In this detailed guide, you will learn all about magic circle law firms, their differences, salaries, and recruitment practices.
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Magic circle law firms are a group of the most elite firms headquartered in London. They conduct the most prestigious and groundbreaking transactional legal work that is multijurisdictional in nature. The term “magic circle” itself originated in the 1990s and was largely coined by journalists who covered legal markets. At one point it included Herbert Smith Freehills, Norton Rose Fulbright, and Stephenson Harwood, which formed the “club of nine”.
What are the Magic Circle Law Firms in the UK?
Magic circle law firms are Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May. Below is a more detailed explanation of each firm.
Allen & Overy
A&O is truly a global firm with over 40 offices worldwide. It focuses on helping leading businesses grow, innovate and dominate their industries. It strives to be the most innovative law firm in the world and creates an environment where innovation is celebrated and pursued. It leads the rankings in many practice areas but is especially known for its high-quality transactional work. A career at A&O will most certainly lead to international work and exposure.
Clifford Chance
If you are interested in leading global corporate work, then this firm is for you. The firm is known for its exceptional work in global financial markets, banking, finance, and corporate. It markets itself as being at the forefront of the legal profession.
The firm has proven to be highly adaptable to changing commercial environments and largely leading by example in the legal industry. A career at this firm will shape you to be a next-generation lawyer by developing skills that are highly south after for the most intricate and high-level legal work.
Freshfields Bruckhaus Deringer
Freshfields, as it is often referred to, has shaped the development of the legal industry and business for hundreds of years. It helps the world’s biggest companies to conduct not only successful business but sustainable and responsible. A career at Freshfields will be challenging and rewarding while you will explore all of the depths of commercial law. The firm is very flexible with training its junior staff and you will have many opportunities to pursue tasks and areas of law that you are interested in.
Linklaters
This firm might have one of the most recognized brands amongst international firms. It is a transaction giant with heavy international work that expands well beyond the UK. The firm is known for empowering its teams through rewarding and intellectually challenging work.
Linklaters delivers excellence through its global capabilities which allow the firm to have a wide array of committed clients. The firm focuses on helping its junior staff by creating a positive, supportive, and open atmosphere. You will experience a flexible work environment where you will be guided to excel in the people business, first.
Slaughter and May
The firm positions itself as a global player that achieves excellence through collective effort. Although it does not have as many offices as its competitors, the firm boasts a prestigious international clientele. At Slaughter and May expertise are shared amongst all levels of staff.
Everyone’s contribution is valued, recognized, and celebrated. A career at Slaughters’ will develop you into a multi-jurisdictional legal professional with a specialty for cross-border deals. Its forward-thinking and innovative business outlook will put you at the forefront of the legal industry.
Magic Circle Law Firms Salary
Along with prestigious international legal work, these firms also provide one of the highest salaries in the country. Apart from salaries, you will also receive yearly bonuses, office perks, and various other benefits.
Law Firm | Trainee Solicitor Salary | Newly Qualified Lawyer Salary | Equity Partner Salary | Yearly Bonus |
Allen & Overy | £55,000 | £107,500 | Over £1.8m | Yes |
Clifford Chance | £55,000 | £107,500 | Over £1.8m | Yes |
Freshfields | £55,000 | £100,000 | Over £1.9m | Yes |
Linklaters | £55,000 | £107,500 | Over £1.8m | Yes |
Slaughter and May | £55,000 | £107,500 | Over £1.9m | Yes |
Types of Work
These firms are obviously at the top of the legal market, however, they are not the most notable in every sector. Each of these firms mainly specializes in transactional work that is laser-focused on banking, capital market, and corporate work. Even their litigation work is heavily based in those sectors. Their real estate, employment, tax, and other teams have a supportive role to the teams that lead the transaction work.
Magic circle firms definitely dominate their sectors of interest and are regularly placed at the top of the rankings. The firms are firmly placed as the key players in commercial areas and undertake high-profile work. Thus, the work that the circle does is highly prestigious in nature. They facilitate multibillion-pound transactions all over the world, which is a dream for some aspiring solicitors!
Below are some of the examples of their most notable work:
- Shell to Buy BG Group in a £47bn Deal – the deal involved Freshfields
- FedEx to Acquire TNT Express in a £4.4bn Deal – the deal involved Allen & Overy
- Tunisia Raises $1bn in EuroBonds – the deal involved Linklaters
- Banco Sadabell to Buy TSB for over $1.5bn – the deal involved Linklaters
Comparison to Other Law Firms
Although magic circle (MC) firms are renowned for being the best ones in the country, how do they compare to other firms? Below is a quick comparison to firms in other “categories”.
City Law Firms
MC firms are located in London along with top city law firms. Although both types of firms generally do international and multijurisdictional work, the former conduct the highest level of legal work.
Silver Circle
Silver circle law firms bring in high revenues that are higher than most national and international US-based firms. The level of their work does not come close to MC. However, silver circle firms tend to have more practice areas and are not solely focused on transactional sectors.
National
National law firms would also struggle to outperform MC firms if put side-by-side. However, their work is focused more on UK-based clients, and in some practice areas, these firms might be better placed to serve them compared to MC firms.
High Street
It would be difficult to compare MC firms to high street law firms. This is because they have very different clientele. The latter focuses mainly on services clients that are not of MC caliber, and services sectors that are not generally associated with MC such as family, wills, and estates.
US-Based
US-based law firms are striving to compete with MC for their notorious transaction work. Most of them have the capabilities however, clients are staying loyal to a well-proven track record of MC legal work.
