Trainee Talks: Commercial awareness

The process of becoming a Trainee Solicitor can be quite challenging and generally has numerous stages. Various skills are needed for a successful career in law, one of which is having the ability to demonstrate strong commercial awareness. So, what does this mean?

Commercial awareness in law primarily involves understanding how businesses operate – including law firms – and how changes and developments in the legal market impact your clients. It is not simply about having a strong knowledge of the law, but also the requirement to understand the wider commercial context. As a trainee, it is a fundamental skill to have; not only does it make you more employable as it illustrates your understanding of the business world, but it also reflects your willingness to develop your knowledge further in order that you can provide better client service. This will allow you to provide more specific and tailored advice to the client, ensuring that you are acting in their best interests which will not only increase their likelihood of success, but will also improve the firm’s, and your own, reputation.

When I first began developing my commercial awareness, I found it quite daunting. Especially as there is so much information available which meant it was sometimes tricky to know where to start. Over time, I have discovered various sources that help to keep my knowledge up-to-date in the legal market, as well as research the topics which may impact our clients. For example:

• News articles– Newspaper articles are a great place to start. The Times newspaper includes both a business and a law section in their newspapers throughout the week, which outline and discuss developments in these sectors. When reading, it can be beneficial to not only consider how the story may impact our clients, but also any wider factors – such as the political, technological, social and environmental implications – these factors will often shape the advice given by Solicitors to their clients.

• Radio and podcasts– These are really useful to listen to when developing commercial awareness as they are easy ways to absorb information, particularly when you are busy. I like to listen to these when I am getting ready for the day or when I am travelling on the train. Some options may include Radio 4, The Financial Times News Briefing, The Economist and Business Daily podcasts.

• Discussions with colleagues and clients – For me, this is one of the most effective ways to develop commercial awareness. Whether I am listening to legal updates within our frequent team meetings, listening to the specialist advice provided in a client meeting, or even attending a business development opportunity (such as the annual LawNet Challenge!) and sharing experiences and thoughts with the other attendees. It is so beneficial to learn from those around you – after all, they are experts in their field!

Additionally, as part of your training contract, you have the opportunity to move seats into different departments. Talking regularly to the other trainees in your cohort, along with your training principal and colleagues can be invaluable and may help make the transition between seats smoother by providing support.

• University societies – When I was at University, I was a member of both the Law Society and the Women and Law Society. These groups were extremely useful in developing my commercial awareness, as I had the opportunity to attend organised talks and events discussing important trends and developments in the legal market, and the business world in general. They are a fantastic way to network with other professionals and aspiring Solicitors too.

• Other sources – Websites can be a great way to stay up-to-date with legal and commercial knowledge. An example of this is the LawCareers.Net ‘Commercial Awareness Round Up’ feature which highlights important developments in the legal market and business industry. The Chambers Student commercial awareness resource page is also a brilliant resource because it directs you to blogs, podcasts and films which focus on specific sectors and updates in various areas of law, including technology, employment and family law, and even various creative industries.

Following people on social media can also be extremely helpful. LinkedIn is particularly useful, as you can follow and talk to people in various careers and industries. These individuals may post articles they have themselves written and/or repost any updates from their industry, making it a simple platform to use and very beneficial when expanding your knowledge in a particular sector. LinkedIn is also a great networking tool to allow you to connect to others within your field, or even people you admire and look up to as inspirational figures.

In summary, commercial awareness is not something that you can develop overnight and I would recommend creating and implementing small daily habits to increase your knowledge over time. It may be beneficial to create a journal or log to reflect the developments, trends and patterns which occur throughout the legal and business industry. Additionally, I would recommend researching topics and following people who work within industries which you are genuinely interested in, as it will be easier to focus and retain your research.

It is important to remember that it is impossible to be commercially aware about everything that occurs in the business world as things are constantly changing. Make sure you take your time, be curious and ask questions (you can never ask too many!) and most importantly, enjoy the process.