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Commercial awareness - current issues we may be expected to know about? watch

    • Thread Starter

    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!
    • TSR Support Team
    • Very Important Poster
    • PS Reviewer
    • Clearing and Applications Advisor

    TSR Support Team
    Very Important Poster
    PS Reviewer
    Clearing and Applications Advisor
    I just had a brief lookie at a website called allaboutlaw which seems to have some explanations and info.

    Yes please. Any examples on how you have demonstrated you have business accumen will be helpful

    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.
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