Commercial Awareness for Lawyers

Commercial Awareness for Lawyers
Commercial Awareness for Lawyers
Todd, A
W Green & Son

Commercial awareness is an increasingly important skill for solicitors. Not only for those coming new to the industry, but also for experienced solicitors in a range of organisations from high street firms to multinationals. It is one of the key skills that a good and competent solicitor needs to master. The Law Society of Scotland has identified the subject as a key vocational skill, now taught on the Diploma in Legal Practice.
Commercial awareness means knowing what it means to be a lawyer: do you understand professional standards? Do you know what senior associates do? Do you know why your firm is a partnership? Do you know why so many Scottish firms have merged in the last few years? In short, do you understand what lawyers and law firms do? It also means knowing how to run a business and make money: can you read a set of financial accounts? Do you know the difference between profit, cash, capital and debts? Can you manage people? Do you have IT skills? Can you sell yourself and bring in business? Are you a business person as well as a lawyer?
Commercial Awareness for Lawyers is the ideal text to guide Diploma students, trainees and junior solicitors within firms of all sizes on the important practical points of the legal business, and also to fill the gaps for more seasoned practitioners who require a greater understanding of the commercial side of being a lawyer.
Andrew Todd is general counsel for a large independent house builder and has taught Commercial Awareness on the Diploma in Professional Legal Practice since 2012.
Iain Sim is a qualified solicitor. He is a visiting lecturer at both the University of Strathclyde and Strathclyde Business School, where he co-ordinates and delivers commercial and business courses at undergraduate, masters (including DLP) and MBA level. He also delivers an executive education programme for a blue chip Plc.

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