While applying to law firms, among other things, one of the requirements that pops up quite often is having “commercial awareness”. But what is commercial awareness?
To put it simply, having commercial awareness is understanding how industries and businesses work, as well as knowing what is going on around the world.
However, one of the biggest tips is that commercial awareness should not be conflated with commercial knowledge. While checking the news as often as possible is crucial, you should prioritise the stories that you are interested in. It is always easier to process information when you enjoy what you are reading about.
Thus, when you are researching a firm, have a look at their published articles and choose the ones which align with your own interests. Law firms usually operate in a multitude of industries, so it would be quite difficult to keep up with absolutely everything. Rather, it may be more effective to research the firm, understand the way it operates as a business and narrow down the practices that you find most interesting. Afterwards, thoroughly explore the stories that the firm posts, as well as recent cases and deals it has undertaken and reflect on what is happening in those areas outside the firm.
Having a general understanding of the legal market is essential and it is something that recruiters look for in a candidate. At the end of the day, law firms are looking to invest in trainees who have the potential to become the future of the firm and facilitate its growth.
Question for law students/trainees/solicitors: what do you do to further cultivate your commercial awareness?