Hey, I know there have been a few great answers to this but thought there's no harm in sharing some of my advice too:
- I have a prep document for each firm and build on it as I progress through the stages so I start by reviewing that to refamiliarise myself with my research to date.
- I make sure I know my application inside out.
- I then do more in-depth research of the firm spanning its website, recent press releases, recent news, and anything else that seems relevant online. Check out The Lawyer, Legal Cheek, Legal 500 etc.
- I find it's really important to think about the points that interest you and make sure you are able to articulate why, perhaps by linking it to experience.
- Find out as much as you can about the structure of the day itself so you are not thrown by surprises - speaking to people who have been through the process before is invaluable, this forum is super handy for that.
- This is basic (but it's easy to get distracted by other things), make sure you have stellar answers for 'why this firm' and 'why (commercial) law' questions, using your research to tailor these to the firm in question and making them personal to you rather than generic.
- Think of a bank of examples from your experience for competency questions, using the firm-specific competency framework if it's available.
- Brush up on current affairs, and the likes of M&A and restructuring/expansions if there is a written case study.
- I have found that commercial awareness tends to be assessed in a more general way rather than 'tell us everything you know about X deal/ X news story' so I would make sure you are dedicating most time to really understanding yourself, the firm, and what you have to offer, rather than pouring through the FT or The Economist.
- That being said, I would make sure you have sound knowledge of a couple of recent deals and a couple of key clients so that you are able to answer questions along those lines should they come up.
I hope this is useful in addition to the tips you've already received and best of luck!