What is an example of commercial awareness?

Or a recruiter might gauge your commercial awareness by finding out about your interest in current affairs. For example, your interviewer could first ask you ‘What industry-specific or business news publications or websites do you read?

How do you demonstrate commercial awareness in law?

What Is Commercial Awareness in Law?

  1. Have a firm grasp of your clients’ business.
  2. Have a wide understanding of the industry in which your client operates.
  3. Understand how your client interacts and performs compared with direct competitors.

How do you demonstrate commercial awareness to clients?

How do I become commercially aware?

  1. Develop an interest in business and finance.
  2. Learn about the varied working practices, culture and clients at different law firms.
  3. Accurately understand the work of a solicitor.

What does it mean to be commercially aware in law?

Commercial awareness is one of the key skills that law firms look for in future trainees so taking the time to build yours is essential to becoming a lawyer. Being a commercially aware candidate means understanding the environment in which law firms and their clients operate.

How do you prepare for commercial awareness questions?

Some examples of application form and interview questions which are designed to assess commercial awareness in a candidate:

  1. What do you know about our organisation?
  2. Who do you think are our main competitors?
  3. Tell me about a recent business story in the news that has captured your interest?

How can I improve my commercial skills?

Ten ways to boost commercial skills…

  1. Hire commercial people.
  2. Make commerciality everyone’s business.
  3. Collaborate with stakeholders.
  4. Establish what good looks like.
  5. Challenge specs.
  6. Measure the right things.
  7. Consider demand.
  8. Embrace technology.

What is a commercial awareness?

Commercial awareness is an understanding of how industries and businesses work. It’s about knowing what’s going on in the world and analysing the way it might impact your chosen sector and company.

What is involved in commercial law?

Commercial law is a broad term covering anything that City law firms do. Commercial lawyers handle a broad range of corporate deals. Clients of the firm include banks, insurance companies, hedge funds, private equity funds, property companies, governments and governmental agencies.

What does it mean to think commercially?

Commercial Thinking, or commercial awareness, is simply the knowledge of the business and industry your role operates in. When applied to work it shows whether or not you have a deep understanding of the commercial models and strategies that underpin the business, product or service you provide.

What is a commercial awareness question?

These questions want you to explain how certain events or commercial deals will directly impact your chosen law firm. It’s also a way of demonstrating why you want to work for this firm above any other. The question tests your knowledge of the firm, its practice areas and competition.

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