I remember coming across the Solicitor Apprentice route for the first time in the summer of Year 12, and almost instantly I know it was a route that I needed to know more about. As an aspiring lawyer who hadn’t taken Law at A-Level, I was overwhelmed by the lengthy application and screening processes required for each firm and all of the terminology used during insight events – especially commercial awareness. If you find yourself in a position like I was, or are just curious for strategies to further your own awareness, this article is written for you.
What is Commercial Awareness?
The Cambridge Business English Dictionary defines Commercial Awareness as ''the knowledge of how businesses make money, what customers want, and what problems there are in a particular area of business''. This definition is an excellent starting point and gives us an insight into some of the elements which would make you more aware. For instance, clients are essential to every law firm and so building an understanding of what customers want and assessing how this changes with political and economic influences. This is also closely linked with the various problems there are in a particular business sector – the problems which clients ask lawyers to help them solve and mitigate. As you develop this understanding, you will continue to develop these links and build a better image in your own mind of how the world of commerce operates on a daily basis.
Commercial Interest
Having the 'knowledge' of these key areas though is only about half of the story. To really demonstrate this awareness and go about growing your knowledge you need to be genuinely interested in how businesses operate and make money. Just to clarify, I am not suggesting that you must have loved private equity since the age of 8, or have a completely comprehensive understanding of the reasons behind the financial crash in 2008, but in order to improve you need to have an active interest in what you are learning about. So, find the areas of business that are the most appealing to you and try to understand the issues they face now, the challenges they could face in the future and how they operate efficiently.
Increasing your awareness
There isn't one set path towards increasing commercial awareness, but my first suggestion would to immerse yourself in all of the readily available content on various social media platforms. There are so many excellent creators on TikTok, YouTube and Instagram who regularly engage with the latest ongoings in the commercial and legal sphere, some of who have resources such as free weekly newsletters which you can sign up to. Secondly, I would recommend following law firms and lawyers on LinkedIn – this will literally flood your feed with the latest and most relevant stories direct from the source. Finally, it might sound really cliché but following the news is also incredibly beneficial, and you do not have to wake up at 7am to catch the breakfast show in order to do this.
How much is enough?
I hope you can see by now that being commercially aware isn't as simple as completing a check-list of activities and saying you have 'nailed' commercial awareness. What I have learnt so far in my time of working as a solicitor apprentice at Osborne Clarke, is that no matter how senior you become there is always more to learn and part of the fun of working in a law firm is that everything is that the commercial world is constantly evolving and changing.
Written by Jacob Elsdon, a first year solicitor apprentice.
