Love this!!
Just a question, when you find something you’re interested in how do you approach your full read?
Do have things in mind when skimming through like: who it impacts? Why it’s interesting? How it can be resolved? and do you make notes on the article?
Since I'm usually quite busy, I would skim it quickly and then it would be in my head going forward - and when I have time (e.g. on the train etc) I would ponder more deeply about it and how it links to the wider commercial world, from how it affects various stakeholders to what portion of the market most benefits/loses out from this news. You can definitely do this in one go while reading, but I find that commercial awareness gets more fun when you treat it as an intellectual interest of yours rather than something you HAVE to read and then distil in one sitting.
Furthermore, it's fun to read continuously because you'll find that topics evolve over time and something you read today could link to something you read ages ago. So in short, I don't really treat commercial awareness as a "sit down and study" type of exercise, but rather I integrate it more naturally into my daily life.
But yes, sometimes when preparing for interviews, I would then sit down and makes notes on headlines/topics that interest me or that I have been following, just so I know them more concretely. This would definitely include the news story's implications and how it may affect dealmaking/law firms and their clients.
But everyone's approach is different, so take this with a grain of salt! Find what works for you and your study methods!