The way you tailor your responses will definitely give them an idea of the potential you may or may not possess in applying the concept in your career as a solicitor. } Of course, if a client is fully and properly advised of the risks of such wonky approaches, and still wishes to proceed, then it can be claimed the lawyer is doing their job. Discover the firms that can offer everything you're looking for in a legal career. Did you belong to any societies at university and if so, what was your role? But there’s no paywall! The Times Law supplement is published on Thursdays and you can sign up for their daily law newsletter which is sent by email. Learn from partners and grad recruiters at some of the best law firms in the UK. Insights into the business world from Radio 4’s In Business programme. * The full technique overview will be available soon. The app is free to download. City firm? But what does this mean? Get it right, and you will be well on your way to succeeding in the legal career of your choice. Instead, it’s a way of thinking—you should be intrigued about the profession you want to develop a career in and the market it operates in. Remember that you are going to be a trainee and are not expected to know everything about the law firm or its clients’ businesses from day one. callback: cb It must be developed over a period of time, Trainee Solicitor – London SQE Training Programme – Healthcare, Hogan Lovells virtual insight event – 12th November 2020. Commercial awareness can be simply defined as staying up-to-date on daily happenings and developments in the business and commercial world. Keep up to date with our free weekly newsletter, The Chartered Institute of Legal Executives. BBC World Service’s daily podcast on the world of money and work from across the globe. Explore different areas of law and find your perfect practice area. In interviews, you should be prepared to answer in a similar way. Guide to developing commercial awareness. Here are some good places to start learning: Today is the most influential news programme in the United Kingdom and sets the day’s political agenda each morning. Why, for example, certain legal protections will be needed in a transaction, or why certain processes have to be followed, or why litigation needs to be conducted in a certain way. Just as the main purpose of a computer program is that it will run on a computer, and that the purpose of a musical instrument is that it can be played, any document created by a lawyer has to serve its purpose in a legal process. Undoubtedly commercial awareness is one of the key attributes law firms look for in their candidates. Copyright © 2020 AllAboutCareers Ltd. All Rights Reserved. For more on developing commercial awareness, head to LawCareers.Net’s commercial hub page. ... Second, there is the commercial interest of the law firm. Pitches many stories at the non-expert, but this can be really helpful. While clients know a lot about their business, they generally are not experts in the law. The people you will be meeting during the recruitment process will be well-qualified and experienced in the nuances of commercial awareness. Unfortunately, becoming commercially aware does not happen overnight. })(); Commercial awareness is simply an understanding of how businesses work. event : evt, 5(1), pp.1-22. A commercial lawyer needs to be able to explain the benefits for a business of a certain course of action and what risks are being minimised or eliminated. * The business application section is for premium members only. Commercial awareness is generally defined as an understanding of the wider environment in which an organisation operates. Legal commentator and solicitor David Allen Green considers what this law firm buzzword actually means. That expense can only be justified if the cost of lawyer means that that the client can make more money (or can stop losing so much money) than they would do without the lawyer and their work. For all the latest commercial awareness info, and advance notification of Legal Cheek's careers events: On the anniversary of the historic Brexit vote, David Allen Green reflects on how social media has influenced the past year, Congratulations. 29(2), pp.10-19. Instead, it’s a way of thinking—you should be intrigued about the profession you want to develop a career in and the market it operates in. Commercial awareness is not a static concept; it is dynamic and constantly changing. The same commercial lawyer should also be able to explain to a colleague or partner how the firm can justify charging for that legal work, or how further work can be generated. Registered in England and Wales with Company Number 08037587. Lawyers must have an understanding of the business environment and the operational grid under which business is conducted on a daily basis. It’s worth always keeping in mind that the role of a lawyer is primarily advisory. Try and stay up-to-date on the latest deals, transactions, legislative changes and other relevant developments on a daily basis such that you are able to understand and appreciate the big picture as well as contemplate micro-level analysis. And with a corporate client, your duty is to the company not any one director. Here the lawyer needs to understand how the client makes money, and to grasp the commercial nature of the sectors in which the client has business. Looking for an LPC? As a lawyer, it is expected that you will be flexible and readily adaptable to the challenges facing individual sectors at any one time. It is important to focus on the word 'awareness' and not mistake