What is the difference between Magic Circle and Silver Circle?

Dec 28, 2022

Written By Anusmrta Singh

There are about 10,500 law firms in England and Wales. Magic and Silver circle is a category attributed to certain UK law firms. Being seen as a Magic or Silver Circle depends on a range of variables, such as types of practice, training and the size of the firm itself.

Magic Circle

The term ‘Magic Circle’ was coined in legal media in the 1990s describing the most prestigious high performing law firms. Magic Circle firms are headquartered in the UK and are made up of the following five firms:

- Allen & Overy

- Clifford Chance

- Freshfields Bruckhaus Deringer

- Linklaters

- Slaughter and May

They tend to have industry leading practice areas in banking, finance and corporate law. They are all based in London, with extensive international presences and deal with some of the world’s largest corporations on major transactions.

In terms of training, Magic Circle firms are known for revenues and salaries that are above the UK industry average. They tend to have longer work hours and more demanding requirements at work. Furthermore, these firms organise their training and intake at a much larger scale, and they also offer international secondments.

Working at a Magic Circle law firm does come with the perk of being able to work on some of the most important cases in the industry. This is why entry into Magic Circle law firms can be quite competitive.

Silver Circle

The term Silver Circle originated more as a response to the existing group of firms in the Magic Circle. These firms fall just below the Magic Circle in terms of turn over but have higher revenue per lawyer. They are also headquartered in the UK, and have a large presence in London, although many of them also have international offices. The five firms which make up the Silver Circle are:

- Ashurst

- Herbert Smith Freehills

- Bryan Cave Leighton Paisner

- Travers Smith

- Macfarlanes

Silver Circle firms focus on serving clients elite services in the UK. They also have a bigger range of specialisms than Magic Circle law firms in the UK, but do often have a large focus on private equity.

Despite their differences, both Magic and Silver Circle law firms offer extensive training and international opportunities. They are both competitive to secure a place at but are recognised as some of the best firms in the country.

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