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One of the most rewarding aspects of my Corporate seat has been the opportunity to develop not only my legal knowledge, but also my commercial awareness. While corporate law is often associated with transactional documents and legal processes, I have quickly learned that understanding the commercial drivers behind a deal is just as important as understanding the law itself.
Through a combination of business development initiatives, market research projects and involvement in live transactions, I have gained a much deeper appreciation of how businesses operate, grow and make strategic decisions. These experiences have encouraged me to think beyond the legal issues and consider the wider commercial objectives of clients and investors.
Learning from investors through MAINstream
One of the most valuable ways I have developed my commercial awareness has been through my involvement with MAINstream, Michelmores’ Angel Investor Network.
Supporting the network has given me an insight into the early-stage investment landscape and the factors investors consider when deciding where to deploy capital. Rather than focusing solely on the legal documentation that accompanies an investment, I have been able to observe the commercial considerations that sit behind investment decisions, such as market opportunities, scalability, management teams and growth potential.
Through helping to coordinate events, reviewing applications and engaging with founders and investors, I have gained a greater understanding of what makes a business attractive to potential investors. It has also highlighted how lawyers add value beyond purely legal advice by understanding the commercial realities faced by entrepreneurs and helping them achieve their growth ambitions.
The experience has reinforced the importance of being able to see transactions through a commercial lens and understand the broader business objectives that clients are trying to achieve.
Developing a business mindset through market research
Another key contributor to my commercial development has been the business development and market research work I have undertaken during my seat.
One particularly interesting project involved researching trends within the AIM market and analysing the presence of US businesses on UK public markets. The work required me to look beyond the legal framework of a listing and consider the strategic reasons why companies choose to list themselves on certain markets.
Through this research, I developed a greater understanding of how AIM and the London Stock Exchange position themselves as attractive alternatives for US growth companies. I explored factors such as access to capital, regulatory flexibility, investor demographics and the advantages that international businesses may perceive when considering a UK listing. These included access to a strong institutional investor base, potentially lower regulatory burdens and opportunities for companies to raise their profile among investors.
Undertaking market research in this way has helped me think more commercially about industries, capital markets and business strategy. It has also improved my ability to identify trends and opportunities, which is an important skill when supporting clients and contributing to business development initiatives.
Commercial awareness through transactional work
Commercial awareness is also developed through the day-to-day work of a corporate trainee.
Working on transactions has shown me that legal advice rarely exists in isolation. Every piece of advice is ultimately linked to a client’s business objectives, risk appetite and commercial priorities.
For example, carrying out company searches and supporting due diligence exercises has helped me understand how buyers assess potential acquisition targets. Rather than simply collecting information, I have learned how parties evaluate issues that could affect the value, viability or attractiveness of a business before proceeding with a transaction.
Similarly, assisting with the management of data rooms during transactions has provided an insight into the practical realities of M&A deals. Reviewing commercial contracts and assessing key provisions such as change-of-control clauses, exclusivity arrangements and restrictive covenants has shown me how seemingly small contractual provisions can have significant commercial implications. Understanding these risks helps parties make informed decisions about pricing, deal structure and future integration plans.
These experiences have taught me to look beyond the legal wording of documents and consider the commercial consequences for clients.
Looking beyond the law
My Corporate seat has shown me that strong commercial awareness is built through a combination of legal work, market understanding and exposure to businesses at different stages of their lifecycle.
Whether supporting investors through MAINstream, researching market trends, or assisting on live transactions, I have developed a much greater appreciation of the commercial factors that drive decision-making. The experience has encouraged me to think more strategically, understand the industries in which clients operate and consider how legal advice can support broader business objectives.