what is commercial awareness

As their lawyer, a client is coming to you so that you can assist them in achieving their business needs – a merger, sale, franchising etc. Watching/listening to the news – even 15 minutes a day can be incredibly informative whilst you eat your breakfast, so long as you commit to paying attention and learning from it.

Most headlines nowadays will often include the most eye-catching part of a story to try and grab your attention, but there is a lot of useful information that goes amiss contained throughout the article too. A change in the economic, technological, political or geopolitical landscape can be as transformative a development for a client’s problem as a regulatory-legal one. Absorb information so that you can have it at your disposal, whilst also continuing to frequently update it with any changes that happen. Instead, it is much more accurate to think of commercial awareness as a positive habit you want to enforce, like going to the gym or getting enough sleep. It is important to realise that firms are ultimately businesses and as such will look to innovate their business practices, invest in their long-term goals and diversify themselves from their competitors. So look at commercial awareness as a way of thinking, as this is what you will need to demonstrate in your training contract and vacation schemes and throughout your legal career. I personally started off by subscribing to topic-based notification alerts on my phone as well as the LinkedIn Daily Rundown, which both integrated really well with how I was fed information on a day-to-day basis. Commercial awareness is always evolving, the changing nature of the role of lawyers, as moving from traditional legal advisers, to more of business advisers, whilst still sticking close to the legal side. My legal placement, has taught me the ability to understand commercial awareness by providing client’s advice to help clients meet those needs. Quiz, How Much Do You Know About Commercial Law? This is why a part of your training contract interview and application form will be focused on identifying such awareness. To impress potential employers, you must invest in developing commercial awareness by showing an active interest in business affairs and, more specifically, in the business interests of the legal industry and the law firm that you are applying to join. Testing candidates’ commercial awareness is a key way of ensuring that future trainees will be able to place legal advice in the context of a client’s needs. Post was not sent - check your email addresses! Some are improving their flexibility to client needs with an array of consultant lawyers at hand for when they need them. Quiz, See blog posts read by thousands of aspiring lawyers, Ep.

There are thousands of topics on how economy works and stories about how business are run. These sorts of questions are giving you an opportunity to demonstrate your commercially-aware mindset and understand the implications of a storyline. Sign up to receive our free guide to take home assessments.

Whether you're applying for training contracts, vacation schemes or legal work experience, you'll be judged on your ability to analyse the wider business world. Who you receive work from, who you give it to once you have added value to it and the general broader network of the business’ stakeholders are all dependent on your efficiency and effectiveness to succeed.

How does it affect the firm? Use your specialist knowledge to demonstrate your enthusiasm for a certain sector and its clients, but be equally ready to be able to explain another sector with enough detail to satisfy what a recruiter is looking for. Quiz, How Much Do You Know About Media Law? It’s a skill that all commercial law firms seek in their future trainees. But nothing better to understand commercial awareness, is actual experience. From an assessment perspective, role-play or interviews will often ask open leading questions that can prompt an opportunity for you to demonstrate your commercial awareness.

It is about knowing what is going on in the world and analysing the way it might impact on your chosen sector and company”. We know that many law schools are changing their assessments due to COVID-19 related disruption and are instead setting take home assessments, 24 hour research projects and extended essays. If you’re looking for more information on commercial awareness, you can download my free e-book on it here. Below are some of those misconceptions, including those I used to believe myself! "Law Answered", "GDL Answered", "LLB Answered" and "LPC Answered" are trading names of Answered Limited, a company registered in England & Wales with registration number 09391299, VAT registration number 204 2634 48 and registered office at c/o Brebners, 1st Floor, 1 Suffolk Way, Sevenoaks, Kent TN13 1YL (not a correspondence address - please send all customer queries and correspondence to help@lawanswered.com).

