Remember that you can`t achieve everything by sitting behind a laptop and clicking from one website to another. A great way to improve your business awareness is to gain work experience, network, and talk to lawyers. It`s not just your professional career that counts as business work experience. Leadership and leadership positions can also show that you have the necessary skills. Did you belong to companies at the university and if so, what was your role? For example, if you were treasurer of a sports club, this can be used to demonstrate your ability to manage your finances and budgets. Alternatively, you can think about how a business is run and the skills you need to work on it (i.e. working on large, complex companies as part of a large team). Ultimately, it`s about getting to know and understand the environments you work in. Even positions that appear at a low level can lead to great trading prospects. It just depends on your mindset and how you can present your business knowledge to a potential recruiter. Business awareness is an important skill in the entire legal profession and not just in the corporate world. For example, to be a successful private client lawyer, you need to understand that clients are business owners themselves.
“Students often think that business awareness is about learning knowledge or facts. Business consciousness is rather a way of thinking – it implies a real interest and intrigue for the profession and the market in which it operates. Think about the business aspects of a law firm. Some law firms involve their trainee lawyers in business development within the firm – they attend client events and marketing events. Sending customers gives interns a good overview of the business world. Have a good understanding of the business world when applying to a city company that tends to do commercial work. This doesn`t mean you have to have studied economics or business administration, but you should be interested in economics, finance, and the whole world – it can be as simple as reading the Financial Times or the business pages of another newspaper. You will be well prepared for any topical issues in interviews and will be able to develop your understanding of the broader context of the companies or cases you will be working on. Business awareness skills don`t develop overnight.
You will inevitably grow over time and continue to do so throughout your legal career as industries and markets diversify and evolve. “As annoying as it may seem to be asked about `business consciousness` over and over again, it`s important to remember that companies are asking for a reason. No one expects an intern to understand all the details of a complex transaction, but you will be of greater value to the company and, more importantly, your life will be much easier and more fun if you have an understanding of the business world and the type of business that is going on. Here`s a great introduction to LawCareers.Net and another from the Lex: www.lex100.com/courses/the-university-of-law/gaining-commercial-awareness/ If you`re reading this and currently think you have very little business awareness, then rest assured that there are things you can do to improve your understanding. It is important to focus on the word “consciousness” and not confuse it with the word “knowledge.” Remember that you will be an intern and you won`t know everything about its clients` law firm or business from day one. When it comes to securing a training contract, one of the essential tools for each candidate`s skills should be “business awareness.” Legal recruiters seem to put a lot of emphasis on this elusive phrase, but many potential candidates seem confused about what it is and how they can get it. • 4 new Square podcasts – “Analysis: Business Dispute Resolution and Bar Life”. deal with recent developments in commercial law and in life as a lawyer. You can subscribe to the podcast on Apple Podcasts, Android, and Google Podcasts (just type in 4 New Square or the name of the podcast in your podcast app) or you can listen on their website here – www.4newsquare.com/podcasts/ Business awareness is important for law firms because they invest a significant amount of money in each articling student. So they want to make sure that the interns they hire have knowledge and understanding of the business world so they can relate their legal advice to the interests of their clients. You may want to develop your business skills with new work experience before becoming a lawyer.
Consider the area of law you want to operate in, the type of firm you want to work in, and the skills you may be missing. Next, find out where you can learn the skills that might be relevant to the company of your choice. For example, if you are interested in bank or corporate finance, you should consider gaining experience in a business environment (such as an accounting firm or tax office). Business outreach is “common sense about how a business operates and being able to see what might lie ahead and how to respond to those opportunities and challenges,” says Caroline Carter, former senior equity partner at Ashurst and now dean of the University of Law City campus in Moorgate. Many law firms will ask you about your business knowledge and experience during the application process in order to obtain an apprenticeship contract. We asked interns, graduate recruiters and lawyers from a number of law firms for advice on how to respond. Consider your career path and see if you can identify previous examples of business work experience. For example, if you have a service environment (e.g. a store or bar) and interacted with customers or customers? Did you get an overview of how the company you worked in was run? Have you ever completed a specific project or developed a solution to a business problem? Was there a particular challenge you had to overcome? “When I started my training, I had to be prepared for the fact that the advice had to be business-oriented. It`s not just about knowing the law; You need to know the client`s goals and tailor your advice to those goals. Before you start researching or preparing for a consultation, it is important to understand the context in which the client is seeking advice.
“Business awareness is one way of thinking – it can be practiced before a job interview. Read “How Running a Business on Depop Can Increase Your Business Awareness” for more tips. “Students invest their future in business law firms, so they need to show that they have a real interest in what is happening in business and the areas in which the firm specializes. What are they reading and what have they done that shows interest? There are things you can do to speed up your understanding. It is important to focus on the word “consciousness” and not confuse it with “exhaustive knowledge.” Students who understand the business aspects of law school are impressive: those candidates who can show me that they are both smart and commercially smart. Being a lawyer today is different than it was 20 years ago: business acumen is vital; The practice of commercial law is not for those who are fascinated by the academic study of law. Clients want a safe answer to their legal problems; You may not be too interested in how you came up with that answer. What is business awareness and how does it relate to legal practice? How can business awareness benefit you and why is it so important? Find out in our updated guide. “Media” – remember that many of these magazines and newspapers are available for free to students in the library and through various online university subscriptions, but most also have free online content. The trick is to find the magazine/newspaper/website you like and then read it regularly.
Don`T try to read everything – there just isn`t enough time for that. Choose a few themes and follow them in detail, but have a general awareness of the big issues. It is important to stay up to date with the latest developments in business or law that interest you. Following the news and social media are two good ways to do this.