Commercial question tips needed

[C]

Hello!

A common question on application forms always asks something along the lines of "if you had to advise our management on one key area/sector to focus on in the coming years, what would that be and why?".

I understand that you're meant to employ your commercial awareness and core understanding of the firm here, and discuss how you foresee advances in the current market will impact the firm's practice in the future etc.

But for a thorough and specific answer, I'm stuck on discussing how to practically implement my suggested advise. For example, if I advise for the firm to grow its debt and restructuring team given the current covid-19 situation, what are the different ways firms can go about this? (i.e. hire more lawyers within this practice area, or through further marketing etc).
Or do I need to talk about subsequent practical changes at all, and mentioning growing this particular practice area and my reasoning behind it is enough?

Any insight would be great, thank you

 

[Jaysen]

Hello!

A common question on application forms always asks something along the lines of "if you had to advise our management on one key area/sector to focus on in the coming years, what would that be and why?".

I understand that you're meant to employ your commercial awareness and core understanding of the firm here, and discuss how you foresee advances in the current market will impact the firm's practice in the future etc.

But for a thorough and specific answer, I'm stuck on discussing how to practically implement my suggested advise. For example, if I advise for the firm to grow its debt and restructuring team given the current covid-19 situation, what are the different ways firms can go about this? (i.e. hire more lawyers within this practice area, or through further marketing etc).
Or do I need to talk about subsequent practical changes at all, and mentioning growing this particular practice area and my reasoning behind it is enough?

Any insight would be great, thank you

Interesting question, I don't frequently see this type of question on application forms.

I think you're exactly right about using your understanding of the firm and the events in the market to consider where management should expand into. I wouldn't really discuss how you intend to practically do this, I don't feel the question is asking for this, and I think the question is far more interested in the justification for your chosen area.

You are right though with your suggestions, a firm could make lateral hires, promote partners into a particular practice area, merge with another firm etc.

 

[C]

Interesting question, I don't frequently see this type of question on application forms.

I think you're exactly right about using your understanding of the firm and the events in the market to consider where management should expand into. I wouldn't really discuss how you intend to practically do this, I don't feel the question is asking for this, and I think the question is far more interested in the justification for your chosen area.

You are right though with your suggestions, a firm could make lateral hires, promote partners into a particular practice area, merge with another firm etc.

Thank you Jaysen - I agree

 

[DonnieDarko]

My experience with a similar question was eliciting a broad strokes response, more strategy vs granular implementation detail.

Associate asked me (assuming I was familiar with practice areas) to pick one and expand on my thoughts. I steered clear of brexit/hyper topical issues and talked about things I was interested in based on what the firm was doing. China + Africa and emerging markets + big tech and how incoming UK / EU regulation would impact clients/firm.

 

[Alice G]

I haven't had this question I don't think but I did have a next office location question which isn't entirely divergent and I think you have hit the nail on the head in terms of what you said first about it just really being more about your commercial awareness of trends and different sectors and also tying that back to the firm and what areas they personally might seek to look at. I don't think there is ever a right or wrong as such with this question but speak your thoughts with conviction and confidence and that is half the battle with these technical questions (easier said than done I know!)