Norton Rose commercial awareness question

[S87]

Hi guys,

I am having some trouble to structure my answer to the commercial question. My issue is to discuss a topic that is going to impact on the GLOBAL practice rather than the UK firm.
I was thinking to talk about the Iran sanctions or the impact of GDPR on EU and international companies.
Any advice? How should I structure my answer?

 

[Salma]

Hi guys,

I am having some trouble to structure my answer to the commercial question. My issue is to discuss a topic that is going to impact on the GLOBAL practice rather than the UK firm.
I was thinking to talk about the Iran sanctions or the impact of GDPR on EU and international companies.
Any advice? How should I structure my answer?

Hi,

I would structure it as follows:

1. What is the change
2. The impact of the change (positive and negative)
3. What is NRF doing to keep up with the change
4. Any uncertainty the change brings to the global practice of NRF.

I hope that helps.

How does everyone else structure it?

 

[yanerlim]

Hi,

I would structure it as follows:

1. What is the change
2. The impact of the change (positive and negative)
3. What is NRF doing to keep up with the change
4. Any uncertainty the change brings to the global practice of NRF.

I hope that helps.

How does everyone else structure it?

This is a great structure Selma! In regards to this, I would also like to add that it is important to research what is directly affecting the international offices NRF has (eg: they have a prominent canadian and US presence) or research into what countries are they speculating to invest in (emergin economies etc? what industries are booming/ slumping in these countries?)

 

[Salma]

This is a great structure Selma! In regards to this, I would also like to add that it is important to research what is directly affecting the international offices NRF has (eg: they have a prominent canadian and US presence) or research into what countries are they speculating to invest in (emergin economies etc? what industries are booming/ slumping in these countries?)

100% agree with the above, try and align why the change will affect a strategy NRF has in place in say for example in Iran or any other countries surrounding the nation!

 

[AJ]

Agree with everything that’s been said.

But in direct response to @S87 I don’t think it would be right to just emphasise the global aspect of an issue. Most law firms are international so it could be an answer you use for any firm with a similar question. Therefore, instead it’s perhaps better to focus on the specific NRF practice. I recall Nrf have a specific industry sector focus. So if you chose trade war or gdpr how does it impact their practice sectors which they work in globally.

Something which has only just hit me recently.... rather than find an issue and then try to recycle it to another firm or mould it to fit. Look at the firm sectors/practice strengths and find an issue. That why it’s a tailored answer.

So back to nrf, they’re big on energy/finance/etc. What issues are affecting these sectors. Commodity prices, any new threats of changes to policy (e.g trump pulling out of climate change) or banking regulation as a result of brexit (I know old news but it really does impact the firm...).

 

[S87]

Thank you all.

I was actually planning to talk about GDPR, but I am going to talk about Trump's yesterday decision to fully reinstate the sanctions against Iran. The sanctions are going to impact on the insurance, shipping and energy sectors which are 3 big areas on which NRF is very dominant.

In my application to HFW, I spoke about Trump's tariffs against China for two reasons: HFW is band 1 on commodities and they have two big Chinese clients who are likely to be affected. But for NRF, the story is different.

What do you think?

 

[S87]

This is a great structure Selma! In regards to this, I would also like to add that it is important to research what is directly affecting the international offices NRF has (eg: they have a prominent canadian and US presence) or research into what countries are they speculating to invest in (emergin economies etc? what industries are booming/ slumping in these countries?)

They merged in 2017 with a US firm to expand their presence in Mexico and Brasil. But other than that..I really do not know

 

[Salma]

Thank you all.

I was actually planning to talk about GDPR, but I am going to talk about Trump's yesterday decision to fully reinstate the sanctions against Iran. The sanctions are going to impact on the insurance, shipping and energy sectors which are 3 big areas on which NRF is very dominant.

In my application to HFW, I spoke about Trump's tariffs against China for two reasons: HFW is band 1 on commodities and they have two big Chinese clients who are likely to be affected. But for NRF, the story is different.

What do you think?

As long as your response answers the question, I think you will be fine. Don’t worry!

 

[yanerlim]

Thank you all.

I was actually planning to talk about GDPR, but I am going to talk about Trump's yesterday decision to fully reinstate the sanctions against Iran. The sanctions are going to impact on the insurance, shipping and energy sectors which are 3 big areas on which NRF is very dominant.

In my application to HFW, I spoke about Trump's tariffs against China for two reasons: HFW is band 1 on commodities and they have two big Chinese clients who are likely to be affected. But for NRF, the story is different.

What do you think?

I initially wrote about the US Canadian Mexican agreement but realised it may not apply completely to the firms GLOBAL practices. Make sure when you speak about trump and gdpr, they actually impact it’s global practices rather than just one jurisdiction. I think the trump issue may have knock on effects so that’s a good starting point to discuss it but make sure you highlight that in your answer

 

[S87]

I initially wrote about the US Canadian Mexican agreement but realised it may not apply completely to the firms GLOBAL practices. Make sure when you speak about trump and gdpr, they actually impact it’s global practices rather than just one jurisdiction. I think the trump issue may have knock on effects so that’s a good starting point to discuss it but make sure you highlight that in your answer

I will. Actually, the sanctions will have an effect on 3 industries in which NRF is very strong across its global practice. Wish me luck