Introduction: Commercial Awareness Case Study
Commercial awareness is something that law firms frequently mention when it comes to the recruitment of their trainee solicitors. At assessment centres, applicants are often required to read a commercial awareness case study and then prepare a presentation, discuss their ideas with the interviewer or participate in a group exercise with the other applicants.
Practising a commercial awareness case study is a good way to start thinking about commercial concepts in the right way. It is important to have an understanding of clients, the industry in which a client operates in and the commercial impact on the law firm that you work for. Don’t forget, the law firm that you work for is also a business and you should pay close attention to the impact that decisions will have on the firm’s revenue and profit.
What Does A Commercial Awareness Case Study Look Like?
Although the application process varies from firm-to-firm, typically you are asked to advise your client on how to set-up a business or acquire another business. It’s important to think about your client and what their aims and objectives are. It is also essential to remember that as a lawyer, you will be advising your client on how to manage their risk so if you spot any red flags, you should mention these to your client. Once you have highlighted the risks to the clients, you should also follow-up by presenting a solution to the problem.
Is There An Example Of A Commercial Awareness Case Study?
When practising a commercial awareness case study, make sure you remember to be analytical and think about all the different departments that might be involved when advising a client. Here is a very short example to get you thinking:
You are an Associate in the Corporate Department and have been approached by John, who is planning to set-up a coffee shop. John informs you that he is interested in launching his first coffee shop in London but doesn’t know how to go about doing this. John tells you that he has heard something about Companies House and incorporating a company but doesn’t know what the difference is between this and being a sole trader.
John informs you that he has £5,000 cash saved up and is hoping to bootstrap the business. John’s aim is to get a prime site in Central London as he thinks that’s where he will be able to get customers willing to pay for a new brand of premium coffee he has found. The site that John has found is currently being used as a clothes retailer but they are soon vacating the premises.
John also explains that he has made a great deal with the supplier of the coffee. John says that the supplier has given him his word that he will not sell this new brand to anyone else. John doesn’t like paperwork and says that he has made a mental note of what has been agreed and is looking forward to receiving his first order the day before the coffee shop opens.
John says that he has drawn the logo for his new coffee shop on the back of an envelope and thinks it looks great. He says that he also likes the logo that an existing coffee shop has so might just change their colour and font a little bit and just use that instead – he says that this will save him a lot of time and money!
Speak to us for more information about commercial awareness training and interview coaching for law firm assessment days.