This Practice Note provides practical guidance and tips for in-house lawyers on developing and improving their own commercial awareness/business acumen.
Commercial awareness/business acumen skills are developed over time (rather than being simply learned as ‘a one-off’) and should be constantly evolving.
In summary:
commercial awareness is having an understanding of the business environment you are in and the factors that can affect and/or influence success
business acumen (also known as ‘having business sense’ or ‘being business savvy) combines knowledge, skills, and experience, with the ability and confidence to apply that knowledge to make good decisions, strategically plan, drive successful outcomes and improve performance
Being commercially aware and staying up to date with trends and matters that may impact your business/industry is important to ensure you are both supporting and advising your business in the best way possible.
Most businesses will expect their in-house lawyers to be familiar with the:
business
organisational structure (and its evolution)
industry they operate in
Having
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