Magic and silver circle law firms in the UK: your complete guide

The UK’s legal sector is renowned for its world-class firms, with the Magic Circle and Silver Circle often dominating. These elite law firms set the standard for excellence in corporate law, finance, and high-value transactions.

As such, obtaining a role with these companies can be seen as a real marker of accomplishment for aspiring lawyers and legal professionals; but understanding these firms’ distinctions is vital when navigating the legal market.

In this article, we’ll explore:

• What defines the Magic Circle and Silver Circle law firms
• Key differences between the two groups
• Why they remain pivotal in the legal industry
• How professionals can secure roles within these prestigious firms

What are the Magic Circle law firms? 

All of the members of the Magic Circle firms are known for their high-profile corporate and finance work, overseeing multi-billion-pound transactions and delivering the highest earnings per lawyer of any law firm headquartered in the UK.

The Magic Circle consists of five leading UK-based law firms specialising in corporate law and financial services, they are: 

• Allen & Overy
• Clifford Chance
• Freshfields Bruckhaus Deringer
• Linklaters
• Slaughter and May

These firms are synonymous with high-profile clients, including multinational corporations, banks, and governments. They excel in areas such as mergers and acquisitions (M&A), banking, capital markets, and litigation.

Each of the law firms in the Magic Circle share the following characteristics:

• Based in London, with substantial international operations.
• Industry-leading offerings in banking, finance and corporate law.
• Working with the world’s biggest and best-known corporations on major transactions with significant economic implications.
• Revenues and salary levels far above the UK industry average.

There is no doubt that these leading Magic Circle law firms are some of the most respected names in law, attracting candidates who seek to make an impact at the very top of their profession, working on cases with global impact.

Entry into these Magic Circle law firms is notoriously competitive, with short-term promotion prospects fairly low. These law firms have a trainee intake of around 100 a year and, as they expect the best, they have a reputation for putting graduates through their paces.

However, if a placement is secured, a graduate can expect great resources, fantastic facilities, international secondments and a lot of responsibility. Trainees are often offered a job at their firm post-qualification which makes choosing the right one even more important.

Key characteristics of Magic Circle firms:

• Global reach: Offices spanning multiple continents.
• Rigorous recruitment: Attracting top graduates from prestigious universities.
• High earning potential: Salaries and bonuses that reflect the calibre of work.

What salary can you expect working at a Magic Circle law firm?

When it comes to salaries at these law firms, first year trainees can expect to earn between £42,000 and £44,000, while second year trainees will be taking home closer to £50,000. Newly qualified lawyers will be paid around £100,000 – including or excluding bonuses and equity partners can earn between £1.6 million and £1.8 million.

What are the Silver Circle law firms? 

Although the Magic Circle law firms are seen as the top tier for UK law, this is not to say that other firms are not also capable of commanding huge respect and strong reputations. The more recent creation of the so-called ‘Silver Circle’ reflects this reality.

These firms specialise in niche practice areas or offer expertise comparable to Magic Circle firms but often with a more localised focus. Notable Silver Circle firms include: 

• Ashurst
• Herbert Smith Freehills
• Macfarlanes 
• Travers Smith, as well as the now-defunct SJ Berwin
• Bryan Cave Leighton Paisner
• Simmons & Simmons

Silver Circle firms are highly competitive and maintain strong reputations for excellence in sectors like real estate, private equity, and litigation. They often provide a more personalised client service than their Magic Circle counterparts.

Each of the law firms in the Silver Circle share the following characteristics:

• A focus on serving a premium London-centred client base in the UK.
• Significantly higher profits per equity partner and revenue per lawyer than the UK average.
• Specialist expertise: Often leaders in niche markets such as private equity and real estate law.
• A flexible approach to management, with an avoidance of top-down leadership and excessive bureaucracy.
• Competitive salaries: While not as high as Magic Circle pay scales, they remain among the best in the industry.

Training contracts are sought after and incredibly competitive, just like Magic Circle firms. Trainees working at a Silver Circle law firm can expect a stimulating atmosphere as well as a very high-quality workload. While there would be some long days, the shifts are often thought to be more reasonable than what could be expected at a Magic Circle firm.

What salary can you expect working at a Silver Circle law firm?

Silver Circle law firms are not that much different to the Magic Circle firms when it comes to salaries. First-year trainees can expect a salary of around £40,000 while newly qualified lawyers may be paid around £68,000 to £70,000.

Magic Circle vs. Silver Circle: What’s the difference?

While both groups represent excellence, their focus and client bases often differ.

Both are excellent choices for clients seeking top-tier legal expertise or professionals looking to develop their careers in an esteemed environment.

What is it like to work for Magic and Silver Circle law firms?

Working for a Magic Circle law firm is a dream come true for many in the sector, but those seeking roles with one of these organisations must be prepared to put a lot in if they wish to earn the associated rewards.

Magic Circle firms are known for their lengthy working hours, clear sense of hierarchy and demanding professional requirements. For those able to keep pace with these requirements, the payoff comes in the form of generous salaries, cutting-edge working environments and an opportunity to work on some of the industry’s biggest and most important cases.

Those working at Magic Circle firms will be offered what is considered to be the best training with excellent work and a reputation to match.

By comparison, working experiences in the Silver Circle tend to be more varied. Each company has its own distinctive culture, and are generally known for being less rigidly formal and more flexible than their Magic Circle counterparts. As such, staff can still expect to work long hours as a rule, but may experience a better work-life balance on the whole.