Our guide focuses on the three main skills areas you'll need for your exam: legal research skills, legal writing skills and essay planning and writing. Having commercial awareness allows commercial law solicitors to demonstrate that they are aware of the latest business developments, their impact on the legal industry and the possible opportunities that they could create for a law firm. Whilst solicitors are expected to be able to combine their experience and the current commercial climate to try and prepare for their clients’ needs, you are not a fortune-teller. To develop your commercial awareness, it is useful to have a think about how you generally learn about the latest news updates and then adapt it to have a commercial element. It’s not an immediately obvious term; a quick internet search will bring up some slightly ambiguous definitions: The UCAS glossary of competencies defines it as: “Understands the economics of the business.

Taking everything above into account, you will be expected to demonstrate your commercial awareness to your employers – both in the application process and continually throughout your career to demonstrate your willingness to learn and enthusiasm. Commercial awareness is keeping up with the business world along side the legal world.

Having an understanding of these elements can demonstrate to a firm that you know how you contribute to the commerciality of the business, as well as the potential options for career progression, mentoring and adding your own innovative ideas to the system. Chartered Legal Executive vs Solicitor? A quick search of the term online returns hundreds of articles talking about the importance of commercial awareness, but what actually is it? Podcast learning – platforms like Spotify and Apple Music now offer an incredible range of podcasts, episodic releases and interviews that are really informative. You can find our T&Cs, refund policy and privacy policy here. Commercial awareness is keeping up with the business world along side the legal world. ‘External’ commercial awareness is more traditionally understood and emphasised among aspiring solicitors – focusing on how the firm’s clients and responsible parties are going to be affected by any changes in the business world.

For example, news media, trade publications, news updates on your email, and even podcast or documentaries. But how would I be able to do that? It is equally important for lawyers to understand how the law firm operates as a business and how changes in a client’s sector may impact on the business side of a law firm. Quiz. Follow news sites, with alerts on a Business, Finance, Legal or Economic category. In order to become ‘commercially aware’,  you must be up to speed with the political, economic and social framework, and this would put you into better position when applying for a training contract in a law firm.

Quiz, Which of These Fierce Female Judges Are You? Will this change still be in place 10 years from now?

For example, news media outlets like FT, the economist, The Business Update, TSL commercial awareness. Barrister vs Solicitor Quiz – Which One Are You? It’s becoming an increasingly sought-after skill for candidates in banking, legal and other client-focused sectors. 2: Discussing Diversity, with Cherie Blair CBE, Ep. In other words, you will never stop learning and developing your knowledge during your training as a lawyer.

For instance, you could: If you’re looking for more specific examples and recommendations of the best commercial awareness sources, you can check out my resource list here. Commercial awareness is a buzzword that crops up on countless resources offering advice on how to get a training contract.

Or, perhaps, they’re opening new dedicated departments in emerging markets, such as video game, cryptocurrency, or space law. Use social media effectively, perhaps with an alternate account on more informal sites such as Facebook, or getting engaged with a professionally-oriented platform e.g.

There are a number of dependency relationships that exist throughout a business regardless of how senior or junior your role is.

Specialist knowledge can certainly be useful if you’re applying for a specialist role/firm, or if you’re enthusing about a certain seat you want to get more experience in during your Training Contract. Similarly, if a mock scenario given to you reminds you of a similar event that happened recently, talk about it to the depth most applicable to the situation. In the initial application stages for a Training Contract, lots of firms like to ask candidates to discuss a recent news article that they are both interested in and believe has commercial importance to the firm and its clients. Commercial awareness is not a one and done skill like riding a bike which will stay with you for a long time.

Commercial awareness is important for law firms because they invest a significant amount of money in each trainee solicitor.

To help grasp it as a concept, I think it’s really useful to think of commercial awareness as being made up of two complementary components – ‘externally’-focused and ‘internally’-focused commercial awareness. Quiz, Which Magic Circle Law Firm is Right For Me? The point is to understand.”. How Much Do You Know About Family Law?

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