Magic Circle Trainee - AMA

1.

FirstFT daily email: this is one I still use now! It is an email that comes first thing every morning and summarises the current key issues in a digestible way. It's a great way to see what topics might interest you to then click through and read more on. Universities often have FT subscriptions that you can continue to access as a graduate.

2.

Finimize daily email (the free one!!): again, another email tha comes first thing with the top commercial isues, but written in a more digestible way than the FT. I really liked this one and used it throughout uni and during applications.

3.

Little Law: more of the same as above, great free email newsletter that summarises key issues.

1.

find one (at most two) commercial stories from the above that genuinely interest you - you're going to be researching this topic a lot so don't choose what you think firms will just want to hear. By choosing something that actually interests you, you will be able to talk about it with interest and it will show. Obviously be sensible and there are limits to this - I wouldn't advise talking about a shipping litigation case at a PE-specific US firm, for example.

2.

Oce you've chosen your story, follow it regularly. Keep notes of the updates and consider why they are happening. Using the PESTLE model can be useful for this (lots available on this concept through a quick google). Be on top of it - if you don't understand an aspect of of it, make the effort to teach yourself it.

3.

Then think about how it applies to the law firms you are applying to. How might it impact their current clients, potential business opportunities, the market at large for the sectors they operate in. Google the firm and see if they have any recent cases on this area of law and/or knowledge/business development pieces related to it.

4.

In short, bear in mind how you would answer "what is a recent news story you have been following?". This is where you need the passion and enthusiasm, but also the willingness to engage and learn. There is every chance that the person interviewing you might have acted on the elements of the matter, or something very similar. This is where you need to have followed it regularly - you need to be able to hold your own and show you haven't just learnt it at the surface level

1.

Commercial awareness is not just what is in the news, but also how the firm specifically that you're applying to operates. Why do they operate the way they do/have offices where they do and more importantly where they don't? Are they a Swiss verein model? Do they use best friend arrangements? Have their own offices on the ground? And why?

2.

Most law firms usually publish a public annual report that can be found through a simple google search. Reading this gives you a good insight into how the firm is functioning not only on deals, but also in a wider commercial, financial and business way.