry the risk of causing problems in the economy.
Total marks for Question 1: 25 marks
In preparation for a meeting with your client Proptech PLC and its accountants you have been asked to prepare a note in which you:
(a) Calculate the Weighted Average Cost of Capital (WACC) of Proptech PLC using the capital asset pricing model and relevant information in the Appendix. Please show the sub-calculations made to arrive at the final figure clearly.
You are advised to avoid rounding figures until you arrive at the WACC figure itself at which point please round to the nearest 2 decimal places.
(8 marks)
(b) Please read the Appendix to this assessment.
Proptech PLC has expansion plans which involve significant investment. Decisions will be taken using net present value, internal rate of return and payback valuation methods.
(i) Explain fully if, how and why WACC will be used in the calculations.
(ii) Critically evaluate the usefulness and relevance of using WACC in the calculations.
(12 marks)
Total marks for Question 2: 20 marks
QUESTION 3
OL are analysing the legal market to inform their strategy.
The partners have allocated a selection of firms to trainees and have asked trainees to submit a SWOT analysis of their allocated firm to the partners.
You have been asked to complete a SWOT analysis of Slaughter and May. You are keen to impress the partners and intend to show your analytical and research skills in this task. Ensure that you explain why the points you make are a strength/weakness/opportunity/threat and reference your sources.
You must use publicly available information (including information on ULaw’s library database) and reference your work throughout so that the information can be verified. No credit will be given for points based on personal knowledge or insight gained other than via public sources.
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