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I discussed the things you must know about law firms which is important for you to prepare for law firm interview. These are the must knows about law firms, which can help you draft a better training contract application and showcase your commercial awareness. Also, check out some useful links in the first comment.
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0:00 Intro: commercial awareness
1:23 Alternative business structure for law firms
2:38 Legal Service Act 2007
5:06 "Big Four" as law firms' competitors?
7:39 Law firm strategy: 'swiss verein' model
10:03 Law firm strategy: 'best friends' network
12:00 Law firms as a business