What Are The Magic Circle Law Firms?
The ‘Magic Circle’ are a category of law firms headquartered in the UK that have traditionally been seen as the ‘top-ranked’ or ‘most prestigious’ international law firms based in London.
In reality, these firms are grouped together due to their extraordinarily high profitability and focus on corporate work, including matters such as private equity, M&A and banking (as opposed to practice areas often covered by more regional law firms, such as family law or personal injury).
There are five Magic Circle law firms currently:
History Of The Term
However, it is worth noting that this group is not strictly construed. For example, these firms will rarely refer to themselves as ‘Magic Circle’ on official marketing materials. In fact, the term only emerged in the 1990s as an alternative to the previous ‘top ranking’ category of ‘the Club of Nine’, which additionally included firms which are now known as Herbert Smith Freehills, Hogan Lovells, Norton Rose Fulbright, and Stephen Harwood (all still respected as top law firms today). No-poaching agreements existed between these firms, meaning they were willing to informally collaborate to some extent.
The term is becoming even more challenged in the wake of Allen & Overy’s proposed megamerger with Shearman & Sterling, which could be seen to move it into the kind of half-US half-UK elite law firm status that Hogan Lovells has become known for (albeit with much larger numbers that would top many international tables).
Magic Circle Competitors: US Firms
While they have often maintained competition with each other, and indeed with the slightly-less profitable (but still extremely prestigious) Silver Circle law firms, the Magic Circle nowadays are undoubtedly most threatened by the gradual expansion of elite US law firms into the UK market. American corporate heavyweights such as Kirkland & Ellis or Latham & Watkins are becoming synonymous with overtaking the London market now (hence one reason why Allen & Overy have pursued their US merger), showcasing competitive offerings to aspiring solicitors (we will carry on to discuss what the Magic Circle offerings are next).
Average Magic Circle Law Firms Salary
Wondering what the salary is like for a Magic Circle trainee? Or a Magic Circle partner salary? Just take a look at our table below:
| Law Firm | First Year Trainee | Second Year Trainee | Newly Qualified Lawyer | Equity Partner |
|---|---|---|---|---|
| Allen & Overy | £50,000 | £55,000 | £107,500 | £1.95m |
| Clifford Chance | £50,000 | £55,000 | £125,0000 | £2m |
| Freshfields | £50,000 | £55,000 | £125,0000 | £2m |
| Linklaters | £50,000 | £55,000 | £125,0000 | £1.87m |
| Slaughter and May | £50,000 | £55,000 | £115,000 | £2m – £3m |
All tables in article updated as of May 15 2023.
Pros & Cons of Magic Circle Law Firms
Magic Circle law firms are generally seen as the pinnacle of solicitor training in the UK, but in reality, there are both pros and cons to consider.
First, the advantages. Magic Circle law firms offer top-tier client work (you could be staffed on some of the most valuable deals in the world), extremely competitive salaries (NQs are currently all into the six-figure range), excellent training (large cohorts and well-established training pathways), and a reputation of exclusivity which will elevate your CV for years to come (whether you choose to stay or look elsewhere).
The negatives include the very challenging work-life balance that these firms demand (rivalled only by the elite US firms, who are generally seen to have even worse hours but slightly better salaries) and the common tendency to focus quite heavily on just a few practice areas (e.g. if you were specifically interested in sports law or fashion law, you might be better off going down the boutique route).
If we are comparing directly with elite US firms, proponents of that side of the coin might also argue that Magic Circle law firms still maintain longer pathways to ‘making partner’, and that the larger cohorts stop individuals from being able to ‘stand out’ as much as they do in leaner US teams.
How Hard Is It To Get Into Magic Circle Law Firms?
The acceptance rate for Magic Circle law firms is not officially published anywhere online, although speculative rumours often put the number somewhere around the 2% mark, making the process of securing a training contract (or vacation scheme) at these institutions an extremely competitive one.
However, training contract applications are very competitive across all types of firms (the benefits – paid-for law school tuition and guaranteed QWE – are universally hard to ignore), so don’t let this put you off applying to any firms in particular.
Furthermore, your chances will increase significantly if you take the time to craft a strong application which avoids many of the easy-to-avoid yet incredibly common pitfalls – our top tips for training contract applications can help with this process. We also have firm-specific application tips for Linklaters, Clifford Chance, and Freshfields.
