I have 2 questions:
Firstly, whenever I read commercial news stories I am note sure they add to my commercial awareness. I just feel like I am just learning facts. For example, lets say Apple bought Microsoft - what then do I do with that information? It is the SO WHAT part that I am struggling on.
Secondly, how do I begin to understand certain practice areas. For example, I am interested in learning about private equity but where do I start?
Thanks in advance
I think it's very overwhelming when you get started. It's hard to see how learning about a particular story is going to develop your commercial awareness.
I don't think there's ever a single point where commercial awareness 'clicks'. It's more of a case that the more you immerse yourself in this world, you'll very slowly increase your knowledge of the ways businesses work, the financial markets, the business of law firms, the economy etc. Eventually, you'll see how all of this is interconnected and you'll be able to use your reading from one area and apply it to another.
For example, take your story about Apple buying Microsoft. Having come across stories in this area in the past, you might understand the kind of business Apple is and what challenges it's facing in the market. You may be able to form your own opinion about why Apple decided to make this decision because you understand the company, as well as the drivers of M&A. You then might be able to bring in your knowledge of M&A to understand how Apple would go about buying Microsoft.
Over time, you'll be able to use your understanding of the role of lawyers to understand how they fit into the equation. For example, you'll know why this would immediately give rise to substantial regulatory concerns. You'll also have an idea of how the media might take this, based on the growing criticisms of Big Tech at the moment.
For now, it'll probably feel like you are just learning facts. What I'd just encourage you to do is to try to research anything you don't understand. Whenever you find a particular story interesting, I'd also encourage you to always follow that interest and take the time to read more articles about the area.
If you wanted to research private equity for example, A search of 'Guide to Private Equity' comes up with the BVCA's great guide:
https://www.bvca.co.uk/Portals/0/library/Files/Website files/2012_0001_guide_to_private_equity.pdf. There is also this one:
https://www.icaew.com/-/media/corpo...2976_privateequityiii_full-edition.ashx?la=en. Inevitably, these are going to be very complex to begin with, so I'd encourage you to take this slow. You might also want to use different forms, such as YouTube, if this is easier to follow.
Finally, to understand practice areas, I'd start with the basic publications - Chambers, AllAboutLaw etc. and read their guides to particular practice areas. Ultimately, the best way to understand this will be to attend a talk from a law firm. If you go in with prior knowledge of the area, you should have a far easier time piecing this all together.
In terms of why this is all relevant to your interviews, the aim is for you to develop enough understanding where you can take any story - including some you aren't familiar with - and be able to comment and form an opinion on these. The more you read and critically analyse, the closer to this goal you will get.
I'm sure other members will have more specific advice they can share - there are many ways to approach this.
