by Rasika Elangeswaran, 27 Feb 2023
Aspiring Lawyers! You may be confused about what exactly Magic Circle law firms are, fortunately, this blog will discussall significant details about what they are, what they do and how to prepare for a future to work with them. Context and key Information on Magic circle firms: The Magic Circle (MC) Law firms include the most prestigious and notorious law firms in the UK. They all specialise predominantly in commercial law. At present, there are five firms that belong to the Magic circle, including: • Clifford Chance • Allen and Overy • Linklaters • Slaughter and May • Freshfields Bruckhaus Deringer You may ask, why are these law firms so highly regarded in the legal field? Well, this is due to a number of factors such as their targeted prospect list, the amount of lawyers working for them and their revenue per partner. These firms are all UK based with other countries possessing their own esteemed firms. For example, in Canada, the most respectable law firms are regarded as the ‘seven sisters ‘. You may have heard of The MC law firms, but have you heard of the UK’s commercial Bar’s magic circle. These are the most successful and most known Barrister’s chambers in London with the majority being centred in the Four Inns of Court. The prominent five are: • Brick Court Chambers • Essex Court Chambers • One Essex Court • Fountain Court • Blackstone Chambers Pros and Cons of MC Law firms: One benefit of a MC law firm is that they offer a rewarding salary with first year trainees earning at least £42,000, depending on the type of MC firm and a newly qualified lawyer earning at least £92,000 also depending on the type of firm. However, with this comes hard and challenging work in a fast – paced working environment for long hours. Another bonus, is that you are given exciting cases and get the chance to work with distinguished clients to develop new experiences and a renowned network. Some trainees have said that employers at an MC firm expect proactiveness and that a lot of responsibility is given right from the start. Not only that, another hindrance may be that to be offered a training contract is very competitive amongst aspiring lawyers when desiring to be employed by a MC firm, therefore, your previous experience should be remarkable, and this is how you can start now. On the other hand, some employees receive the opportunity to travel and so learn and experience law in a foreign country. What to do now, to impress possible MC employers? There are many virtual work experiences available online. One example, is the platform known as Forage which offers 5 -6 hours’ worth of virtual work experience programs. The Magic Circle firms have also provided some programs on this platform which would be very beneficial to develop fundamental skills such as drafting, advising and would look amazing on your CV. From my own experience, I can say Forage is a brilliant platform for you to build skills and achievements. I have completed the Clifford Chance Ready, Set Law program and found it very advantageous for me as I also received a certificate in the end. Do not worry about the cost as many of the programs are free, all you need to do is sign up! Not only that, there are a variety of internships available that are offered by the MC Law firms such as the Clifford Chance ACCESS internship that are aimed towards Year 12 sixth form students with the criteria more detailed on their website. This program can also lead you to a training contract with Clifford Chance. Furthermore, the same firm also offers the internship aimed at university students that can also lead you to a training contract. There are many more opportunities like this that other MC law firms have to offer, which you can research on their own website, but make sure you fit the criteria before applying. Fun Facts about Magic Circle Law Firms! o The term Magic Circle was conceived in the 1990s by legal journalists. o Linklaters, founded in 1838, is the oldest firm that is a part of the MC group. o The main competitors in the UK for MC law firms are the Silver Circle compromised by firms such as Ashurst, Bryan Cave Leighton Paisner, Herbert Smith Freehills, Macfarlanes and Travers Smith. o Main competitors for MC firms outside of the UK are US based global Law firms such as Latham and Watkins. So here is your complete A -Z guide to Magic Circle Law firms. I hope this developed your understanding and has inspired you to work harder to turn your aspirations into achievements. Do not forget that you are not alone and that you have this amazing community of aspiring lawyers in the form of Journey 2 Law. Thank you so much for reading this blog and if you have any questions, do not hesitate to comment down below or message me Via LinkedIn: (1)Rasika Elangeswaran | LinkedIn
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