Top 100 UK Law Firms
- DLA Piper
- Clifford Chance
- Hogan Lovells
- Allen & Overy
- Linklaters
- Freshfields
- Norton Rose Fulbright
- CMS
- HSF
- Eversheds Sutherland
- BCLP
- Ashurst
- Clyde & Co
- Slaughter and May
- Gowling WLG
- Pinsent Masons
- Simmons & Simmons
- Bird & Bird
- Womble Bond Dickinson
- Taylor Wessing
- DWF
- Fieldfisher
- Addleshaw Goddard
- Osborne Clarke
- Irwin Mitchell
- DAC Beachcroft
- Kennedys
- Macfarlanes
- Withers
- Stephenson Harwood
- HFW
- Mishcon de Reya
- Watson Farley & Williams
- Travers Smith
- Charles Russell Speechlys
- Shoosmiths
- Slater and Gordon
- Mills & Reeve
- RPC
- Gateley
- Trowers & Hamlins
- Burges Salmon
- BLM
- Weightmans
- Freeths
- TLT
- Ince
- Keoghs
- Hill Dickinson
- Penningtons Manches
- Brodies
- Browne Jacobson
- Stewarts
- Farrer & Co
- Blake Morgan
- Shakespeare Martineau
- Plexus Legal
- Lewis Silkin
- Burness Paull
- Birketts
- Forsters
- Knights
- Howard Kennedy
- Shepherd & Wedderburn
- Fladgate
- Walker Morris
- BDB Pitmans
- Hugh James
- Clarke Willmott
- Bevan Brittan
- Bristows
- Keystone Law
- Kingsley Napley
- JMW
- Foot Anstey
- Capsticks
- Ashfords
- Dickson Minto
- Leigh Day
- Winckworth Sherwood
- Harbottle & Lewis
- Veale Wasbrough Vizards
- Michelmores
- Digby Brown
- Cripps Pemberton Greenish
- Royds Withy King
- Wedlake Bell
- Ward Hadaway
- Brabners
- Harrison Clark Rickerbys
- Russell-Cooke
- Devonshires
- Wiggin
- Sackers
- Fletchers
- Simpson Millar
- Minster Law
- O’Neill Patient
- Harper Macleod
- Thorntons
Magic Circle Recruitment Comparison
Qualified solicitors are the main asset in each of these firms. Magic circle firms tend to hire the most out of almost all firms in the country. Below is a recruitment comparison:
Law Firm | Number of Vacation Scheme Places | Number of Training Contracts | Watson Glaser Test | Situational Judgement Test | Interview |
Allen & Overy | 150-170 | 80 | No | Yes | Yes |
Clifford Chance | 150-170 | 100 | Yes | No | Yes |
Freshfields | 140-160 | 85 | Yes | No | Yes |
Linklaters | 170-190 | 100 | Yes | No | Yes |
Slaughter and May | 130-160 | 85 | Yes | No | Yes |
Why Train at These Firms?
Although the competition for graduate positions is fierce, there are numerous reasons why someone would want to secure a training contract at an MC firm. Some of them are listed below.
Quality of Work
If you want to work on economy-defining deals and be at the forefront of the business world, then MC firms are for you. The quality of work that you will be exposed to is unmatched compared to other UK firms. You will not only practice law but you will also have the most direct effect on the development of the world economy. If you are driven by the desire to make an economic difference, then MC is the place for you.
Training
When it comes to training, MC firms are most certainly at the top. Year after year, they are recognized as some of the top firms to train at. This is largely due to the structured trainee solicitor curriculums, supervisor support and peer support networks. You will also be given a great deal of freedom when it comes to seeking out learning opportunities.
Long-term Career Goals
Starting a career at an MC firm has many benefits. You can become a partner at the firm and contribute to the development of the business. Profits per equity partner are one of the highest at these firms. You could also transfer to a different firm and usually receive a very lucrative salary and benefits in doing so.
You could also altogether transfer out of working in law. Generally speaking, if you gain experience at an MC firm, you generally will have a lot more long-term career opportunities than your peers.
Fast-Paced Work Environment
The work environment at MC firms can be very demanding. You are likely to be required to work weekends and sometimes into the night during the busy season. There will always be something for you to learn and to work on during your long hours at the office.
Many firms provide numerous office perks to make your prolonged stay at the office more enjoyable. If you thrive in high-pressure and high-stakes.
How to Choose from Magic Circle Law Firms
If you want to work for one of the firms then you should probably know how to choose the right one for you. Like with any firm you should start with thinking what are the most important factors for you. Aspiring solicitors should focus on several things when considering a workplace:
Quality and Type of Training
Each firm has its own training “schedule” for trainee solicitors. You are likely to attend workshops, self-improvement seminars, and other events that are focused on developing you as a solicitor. What is important is that your notion of how you want to learn is well-aligned with the firm’s.
Company Culture
Each firm has its own distinct culture that may focus on different values and goals. You must research as much as possible about the firm’s culture so that you are comfortable with what they have to offer and what the firm strives for. Ideally, your perception of a workplace culture should be similar to what the firm is aiming for.
Support for Junior Staff
As a trainee solicitor, you need all of the support that you can get in order to learn. Firms provide that support in various ways. Some through supervision, others through carefully crafted training plans. However, nothing can beat having a knowledgeable supervising partner that is willing to teach you and allow you ample space to develop.
Location of the Office
All of the MC firms have London offices however if you plan on building your career in a different city you need to know if the firm could accommodate that. Additionally, if you are interested in working abroad, in a specific country, you must make sure that the firm has offices in that particular location.
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