[Guvnor]

The Legal and Commercial Awareness Discussion Thread !!

Okay guys, I have seen many threads on the this from time to time on here and I thought it would be a good idea to put a thread up in regards to the title. As many students and prospective Lawyers & Barristers find this a daunting task.

So perhaps we could use this thread to keep up to date with the commercial world and also any other matters related to the law and also for discussion on these aspects.

I will also try to post updates on a daily basis, others are also welcome as we can learn from each other.



What is commercial awareness ?

Commercial awareness is a phrases that carries several meanings and is certainly not just about flicking through the FT or Economist the day before your interview.

Many of you often ask us to define commercial awareness. Unfortunately, its one of those phrases that carries several meanings and is certainly not just about flicking through the FT or Economist the day before your interview.

The key is not to get too hung up about the definition and to think about how you can demonstrate commercial awareness, which is essentially a secret code for a candidates ability to show a genuine commitment to a career as a business lawyer. That means having a proper understanding of exactly what commercial law firms do and how they interact with other City players such as investment banks.

For instance, taking a list of deals that a firm has recently advised on from its website and reeling it off at an interview isnt going to impress anyone. If possible, try to find out what role the firm played on the deal and why it was significant. Did it involve a key or new client or break new ground? Youll be able to get a lot of this information right here on Lawyer2B.com and its sister magazine, The Lawyer.

That said, being commercially aware is about much more than keeping abreast of the comings and goings in the City. Its also about being able to show drive and ambition. During your interviews you should try to highlight situations where you really had to push yourself or achievements that youre particularly proud of and are unique to you. I demonstrated this during my interviews for my training contract by talking about how I helped my dad with the book-keeping for his Indian restaurant.

Its also definitely worth mentioning any experience youve had of commercial life including work placements or summer jobs that arent law-related. Frankly, working in telesales to fund your way through university will impress some graduate recruitment partners more than an overseas trip paid for by your parents.

Candidates who are commercially aware are also able to see the big picture and are appreciative of the long and short-term implications of a proposal. They are also aware of an organisations strengths, weaknesses, opportunities and threats. For instance, think about why a law firm might want to open an office in Dubai or how it can prepare for an economic downturn.

Whatever you do, dont ever tell an interviewer that youre commercially aware as youll end up in the reject pile. You have been warned.




Also see :
http://www.wikijob.co.uk/wiki/commercial-awareness
http://www.kent.ac.uk/careers/sk/com...lawareness.htm
http://www.lawbritannia.co.uk/Firms.htm
http://www.allaboutlaw.co.uk/index.p...ial-awareness/
http://targetjobs.co.uk/careers-advi...get-jobs-with-
http://www.herbertsmithgraduates.com..._awareness.htm
http://www.pwc.com/uk/en/careers/stu...wareness.jhtml

[Guvnor]

London based bank Barclays to pay $298 million to settle criminal charges with US & New York prosecutors ..

http://blogs.wsj.com/law/2010/08/17/....com:+Law+Blog)

[Guvnor]

Law Society opens PII helpline
http://www.lawgazette.co.uk/news/law...s-pii-helpline


Magistrates call for courts in shopping centres,
Magistrates Association suggests improvised local courts to deliver summary justice quickly and publicly.........
http://www.guardian.co.uk/uk/2010/au...opping-centres


Law firm Mayer Brown ..
http://www.thelawyer.com/mayer-brown...005321.article


Law firm Linklaters and oil giant BP ..
http://www.legalweek.com/legal-week/...al-major-banks

[Guvnor]

Olswang diversity scheme gifts student with training contract offer
http://l2b.thelawyer.com/olswang-div...005330.article


Ropes & Gray to launch training scheme in nascent London office
http://l2b.thelawyer.com/ropes-and-g...005324.article

[Guvnor]

India Govt to discuss new call for tough restrictions on foreign firms
http://www.legalweek.com/legal-week/...-foreign-firms



Herbert Smith and A&O advise on billion-dollar Gazprom financing
http://www.legalweek.com/legal-week/...prom-financing

US firms in driving seat on upcoming General Motors listing
http://www.legalweek.com/legal-week/...ral-motors-ipo


Aussie firm Slater & Gordon posts turnover rise after acquisitive year
http://www.thelawyer.com/aussie-firm...005338.article

[Guvnor]

Kings Chambers launches internship programme


The new three-day scheme will be available for up to 20 law and non-law university students per year who are in their second or third year of study.