While Silver Circle firms will give you your weekends free, you will also have access to fantastic training as well as excellent professional development opportunities.

It is worth noting there will be many well-respected, top-performing organisations who are not included in the rankings. These firms will still offer well-paid placements, however, for ambitious professionals, the pull of these recognised names will always be considerable provided that they are able to do what it takes to succeed in these demanding, highly competitive roles.

Why are Magic and Silver Circle firms important? 

The Magic and Silver Circle firms drive innovation and economic activity in the legal sector. They are pivotal to the UK’s global reputation as a hub for legal services, contributing significantly to the economy.

For professionals, these firms offer unparalleled opportunities for career growth, exposure to landmark cases, and the chance to work alongside industry leaders.

How to secure a role at a Magic or Silver Circle law firm

Landing a role at these firms requires a strategic approach.

• Build a strong academic record
  Top grades in law (or a related field) from a prestigious university are essential.
• Gain relevant work experience
  Holiday schemes, internships, or Paralegal roles at reputable firms can give candidates invaluable insights and connections.
• Develop key skills
  Communication, analytical thinking, and the ability to work under pressure are crucial in these fast-paced environments.
• Network within the legal industry
  Attend legal events, connect with alumni, and engage with recruiters to stay informed about opportunities.
• Seek expert guidance
  Working with a specialist legal recruiter, such as Sellick Partnership, can help candidates tailor their applications and secure interviews at top firms.

Is a role at a Magic or Silver Circle firm right for you? 

While these firms offer incredible opportunities, they are not for everyone. The fast-paced and demanding nature of work can lead to high stress. However, for those with ambition, resilience, and the right support, the rewards are well worth it.

At Sellick Partnership, we specialise in connecting legal professionals with leading firms across the UK. Whether you’re a newly-qualified solicitor or an experienced lawyer seeking a career move, we can guide you every step of the way.

Boutique law firms

We must mention boutique law firms as an alternative to Magic and Silver Circle firms. These are largely centred in and around London and are mainly founded by former partners of City firms who left their roles to start niche practices with their own vision. 

Boutique firms tend to be smaller, occupying single offices and, instead of maximising their caseloads with strict billable targets, they offer more tailored and fluid services, focused on client care and case completions.

Additionally, boutique firms usually allow fee earners to manage their own time more flexibly and deliver more personalised services, rather than keeping a strict schedule. Many clients prefer to work like this, and it lets solicitors enjoy a more relaxed pace of work.

The best boutique firms combine this client-focused approach with a high-value client base. With many of the founders being former City partners, they are able to bring existing clients and contacts with them, ensuring they are still able to work with high-profile accounts and cases.

Many professionals may not realise these boutique roles are available, even though they would be well-suited to the advantages they can provide. This is why it’s important to review all of the opportunities out there before deciding your future career path.

Working for a City law firm provides access to high-value career progression opportunities, but they are also very challenging to obtain. Due to their rigid progression structures, staff will need to work patiently through each level for years to earn a chance at a senior role, and it could take up to a decade to become a partner.

When it comes to boutique firms, routes of progression are much less rigid, and with fewer candidates competing for the top roles, it’s possible to achieve a senior position much faster.

Applicants with relevant experience from a Legal 500 background can get a role with a boutique firm and earn the chance to work on high net worth accounts without a City level CV. In these roles, they will work alongside people with City backgrounds and deal with cases contested by City firms.

Additionally, the hiring process for boutique firms is also much more accessible. Rather than needing a months-long process of multiple interviews and vetting stages, boutique firms will often offer a much quicker interview process, overseen personally by the senior partner, allowing much quicker hiring decisions to be made.

The following groups could particularly benefit from considering boutique law firms as an option:

• City Lawyers who are looking for greater autonomy at work, or a better work-life balance.
• Professionals who want greater flexibility in their working hours.
• Young professionals who are two to five years PQE (post-qualified experience) and don’t currently have a CV that is suitable for a City firm, but want an alternative pathway to high-value client work.

How we can help

Since 2004, our Legal Private Practice Recruitment Consultants have been sourcing and placing legal professionals in law firms across the UK.

This experience makes us ideally placed to assist the private practice legal jobs market with its recruitment needs. We understand the recruitment needs of private practice law firms, which means we can offer expert career advice and exceptional service to both candidates and clients.

From the Magic Circle law firms, to high street and regional practices across the country, we enjoy working with an extensive network of clients and high-calibre legal professionals. We assist in the recruitment for legal jobs across a range of disciplines and roles, from partners and solicitors to NQ solicitors, in all specialisms, which include:

• Corporate/commercial
• Commercial property
• Private client
• Employment
• Family law
• Personal injury
• Clinical negligence
• Litigation
• Residential conveyancing

Our Legal Private Practice Recruitment Consultants have extensive experience placing professionals into jobs that suit their skills, qualifications and values, providing an honest and professional service to everyone we work with. Our expertise means we match the right candidate to the right role, offering advice throughout the interview process and assisting practice firms of all sizes in making the right choices.

Whether you are a legal practice firm with vacancies to fill, or a legal candidate looking for a new role in this sector, our impressive client and candidate networks and in-depth market knowledge means Sellick Partnership is the best solution for your legal recruitment needs.

Recruitment Consultants are always happy to help – from offering CV advice and interview techniques to having a general conversation about what is happening in the legal jobs market currently. Get in touch with us today to find out how we can help you.