Tom Mason (Commercium Colloquium's Treasurer), GDL 2012/3
Commercial awareness: ‘an understanding of the economy and business issues which affect both the firm and the client’
• You can find commercial relevance and legal relevance in everything around you.
• Commercial awareness means you have an informed interest that allows you to decode events.
• You must have an opinion - be a feature writer, analyse, interpret, have an opinion. Do not simply narrate.
Commercial awareness includes understanding: -
• Key issues facing the business of a law firm and client
• The macro-environment, including: -
o Business events – mergers, acquisitions, losses and gains
o Political and global events.
• Interpretation and representation of personal experiences from business perspective
Commercial awareness isn't: -
• Using jargon
• Last-minute cramming of the FT
• Blindly quoting deals from the firm’s website without analysis and understanding
• Making sweeping statements about the economy without backing it up
Issues include - marketing, competition, customer service, costs, values.
What the firms say: -
• Eversheds - Identify with a client's business and the particular commercial situation in which the client finds himself/herself. (Reflects focus on client service.)
• Wedlake Bell - Understanding Wedlake Bell and its position in the market can demonstrate commercial awareness.
• Nabarro - An awareness and understanding of what is important to our clients (current and future) and to the firm.
How do employers test for commercial awareness?
• At every stage
• Application form: -
o Questions about impact of commercial events
o Work experience (not just legal)
o Extra-curricular activities
• Interviews - 'Would this person help or hinder?', 'Is he thinking about the implications?'
• Assessment centres
Examples of questions: -
• 'How do you keep up to date with what is going on in the business environment?' - Make sure you know everything you say you read.
• 'What changes have there been in the legal sector recently?' - The legal sector is a huge beast, so prioritise what's important to them.
• 'What are the main risks facing the legal sector or our law firm?' Risk is both a danger and an opportunity.
• 'What would you do if you were a managing partner?' - You don't have to come up with something new or something they agree with.
• 'Tell me about a company you think has been successful. What are the reasons for its success?' – Doesn’t matter which company as long as you provide sound analysis.
• 'Tell me about a particular business story you have read about recently. What impact does it have on the legal sector?'
• 'Identify a current commercial issue which has attracted your attention recently. Why do you consider it to be significant? Who are the key stakeholders in this situation and what are the implications for those concerned?' – Answer all parts of question, focus on assessment and implications. Make sure it is something you can give justice to in the words available.
SWOT: Use this system to assess a company, a sector, of even yourself.
Strengths
Weakness
Opportunities
Threats
PESTLE: What are the factors impacting on this firm?
Political
Economic
Social
Technological
Legal
Environmental
Questions to ask of an organisation: -
What products or services does this organisation provide?
Who are these products/services targeted at?
Who are the key players in this industry or sector?
How is this organisation structured?
How does this organisation view itself? What is its ethos/culture?
What are the key strengths/weaknesses/opportunities/threats facing this organisation?
How do you make yourself more commercially aware?
Previous and current experience: -
• Paid work
• Legal work experience
• Extra-curricular activities
Such activities can provide insight into business: -
• How a business operates/is structured
• How a business is marketed
• The importance of client relations
• The role of people (CEOs, etc.)
• How income is generated
• How to be cost effective/utilise resources
• How the ethos/culture impacts
• How factors contribute to success/failure
• Who the competitors are
• The strengths/weaknesses and USP
• Changes you would make
Personal interest/reading: -
• The Economist is excellent, but make sure you don’t simply repeat their opinion pieces.
• Research individual firms.
• Broadsheets: read one everyday – The Times Business section, The Financial Times, etc. Make sure you read at least the top, business, UK and world news every day.
• Look for blogs and commentators you find interesting – for example Nils Pratley.
• Legal press – The Lawyer, Legal Week, Law Society Gazette (the In Business blog)
• BBC Business News – Robert Peston (business) and Stephanie Flanders (economics)
• Today programme; Channel 4 is good for depth; Newsnight is worth watching.
• Books: -
o All you need to know about commercial awareness – Christopher Stoakes
o All you need to know about the City – Christopher Stoakes
o Too big to fail – Andrew Sorkin
o All the devils are here – Joe Nocera and Bethany McLean
College of Law: -
• Mentoring scheme
• Business Game
• The Forum – choose speakers
• Pro bono
• Employer presentations
• Start your own student society.
What you can do right now: -
• Reflect on your own commercial awareness.
• Identify any gaps.
• Find ways which you find easy to fill those gaps.
• Think about the commercial situations of organisations you want to apply to.
This piece was based on notes taken in the Careers Centre Manager Tim Bradshaw's workshop on July 17 2012.
