How To: Be Commercially Aware

"Commercial Awareness" - the two words every law students dreads hearing. As daunting as it sounds, it doesn't mean that you have to become an expert on commercial matters, only that you have a basic understanding of what is happening and how it impacts the legal sphere in terms of how firms operate and how clients are advised. Below, I outline just some of my hints and tips on how to become commercially aware.

Follow News Developments:

Following current affairs on the news (by reading the news or listening to news podcasts) is a great way to develop your commercial awareness. For instance, I dedicate time to reading the news in the mornings and evenings and have a quick scroll through the news app during my lunch break and I’m subscribed to the Lawyer Portal Commercial Awareness Fortnightly Blog. Consequently, I’ve been able to use this deeper understanding of commercial issues to make connections between recent developments and their legal implications in essays, which undoubtedly impresses the marker. Further, being aware of commercial issues will also impress interviewers and recruitment teams as it’s something they look out for – in applications I’ve been frequently asked to talk about a a recent news story and how this would impact the firm’s work.

Join Societies:

As weird as it sounds, this is honestly something I wish I had realised sooner. Many societies host events which include business speakers or experts in that commercial field, thereby providing a unique and amazing opportunity to develop your commercial awareness; at events, you’re able to engage in a discussion with them and your peers present at the event too. Additionally, if you want to go further, joining the executive team in a society is another way you can enhance your commercial awareness via a society. For instance, I’m Treasurer for one of the societies at university whereby I have actively developed my commercial awareness first-hand through various means - I budget, seek sponsorships and help organise events so as to attract new members which has enabled me to see the sort of issues businesses may incur and any implications their actions may have.

Get work experience:

Undertaking work experience is a great to become commercially aware and wait for it…it doesn’t even have to be legal! Having work experience such as a shop for instance, allows you to gain a deeper understanding of how the business world operates, from how they try catering to customers to how economic policies may impact their business, something that has become significantly important due to the current pandemic. However, the significance of legal work experience shouldn’t be dismissed; you’re able to see how commercial developments impact the firm and the work they do.

Anyhow, these are just some of my hints and tips on how to develop your commercial awareness which I hope you’ve found enlightening to read.

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