By Guest Writer – Steve Weiner
‘Do you have a good grasp of commercial awareness?’
‘Are you thinking commercially?’
‘I think we need to understand their commercial goals’
‘Let’s be commercial about this…’
These rather hackneyed phrases are a firm favourite with lawyers in commercial practice. Although they are overused in both conversation and correspondence, they are also overused in appraisal processes, both formally and informally. This means understanding the expectations placed on you in this regard will be vital to your success as a junior lawyer.
Getting to grips with ‘commerciality’ and ‘commercial awareness’ will terrify you when you begin your career. You will not know what it is, how to show it or indeed how to acquire it. You might panic. You might even sweat a little. But fear not; commerciality is nothing to be afraid of when you are starting out. In fact, ironically, it gets harder the more senior you get. What, then, is it?
Differing viewpoints
Some say commercial awareness is something you acquire after practising or being in business for a significant period of time. Others (likely to be more uptight as human-beings) will tell you that commerciality is about having a specific knowledge set; being-up-to-date with the markets and having an almost intimate understanding of the economic variables that affect the way lawyers and business people act and work.
At your stage, both these positions are not applicable. Commerciality as a junior lawyer is simply one (albeit large) element of effective communication in a commercial law firm. It involves tweaking your thought process to communicate and show to those around you that you care about the business you are in. What are these tweaks? How should you be acting? What should you do, practically, to show you care and convince those in control that you are worth investing in as a lawyer?
The starting point is to think about what being ‘commercial’ actually means when you are starting out.
No, wait, I think I just had a commercial thought…
Your client group comprises both external (fee-paying) and internal (career-controlling) sets. You should be treating everyone you come across in a professional capacity as a client; aiming to provide a uniform quality service to enhance your prospects of success. So, if this is the case, it seems ridiculous only to think of commerciality as knowing about business. This is because, in essence, the rules for commerciality and commercial awareness are the same as those for good communication – giving the customer what they want. Good commercial behaviour is rooted in good communication. The two things are inextricably linked – an effective Twenty-First Century solicitor will think commercially about everything he/she does and will communicate or signpost it clearly to those who control their success.
A tweaked thought process
When, as a junior lawyer, someone asks you if you have good commercial awareness, appraises you on the basis of your commerciality or asks you to think commercially they are saying one thing and one thing only:
Do you understand your clients (internal and external), do you identify with them, are you helping them achieve their objectives and are you showing a passion for your chosen career?
This seems obvious. Remember, however, that becoming a lawyer means you are tacitly consenting to working in a service industry, commiting to servicing others’ needs and wants and making every effort to be liked by those people. If you are not interested in thinking about your clients (internal and external) and what they want, why choose law for a career? After all, if you are a commercial or corporate solicitor, you chose to work in business. Not in the arts. Not in healthcare. Not in the media. In business. Pure and simple. So, you should expect those around you to want you to show an interest in their business. After all, no-one in your law firm will ask you to do some work for fun or for simple intellectual satisfaction.
Think of yourself as a car and your engine as the study and application of the law. Your steering wheel, pedals and chassis, however, is the influence of business that guides and drives your activities. Business decides the direction in which your car goes, what it looks like when it drives and how fast it goes. Business also tells you when you need to stop, think and refuel. If you put the wrong fuel into the car, it will break down, irrespective of the quality of the engine parts. And if you drive badly and erratically, you’ll get your licence taken away from you.
Your legal colleagues (especially the senior ones) will, of course, be interested in the law. It’s their bread and butter. Because of the demands placed upon them by external clients, however, the successful ones will also be very interested in business and the commercial aspects of the deal, matter or transaction. In other words, what does X piece of law mean in practical, tangible terms? How will it affect the bottom-line? How will it affect the long and short-term strategic aims of that company or individual or your firm? Commercial lawyers are obliged to think in this way because external clients and non-lawyers are not (on the whole) interested in law. Unless they ask you to shower them with technical know-how, you can assume they think discussing and debating technical legal issues is boring, slightly irritating and quite pompous. So, being able to identify these commercial elements and aspects is a key skill. Signposting your knowledge and understanding of these elements to others you work with (as well as demonstrating the requisite technical competence) is vital if you want to be respected.
Written by Steve Weiner - Steve originally practised as a commercial litigator in the City of London before becoming a Learning & Development professional, a certified business coach and a legal skills trainer in a number of leading City of London law firms. Steve is also an award-winning stand-up comic, a TV actor, radio presenter and an accomplished comedy writer.
This is an extract from 21st Century Solicitor: How to Make a Real Impact as a Junior Commercial Lawyer published by Hart Publishing. Read a full book review and purchase the book here: 21st Century Solicitor
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