Aspiring solicitors in the UK will often consider the five Magic Circle law firms – admired for their high salaries, quality of training and cutting-edge work. This article examines the key facts and training opportunities. 

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 FirmFirst Year TraineeSecond Year TraineeNewly Qualified LawyerEquity 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).

 allen & overy

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:

OpportunityForOpensClosesScheme runs
Training contractFinal or penultimate year students or graduates from all universities with any degree. TBCTBC2026/2027/2028
(March and September intakes)
Winter Vacation SchemeFinal or penultimate year students or graduates from all universities with any degree.TBCTBC4 – 8 December 2023
Summer Vacation SchemeFinal or penultimate year students or graduates from all universities with any degree.TBCTBCSummer 2024
A&O Consulting Graduate ProgrammeFinal or penultimate year students or graduates from all universities with any degree.TBCTBC2024
LawTech Graduate ProgrammeFinal year or graduate students from all universities with any degree (STEM or Economics background is preferred)TBCTBC2024
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. TBCTBC2024
Solicitor Apprenticeships 2024Anyone with a minimum of AAB at A-Level (or equivalent) and 7 GCSEs at grade 6 or above.TBCTBC2024

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

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:

OpportunityForOpensClosesAssessment CentresScheme runs
Summer Vacation SchemePenultimate year students, any degree17 August 2022ClosedOnline application form, Watson Glaser test and two interviews including a written case study element.2025 and 2026
IGNITE Training Contract17 August 2022ClosedOnline 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
SPARKYou can only apply for SPARK if you are in your first year or the second year of a four year course.17 August 2022ClosedOnline application form, Watson Glaser test, and two interviews including a written case study element.26-30 June 2023 and 17-21 July 2023
ACCESSYear 12 students who meet specific access-related criteria.1 September 2022ClosedOnline 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

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 FundingAll 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 Application Timeline:

OpportunityForOpensClosesAssessment CentresScheme runs
Trainee Associate ProgrammeFinal year students and graduates (law and non-law)10 October 2022 ClosedApplication form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview.Spring and Autumn 2025
Summer Trainee Associate ProgrammePenultimate and final-year undergraduate law students, law and GDL/PGDL graduates.1 June 202313 July 2023August 2023; Application form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview.Summer 2025
Vacation SchemePenultimate-year undergraduate studying any degree.10 October 2022ClosedApplication form, Watson Glaser test, half-day assessment, written exercise, general interview, analytical interview.19 June – 7 July 2023 and 10 July – 28 July 2023
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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.

 

linklaters

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:

OpportunityForOpensClosesAssessment CentresScheme runs
Vacation SchemesPenultimate and final year law or non-law students; law or non-law graduates; law or non-law postgraduatesN/SN/SApplication 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 ScholarsUK undergraduate students from lower socioeconomic backgrounds.3 April 202325 May 2023Application 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 202325 May 2023Application form, Watson Glaser test and interview.November – December 2023
Get AheadFor UK and Ireland students who are in their penultimate year of study and beyond from Black and other underrepresented minority ethnic backgrounds.3 April 202325 May 2023Application form, Watson Glaser test and interview.August – November 2023
Going ForwardPenultimate-year students and beyond who have refugee status, claiming asylum or from a recognised conflict zone.3 April 202325 May 2023Application form, Watson Glaser test and interview.August – November 2023
Indian InternshipIndian undergraduate students graduating in 2025 from Indian Law Schools.20 March 202322 June 2023Application form, Watson Glaser test and interview.November – December 2023
Linklaters Brand AmbassadorUndergraduates going into their penultimate-year of study in the UK.3 April 202331 July 2023Application 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.

slaughter and may

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 FundingCourse fees and £12,000 maintenance grant
Specified LPC provider:BPP Law School, Holborn
CCP FundingCourse 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:

OpportunityForOpensClosesScheme runs
Spring Vacation schemeLaw students in their first year of undergraduate study only.TBC October 2023TBC October 2023April 2024
Winter Workshop Law and non-law finalists and graduates.September 2023TBC September 2023December 2023
Summer Work Experience Scheme (Law Students)Penultimate year undergraduate students (law).September 2023TBC September 2023June and July 2024
Summer Work Experience Scheme (Non-Law Students)Penultimate year undergraduate students (non-law).September 2023TBC September 2023August 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 intakesClosed for 2025/2026 intakes2025-2028
(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.

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