Commercial awareness is about having knowledge regarding other sectors such as business to deduce how events in these other sectors impact the legal sector. Therefore, having good commercial awareness is imperative to becoming a good lawyer as understanding how current events and developments in other sectors allows for securing better outcomes for cases and helps develop relationships with clients.
As lawyers need to apply broader knowledge outside of the law to cases, firms often look for students who are up to date with their knowledge so developing good commercial awareness is important for students who want to pursue a career in the legal sector. Being commercially aware is likely to aid you in securing a job in the legal sector but it will also aid you in the present, having good commercial awareness will allow you to better grasp concepts in every aspect of your life. A good way to improve your commercial awareness is by reading the business section of broadsheet newspapers such as The Guardian, The Times and The Financial Times. However, if you have decided on the area of law you want to pursue, finding more refined resources on that specific area is recommended. Other ways to develop good commercial awareness include reading legal blogs and listening to podcasts designed to enhance commercial awareness.
More information on commercial awareness can be found through the links below.
Additionally, the Commercial Awareness Guide by Harry Clark is an excellent resource.