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<blockquote data-quote="Alice G" data-source="post: 37349" data-attributes="member: 1160"><p>Hi there,</p><p></p><p>You do not need an in-depth knowledge of every sector. It is about knowing the overarching key trends that are identifiable in that sector. For example, let's take retail, you would be expected to know about the impacts of COVID-19 and the downward trend the sector was experiencing prior to this. You would be expected to be able to comment on the overarching reasons for that downward trend (rise of e-commerce, a shift in consumer behaviours and expectations, high rent prices on the high street). Strong candidates would maybe offer commentary on business rates, company voluntary arrangements and examples of when retail has suffered (think New look is a current example but I have not looked into this). What I am trying to say is there are, of course, levels of commercial awareness but really the expectation is to have an understanding, which is quite general and broad, as to the issues/opportunities in that sector and the key trends that you can discern from it. I'd say with retail knowledge of business rates and CVAs are 'nice to haves' which will definitely help to make a candidate stand out. </p><p></p><p>The other key thing I want to broach is it is important to be able to relate sectors back to the practices of a firm. Let's stick with retail and COVID-19 - there are significant employment ramifications here - is it fair or lawful that a business forces employees to take holiday pay because of COVID-19? What will happen if companies go into liquidation - what are the outstanding employment liabilities? What about pensions? (I am by no means an employment expert) This is a hallmark of a strong candidate because whilst you do not need to be able to ask all the right questions or have the answers, you can show an appreciation of how these sectors relate and interact with the practices of a law firm</p><p></p><p>If you want to post an example of a story or an issue you struggled with then please feel free to do so and tag me and I will try my best to offer some further insight/pointers.</p><p></p><p>This was far more long-winded than intended so please let me know if anything is unclear.</p></blockquote><p></p>
[QUOTE="Alice G, post: 37349, member: 1160"] Hi there, You do not need an in-depth knowledge of every sector. It is about knowing the overarching key trends that are identifiable in that sector. For example, let's take retail, you would be expected to know about the impacts of COVID-19 and the downward trend the sector was experiencing prior to this. You would be expected to be able to comment on the overarching reasons for that downward trend (rise of e-commerce, a shift in consumer behaviours and expectations, high rent prices on the high street). Strong candidates would maybe offer commentary on business rates, company voluntary arrangements and examples of when retail has suffered (think New look is a current example but I have not looked into this). What I am trying to say is there are, of course, levels of commercial awareness but really the expectation is to have an understanding, which is quite general and broad, as to the issues/opportunities in that sector and the key trends that you can discern from it. I'd say with retail knowledge of business rates and CVAs are 'nice to haves' which will definitely help to make a candidate stand out. The other key thing I want to broach is it is important to be able to relate sectors back to the practices of a firm. Let's stick with retail and COVID-19 - there are significant employment ramifications here - is it fair or lawful that a business forces employees to take holiday pay because of COVID-19? What will happen if companies go into liquidation - what are the outstanding employment liabilities? What about pensions? (I am by no means an employment expert) This is a hallmark of a strong candidate because whilst you do not need to be able to ask all the right questions or have the answers, you can show an appreciation of how these sectors relate and interact with the practices of a law firm If you want to post an example of a story or an issue you struggled with then please feel free to do so and tag me and I will try my best to offer some further insight/pointers. This was far more long-winded than intended so please let me know if anything is unclear. [/QUOTE]
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