Why starting your own business looks great on a training contract/vacation scheme application
Commercial lawyers are both legal and business advisors. Their role is to use the framework of the law to get transactions over the line or to fight/defend legal claims made by/against their clients. When a lawyer is performing either of these roles, they need to be able to think commercially in order to protect the best interests (which are quite often commercial interests) of their clients. This is why law firms want trainees who are commercially aware.
A solid way of showing you have commercial awareness is to start/run your own business because you will gain an insight as to the rules businesses in England & Wales have to follow, the way business owners make decisions and an awareness of the commercial fundamentals that make a business tick.
The business itself doesn’t need to be big and it could be something you do alongside your studies or a job. There are a number of benefits to doing this:
It’s a position of responsibility - firms want candidates who have a track record of showing responsibility, leadership and being able to handle pressure. Being legally and financially responsible for a company is a sure way to demonstrate you have these abilities.
You’ll probably develop plenty of communication, relationship building and client skills - whether its negotiating with suppliers, resolving customer queries or drafting website pages, you’ll develop the key written and verbal communication skills law firms look for.
Then there’s the legal skills - if you sell through your own website, you’ll need to draft policies to deal with issues such as refunds and data privacy. You may also need to analyse patent registers, register a company and/or a trademark. You could also be researching markets to determine the right price to buy and sell at.
You’ll show determination and drive - starting and running a business is no easy task and neither is commercial law. Firms want candidates who have a commitment to achieving a goal and trying to succeed in adverse conditions.
It’ll demonstrate organisation, planning and an ability to manage your other commitments (work/university/hobbies) to get a new business of the ground. Trainees need these skills when working across teams, deals and clients to get things done and not miss a deadline.
It’s an achievement - Quite often, firms will specifically ask on their application form for a recent achievement, what skills you displayed and why it was challenging. This will give you an ideal answer.
In summary, running your own business can demonstrate many of the skills firms look for in their prospective trainees and is always a great addition on any training contract/vacation scheme application.