Commercial awareness

One of the most important skills lawyers need, it basically means possessing knowledge of current developments in local, national and world business, particularly any issues that impact a law firm and its clients.

Firms expect employees to market their services to prospective clients, as well as develop trusting relationships with existing ones. Ultimately, law firms are businesses, so lawyers must appreciate the commercial importance of meeting deadlines, keeping costs low and handling information confidentially.

A client, meanwhile, expects their lawyer to fully understand how their business is run, and which wider social, political and economic issues may affect them. If applicable, lawyers must also appreciate the short, medium and long-term implications of their client's business proposal, and think strategically about the organisation's strengths, weaknesses, opportunities and threats. This enables the lawyer to provide pragmatic, business-minded legal advice to the best of their ability.

Improve your commercial awareness by:

becoming a committee member of a university club or society

browsing specialist websites such as RollOnFriday, LawCareers.Net, The Lawyer, Legal Cheek and Legal Futures

gaining work experience at a commercial organisation such as a bar, call centre, department store or, if possible, a law firm

going on a gap year, as this will develop your budgeting, scheduling and cost-cutting skills, and give you an international perspective on business issues

joining industry-specific forums that allow you to attend seminars and network with business professionals

listening to business-related podcasts or radio shows, such as BBC Radio 4's Today programme

reading business publications such as the Financial Times and The Economist, and the business pages of a daily newspaper such as The Times

watching business-related television programmes such as Newsnight and Panorama.

You'll be expected to show commercial awareness during the application process by demonstrating a thorough knowledge of the firm you're applying to. It's also likely that you'll be tested during an assessment day. You may be asked questions such as:

What business deal or story has most interested you recently?

In x business deal what role did the firm play?

How could the firm prepare for an economic downturn?