Norton Rose Fulbright Question:

Elijah Wee Yang Yi

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Nov 14, 2024
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Hi, I am currently applying for the vacation scheme at NRF, and one of the qs is as follows:

Norton Rose Fulbright has a sector led approach. Which one of our sectors do you think has the most potential for growth over the next 12 months, and why, and what opportunities do you see for the firm to maximise this potential? (300 words)

Should I focus on outlining current sector areas which currently are seeing a lot of legal risks, and how NRF can leverage on its current strengths to assist clients in navigating these risks? Thank you for your help.
 

Ram Sabaratnam

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Sep 7, 2024
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Hi @Elijah Wee Yang Yi :)

Your suggestion to discuss legal risks isn’t necessarily incorrect, but the question is more commercially focussed. It’s asking you to pinpoint one specific sector and identify areas of growth over the next 12 months. Navigating legal risks isn't what is typically meant by growth. Rather, "growth" typically refers to economic factors like increasing investment, market expansion, or economic and commercial opportunities arising from regulatory or technological changes.

For instance, NRF is well-regarded for its work in financial services. There are several trends currently posing growth opportunities and challenges in the sector, including the integration/application of generative AI in areas such as financial planning, insurance, and banking. Another trend to consider includes the ongoing development of digital assets and central bank digital currencies (CBDCs). Many central banks are accelerating pilot programmes for CBDCs in 2024, and financial institutions are navigating opportunities and challenges around adoption, including regulatory compliance, cybersecurity, and interoperability with existing systems. You could identify 2-3 such opportunities for growth in a sector the firm is well-known for advising in, and then briefly describe how NRF could play a key role in advising clients on these complex issues, leveraging its cross-border expertise.

Again, try to make the answer more commercially focussed, then tying in the ways that NRF can assist clients take advantage of those commercial opportunities. This will help you answer demonstrate both your commercial awareness and an understanding of the firm’s strengths. Best of luck with your application, and let us know if you have any other questions!
 

Amma Usman

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Hey @Elijah Wee Yang Yi , @Ram Sabaratnam has already given an excellent strategy to adopt structure and content wise. As he explained, focus on showcasing your commercial awareness and the firm‘s existing expertise. I have nothing to add to this - I would just briefly touch on possible additional discussion topics based off recent trends;

Renewable energy, tech and AI, and healthcare are some of the fastest-growing industries right now. They’re literally shaping how the world works, but with all that growth, there are so many challenges that companies face, and this is where law firms step in big time.

Take renewable energy, for example. Everyone’s racing toward net-zero emissions, right? But building something like an offshore wind farm or scaling up green hydrogen production isn’t just about having the technology. Companies have to deal with complex regulations, environmental laws, and funding agreements. That’s where lawyers come in, they help these companies navigate all the red tape, negotiate contracts, and make sure everything’s legally airtight. Without this kind of help, it’s so easy for projects to get delayed or, worse, shut down entirely.

Then there’s tech and AI, which are moving crazy fast. The opportunities are endless, automating processes, making better decisions with AI, all of that. But it also comes with risks. Think about data privacy, companies can get into serious trouble if they mishandle user data. Or if they’re developing new AI tools, they’ve got to worry about patents and ethical concerns. Law firms are like the guardians here, helping businesses stay compliant with laws like GDPR, protecting their intellectual property, and advising on how to use AI responsibly.

And healthcare? Oh, it’s booming; gene therapies, telemedicine, AI in diagnostics. But the stakes are super high because of all the regulations, the time it takes to get FDA or EMA approvals, and even ethical concerns around things like personalised medicine. Lawyers help navigate all that complexity, making sure companies can actually bring these amazing innovations to market without getting tangled up in lawsuits or regulatory issues.

So, dig deep to see if NRF has a growing interest in advising on these areas. I’m sure it likely will as all the global firms have to move with these widespread trends.. to stay competitive. I also know of NRF’s strong energy expertise.

Although, I recommend being really mindful with how you talk about common topics like this that many candidates will mention. If you’re bringing it up, ensure you hit the nail on the head and explain the commercial awareness point strongly and NRF’s position/ potential contributions.
 

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