Helping you develop your commercial awareness
A guide for anyone starting their career and looking to understand more about the world of work
We are pleased to share this new guide which has been created to help you develop your commercial awareness.
Why we have created this guide
Farrer and Co has a long and proud history of supporting those who are starting their careers and taking their first steps into the world of work. Every year we welcome trainees and apprentices into a wide range of roles across our legal and business services teams (Marketing, Finance & Risk, HR , IT, Knowledge, Learning & Development).
This guide has been produced to support those individuals who are applying to Farrer & Co, to help prepare for the process and to provide the best chance of success.
Our current solicitor apprentices
"It is important to know how to increase your commercial awareness in the workplace to understand what environment in which our firm and the clients operate. I learnt about the different ways of increasing a passion for business, how to achieve it aswell as how law firms are structured and how to increase profitability."
Amna Mushtaq, Solicitor Apprentice
Developing your commercial awareness
When you are taking your first steps into the world of work, one of the key skills to consider is commercial awareness. But what do we mean by commercial awareness? In short, this refers to having an appreciation and understanding of how businesses and industries operate in the wider environment and, critically, how they make money. How businesses do this will differ depending on several factors such as:
- the type of organisation they are
- the industry within which that organisation operates
- the products or services it sells
- the types of customers (or clients) it has.
Take a law firm as an example. It offers specialist knowledge, experience, and expertise to clients looking for help with various challenges or opportunities. Clients pay the firm for this advice either based on time spent providing the advice or through a pre-agreed fixed fee. Typically, law firms operate across a wide range of industries such as manufacturing, financial services, and retail. This means their teams must develop an understanding of those sectors to ensure they can give the best possible advice to their clients.
The importance of commercial awareness
As you start out on your career, developing commercial awareness will help you to stand out from other candidates. This skill is something that most employers look for, particularly in the application and interview stage. By taking the time to develop commercial awareness, you are not only investing in your development but also demonstrating to potential employers your understanding of the world of business.
For businesses, employing people who have strong commercial skills is important in delivering the best service to their clients. This knowledge enables employees to apply their understanding to their clients’ businesses which adds value to those relationships and, in turn, gives clients the confidence that they are dealing with the right organisation to help them.
What are the key areas to consider when it comes to commercial awareness?
There are plenty of areas to consider when it comes to the business world and developing your commercial awareness. To help you on your journey, we have included some of the key areas to explore below.
Industry trends
It is worth researching what trends are emerging in different industries. Start by looking at those industries that interest you most. It might be retail, e-commerce, or property. In all industries and markets, the world of business is constantly changing and there is no shortage of content out there on what those trends look like and predictions about how they might change in the future.
Regulation
As industries and the world of business change, so does the regulation that governs and monitors what companies and markets do. It is worth researching what changes are taking place to adapt to those developments.
Technology
This one is huge! There seems to be an ever-increasing pace in the development of new technologies, such as Artificial Intelligence (AI). Advancements in technology create new markets, influence existing products, services, and industries, and have a profound impact on the world of work and business.
Financial markets
Financial markets are where people, companies, and governments trade things like stocks, bonds, and currencies. Financial markets have a significant impact on businesses and companies and having a basic understanding of how they work will help you in developing your commercial awareness.
Changes to consumer buying habits
The types of products and services we buy and the way we buy them are constantly changing because of cultural shifts, global economic changes, and technological advancements, and this directly impacts businesses.
Understanding politics and its influence on business
Politics has a profound impact on businesses as it shapes the regulatory environment, taxation, trade policies, and much more. As part of developing your commercial awareness, it is worth spending time to understand the political system, who the political parties are, what they stand for, and how their policies impact the business world.
Practical ways to develop your commercial awareness
There are plenty of areas to consider when it comes to the business world and developing your commercial awareness. To help you on your journey, we have included some of the key areas to explore below.
Utilise social media and the internet for accessing business content
The internet is a great source of business-related information and content that can help you develop your knowledge and understanding. Spend time reading articles that are related to the world of business and what is happening in financial markets, retail, and other key areas. We have included some links to websites that are worth considering below.
Speak to family members and friends
Consider speaking to family members and your network of friends about how you can develop your understanding of business. Speak to them about topics you have heard about on the news to discuss their views and how it impacts them in their job.
Set up a LinkedIn profile
LinkedIn is a social media platform for professionals and is one of the world's largest and fastest-growing networks. You can connect with professionals, access a wide range of content, and find job opportunities on the platform and it can be a great source of knowledge and useful information. Note: You must be over the age of 16 in the UK to set up an account on LinkedIn. You should always seek parental consent to use any social media platform if you are under the age of 18.
Join us for your journey
"It’s been great to see how commercial awareness can impact the work of the practice areas and how the prediction of events in the commercial environment can massively impact the work being done and ultimately impact a business."
Keeley Barnes, Solicitor Apprentice
"It allows me to align my actions and projects with the firms' overall goals. By becoming more commercially aware, I can adapt and anticipate changes within the industry.”
Megan McCaffrey, Solicitor Apprentice