...the dreaded concept! I certainly think I have a decent grasp of what is happening in the news and how it directly affects the law and the law firms which I hope to apply to for training contracts. It is the next step, the deeper awareness and engagement within a topic which I need to focus on.
I certainly found that reading the news, especially the financial times app is very useful and gave me a great snapshot into the commercial deals happening in the UK and other jurisdictions. In fact, WeWork is almost mentioned on the daily and when strolling around London this summer was something I could not seem to escape. I even saw their office in NYC. Reading the news is only the first step. Being able to read an article and understand how that news story will have an effect on a company is next. For example, Mike Ashley has acquired a 12.5% share in Mulberry,[1] but what does this really mean for Mr Ashley or the retail industry?
Alternatives to reading the news: read a book. Last summer, I wanted to improve my knowledge of Artificial Intelligence (AI) as I knew that amongst the digital technology revolution, Fintech, Blockchain, AI and Big Data have all emerged and are having significant impacts on how law firms advise their clients. Fintech is having a particular effect on the way in which law firms advise their clients in relation to financial issues. Allen & Overy have dedicated an entire area in their London office to Fuse, if this doesn’t highlight the prevalence of technology in law then I don’t know what will.
So, what did I do? I ordered a book. The Big Nine by Amy Webb. A book which I would really recommend. Webb's description of AI and the rise of super AI in the future was one of interest. What I liked most, however, was Webb's three alternative outcomes from the rise of AI. Webb highlighted how regulation of AI across the world will have a real effect on the overall successfulness of AI and its implications.
It’s about more than being aware but linking what I see in the news to corporate law firms. Being so far away from England makes this seem impossible. The big looming question is how Brexit is going to affect the commercial industry? What does the withdrawal agreement really mean for these companies, the law firms’ clients? What does it mean to be in the transition period for these companies? What will happen after the transition period is over? And these are only some of the most basic questions which I want to engage in. Are we going to get a trade deal with America? Will the 2020 federal election result effect the UK’s so called ‘special’ relationship with the US? So... all of these questions, but how can I find out the answers?
One thing I do miss on my year abroad is the career opportunities provided by CEPLER at the University of Birmingham (another tip: go to careers and interest talks provided, they really open your mind.) As my year abroad university does not have a specific law department there is limited extracurriculars to go to advance your knowledge of the taught courses. Although, I did go to a talk on Climate Change and Sustainable development by Thomas Mulcair. As a former politician he focused on the political aspects of new developments with regard to the environment. What will Justin Trudeau do in relation to the Frontier Teck? For those of you who have no links to Canadian politics, the Frontier project proposes to build a mine which is bigger than the entirety of Vancouver, destroying around 1.5 million acres.[2]
I did say this was not an advice blog, but I will share my methods, if you listen and adopt, I guess it is advice to some extent. I live by and would recommend a routine. Add reading the Financial Times into your schedule. Listen to a podcast before you leave the house every morning. Start by reading and engaging with things which interest you. Personally, I am very passionate about the environment. It is easier to engage and develop a detailed understanding of a topic which you want to delve into more. I find when I pick one area and find articles which relate to that specific topic it is more beneficial than having a sweep of surface level knowledge on various areas. Even though the environment may not seem to have relevance in all areas of law, the environment has become an area which law firms have had to take responsibility over and they have to ensure that they have the least detrimental effect on the environment. The environment is also essential in planning and real estate law. Do not be discouraged if you feel that your personal interest does not best fit with commercial law firms, I think it’s more about using your knowledge and developing a framework of ideas around how your interests are affecting the law, even if its only minimally. Remember: make sure you look how the research or news story will affect the specific firm you are most interested in applying to.
Lastly, work experience is the best type of commercial awareness training any law student can get. Being surrounded by the Law and how it works in practice is the whole premise of the idea of commercial awareness. Try and get work experience, but then ensure you engage with the material that you experience.
Do not let concept of commercial awareness scare you. I just take it day by day. One day, the days will add up and you will have a secure foundation to engage with the law utilising a commercial eye.
I wish you luck. I certainly need it.
[1] Jonathan Eley, 'Mike Ashely snaps up stake in Mulberry', The Financial Times, February 3rd 2020 ,https://www.ft.com/content/57b3f8c0-46a9-11ea-aee2-9ddbdc86190d < accessed 4th February 2020>
[2] Mulcair. T. “Mulcair: The climate conversation and the Teck Frontier oilsands mine” Jan 7th 2020. https://torontosun.com/opinion/columnists/mulcair-the-climate-conversation-and-the-teck-frontier-oilsands-mine <accessed 5th February 2020>