Once on the programme interns will be assigned a designated barrister to shadow, take part in workshops and undertake a piece of written work, which will be formally appraised.


http://l2b.thelawyer.com/kings-chamb...005316.article

[Guvnor]

Intel in $7.68bn McAfee takeover
http://www.bbc.co.uk/news/business-11025866


Germany's economy 'to grow by 3%'
http://www.bbc.co.uk/news/business-11026441


Lenders predict slow UK mortgage market in 2010
http://www.bbc.co.uk/news/business-11022490

[Guvnor]

A fertile field for BHP
http://www.economist.com/blogs/newsb...liser_business



Finance after the crisis
Citicorp redux
http://www.economist.com/node/16793210

[Guvnor]

Proposals to ban 'no win, no fee' advertising on TV could embarrass government
Repercussions of placing restrictions on £400m industry would be felt everywhere from Ministry of Justice to the TV business

http://www.guardian.co.uk/law/2010/a...ee-advertising




Electronic tagging of offenders raises rights concerns
http://www.guardian.co.uk/law/2010/a...tronic-tagging

[Guvnor]

Amended 'gag law' removes publishers' liability - but leaves journalists still facing huge penalties
http://www.guardian.co.uk/law/2010/a...aw-journalists






Carla Del Ponte investigated over illegal evidence
Former war crimes prosecutor accused of allowing bullying and bribing of witnesses in trial of alleged Serbian warlord Vojislav Seselj
http://www.guardian.co.uk/law/2010/a...te-prosecution

[Guvnor]

Cairn Energy finds oil signs off Greenland
http://www.bbc.co.uk/news/business-11068467

[Guvnor]

City law lowdown
http://l2b.thelawyer.com/city-law-lo...004687.article

[Guvnor]

Five-partner Hogan Lovells IP team quits for move to DLA Piper in LA
http://www.legalweek.com/legal-week/...n-dla-piper-la


High street law firms feeling the chill
http://www.guardian.co.uk/law/afua-h...street-lawyers

[Guvnor]

Hammonds set for transatlantic tie-up with US firm Squire Sanders
http://www.legalweek.com/legal-week/...squire-sanders



The inside line - what law students need to stand out in a tough market
http://www.legalweek.com/legal-week/...d-tough-market

[Guvnor]

I have edited the the title of the thread now, so perhaps now we might have some discussions...

[iwwhty]

'All you need to know about commercial awareness' by Christopher Stoakes is a great book to read. For more regular updates, I subscribe to the Roll on friday, Lawyer and Law careers net email newsletters.

[Guvnor]

(Original post by iwwhty)
'All you need to know about commercial awareness' by Christopher Stoakes is a great book to read. For more regular updates, I subscribe to the Roll on friday, Lawyer and Law careers net email newsletters.

Yes that book is great, plus his other titles are great too.

[iwwhty]

(Original post by Guvnor)
Yes that book is great, plus his other titles are great too.

I've got 'all you need to know about the city' by him as well, which other titles has he done?

Have you read 'all you need to know about being a trainee solicitor' by Cruickshank and Cooper? I found that really useful too.

[Guvnor]

(Original post by iwwhty)
I've got 'all you need to know about the city' by him as well, which other titles has he done?

Have you read 'all you need to know about being a trainee solicitor' by Cruickshank and Cooper? I found that really useful too.

Yeah thats the one, but there are two parts to all you need to know about the city, I'm currently going through the first one.

No I haven't checked it out yet, I guess its more feasible if one has secured a TC, still recommend it though ? Most of the information one can pick up online, but thats me still guessing as I have not read it, but will add it to my list, thanks.

[iwwhty]

(Original post by Guvnor)
Yeah thats the one, but there are two parts to all you need to know about the city, I'm currently going through the first one.

No I haven't checked it out yet, I guess its more feasible if one has secured a TC, still recommend it though ? Most of the information one can pick up online, but thats me still guessing as I have not read it, but will add it to my list, thanks.

It gives you a good heads up of what to expect when you do secure a training contract. It can be useful for students at any level as it gives advice on securing a training contract as well. You probably can find much of the information online but I'm old school and prefer the good old hard copies of books; plus it gives the convenience of providing all the information in one place.