Commercial Awareness

What is it?

Commercial awareness is staying frequently informed of the happenings and developments occurring in the business world. More than simply being informed, commercial awareness means considering the potential implications of an event and how it will affect the commercial space. Regularly seeking news on prevalent deals, transactions and issues in the industry allows you to remain informed about matters of interest to the firms you will be applying for.

Why is it important?

The corporate workplace is highly competitive and employees need to know the business that they are dealing in. This not only means being knowledgeable in the matters of their own firms but that of their clients as well. Having current knowledge about relevant industries is highly advantageous to establishing links with clients and avoiding poor business decisions.

What should I consider?

Knowing a significant event happened is not sufficient. You should think about why this happened, the causes, stakeholders, and implications. Do you agree with how key stakeholders manage the situation? Would you do anything differently? This is how you stay informed and ‘connect the dots’.

Bear in mind too, commercial awareness is not something that can be developed overnight, as you will need to constantly build your knowledge on news and events over time.

HOW TO STAY COMMERCIALLY AWARE

1. Read business pages and follow the stories and trends throughout a period – connect the dots. 2. Keep an eye out for big deals occurring in the commercial world, these are not just big for the company but will definitely have consequences for the industry and beyond. 3. If you do not understand something initially, conduct further research into the topic! 4. Some interesting sources to keep a tab on include, but are not limited to: • Lawyers Weekly • Australian Lawyer • Australian Financial Review • The New York Times • Bloomberg News • Financial Times • International Financial Law Review