Commercial Awareness

Gaining a grasp of and understanding the ever elusive phrase of commercial awareness is now more important than ever to law students. Yet despite a completed degree, talks from numerous professionals including the FSA, work experience with solicitors and a mini-pupillage I realised the general concept was still a bit vague to me. 

After some research I think I’ve got there! 

Most importantly I have realised its not the definition of the phrase itself that matters but how you can demonstrate it. It seems that being able to do this is the best way to illustrating your commitment, strive and ambition towards the legal world. Employers are of the belief that those who hold the skill of being commercially aware are people who can take a step back and see the bigger picture from a business perspective. Those who are able to look at the long and short term implications of a proposal and are aware of an organisations SWOT (strengths, Weaknesses, Opportunities, Threats) when doing this. 

You can use your CV to help you illustrate commercial awareness through work experience and your roles and responsibilities. For example working in a role with customers shows you have an understanding of their needs, requirements and expectations. Likewise in your workplace if you have ever made any improvements or implemented explaining the procedure, impact and overall outcome of doing so.

The ability to demonstrate the understanding as well as illustrate the existence of commercial awareness in yourself will be tested by employers both at the interview stage and also within the group exercises. In interviews employers will ask focused questions on topical issue within the news. For these it is important to know firm specific details, for example what they do and how they interact with other commercial firms such as investment banks. Also knowing in detail any recent cases in particular the role the firm played and if it had any significant impact in regards to the law or key clients. Our ability to apply commercial aspects to given situations will also be tested by employers during group exercises. 

So it seems that when broken down commercial awareness is not actually so elusive and a great deal more achievable than first thought.