As we all know, commercial awareness is a must amongst many law firms.
Of course, commercial awareness isn't all about spewing facts about recent business developments, we've got to show how it impacts law firms and the work they do. However, I think knowing about important news/deals/legislative changes is definitely a good starting point.
So, if anyone would be able to share anything we might be expected to know about and perhaps questioned on in an interview, that would be incredibly helpful!
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Commercial awareness - current issues we may be expected to know about? watch
- Thread Starter
- 01-11-2016 16:48
Online20ReputationRep:TSR Support TeamVery Important PosterPS ReviewerClearing and Applications Advisor
- TSR Support Team
- Very Important Poster
- PS Reviewer
- Clearing and Applications Advisor
- 01-11-2016 16:52
I just had a brief lookie at a website called allaboutlaw which seems to have some explanations and info.
- 23-12-2016 08:01
Yes please. Any examples on how you have demonstrated you have business accumen will be helpfulLast edited by Nerrisa; 23-12-2016 at 08:04.
- 23-12-2016 10:02
It's not quite as straight forward as 'knowing what's in the news' and loosely applying that to a particular law firm.
For example, let's say you're applying to a firm with a decent footing in insurance work (e.g. DAC, DWF, Clyde & Co, Kennedys). Commercial awareness for those sort of firms may be the pressures on insurance companies and the knock on effect that has to the law firms instructed by them. In other words, insurance companies are increasingly wanting 'more for less' from their instructed solicitors and therefore you could show commercial awareness by pointing out the above and stating that firms instructed by insurance companies need to provide their service (1) as cheaply as possible (2) offer something above 'just law' (3) operate as concisely as possible to ensure realisation of fees is as high as possible etc.