it for the word 'knowledge'. The Beeb also makes some good one-off documentaries/short series about world economics and business. Journal of Public Procurement, Vol. Therefore, it is very important to be aware that commercial awareness is a process of development and engagement. The flexibility to adapt and adopt changing commercial acumen is the hallmark of any brilliant solicitor or top-rated law firm. Wise and experienced business people expect their lawyers to be both commercially aware and good lawyers. Bloomberg West is a tech-tastic one-hour show, offering all the news from Silicon Valley. The senior lawyer seems to know what he or she means by this. demonstrate a good understanding of the current economic conditions and well-developed legal knowledge. Research is the easiest way to gain commercial knowledge. It shows that your interests are aligned with the … Want a gander at some GDLs? Go for it! This does not mean that you have to be a business and economic guru; at this stage firms are only interested in checking that you have some basic understanding. Cox, A., Chicks and, D. and Ireland, P. (2005) Overcoming demand management problems: The scope for improving reactive and proactive supply management in the UK Health Service. Commercial awareness for a future lawyer can be split into two categories: things that relate to law firms as businesses themselves, and things that affect the clients for whom the firms work. Find out what life is like as a lawyer in different areas of the UK. While there are plenty of different methods that can help you become commercially aware, knowing how to read and understand relevant publications is essential. These activities help to show that you understand basic business processes. David Allen Green is a commercial solicitor and legal commentator. Sometimes, they won’t mention commercial awareness at all, but they’ll expect you to demonstrate it nonetheless. Most application forms have sections that are devoted to gathering information on how tuned-in to the business atmosphere you are as a prospective solicitor. Take a look at these law schools and find the right course provider. You got the training contract. City firm? It must be developed over a period of time, beginning with your basic legal education and growing as you embark on your legal career and climb the ladder. But how would I be able to do that? An unenforceable contract, which seemed a clever commercial idea at the time, will be contrary to the interests of the business. Signing up for email updates on issues you’re interested in or that you think are relevant is an excellent way of becoming a bit more commercially aware every day. As a result, it’s important that you begin preparing as soon as possible to show recruiters how committed you are to staying commercially aware throughout your career. It is there to make money out of the legal work the firm provides to its clients. on: function(evt, cb) { Get all the info you need, click and apply. A ‘commercially aware’ solicitor is still a solicitor, and an officer of the court. For commercial lawyers, it is the ability to understand a client’s business needs and provide legal advice which helps the client to meet those needs. For instance, if they ask you why you’ve chosen to apply to that firm specifically, you should demonstrate an in-depth knowledge of what the firm does and perhaps align it with some of your own interests. Even doing short internships during the summer holidays at companies in an industry segment you are interested in will add weight to your CV. The lawyer will then see how their advice fits in. The top 50 of hundreds of business management techniques, concepts and ideas in KnowledgeBrief. Search for postgraduate law courses here. KnowledgeBrief helps companies and individuals to get ahead and stay ahead in business. Consequently, recruiters will be paying close attention to the candidates’ commercial awareness during the interview, assessment centre and the initial written application. It may be difficult to pinpoint exactly what commercial awareness is and harder still to demonstrate it. Over time, commercial awareness will mean that you not only understand the commercial context of your advice but you will be able to advise your client as a fellow business person as the commercial merits of different legal courses of action: whether to litigate or to settle, or whether to purchase assets or shares. Looking for an LPC? © Copyright 2020 Legal Cheek Ltd. All Rights Reserved. Krishen Muthoo runs through some alternative ways of developing commercial awareness. However, this is just the beginning. Firms will be testing your commercial awareness as soon as you begin applying for training contracts. However, this is just the beginning. This is where solicitors come in, and it is their job not only to provide legal expertise, but also to match up their knowledge with that of their client and gain an in-depth understanding of their business. Try and stay up-to-date on the latest deals, transactions, legislative changes and other relevant developments on a daily basis such that you are able to understand and appreciate the big picture as well as contemplate micro-level analysis. Firms only offer positions to those who can demonstrate that they’re up to speed with political, economic and social developments; they want to know you will keep up with being commercially aware after your training, so if you start it now and make a habit of remaining business savvy, this will benefit your applications.
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