Commercial awareness: ‘an understanding of the economy and business issues which affect both the firm and the client’
• You can find commercial relevance and legal relevance in everything around you.
• Commercial awareness means you have an informed interest that allows you to decode events.
• You must have an opinion - be a feature writer, analyse, interpret, have an opinion. Do not simply narrate.
Commercial awareness includes understanding: -
• Key issues facing the business of a law firm and client
• The macro-environment, including: -
o Business events – mergers, acquisitions, losses and gains
o Political and global events.
• Interpretation and representation of personal experiences from business perspective
Commercial awareness isn't: -
• Using jargon
• Last-minute cramming of the FT
• Blindly quoting deals from the firm’s website without analysis and understanding
• Making sweeping statements about the economy without backing it up
Issues include - marketing, competition, customer service, costs, values.
What the firms say: -
• Eversheds - Identify with a client's business and the particular commercial situation in which the client finds himself/herself. (Reflects focus on client service.)
• Wedlake Bell - Understanding Wedlake Bell and its position in the market can demonstrate commercial awareness.
• Nabarro - An awareness and understanding of what is important to our clients (current and future) and to the firm.
How do employers test for commercial awareness?
• At every stage
• Application form: -
o Questions about impact of commercial events
o Work experience (not just legal)
o Extra-curricular activities
• Interviews - 'Would this person help or hinder?', 'Is he thinking about the implications?'
• Assessment centres
Examples of questions: -
• 'How do you keep up to date with what is going on in the business environment?' - Make sure you know everything you say you read.
• 'What changes have there been in the legal sector recently?' - The legal sector is a huge beast, so prioritise what's important to them.
• 'What are the main risks facing the legal sector or our law firm?' Risk is both a danger and an opportunity.
• 'What would you do if you were a managing partner?' - You don't have to come up with something new or something they agree with.
• 'Tell me about a company you think has been successful. What are the reasons for its success?' – Doesn’t matter which company as long as you provide sound analysis.
• 'Tell me about a particular business story you have read about recently. What impact does it have on the legal sector?'
• 'Identify a current commercial issue which has attracted your attention recently. Why do you consider it to be significant? Who are the key stakeholders in this situation and what are the implications for those concerned?' – Answer all parts of question, focus on assessment and implications. Make sure it is something you can give justice to in the words available.
SWOT: Use this system to assess a company, a sector, of even yourself.
Strengths
Weakness
Opportunities
Threats
PESTLE: What are the factors impacting on this firm?
Political
Economic
Social
Technological
Legal
Environmental
Questions to ask of an organisation: -
What products or services does this organisation provide?
Who are these products/services targeted at?
Who are the key players in this industry or sector?
How is this organisation structured?
How does this organisation view itself? What is its ethos/culture?
What are the key strengths/weaknesses/opportunities/threats facing this organisation?
How do you make yourself more commercially aware?
Previous and current experience: -
• Paid work
• Legal work experience
• Extra-curricular activities
Such activities can provide insight into business: -
• How a business operates/is structured
• How a business is marketed
• The importance of client relations
• The role of people (CEOs, etc.)
• How income is generated
• How to be cost effective/utilise resources
• How the ethos/culture impacts
• How factors contribute to success/failure
• Who the competitors are
• The strengths/weaknesses and USP
• Changes you would make
Personal interest/reading: -
• The Economist is excellent, but make sure you don’t simply repeat their opinion pieces.
• Research individual firms.
• Broadsheets: read one everyday – The Times Business section, The Financial Times, etc. Make sure you read at least the top, business, UK and world news every day.
• Look for blogs and commentators you find interesting – for example Nils Pratley.
• Legal press – The Lawyer, Legal Week, Law Society Gazette (the In Business blog)
• BBC Business News – Robert Peston (business) and Stephanie Flanders (economics)
• Today programme; Channel 4 is good for depth; Newsnight is worth watching.
• Books: -
o All you need to know about commercial awareness – Christopher Stoakes
o All you need to know about the City – Christopher Stoakes
o Too big to fail – Andrew Sorkin
o All the devils are here – Joe Nocera and Bethany McLean
College of Law: -
• Mentoring scheme
• Business Game
• The Forum – choose speakers
• Pro bono
• Employer presentations
• Start your own student society.
What you can do right now: -
• Reflect on your own commercial awareness.
• Identify any gaps.
• Find ways which you find easy to fill those gaps.
• Think about the commercial situations of organisations you want to apply to.
This piece was based on notes taken in the Careers Centre Manager Tim Bradshaw's workshop on July 17 2012.