Allen & Overy
Allen & Overy is a Magic Circle law firm known for its strengths in financial areas (particularly banking), though it does maintain sizeable teams in less traditional areas (such as IP). The firm is currently the subject of a US megamerger with Shearman & Sterling that will see it attempt to compete across the Atlantic. Revenue numbers now top £2 billion, it has offices in 31 countries, a perk-heavy Spitalfields base, and a reputation for everything from legal tech (Fuse) to social mobility (being the first Magic Circle firm to adopt solicitor apprenticeships).
| Founded: | 1930, by George Allen and Thomas Overy |
| Based: | Bishops Square, London E1 |
| Senior Partner: | Wim Dejonghe |
| Managing Partner: | Gareth Price |
| Approx. number of partners: | 554 |
| Approx. number of lawyers: | 2800 |
| Number of offices: | 45 |
| Number of countries with offices: | 31 |
| Revenue: | £1.94 billion |
| Number of trainees per year: | 90 seats |
| Retention rate of trainees: | 82% |
| Number of vacation schemes: | 50 |
| Specified GDL provider: | BPP Law School |
| GDL funding: | £8000 |
| Specified LPC/LLM provider: | BPP Law School |
| LPC/LLM funding: | £12,500 |
Defining Moments
- Advised on the first hostile takeover in the City of London
- Arranged the first Eurobond in the 1960s
- Introduced one of the first schemes to allow full equity partners
- The only law firm to be named the most innovative in Europe by the Financial Times 3 times.
What do they look for in Allen & Overy training contract candidates?
- A commitment to a career in international commercial law
- A commitment to and clear articulation of why you want to work at Allen & Overy
- Commercial awareness of both the law and business
- Team-working & communication skills
Allen & Overy Expert Insights:
Allen & Overy Application Timeline:
| Opportunity | For | Opens | Closes | Scheme runs |
|---|---|---|---|---|
| Training contract | Final or penultimate year students or graduates from all universities with any degree. | TBC | TBC | 2026/2027/2028 (March and September intakes) |
| Winter Vacation Scheme | Final or penultimate year students or graduates from all universities with any degree. | TBC | TBC | 4 – 8 December 2023 |
| Summer Vacation Scheme | Final or penultimate year students or graduates from all universities with any degree. | TBC | TBC | Summer 2024 |
| A&O Consulting Graduate Programme | Final or penultimate year students or graduates from all universities with any degree. | TBC | TBC | 2024 |
| LawTech Graduate Programme | Final year or graduate students from all universities with any degree (STEM or Economics background is preferred) | TBC | TBC | 2024 |
| A&O First 2024 | First year students doing a three year undergraduate degree, second year students doing a four year undergraduate degree from any degree discipline. | TBC | TBC | 2024 |
| Solicitor Apprenticeships 2024 | Anyone with a minimum of AAB at A-Level (or equivalent) and 7 GCSEs at grade 6 or above. | TBC | TBC | 2024 |
Clifford Chance
Clifford Chance is a Magic Circle firm known for large corporate deals in areas such as banking, with a particular emphasis on transactional work. The firm has become well-known among applicants for excellent training (through a very structured pathway), as well as its Canary Wharf office which houses a private swimming pool for staff members. Secondments are common and hours can often be long and unpredictable (as with most firms on this list).
Clifford Chance
| Founded: | 1987, by merger of Clifford Turner and Coward Chance |
| Based: | Upper Bank Street, London E14 |
| Senior Partner: | Adrian Cartwright |
| Managing Partner: | Charles Adams |
| Approx. number of partners: | 574 |
| Approx. number of lawyers: | 3300 |
| Number of offices: | 34 |
| Number of countries with offices: | 26 |
| Revenue: | £1.97bn |
| Number of trainees per year: | 110 |
| Retention rate of trainees: | 69 |
| GDL funding: | £12,500 (London), £10,000 (outside London) |
| Specified GDL provider: | BPP University, any branch |
| LLM CLP funding: | £10,000 |
| Specified LLM CLP provider: | BPP University, Holborn |
Defining Moments
- Clifford Turner advised on the creation of John Lewis Partnership in 1929
- Became the first major non-US firm to practice US law
- In 2000, became the world’s first global law firm with the tripartite merger with Germany’s Punder Volhard Weber & Axter and New York’s Rogers & Wells
What do they look for in Clifford Chance training contract candidates?
