06 September 2022
The legal career path is not linear. Your experiences, type of work, opportunities, cultural fit and salary may vary based on what type of firm you end up working at. Even though recently there has been a blurring of lines as to what differentiates the types of firms, it is still good to keep these types in mind as they can act as a general umbrella when deciding where to send your application.
Magic Circle – Allen & Overy, Clifford Chance, Freshfields, Linklaters, Slaughter and May
The “Magic Circle” of law firms is a famous title given to five UK-based firms denoting a history of prestige and excellency. The term was coined 1990s by The Laywer. The title is primarily historical as these are five well-established firms in the UK, going even as back as the 18th century but the prestige also comes from their client base, quality of work, size and their revenue per lawyer.
The Magic Circle firms may be of interest to you if: you’re interested in mergers & acquisitions, banking and finance and want to work in a large firm (the trainee uptake being up to 95).
Each firm however is unique in its own way: from Slaughter and May’s multi-specialism training to Freshfields’ eight seat training contract. Therefore, if you’re interested in applying, it is always best to do your own research to see which firm looks best for you.
Silver Circle – Hogan Lovells, Herbert Smiths Freehills, Travers Smith, Ashurst, Bryan Cave Leighton Paisner
The “Silver circle” firms are typically seen as the next ring outside the magic circle. However, do not be fooled by the ‘silver’ title as they live up to the same prestige, clients and quality of work, with trainee salaries being comparable to the magic circle counterparts (in some cases even going above).
Apart from their corporate/finance focus and prestige, silver circle firms vary greatly from one to one. Some are merger firms giving them particular strongholds in certain markets and some are specialised in a particular type of work – Hogan Lovells being most renowned for its global regulatory work.
Therefore, again, research would be required before deciding where to apply. If The City is your calling, then the commercial silver circle is definitely for you.
US Firms – White & Case, Latham & Watkins, Kirkland & Ellis, Baker McKenzie, Skadden
Recently the US Firms have been making their mark in the UK. As the name suggests, these firms are primarily called so because they have been originally formed and are headquartered across the Atlantic. Nevertheless, this does not mean that the work they provide in the UK is small or not up to par compared to their competitors.
Characterised by their higher salary, focus on the US market and a smaller intake, US firms would be perfect if you’re interested in pursuing a career in a competitive firm focussing primarily on the US market.
However this is a general umbrella term and US firms can be further broken down into larger international firms, smaller boutique firms focussing on a particular sector (e.g. Private Equity) or can be a result of a transatlantic merger which all give the firms their unique selling points. Make sure to do your research to decide which fit is the best for you.
Specialism firms – Farrer & Co, Morgan Sports Law, Vinson & Elkins, Arnold & Porter
Broad corporate and banking matters may not be of interest to everyone. Perhaps you’re more interested in pursuing a particular specialism such as shipping, energy, media, insurance, employment and more! Whatever you’re thinking of, there is a firm for it.
If you know that you only want to pursue a particular interest and would want to work in a smaller firm in terms of cohort, then applying for a firm with that particular specialism is the way forward!
Regional firms – Burgess Salmon, Osborne Clarke, Freeths, Hill Dickinson
As the name suggests these firms are located outside of The City, however this does not mean that they compromise on high quality clients or engaging international work that extends beyond the capital.
While they are characterised by a less extravagant salary (but also a less extravagant cost of living), they also provide the same level of high quality work and commitment required by the London firms. Therefore, if working outside of London and focus on international work as well as local community matters are of interest to you, then this type of firm may be for you.
Summary:
These are all just rough generalisations. Recently there has been a blurring of lines between the US, Silver and Magic Circle law firms as all have a great quality of work and the recent NQ salaries have been catching up. Herbert Smith Freehills recently announced that the NQ salary is to be raised to £120,000, a record amount for a firm of its size, beating its Magic Circle competition such as Linklaters whose salary is £107,500.
Additionally, certain firms have a strong international presence but also have several regional offices, such firms include Addleshaw Goddard, DLA Piper and Eversheds Sutherland just to name a few.
