We thought we'd give you the key facts about working as a commercial lawyer so that you can make an informed decision about whether or not you want to find out more.
You will become a specialised commercial solicitor
If you haven't considered whether you'd rather be a solicitor or a barrister, do so. You should also realise that some solicitors work in areas of law and for types of client than commercial firms cannot offer you. Most lawyers in the City work in their firm's corporate or finance departments, and all commercial lawyers spend the majority of their time working on business-related matters.
You don't need a law degree
But if you are doing one, learn all you can - it will be useful. And if you get your legal knowledge at law school instead, remember that you're not just passing exams, but building up a body of knowledge in one year that others have had three years to acquire - pick up as much as you can! But the knowledge you'll obtain while working as a commercial lawyer covers far more than just the law.
You have to market yourself from day one
As a lawyer at a large law firm you generally don't have your own role, a specific boss or designated duties - you're more like a sole trader touting for business. There are structures in place to help you get experience, but ultimately if you want to succeed, it's key that you're prepared to persuade more senior lawyers (and, later, clients) to give you work.
Much of your time will be spent reading and writing documents
If you can't concentrate on large and dense pieces of writing or if you don't spot mistakes in text, choose another career.
Time is money
Always true, but particularly for law firms who charge their clients per hour of lawyer time, with each lawyer's price determined by their number of years of experience. The fact that experience has real financial significance means that there's a strong sense of hierarchy in most law firms. Billing by the hour also means partners will know exactly how much work you're doing - at a large commercial law firm, you'll be expected to notch up between 1,500 and 2,200 hours of client work per year. Hard graft will be recognised and, with luck, reflected in the size of your bonus, but there's no scope at all for winging it.
Your clients will be intelligent and capable businesspeople
This means that they will be stimulating to work with, and you won't have to explain basic points to them. But because they're paying a lot of money for your help with a complex and high-value challenge, they will be demanding.
You need to be organised
Being a lawyer is not just about being a legal expert - it's also about managing projects. You need to be the kind of person who makes to-do lists - and goes on to tick the items off. And because the other lawyers at your firm will have minds which work in this way, you have to not just be efficient and tidy-minded but constantly demonstrate that you are. Even if your work is good and done on time, your colleagues may doubt your abilities if you don't take notes or have a messy desk.
Only a few make it to the top
Most large commercial law firms take on between five and 100 trainees every year, but only a small minority will eventually become partners. But most lawyers don't leave their firms before partnership because they're not good at the job. Rather, they choose other options open to them like moving to a smaller firm, becoming an in-house lawyer, working elsewhere in the commercial world, setting up their own business, changing career direction completely, or being a full-time parent.