Dynamic Export provides insights…
Everyone’s talking about commercial awareness, but how does one actually enhance it?
We offer you our top four proven strategies (yes, tested in training contract interviews) for mastering commercial awareness.
1. Make it a routine
For those who prefer cramming at the last minute, it’s time to adapt a new approach for developing commercial awareness. Attempting to boost your understanding a week before an interview can cause you to overlook the broader perspective, particularly how trends have evolved over recent months in a specific area.
Commercial awareness involves recognizing and discussing these trends over time, reflecting what clients seek from their legal advisors. Therefore, start enhancing your commercial awareness a couple of months before your applications. You don’t need to dedicate extensive hours daily; a small daily commitment can be significant.
Incorporate daily routines like reading a news update or listening to a podcast that covers global and business news. Choose the methods that suit your learning style best and allocate about 20 to 30 minutes each day to this. Over time, you’ll begin to notice patterns and trends.
Additionally, attending both virtual and physical events hosted by law firms can enrich your understanding, as these often touch on commercial awareness. This also gives you insight into how legal professionals address market changes, helping you place your knowledge into context.
This consistent buildup of knowledge will gradually become second nature, enhancing your confidence and ability to discuss these topics fluently during interviews.
2. Engagement over passive absorption
It’s crucial not to just passively consume information but to actively engage with it. You need to think critically about the implications of what you learn.
One practical approach is to perform a mental SWOT analysis (assessing Strengths, Weaknesses, Opportunities, Threats) on the information you encounter. Consider why a news item might be significant to a particular legal practice or client, and how they might leverage or navigate the situation.
Participating in events hosted by law firms can deepen your understanding of various legal practices and their priorities, which aids in connecting the dots and forming a well-rounded view. Making this a part of your daily routine will also prepare you for interviews, where you are likely to encounter new situations requiring quick, strategic thinking.
3. Focus closely, but also step back
While it’s beneficial to concentrate on a sector or practice of interest, don’t confine your commercial awareness to just those areas. It’s equally important to maintain a broad view of the economic and political landscape to better contextualize the information in broader scenarios, like case study questions.
While broadening your perspective, also consider how various pieces of information impact law firms as businesses. There are ample resources online that can help you understand how law firms function as businesses, and familiarizing yourself with these concepts can be advantageous. Think of your commercial awareness as dual-focused—on client needs and on the business operations of law firms.
4. Everything is interconnected
It might seem straightforward, but it’s easy to get bogged down in details and lose sight of how you plan to apply your commercial awareness within a law firm context. Always remember to view information through this lens.
For instance, when faced with interview questions about how market changes affect the firm, knowing about the firm’s strategic priorities, client demographics, operational regions, and growth areas becomes crucial. An initial review of the firm’s press releases, which might reveal information about new offices or practice areas, can be a good starting point. This not only helps in understanding the firm’s business angle but also ensures a comprehensive perspective.
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A specialized lawyer, Rachel helps businesses protect their intellectual property and navigate the legal aspects of export.
