Robin Porter (GDL 2012/3) reviews the 01/10/2012 visit of David Cheyne, former senior partner of Linklaters LLP:
David Cheyne, "the most senior corporate lawyer in Linklaters", outlined the common misconceptions that would-be solicitors suffer from regarding the important features and acquisition of 'commercial awareness'. He stressed that commercial awareness should stretch beyond simply being able to comprehend a company's accounts, explaining that a large client firm will be far more interested in your ability to spot holes in a contract, and your comprehension of the size and nature of deals it is involved in. Commercial awareness means having an understanding of what factors the client is concerned with and looking for in a deal, not necessarily what you are interested in personally, understanding the personality of a client, what they hope to achieve, and the strength of your client's position so as you are able to negotiate on their behalf with good knowledge and full confidence. Knowledge of the business of a firm, for instance what materials it produces and how, is certainly of benefit to both of you as an understanding of the client's business will help you understand their negotiating position.
Cheyne also explained that a strong grounding of commercial knowledge would also aid the solicitor in situations where he may have to explain why a deal may take a long time to be executed, thus enhancing understanding between solicitor and client and perhaps leading to higher respect from the client as well as increased client loyalty and perhaps better remuneration for the lawyer's firm. An understanding and interest in market forces would also, according to Cheyne, make you a more innovative and therefore a far more valuable lawyer. With a wide experience of commerce, a solicitor might spot new ways to meet clients' needs which might not have occurred to him or her if they had merely followed the law.
Cheyne pressed home the importance of good commercial awareness by emphasising how it could personally benefit the solicitor. He explained that with full understanding of the subject matter of a case one is working on comes a greater sense of fun and excitement at the prospect of the completion of the deal. Good knowledge allows for great engagement with the deal and an excitement which you will remember long afterwards with a sense of pride and that your client will remember with a greater sense of loyalty to a solicitor who is genuinely interested in their business — something that the client is naturally very interested in too.
Cheyne kindly went on to answer a number of questions posed by the audience: -
One such question was an enquiry as to what Cheyne believed to be the most important quality of a lawyer. He answered by explaining that a lawyer should be able to provide advice in a succinct but honest and informative fashion. A model he put forward was that when informing a client, a solicitor should state that "the problem is this", "the solution is/probably is this" and then write a paper going into further detail. As a lawyer you should be able to put your head on the block and express a view, Cheyne suggested, and most clients do not want a two-handed lawyer, but rather one willing to take a risk if they think they are right and if they are then it is these lawyers who will achieve great loyalty from the client. A lawyer who ums and ahs and hedges their bets will have their answer devalued as the client will perceive that the solicitor has not considered what the answer to their query actually is. On a cautionary note however, Cheyne warned that if a lawyer genuinely does not know an answer then they should not be afraid to state as such.
Another member of the audience questioned the value of secondments in large firms. Cheyne was quick to rise to the defence of secondments against the perception that lawyers who are sent on secondments for any great length of time are often forgotten about by their firm, thus dashing their hopes of career progression. He pointed out that the practice gives a solicitor a better perspective, even as a trainee (although the real value may come when a solicitor is a little more experienced). Anything out of the office is helpful in broadening the experience of the solicitor, allowing them to see the world from somewhere other than London and invariably proving perceptions to be wrong.
Finally, Cheyne left his audience in with no uncertainty as to the two key features that make a great trainee: enthusiasm and commitment. According to Cheyne, a great trainee never turns down anything they're offered and tries to do everything, thus contributing to a good office environment and meaning the trainee is well liked in return. Cheyne emphasised the resulting benefits for the trainee, as enthusiasm and commitment are more likely to be met with more interesting work later on, handed to them by grateful partners. These two simple personality traits, coupled with strong commercial awareness and a willingness to pick up as much information as possible along the way, seem to make up the kind of trainee that would find a happy home at Linklaters.
David Cheyne, "the most senior corporate lawyer in Linklaters", outlined the common misconceptions that would-be solicitors suffer from regarding the important features and acquisition of 'commercial awareness'. He stressed that commercial awareness should stretch beyond simply being able to comprehend a company's accounts, explaining that a large client firm will be far more interested in your ability to spot holes in a contract, and your comprehension of the size and nature of deals it is involved in. Commercial awareness means having an understanding of what factors the client is concerned with and looking for in a deal, not necessarily what you are interested in personally, understanding the personality of a client, what they hope to achieve, and the strength of your client's position so as you are able to negotiate on their behalf with good knowledge and full confidence. Knowledge of the business of a firm, for instance what materials it produces and how, is certainly of benefit to both of you as an understanding of the client's business will help you understand their negotiating position.
Cheyne also explained that a strong grounding of commercial knowledge would also aid the solicitor in situations where he may have to explain why a deal may take a long time to be executed, thus enhancing understanding between solicitor and client and perhaps leading to higher respect from the client as well as increased client loyalty and perhaps better remuneration for the lawyer's firm. An understanding and interest in market forces would also, according to Cheyne, make you a more innovative and therefore a far more valuable lawyer. With a wide experience of commerce, a solicitor might spot new ways to meet clients' needs which might not have occurred to him or her if they had merely followed the law.
Cheyne pressed home the importance of good commercial awareness by emphasising how it could personally benefit the solicitor. He explained that with full understanding of the subject matter of a case one is working on comes a greater sense of fun and excitement at the prospect of the completion of the deal. Good knowledge allows for great engagement with the deal and an excitement which you will remember long afterwards with a sense of pride and that your client will remember with a greater sense of loyalty to a solicitor who is genuinely interested in their business — something that the client is naturally very interested in too.
Cheyne kindly went on to answer a number of questions posed by the audience: -
One such question was an enquiry as to what Cheyne believed to be the most important quality of a lawyer. He answered by explaining that a lawyer should be able to provide advice in a succinct but honest and informative fashion. A model he put forward was that when informing a client, a solicitor should state that "the problem is this", "the solution is/probably is this" and then write a paper going into further detail. As a lawyer you should be able to put your head on the block and express a view, Cheyne suggested, and most clients do not want a two-handed lawyer, but rather one willing to take a risk if they think they are right and if they are then it is these lawyers who will achieve great loyalty from the client. A lawyer who ums and ahs and hedges their bets will have their answer devalued as the client will perceive that the solicitor has not considered what the answer to their query actually is. On a cautionary note however, Cheyne warned that if a lawyer genuinely does not know an answer then they should not be afraid to state as such.
Another member of the audience questioned the value of secondments in large firms. Cheyne was quick to rise to the defence of secondments against the perception that lawyers who are sent on secondments for any great length of time are often forgotten about by their firm, thus dashing their hopes of career progression. He pointed out that the practice gives a solicitor a better perspective, even as a trainee (although the real value may come when a solicitor is a little more experienced). Anything out of the office is helpful in broadening the experience of the solicitor, allowing them to see the world from somewhere other than London and invariably proving perceptions to be wrong.
Finally, Cheyne left his audience in with no uncertainty as to the two key features that make a great trainee: enthusiasm and commitment. According to Cheyne, a great trainee never turns down anything they're offered and tries to do everything, thus contributing to a good office environment and meaning the trainee is well liked in return. Cheyne emphasised the resulting benefits for the trainee, as enthusiasm and commitment are more likely to be met with more interesting work later on, handed to them by grateful partners. These two simple personality traits, coupled with strong commercial awareness and a willingness to pick up as much information as possible along the way, seem to make up the kind of trainee that would find a happy home at Linklaters.