- Genuine interest and a motivation towards a career in commercial law
- Attention to detail
Clifford Chance Expert Insights:
Clifford Chance Application Timeline:
| Opportunity | For | Opens | Closes | Assessment Centres | Scheme runs |
|---|---|---|---|---|---|
| Summer Vacation Scheme | Penultimate year students, any degree | 17 August 2022 | Closed | Online application form, Watson Glaser test and two interviews including a written case study element. | 2025 and 2026 |
| IGNITE Training Contract | 17 August 2022 | Closed | Online application form, Watson Glaser test and two assessment days. The first is the same as the Training Contract assessment day, which includes two interviews with a written case study element. The second stage is an IGNITE-specific case study interview. | 2025 and 2026 | |
| SPARK | You can only apply for SPARK if you are in your first year or the second year of a four year course. | 17 August 2022 | Closed | Online application form, Watson Glaser test, and two interviews including a written case study element. | 26-30 June 2023 and 17-21 July 2023 |
| ACCESS | Year 12 students who meet specific access-related criteria. | 1 September 2022 | Closed | Online application form, Watson Glaser test and one video interview with a member of the Graduate Recruitment Team. | 2023 and 2024 |
Freshfields
Freshfields is a Magic Circle law firm which many future trainees will know for its unique 8 three-month seat setup (as opposed to the usual 4 six-month seat rotations). The firm is hugely successful in M&A terms, and has often led the way in terms of FT front-page deals. Its salaries have also tended to rise earlier than most other firms on this list during the ongoing pay war.
Freshfields Bruckhaus Deringer
| Founded: | 1743, formed by Samuel Dodd. |
| Based: | Fleet Street, London EC4Y |
| Senior Partner: | Georgia Dawson |
| Managing Partner: | Alan Mason |
| Approx. number of partners: | 427 |
| Approx. numer of lawyers: | 2800 |
| Number of offices: | 28 |
| Number of countries with offices: | 16 |
| Revenue: | £1.76 billion |
| Number of trainees per year: | 100 |
| Retention rate of trainees: | 97% (Spring 2023) |
| GDL funding: | £7250 |
| Specified GDL provider: | BPP University, any branch |
| LPC funding: | £7000 |
| Specified LPC provider: | BPP University, London |
| CCP Funding | All course and exam fees, additional maintenance grant of £20,000 |
| Annual leave: | 25 days |
Defining Moments
- Considered the oldest international law firm in the world;
- The name “Freshfields” was introduced by James William Freshfield. It merged with Bruckhaus Westrick Heller Lober and Deringer Tessin Herrmann & Sedemund in 2000;
What do they look for in Freshfields training contract candidates?
- Enthusiasm
- Engaging
- Well-prepared
- An interest in business
Freshfields Expert Insights:
- Freshfields Applications: Top Tips
- Freshfields: Work Shadowing Placement
- Freshfields Trainee: Top Tips
- Freshfields Graduate Recruitment: Law Training Contracts
Freshfields Application Timeline:
| Opportunity | For | Opens | Closes | Assessment Centres | Scheme runs |
|---|---|---|---|---|---|
| Trainee Associate Programme | Final year students and graduates (law and non-law) | 10 October 2022 | Closed | Application form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview. | Spring and Autumn 2025 |
| Summer Trainee Associate Programme | Penultimate and final-year undergraduate law students, law and GDL/PGDL graduates. | 1 June 2023 | 13 July 2023 | August 2023; Application form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview. | Summer 2025 |
| Vacation Scheme | Penultimate-year undergraduate studying any degree. | 10 October 2022 | Closed | Application form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview. | 19 June – 7 July 2023 and 10 July – 28 July 2023 |
Linklaters
Linklaters is a Magic Circle law firm known for its wide-ranging financial work. It offers a high number of places each year, and has been lauded for its culture and team attitude. Their office is moving soon – from just outside the Barbican Centre to Ropemaker Street. Hours are reportedly quite long – as with any firm on this list.
| Founded: | 1838, by John Linklater and Julius Dods |
| Based: | Silk Street, London, EC2 |
| Senior Partner: | Aedamar Comiskey |
| Managing Partner: | Paul Lewis |
| Approx. number of partners: | 530 |
| Approx. numer of lawyers: | 3060 |
| Number of offices: | 44 |
| Number of countries with offices: | 27 |
| Revenue: | £1.78 billion |
| Number of trainees per year: | 100 |
| Retention rate of trainees: | 92% |
| GDL funding: | £9000 |
| Specified GDL provider: | University of Law, any branch |
| LPC funding: | £10,000 |
| Specified LPC provider: | University of Law, Moorgate |
Defining Moments
- In 1920, Linklater & Co merged with Paines Plythe & Huxtable, a firm that had been founded by a descendent of one of the founding fathers of the United States, Thomas Paine.
What do they look for in Linklaters training contract candidates?
