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Magic and Silver Circle law firms: what you need to know

For those seeking employment in the legal sector, there are few destinations more prestigious than the ‘Magic Circle’ and ‘Silver Circle’ law firms. These organisations are famous around the world, with hard-earned reputations for excellence. This select group of legal firms have become widely known for their commitment to the very highest standards of performance and success. As such, obtaining a role with these companies can be seen as a real marker of accomplishment for the UK’s most skilled legal professionals. Here, we explore the firms that comprise the Magic Circle and Silver Circle, looking at what differentiates these organisations and what is expected of those chosen to represent these firms. What is the Magic Circle? The term “Magic Circle” was first coined by the legal media in the 1990s to describe the most prestigious, high-performing law firms in London. All of the members of the Circle are known for their high-profile corporate and finance work, overseeing multi billion-pound transactions and delivering the highest earnings per lawyer of any law firm headquartered in the UK. This group used to be known informally as the Club of Nine, but this term fell out of use as its perceived membership became more exclusive. Today, the Magic Circle consists of five firms: Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May. Each of the firms in the Magic Circle shares the following characteristics: Based in London, with substantial international operations. Industry-leading offerings in banking, finance and corporate law. Working with the world’s biggest and best-known corporations on major transactions with significant economic implications. Revenues and salary levels far above the UK industry average. There is no doubt that these five firms are still among the most respected names in law, retaining a powerful attraction for candidates who seek to make an impact at the very top of their profession, working on cases with global impact. What is the Silver Circle? Although the Magic Circle is seen as the top tier for UK law, this is not to say that other firms are not also capable of commanding huge respect and strong reputations. Indeed, the more recent creation of the so-called “Silver Circle” reflects this reality. This term was conceived by the industry publication The Lawyer to describe the law firms that fall just outside the Magic Circle, but which nevertheless deliver far higher revenues per lawyer than the average UK firm. When the concept was created in 2005, the Silver Circle was said to consist of Ashurst, Herbert Smith Freehills, Macfarlanes and Travers Smith, as well as the now-defunct SJ Berwin. Bryan Cave Leighton Paisner is also widely considered to be in the conversation for membership of this elite group, who share many of the same traits: A focus on serving a premium London-centred client base in the UK. Significantly higher profits per equity partner and revenue per lawyer than the UK average. A generally broader range of specialisms than the Magic Circle. A flexible approach to management, with an avoidance of top-down leadership and excessive bureaucracy. There is more debate about the exact membership of the Silver Circle than the Magic Circle, with The Lawyer arguing that the increasingly international focus of firms like Ashurst and Herbert Smith Freehills means they no longer belong in this category as well as debating that Mischon de Reya should now be granted membership. What is it like to work for Magic and Silver Circle law firms? Working for a Magic Circle law firm is a dream come true for many in the sector, but those seeking roles with one of these organisations must be prepared to put a lot in if they wish to earn the associated rewards. Magic Circle firms are known for their lengthy working hours, clear sense of hierarchy and demanding professional requirements. For those able to keep pace with these requirements, the payoff comes in the form of generous salaries, cutting-edge working environments and an opportunity to work on some of the industry’s biggest and most important cases. By comparison, working experiences in the Silver Circle tend to be more varied. Each company has its own distinctive culture, and are generally known for being less rigidly formal and more flexible than their Magic Circle counterparts; as such, staff can still expect to work long hours as a rule, but may experience a better work-life balance on the whole. It is worth noting there will be many well-respected, top-performing organisations who are not included in the rankings. However, for ambitious professionals, the pull of these recognised names will always be considerable provided that they are able to do what it takes to succeed in these demanding, highly competitive roles.

Looking after your mental health throughout a pandemic – stay motivated and productive

Coronavirus panic has gripped the nation and whether this be from the news or social media, you will be acutely aware that every other post is about the virus and its spread across the world. Although the fear of the global pandemic – which we know very little about – should be taken seriously, the influx of anxiety and stress can have a negative impact on all our mental health. Many businesses have also been forced to ask employees to work from home which has added another level of stress to the situation for many people, and we need to be aware of how we can handle this and support people where possible. Working from home definitely has its perks, but it also requires a few adjustments and can take some getting used to if you have never done it before. Generally, the legal sector lends itself well to remote working, but it can be quite a solitary job to do. It is therefore hugely important that lawyers – and everyone else that find themselves currently working from home to find ways to keep themselves motivated, focused and productive; particularly with children, TV, partners and even seeing jobs that need doing around the house! But don’t worry, take a look at my top tips below: Maintain a structured routine Keep your routine as normal as you can, this will help you stay in control during times of uncertainty. It is important to go to bed and wake up as usual, plus taking the time to do things which you enjoy. Why not use the time you would use commuting to go out for an early morning walk/run? I would strongly advise doing this, especially now we have hit the spring mornings and it acts as a psychological boost and keeps your positive energy up for the day. Set clear boundaries between work and play When you are working from home it can be difficult to divide when you are working, and you are out of hours. It is important to set realistic work-life boundaries. TIP – Stick to your daily schedule! Get up, get dressed, eat and drink plenty of water, and most importantly take breaks. You might be tempted to lounge around on the couch or stay in bed with your laptop to work, but this is something you must avoid! Make sure that you build a routine and have a dedicated place where you can work. This will also help you mentally, as it will separate work from your personal life. Take turns to look after your children – and give someone a break Inevitably, you are going to get distracted. If you and your partner are working from home whilst your kids are off school, it can be like a second job trying to entertain them. It is important to take turns on who is on ‘look out’. If you don’t have a partner, is there anybody else who can help with caring for your children whilst you are working? Check in regularly During this time, be mindful of your communication – remember and remind others that we are all in this together! Make time to check in with your family, friends and colleagues via video / phone call. This will help to maintain your daily routines and will avoid you feeling really isolated. Maximise productivity With employees being forced to work from home, it is essential that you try and carry on your work as usual. Pay attention to the time that you would usually be commuting to and from the office, it is thought that this is the time you are most efficient. Identify your most productive times of the day and use these times to tackle the important tasks. For many legal professionals, the work involves drafting of documents and occasional telephone calls, therefore take advantage of the quiet time to concentrate and analyse! It has been highlighted that some courts across the country are postponing hearings, therefore it is important to promote remote court appearances/conference calls instead, where possible. The pandemic has led a lot of questions, but it is important to remember that we cannot control the circumstances of life, but we can change how we choose to see them. Most businesses remain functioning as ‘business as usual’ with only a few limitations to what they can do. Remember to stay in touch with the people you usually speak to throughout the week and stick to a daily routine to keep your mind active and to remain motivated. If you are stuck at home and struggling to stay motivated, give me a call. I would be more than happy to have a chat with you. Alternatively, utilise your time wisely. Check out our latest jobs or have a look at our blogs for the latest goings on in the legal sector.