The now compulsory Black Friday frenzy provided lots of shoppers with (perceived) bargains this past week, but does it really make economic sense for retailers in the lucrative pre-Xmas shopping rush? Some resisted the urge to discount, claiming that the Black Friday phenomenon is “bonkers” and that it simply moves the traditional January sales period to November. For more on this, and other business stories, read on.

With vacation schemes in full swing, and the major training contract deadline of 31 July just over a month away, there has never been a better time to up your commercial awareness game. Taking an interest in what’s happening in the business world is the foundation for a successful career as a commercial legal adviser. No time like the present – read on.

In a sweep of BPTC related news, the Bar Standards Board has published statistics about students and providers of the BPTC, revealed changes to the centralised BPTC exams and deferred the Bar Course Aptitude Test until at least March 2016. 

The Solicitors Regulation Authority (SRA) has warned that firms found to be inadequate at taking continuing professional development seriously can expect enforcement action “where necessary”. 

Two leading City firms have delayed partner promotions due to pandemic pressures.

Ashurst has delayed partner promotions until later this year due to “continuing market uncertainty”. 

The planned Solicitors Qualifying Exam stage one skills assessment will be changed or abandoned after the results of a pilot showed that it disadvantaged BAME candidates.

The justice system will have to absorb further budget cuts over the next five years, meaning that the Ministry of Justice’s (MoJ) budget in 2023 will be half what it was in 2010 when the Conservatives came to power, centre-left think tank the Resolution Foundation has warned.

With less than a week to go until the biggest training contract application deadline of the year – 31 July – you may be head down, furiously working away on your applications. Take a brief pause to read this week’s selection of business and economic news – there’s every chance that you’ll be asked about some current news stories in an interview, so it’s worth keeping on top of what’s going on.

The National Association of Licensed Paralegals has revealed that the Level 3 Paralegal Apprenticeship Standard is being completely overhauled. 

While you may be breathing a sigh of relief that the biggest vacation scheme deadline of the year has now passed, there is no time to rest on your laurels when it comes to improving your commercial awareness – if you get invited to interview, you need to have a few aces up your sleeve. The best place to start is by keeping an eye on the big business stories of the day – a task that we are only too happy to help with.

A survey of 100 self-employed Black barristers found that 61% of respondents felt their relationships with solicitors had been affected by their race “or were uncertain as to whether they had been”.

You may well be in the midst of a training contract application frenzy, but don’t panic; one of the best things you can do to help your chances (other than NOT submitting your applications at 11.45pm on 31 July) is hone your commercial awareness skills. Here are a few news stories that you should probably know a bit about.

While your immediate concerns may centre on defeating the Beast from the East (mostly by staying inside, cancelling plans and drinking warm beverages), don’t let the Siberian weather freeze your ambition. In fact, what better way to warm up than with the absorption of all the hottest business stories? For which, you need look no further.

Leading commercial set 20 Essex Street has become the first barristers’ chambers in the country to adopt Rare’s contextual recruitment system (CRS), an approach to assessing applicants that is designed to be fairer to candidates from diverse and less-privileged backgrounds.

A jittery start to the week on the world’s stock markets saw share prices plunging; this week’s round-up discusses both this and other key business news.

Higher and degree apprenticeships have been found to be critical for skills supply, according to data released on apprenticeship trends earlier this week. This comes amid concerns that reduced funding for level 7 apprenticeships could harm growth. 

Sadiq Khan has kicked off Thursday with predictions that centre on a “lost decade” of lower employment and reduced investment that would result from a hard Brexit. Specifically, a study commissioned by the mayor estimates the loss of half a million UK jobs and nearly £50 billion in investment by 2030. For more big business news, try these on for size.

The big news this week is yesterday’s budget – the BBC provides a useful outline of the key points, which include the removal of stamp duty for first-time buyers on properties up to £300,000; £1.5 billion to be devoted to addressing universal credit concerns; and new measures to crackdown on tech giants which route their profits through low-tax countries (otherwise known as the “Google tax”).

Another month, another scandal about the tax – or rather lack of tax – arrangements of the rich and famous. This time, it’s what are being termed the Paradise Papers; leaked documents revealing the offshore business affairs of millions of individuals and companies, including some very high-profile names. For other economic news, read on.