Commercial awareness

What is commercial awareness?

Commercial awareness is a phrase you hear a lot if you are planning to be a lawyer.

Everyone wants to have it, but not many people really know what it is or how to get it.

Students will be relieved to know that being commercially aware does not mean having an in-depth understanding of the public sector borrowing requirement or compel you to have formulated a business plan to launch your own internet company.

Recruiters are looking for the candidates who have the potential to turn into successful business lawyers – lawyers who can play an integral part in the development of the client's business.

The best way to demonstrate willingness, if not ability, is to have a pretty decent grounding on the major financial issues of the day.

Students should swot up on major deals, mergers, recent legislation and anything else which could potentially affect the law firm's client base.

They should also take the time to research the particular strengths of the law firm and be aware of any major developments in that practice area.