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2. Prep: In the UK, they always talk of this skill called 'commercial awareness' (an understanding of a market, and how a law firm, as a business, operates within a market, and how it is impacted by various things—local and international events). Law Careers Net have this excellent thing they call the PESTLE analysis technique - look it up if you don't know it already. Read newspapers like the FT and more generalist newspapers like The London Times which has a specific section reporting on law-related matters. There's this guy at Bakers who's got a good list of commercial awareness podcasts:
https://www.linkedin.com/pulse/commercial-awareness-podcasts-oliver-chinyere/
That LinkedIn post/article also contains advice for one good approach to developing commercial awareness. Might be worth looking into emulating that.
Naturally, make sure you can talk about your chosen firm's work in your sleep.
If you want a book to read, this is a good option: All You Need to Know About The City - Christopher Stokes.
Hope this is somewhat helpful.
Context- A1 at Tier 1, average grades, graduate from Tier 1 NLU, CV has semi finalist in domestic moot, best speaker group stage international moot, semi finalist international ADR comp., journal editor, publications in a few blogs.