Why commercial law? (For non-law students specifically)

[aditik]

Hey guys!

So recently, I saw a post by Sandrou on how he would approach the 'why commercial law?' question. Thank you so much for that! However, us non-law students might have a trickier time developing an answer for this question, since we did not academically study law, or have any prior exposure to contract/commercial law.

So I wanted to start a thread where any non-law applicants or future trainees approached this question! Jaysen had some great tips in the TC app guide form, where we could, for example, talk about why we chose commercial law over management consulting, banking or academia. Do any other non-law applicants have any advice or examples for what worked for them?

I am guessing legal work experience and shadowing is useful to include. The trouble is, I feel like some of the aspects of this work that I am mentioning (e.g. strategic thinking, problem-solving, attention to detail, organisation, interpersonal skills, teamwork etc) could be applied to other professions as well (banking, consulting etc). Any tips on how I could make this unique/exclusive to the legal profession?

Thanks guys!

 

[Sofia]

Hey guys!

So recently, I saw a post by Sandrou on how he would approach the 'why commercial law?' question. Thank you so much for that! However, us non-law students might have a trickier time developing an answer for this question, since we did not academically study law, or have any prior exposure to contract/commercial law.

So I wanted to start a thread where any non-law applicants or future trainees approached this question! Jaysen had some great tips in the TC app guide form, where we could, for example, talk about why we chose commercial law over management consulting, banking or academia. Do any other non-law applicants have any advice or examples for what worked for them?

I am guessing legal work experience and shadowing is useful to include. The trouble is, I feel like some of the aspects of this work that I am mentioning (e.g. strategic thinking, problem-solving, attention to detail, organisation, interpersonal skills, teamwork etc) could be applied to other professions as well (banking, consulting etc). Any tips on how I could make this unique/exclusive to the legal profession?

Thanks guys!

I do feel like I have a tougher time justifying my interest in commercial law. I also feel at interviews, law firms really test our justifications for being a lawyer because the link is less direct.

I studied history, so I usually use elements of that in my answer. So I guess as a starting point, you could think about how your degree subject might have some transferability?

To put your last question in other words, we could ask - what makes a career in commercial law different to banking etc. Obviously, there's the use of the law, but I guess there's also the fact that lawyers play a different role in a transaction. Correct me if I'm wrong, but it's not so much running a deal, but more about how to reduce the risks of legal consequences.

 

[MightyMoe]

I think it was Reed Smith that asks why you chose law over another career in their application. For that question, I talked about how my legal work experience/attending open days helped me to decide that I preferred law. I also spoke about the intellectual challenge of coming up with a legal solution to a clients commercial/strategic challenges.

 

[aditik]

I do feel like I have a tougher time justifying my interest in commercial law. I also feel at interviews, law firms really test our justifications for being a lawyer because the link is less direct.

I studied history, so I usually use elements of that in my answer. So I guess as a starting point, you could think about how your degree subject might have some transferability?

To put your last question in other words, we could ask - what makes a career in commercial law different to banking etc. Obviously, there's the use of the law, but I guess there's also the fact that lawyers play a different role in a transaction. Correct me if I'm wrong, but it's not so much running a deal, but more about how to reduce the risks of legal consequences.

Yeah I think this is a really great starting point. So we should probably try and tease out the differences in the tasks carried out by say a trainee on an M&A deal versus an analyst in an investment bank?
I found this on the linklaters grad website and it was really insightful: https://careers.linklaters.com/en/early-careers/commercial-awareness

It is from a trainee's perspective, working on a typical transaction. Maybe we could compare this to what analysts at investment banks, or management consultants do?
I thought about the fact that a banking analyst would probably be working on pitch books, creating financial models, or in trading, this might be on the trading floor, whereas a trainee working on an M&A deal might focus on due diligence, data room building, contract negotiations etc (from the link). I was thinking about how we can use the qualitative skills polished during our degrees (history or politics in my case) which would enable us to be good lawyers, and are more suited to us than a more quantitative profession like banking, accounting or consulting. Any others?

 

[P. Dybala]

It is so hard to come up with a good answer to this question - I am so glad that you have made this thread and hopefully by the time winter comes we all have helped each other solidify our answer to why commerical law?

My issue is that I was aiming to do graduate medicine after my undergrad degree so my experiences are mostly hospitals - pharmacies - Old care homes - Although i managed to get two high street firms but the work was mainly family so just struggling to show that I am passionate about commercial law

 

[Sofia]

Yeah I think this is a really great starting point. So we should probably try and tease out the differences in the tasks carried out by say a trainee on an M&A deal versus an analyst in an investment bank?
I found this on the linklaters grad website and it was really insightful: https://careers.linklaters.com/en/early-careers/commercial-awareness

It is from a trainee's perspective, working on a typical transaction. Maybe we could compare this to what analysts at investment banks, or management consultants do?
I thought about the fact that a banking analyst would probably be working on pitch books, creating financial models, or in trading, this might be on the trading floor, whereas a trainee working on an M&A deal might focus on due diligence, data room building, contract negotiations etc (from the link). I was thinking about how we can use the qualitative skills polished during our degrees (history or politics in my case) which would enable us to be good lawyers, and are more suited to us than a more quantitative profession like banking, accounting or consulting. Any others?

I have been doing some reading and I think I'm starting to understand both roles in an M&A deal:

• Bankers handle the financial modelling/number crunching side of things and the valuation. They also advise on strategic opportunities for their client (along with consultants)
• Lawyers can also advise on strategic aspects of the deal but this is through the lens of providing legal advice e.g. how can they structure a deal in the best way for their client. In this way, lawyers can add a lot of value to their clients
• Trainee solicitors are usually involved in legal due diligence e..g evaluating the legal risks of a deal whereas bankers might be involved in financial due diligence - although that's usually where accountants/consultants do.
• Lawyers draft the documents for the acquisition to make sure it is legal - this is crucial for the execution of the deal

I think lawyers are often seen as being secondary to a deal, but I don't think that's necessarily true. Lawyers can use the law to give clients a competitive advantage and are crucial to executing a deal/minimising the risks. I think that's the kind of thing we can talk about what we're interested in.

 

[Sofia]

It is so hard to come up with a good answer to this question - I am so glad that you have made this thread and hopefully by the time winter comes we all have helped each other solidify our answer to why commerical law?

My issue is that I was aiming to do graduate medicine after my undergrad degree so my experiences are mostly hospitals - pharmacies - Old care homes - Although i managed to get two high street firms but the work was mainly family so just struggling to show that I am passionate about commercial law

On one of my vacation schemes, there was a student who had studied neuroscience and was now pursuing law. It was such as good talking point for her - HR/the lawyers/partners all seemed interested in her background. She ended up securing the training contract, and I think her background stood her out from everyone else. I think you can definitely steer your story into something interesting - so use it to your advantage!