- Sep 9, 2024
- 929
- 1,649
Hi @legallybrunette8 in short, I do not think it is inherently better to discuss a broad or niche example. In my opinion, what matters most for this kind of question is how you go about your analysis. As such, if I were you I would simply choose the topic I felt I was (i) more knowledgable about; and (ii) which givens me the opportunity for a more extended discussion on impact on the specific firm. I have expanded on these points in a lot more details in some recent posts, which I will quote bellow. I would advise you to take a look, as they explain both how to present a commercial topic well in general and how to analyse impact on a firm in more nuanced/in-depth way. There should also be a short-forum version of one of my past answers to this question.@Andrei Radu @Abbie Whitlock Hi both, do you have any advice on how to approach the question of opportunities/challenges currently affecting law firms (especially in a VI context)?
Is it better to stick to a broad example, or something more niche? Always would love any examples you might have if possible 🫣
Hi @flower1 as long as the topic you choose is one that is substantial enough to give you sufficient content to cover in a two-three minute answer and as long as you can also justify being interested in the topic, I think it should be fine. There is no objective list of "good" and "bad" commercial topics to discuss; what matters is not so much the topic itself, but the way you go about discussing it.
You may want to consider this list of questions as you are constructing your answer:
Finally, to give an example of of a commercial topic I used to discuss: my favourite one back when I was applying was inflation and the policies of central banks. I remember I discussed causes (the Covid-19 pandemic, the invasion of Ukraine, etc), effects (rating interest rates and the consequent raise of cost of borrowing and investment) and projected impacts on the economy and financial markets (where I would also hone in on impact to PE and M&A and how big law firms would be impacted).
- Is the answer well-researched? Am I including and addressing all major points of discussion related to this topic?
- Is my answer nuanced and carefully considered? Am I taking into account a variety of different perspectives and stakeholders, and the different views and arguments they may formulate?
- Is the information I present fully descriptive, or am I taking any view as to more contested topics, such as underlying causes of events, responses from the government and commercial actors, future trends and impacts, etc?
- Is my answer well-structured and easy to follow? Have I made sure to avoid use of unnecessary jargon and complex terminology, and have I ensured that to the extent I have used jargon and complex terminology, I am able to break them down in laymen terms if prompted to?
Hi @flower1 this is a really good question, and one I also used to struggle with quite a lot back in the day. The first thing I will mention is that making a detailed analysis of the impact of news to law firms is really difficult, as general commercial awareness resources and publications normally do not teach you to make such connections.
Importantly, it is also worth remembering that, for this reason, there is a limit as to how detailed and novel a firm would expect your answer to be. In many cases, commercial awareness questions based on an article will not focus that much on the specific impact to the firm; and generally, even when they ask this direct question, firms will not mark you down for having a "generic" answer such as one that points out what practices and sectors will likely experience an increase/decrease in demand.
That said, of course, the more nuanced, well-researched, and going beyond and above in depth of analysis an answer is, the better. A number of ways you can seek to add these layers of depth to your answer include:
Finally, I just wanted to recommend to you some additional commercial awareness resources which were particularly helpful to me in improving my ability to analyse the impact different commercial news have on law firms:
- Focusing on firm-specific bits of information you can include, such as anything specific to the firm that may make new opportunities particularly important for them? For instance, if there is a projected increase in PE activity, the likes of Kirkland and Latham would benefit a lot more than other rivals with PE practices, given their dominance in this market.
- Focusing on how firms may respond to the challenge/opportunity - i.e. beyond saying what is the likely impact, you can consider if the firm should be looking to hire more associates/partners in a given area, expand geographically, invest in technology, reduce operational costs, etc.
- Link the main story you read about to any related trends/stories that are relevant to your analysis and conclusions - e.g. if you are discussing increased demand for corporate work as a result of decreasing inflation and a more relaxed monetary policy, you could also mention how this will be further reinforced by the calming of tensions around tariffs and trade wars, a built up of dry powder in private funds, and a potential decrease in geopolitical tensions in the Middle East.
- The Lawyer is a great publication for this kind of analysis, although you will need an organisational subscription; if you are a student, check if your university has one. If not, their podcast is still freely accessible, so I would advise you to take a look.
- The Global Legal Post is an amazing resource which does not require a subscription at all, so I would advise you to browse through it.