Commercial Awareness

Elodie Fellows
Objectives

• Understanding commercial awareness

• Why is it important for law students?

• How to gain and demonstrate commercial awareness

• Networking
What is commercial awareness?
• UCAS defines commercial awareness as: “the business benefits and commercial
realities from both the organisation's and the customer's perspectives“.

• Commercial awareness essentially means understanding the business

environment within which a law firm and its clients operate

• For commercial lawyers, it is the ability to understand a client’s business needs and
provide legal advice which helps the client meet those needs.

• In general terms, commercial awareness involves knowing about the current

deals, transactions and issues in the business world.
Why do we need to be commercially aware?
• Key Criteria for most of the legal jobs

• Law firms are keen for budding lawyers to be commercially aware and not just a
high achieving student.

• Commercial awareness also involves being up to speed with the political,

economic and social frameworks, firms only offer positions to those who can
demonstrate this.

• A significant portion of law today revolves around business and commerce in the
marketplace, between cities and regions, and across geographies
How to gain Commercial Awareness
• Research is the easiest way to gain commercial knowledge.
• Reading newspapers, business publications and company newsletters, relevant
books, watching relevant TV programmes or downloading business podcasts.

• Try and stay up-to-date on the latest deals, transactions, legislative

changes and other relevant developments such that you are able to
understand and appreciate both the big picture as well as contemplate micro-
level analysis.

• Work experience is probably the most practical way to gain commercial

awareness.
How to gain Commercial Awareness
• Look at the company’s annual report if it is publicly available
• Set up email alert
• Use social media wisely
• Set up a google alert
• Before going to an interview you should research the company’s
current activities, any publications they have recently released,
relevant press articles and what their current deals are
• Understand the culture of the business
How to demonstrate Commercial Awareness?
• In your application forms where you demonstrate your research on
the law firm.

• During the interview process where time will be spent on assessing

your commercial awareness:
• You need to have read up on all relevant material relating to the business you
are applying for and prepare analyses of various developments in the
business world.
• Try to stay updated with the regulatory body.
• If you have a specific area of law you are interested in then consider
using the Legal 500 and Chambers & Partners publications as a guide.
How to demonstrate
Commercial Awareness?
• Outline your transferable skills, including any
commercial experience you have (both law and
non-law).

• Get involved in extra-curricular activities such as

student society, law society, mooting, law clinic,
volunteer etc

• Relate the interview/application questions to

your commercial understanding
WORKSHOP ACTIVITY – 20 MINUTES
How would you define commercial awareness?
What have you done to develop your commercial awareness?
Name one regulatory body for law and explain their function (think of the area you’re
currently interested in!)

RESEARCH: once again, limit your scope to the area of interest!

What are the biggest issues facing the business world today?

What are the biggest issues facing the Law industry today?
Using social media to gain
commercial awareness
• LinkedIn
• LinkedIn is a professional social media platform
which acts as your online CV.
• On LinkedIn you can follow a range of law firms
and remain updated on their activity. You can
even check out the profiles of people who
already work at a specific law firm to get a taste
of their educational and professional
backgrounds.
Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Where are you on the “novice to expert” scale?

I’ve been using

I’ve recently
LinkedIn for a
I think I’ve I know a bit joined and
while now and People call me
heard of about LinkedIn created my
am pretty the “social
LinkedIn but used it a little profiles. I’ve
confident, but media guru”!
that’s about it bit started to try a
feel I could
few things out
learn more
 Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Ways to use LinkedIn

Personal branding professional online profile

Job search jobs and internships
Networking fostering existing connections and establishing new ones
with alumni and other professionals = access to jobs, work experience,
insider information etc.

Career intelligence exploring career options and routes (e.g. by

looking at career paths of alumni); researching companies and industries
(e.g. by following companies and participating in relevant groups)
Using social media to
gain commercial
awareness
• Facebook
• Given that news outlets such as the
Financial Times, The Telegraph and
The Times have their own Facebook
pages that you can like and keep up
to date with on your news feed
• Like the related pages of your area of
interest
Using social media to gain
commercial awareness
• Twitter
• Using Twitter to become commercially aware is
very similar to Facebook.
• Follow the pages and news outlets mentioned
above. You can also follow The Law Society and
the Solicitors’ Regulation Authorityand keep up to
date with the firms you want to apply to.
WORKSHOP ACTIVITY – 30 MINUTES
Look at the following link:

https://www.chambersstudent.co.uk/where-to-start/commercial-awar
eness/commercial-awareness-resources-legal-blogs
1. Look at employment law updates and report back

Redundancy series: Questions regarding who and when to consult - Quick reads - Gateley (gateleypl
c.com)

Green leases: an overview of green lease provisions - Quick reads - Gateley (gateleyplc.com)

Neurodiversity in the workplace - Quick reads - Gateley (gateleyplc.com)

Networking
• http://www.youtube.com/watch?v=Euc23XGqnWA
 Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

What is networking?

• Connecting with people who might see a link

between you and an opportunity

• An art!

• Networking is building and developing

mutually beneficial relationships
Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Who to network with?

• Friends & family

• Education

• Work mates

• Play mates

• Acquaintances
 Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Where to find ‘new to you’ contacts?

• Conferences and workshops

• Fairs and exhibitions
• Open days and promotional events
• Presentations and training courses
• Courses and summer schools
Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Where to find virtual contacts?

• Online forums
• Professional networks - LinkedIn
• Social networks – Facebook, LinkedIn
• Social media tools - Twitter
Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Instagram Twitter Myspace Whatsapp

Snapchat Linked In Facebook Google Plus

Careers Network eCoach
– www.staffs.ac.uk/careers/ecoach

Using social media for job search: The reality…

66% of
recruiters use
93%
of recruiters use
54% of
recruiters use
Twitter
Facebook to find Linked In

85%
new talent

43% of recruiters
83%
of
will reject you if recruiters said their
of they don’t like decisions are
recruiters will what they see influenced by a
Google your name positive online
presence
How to stay clean from ‘’Digital Dirt’’
• Is there anything there you would not want read back to you in an
interview?
• Do not promote alcoholism, drugs or any other prohibited practice
• Do not complain about previous employers
• Do not say something politically incorrect or offensive
• Do not share work-related stories or details