Business of Law Explained: Business
- Robert Greene
- Tuesday 07th December
- 2 min read
Commerical awareness is the inescapable buzzword for every aspiring solicitor. If you study the Professional Skills Course (PSC) at The University of Law, you will have the opportunity to develop your commercial awareness through the Business of Law programme. Here, we explain how.
What is the Business of Law?
The Business of Law is not a course in its own right. Instead, it is a programme that integrates four key competencies, which employers are looking for, into The University of Law’s PSC offering. This means that as well as completing the PSC, trainees will develop the key skills they need in practice.
The four Business of Law competencies are: Business, Law, Self, and Working with Others. In this article, we will focus on the Business competency.
If you would like to know more about the Law competency, check out our article, “Business of Law explained: Law”.
What is the Business skill?
Solicitors do not practice the law in a vacuum. Being able to recite black-letter law will only get you so far. Instead, solicitors are expected to be commercially minded, having an in-depth understanding of the business and commercial world.
Based on working with clients, The University of Law has identified “Business” as a key competency that all trainee solicitors need in practice. This competency focuses on business development, client relationships and commerciality.
Business development is about creating long-term value for an organisation. Law firms are businesses in their own right. Their survival depends on them being able to identify and capitalise on opportunities to grow. Electives such as The Law Firm as a Commercial Enterprise and Client-Focused Technology and Management of Disruptive Technologies can help delegates develop their understanding of what makes a law firm a successful business.
A business without customers is not a viable business. Building strong client relationships is therefore essential to the success of a law firm. This involves understanding a client’s needs, building a rapport with them, and offering consistently, excellent advice. Coaching Skills for Lawyers, Client Care and Professional Standards, and Consultancy Skills for Lawyers are some of the electives and core modules that focus on client relationship management.
The final Business competency that delegates will develop on the PSC is commerciality. Delegates will learn how to identify commercial issues that arise for clients and how to give practical commercial advice. Practical Commercial Contract Drafting and Practical Contract Law are but two examples of the modules available that focus on building commerciality.