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Message: <blockquote data-quote="Abbie Whitlock" data-source="post: 217969" data-attributes="member: 42112">Hi there!Great question! Commercial awareness is something that lots of candidates worry about, and it was definitely the most puzzling area for me when I was starting to make applications! I can share a few tips that really helped me when I was preparing for commercial awareness questions in interviewUnderstand what firms mean by "commercial awareness"It's not just about knowing the news or being able to recite the financial times to an interviewer - it's more about showing that you understand how businesses (including law firms) operate and make money, and how they are impacted by external factors. Try to connect current events to how they might impact clients or the legal sector.One resource that I found was a really good example and starting point was LittleLaw, as it often broke down how law firms and their clients would be affected by different changes in the market. I actually spoke about the Rhode / Elf Beauty acquisition in one of my VS interviews, which I had read about on LittleLaw!Build a consistent habit of keeping up to dateWhen I was starting to improve my commercial awareness, there were a few resources that I found particularly useful:<ul> <li data-xf-list-type="ul">Read news sources such as BBC News, Financial Times, The Economist, or legal news sites a couple times a week.</li> <li data-xf-list-type="ul">Podcasts are a really great way of getting a snapshot each day - I still listen to the FT News Briefing in the morning as a way to get a summary of what is going on.</li> <li data-xf-list-type="ul">The TCLA newsletters and forum posts are also a great way to break down stories into digestible insights with a legal focus.</li> </ul>Focus on depth over breadthWhilst you should have a general understanding of the main things that are happening across the market, I would pick a couple of industries that you are particularly interested in (e.g. tech, energy, finance) and follow them closely. Have a think about:<ul> <li data-xf-list-type="ul">Why is this development happening?</li> <li data-xf-list-type="ul">Who benefits and who loses?</li> <li data-xf-list-type="ul">How might it create legal work for firms? What departments would be involved (e.g. M&A, litigation, regulation, tax, commercial)?</li> </ul>Practice Common Commercial Interview QuestionsInterviewers often ask "Tell me about a recent news story that interested you". This has come up in 90% of the interviews I have completed, so I would always try and prepare for it in advance! Have a look at the news a couple days before your interview, pick a story, and practice giving answers in a structure such as:<ul> <li data-xf-list-type="ul">What happened (the story)</li> <li data-xf-list-type="ul">Why it matters (the business / legal impact)</li> <li data-xf-list-type="ul">Your view (what you find interesting about it)</li> </ul>I would focus on a story that genuinely interests you so that you sound enthusiastic about it. At another interview I completed on a VS, I talked about the commercial / legal implications of the new Universal theme park opening in the UK! It doesn't have to be an overly 'complicated' story, as long as you can show the impact it has and how firms could get involved.Connect it back to the firmIf possible, link a news story to the type of work or clients that a firm has. This will be a good way of showing that you're not just aware of the issue, but that you understand why it's relevant to the firm. This may not be possible for every story that you discuss, and you definitely don't need to link it back every time, so I wouldn't try and force a connection if it isn't relevant.Use mock interviews or discussionsTalking through news stories with friends, mentors, or even just out loud to yourself can really help you sound more confident and fluent. This was something that I started doing a lot in my successful cycle, and I found that when I really understood the story and what I was saying, this made the interview go a lot more smoothly.I also felt a lot of nerves before interviews, so practising it really helped me approach it with more confidence as whilst I wasn't necessarily following a script, I had a clear idea of the topics I wanted to talk about and knew how they all fit together.Key words and termsI would also make sure that if you are using certain commercial or business terms in your answers, that you understand what they mean and how they are used. For example, I discussed indemnities in one of my interviews last cycle and the interviewers asked me to explain what an indemnity was (and I completely blanked!). Whilst you won't be expected to be an expert in these areas, just having that understanding of what the concepts are is really important.I really relied on Investopedia in my last cycle as a way of understanding these foundational concepts. If I was reading an article or news story and I didn't understand a word or concept, I would immediately search it on Investopedia and made sure that I understood it before continuing with the article.I hope that all helps! Building your commercial awareness and preparing for interview questions on it can feel like an impossible task, but I really would recommend building your foundational knowledge first before trying to understand really complex financial terms and processes - it's a marathon, not a sprint! Wishing you the best of luck <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite1" alt=":)" title="Smile    :)" loading="lazy" data-shortname=":)" /></blockquote>

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