- Strong academic track record
- Minimum of AAB at A-level
- 2:1 degree in any discipline
- Communication skills
- Teamwork
Linklaters Expert Insights:
Linklaters Application Timeline:
| Opportunity | For | Opens | Closes | Assessment Centres | Scheme runs |
|---|---|---|---|---|---|
| Vacation Schemes | Penultimate and final year law or non-law students; law or non-law graduates; law or non-law postgraduates | N/S | N/S | Application form, Watson Glaser test and interview. | 5 December – 16 December 2022, 11 April – 21 April 2023, 19 June – 7 July 2023 and 17 July – 4 August 2023 |
| Making Links Scholars | UK undergraduate students from lower socioeconomic backgrounds. | 3 April 2023 | 25 May 2023 | Application form, Watson Glaser test and interview. | 2023-2024 |
| African Clerkship | Recent law graduates, students who are currently at Law school or students in their penultimate year of an undergraduate degree at South African (international students only), Nigerian, Ghanaian or Kenyan universities. | 20 March 2023 | 25 May 2023 | Application form, Watson Glaser test and interview. | November – December 2023 |
| Get Ahead | For UK and Ireland students who are in their penultimate year of study and beyond from Black and other underrepresented minority ethnic backgrounds. | 3 April 2023 | 25 May 2023 | Application form, Watson Glaser test and interview. | August – November 2023 |
| Going Forward | Penultimate-year students and beyond who have refugee status, claiming asylum or from a recognised conflict zone. | 3 April 2023 | 25 May 2023 | Application form, Watson Glaser test and interview. | August – November 2023 |
| Indian Internship | Indian undergraduate students graduating in 2025 from Indian Law Schools. | 20 March 2023 | 22 June 2023 | Application form, Watson Glaser test and interview. | November – December 2023 |
| Linklaters Brand Ambassador | Undergraduates going into their penultimate-year of study in the UK. | 3 April 2023 | 31 July 2023 | Application form, Watson Glaser test and interview. | September 2023 – April 2024 |
Slaughter and May
Slaughter and May is a Magic Circle law firm known primarily for its M&A advisory work with top FTSE100 clients – real cutting-edge work for your CV. It has a prestigious reputation, though has often trailed the pack in terms of salaries in recent years. Lawyers at the firm have historically been drawn heavily from Oxbridge backgrounds, though, like all firms on the list, diversification efforts are certainly in place nowadays.
| Founded: | 1889, by William Capel Slaughter and William May |
| Based: | Bunhill Row, London, EC1Y |
| Senior Partner: | Steve Cooke |
| Managing Partner: | Deborah Finkler |
| Approx. number of partners: | 110 |
| Approx. numer of lawyers: | 560 |
| Number of offices: | 4 |
| Number of countries with offices: | 4 |
| Revenue: | $759m (2021) |
| Number of trainees per year: | 95 |
| Retention rate of trainees: | 85% |
| Number of vacation schemes: | 80 |
| Specified GDL provider: | BPP University, London Waterloo + GDL Extra Programme |
| GDL Funding | Course fees and £12,000 maintenance grant |
| Specified LPC provider: | BPP Law School, Holborn |
| CCP Funding | Course fees and £17,000 maintenance grant |
| Annual leave: | 30 days |
Defining Moments
- The first City law firm to establish a presence in Hong Kong;
- The only law firm to have been involved in almost every aspect of the UK financial crisis;
- Advised on Cadbury’s takeover by Kraft.
What do they look for in Slaughter and May training contract candidates?
- Strong interpersonal skills
- Ambitious, commercial approach
- Commitment to excellence
- Three good A-levels
- A good 2:1 or 1st at degree
- Relevant experience in one or more of their practice areas
Slaughter and May Application Timeline:
| Opportunity | For | Opens | Closes | Scheme runs |
|---|---|---|---|---|
| Spring Vacation scheme | Law students in their first year of undergraduate study only. | TBC October 2023 | TBC October 2023 | April 2024 |
| Winter Workshop | Law and non-law finalists and graduates. | September 2023 | TBC September 2023 | December 2023 |
| Summer Work Experience Scheme (Law Students) | Penultimate year undergraduate students (law). | September 2023 | TBC September 2023 | June and July 2024 |
| Summer Work Experience Scheme (Non-Law Students) | Penultimate year undergraduate students (non-law). | September 2023 | TBC September 2023 | August and September 2024 |
| Training Contracts (Non-Law students/graduates) | Non-law students in the autumn of their final year/non-law graduates. | Closed for 2025/2026 intakes | Closed for 2025/2026 intakes | 2025-2028 (September 2025 and March 2026 intakes) |
Key Takeaways
The Magic Circle law firms are a group of highly prestigious, corporate-focused law firms based in London which attract a huge number of solicitor applications each year. There are certainly pros and cons, but they are undoubtedly an excellent place for any aspiring solicitor to start their career. If you’re interested in applying (and overcoming the competitive statistical reality), you should spend a significant amount of time attempting to research the individual firms and expressing your own fit as an individual.
Make sure you stay on top of your law firm knowledge by exploring the Silver Circle law firms too.
