What do commercial lawyers do?
Law firms are increasingly asking candidates questions about the role of commercial lawyers, including what commercial lawyers do day-to-day, what trainee solicitors do more specifically, and the key skills that this all requires.
With this in mind, this newsletter gives a high level overview of what commercial lawyers do. But first...
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Why do you need to know what commercial lawyers do?
Well, you can’t convince a prospective employer that you really want the job if you can't actually explain what that job involves! You need to convince the firm that you have at least some idea of what you're getting yourself into, otherwise you'll be perceived as a flight risk.
And firms don't want to invest hundreds of thousands of pounds in training you if they have an inclination that you're going to leave upon qualification (or earlier!).
In this sense, "what do commercial lawyers do?" operates in a similar way to a standard motivation question such as "why commercial law?". By testing how much research you've carried out into what lawyers do, firms are - at least in part - testing whether you're really invested in the career.
So, what do commercial lawyers do?
Overview of the role of commercial lawyers
Commercial lawyers generally work in teams to support clients with various aspects of transactions and disputes, as well as advise clients on how to comply with legal and regulatory requirements.?
The role of transactional commercial lawyers
In a transactional context, this can include helping clients to identify and assess legal and commercial risks, then mitigate these risks through the use of contractual protections.
It can also include precisely documenting clients' intentions and the outcome of negotiations. Depending on their practice area, lawyers may also work on financings, employment agreements, real estate transactions, competition law analysis, tax structuring, and so on.?
The role of contentious commercial lawyers
In a disputes context, lawyers may advise clients on investigations (involving regulators), litigation proceedings (involving courts), alternative dispute resolution proceedings (e.g. arbitration and mediation), and settlement negotiations and agreements. This can involve reviewing thousands of documents that are potentially relevant to disputes, engaging and coordinating barristers and experts, drafting witness statements, producing court bundles, and helping clients to understand the prescribed legal processes that they must follow.?
The role of advisory commercial lawyers
In an advisory context, commercial lawyers may advise on a broad range of matters, for example issues relating to cybersecurity, data protection, employment law and environmental law.
For a deeper insight into the role of key practice areas and trainee solicitors, including in the context of acquisitions, complete Commercial Law Academy’s Law firm practice areas and Introduction to commercial law courses and A law firm's role on a transaction case study.
As a reminder,?Commercial Law Academy?offers 25 in-depth courses, covering: insights into legal careers, 100+ firm profiles, hundreds of interview insights, expert advice on writing applications and tackling psychometric tests, comprehensive insights into 30+ law firm practice areas, hundreds of example (verified) successful cover letters and applications, resources to help you prepare for interviews and internships, example interview case studies, M&A and private equity, practical content to help you understand and confidently discuss commercial concepts and current affairs, plus tips on how to navigate a professional environment, network, negotiate, deliver presentations and write professionally. Check out this?animated explainer video?for more information.