[The99Call]

So hopefully next year ill be applying for vacation schemes and Training contracts, but at the moment i do a non law degree with only a few bits of law work experience, which werent particularly helpful in learning the law or any commercial awareness. And i also have a lot of work experience in a surveying firm.

I was wondering if anyone has any tips on how i can increase commercial awareness/ any kind of legal knowledge before i apply for vacation schemes and training contracts. Just so that i am competent in discussions and interviews? Any kind of recommended books or something like that would be useful.

Thanks.

[stefwad75]

Hi,

I was in your position this time last year. There are lots of ways to increase your commercial awareness (I hate that term!). It seems to be more of a practical awareness to me, but in terms of reading, I would recommend keeping up to date with the legal press. Websites such as The Lawyer, LawCareers.net, Roll on Friday (a bit more of a fun/insider one!) and the Law Society Gazette are good for keeping up to date with the latest developments in the legal world. LawCareers.net is particularly useful for general information on training contracts, the conversion course (GDL) and general career seeking advice.

Christopher Stoakes's books are pretty good. I read 'All you need to know about commercial awareness' but some others recommend 'All you need to know about the city' - they're good as they lay things out in really simple terms (exactly what I needed!)

Other than that, just keep up to date with the news, maybe dip into the Economist from time to time and the Financial Times (though I never bothered with that as not a lot of it made any sense to me!).

Just remember that there are lots of ways to demonstrate commercial awareness outside having detailed knowledge of everything going on in the commercial world. For example if you've been the president of any societies, have had to deal with any finances, have worked in a shop...all of these count as commercial awareness.

Hope this helps!

[The99Call]

The most commercial awareness i have is my A* in business and economics A level, and a young enterprise scheme i did in 6th form, i dont think the work experience in the surveying company counts!

But thanks, ill have a look at those books

[The99Call]

Just ordered that Stoakes book.

[Tanya_Dzirigorova]

I think that Ch. Stoakes books can be very useful, but at the same time useless if you don't actually follow business news. In my opinion the best way to brush up on those skills is to simply start following some business pages - BBC world business section is a good start and supplement it with Ch. Stoakes books, not the other way round.

[chalks]

(Original post by The99Call)
Just ordered that Stoakes book.

See my comments on commercial awareness here:

http://www.thestudentroom.co.uk/show...2&postcount=17

[Brevity]

(Original post by Tanya_Dzirigorova)
I think that Ch. Stoakes books can be very useful, but at the same time useless if you don't actually follow business news. In my opinion the best way to brush up on those skills is to simply start following some business pages - BBC world business section is a good start and supplement it with Ch. Stoakes books, not the other way round.

No, you've got it the wrong way round: definitely Stoakes' book first, then current affairs.

For instance, the first business article I saw when I went on the BBC website was: (http://www.bbc.co.uk/news/business-18100049). Now, just taking the first paragraph:

Ratings agency Moody's has cut the credit ratings of 16 Spanish banks, a further blow to a country that is struggling to deal with the bad debts of its banking sector.

If you hadn't read Stoakes, what would you understand about the significance of this paragraph? What is a ratings agency? What is a credit rating? Why is it a significant blow to dealing with debt? Stoakes provides you with the framework to understanding that ratings agencies rate the likelihood of bankruptcy (a credit rating) and, hence, the likelihood your loan will be repaid. Obviously, the more likely your loan is to be repaid, the cheaper your borrowing (because lenders price in risk), so a downgrade makes it more expensive for banks to borrow, making it more likely that governments will have to step in to (guarantee) loan(s) to its banks to prevent a run, making its own debt more expensive. Without Stoakes, you'd have no idea how the first clause semantically led onto the second.

Much how you wouldn't really understand daily political news without understanding the mechanisms of democracy in the UK, so you won't understand daily economic news without understanding the mechanisms of macro-economics.

[Tanya_Dzirigorova]

(Original post by Brevity)
No, you've got it the wrong way round: definitely Stoakes' book first, then current affairs.

For instance, the first business article I saw when I went on the BBC website was: (http://www.bbc.co.uk/news/business-18100049). Now, just taking the first paragraph:



If you hadn't read Stoakes, what would you understand about the significance of this paragraph? What is a ratings agency? What is a credit rating? Why is it a significant blow to dealing with debt? Stoakes provides you with the framework to understanding that ratings agencies rate the likelihood of bankruptcy (a credit rating) and, hence, the likelihood your loan will be repaid. Obviously, the more likely your loan is to be repaid, the cheaper your borrowing (because lenders price in risk), so a downgrade makes it more expensive for banks to borrow, making it more likely that governments will have to step in to (guarantee) loan(s) to its banks to prevent a run, making its own debt more expensive. Without Stoakes, you'd have no idea how the first clause semantically led onto the second.

Much how you wouldn't really understand daily political news without understanding the mechanisms of democracy in the UK, so you won't understand daily economic news without understanding the mechanisms of macro-economics.

I assumed that the author knows something - meaning we all hear about rating agencies these days, I doubt anybody would have completely no clue what it is.
What I tried to say is - once you follow the news and you hear specific terms over and over again, finally you start to understand what the issue is about. The problem with starting with the book is that you get dry theory hence why you might get fed up with it quite easily.
It's much more interesting to read the news daily as then it does not seem to be a 'commercial awareness chore' and I believe it is much more stimulating in the long run.

[Generalist]

Working in business sectors that law firms advise is a practical way to gain the relevant awareness.

It is helpful to read legal and financial press, but when you work inside of a business and observe how the processes work on the ground, you gain a better appreciation for the kinds of legal issues that business considers, and you will also gain appreciation as to when that business will consider such legal issues relevant.

Aside from debt or equity finance, clients consider a whole range of issues that might be relevant, such as their IT systems and how they must adhere to certain privacy regulations, how their employees are managed and if any outsourcing may be needed, business process outsourcing, any intellectual property they may need to protect, property they are leasing or considering purchasing, insurance policies to take out, distribution and licensing agreements with that client's business partners, and so on.

It helps if you can carry on a relevant conversation with a client about their business for about an hour, just as an example. Being able to discuss hypothetical scenarios and their impact on economic activity is also helpful, as it shows an ability to analyze and interpret a particular situation.

[Benjamin1989]

I like this podcast: http://www.npr.org/rss/podcast/podca...iteId=94411890

It can be a bit simple at times, but it's a good way to get interested. Manages to make some very dull topics relatively interesting.