The primary distinction between Magic Circle and Silver Circle firms is straightforward: profitability. However, numerous factors within a law firm contribute to generating profit, encompassing its scale, historical background, and existing clientele.
Yet, the prestige associated with being employed by a Silver Circle firm can be argued to be on par with that of its Magic Circle counterpart. Aspiring trainees should contemplate these firms as inspiring options.
The grouping of five Silver Circle law firms includes:
- Ashurst
- Herbert Smith Freehills
- Macfarlanes
- Travers Smith
- Mishcon de Reya
These firms boast notably higher profit per equity partner figures compared to the UK average. Trainees at any of these five establishments should anticipate an engaging environment coupled with exceptionally high-quality tasks.
The term "Silver Circle" was originally coined in 2005 by Catrin Griffith, the editor of The Lawyer. She aptly defined Silver Circle firms as entities that possess "a disdain for an overtly managerial approach and a horrified avoidance of big firm bureaucracy." Intrigued? Continue reading for an in-depth profile of each individual firm.
Ashurst LLP
Ashurst LLP stands as a prominent international law firm known for its expertise across various corporate, financial, and real estate domains. Their distinction was reaffirmed on March 23, 2018, when they were honored with the title of 'Best Real Estate Law Firm in Europe.'
Boasting a network of 25 global offices and over 1600 partners, Ashurst's presence spans diverse locations like Abu Dhabi, Brisbane, Madrid, and New York. Each year, Ashurst welcomes 45 new trainees into their ranks, and both these trainees and the partners they work alongside frequently achieve noteworthy recognition.
Ashurst places significant emphasis on specific qualities when selecting trainees, which encompass:
- Analytical acumen
- Commercial insight
- Meticulous attention to detail
Renowned for fostering a highly supportive work environment, Ashurst places great importance on teamwork skills for prospective trainees.
Herbert Smith Freehills
Herbert Smith Freehills retains its position as a premier global professional service enterprise, delivering exceptional legal guidance across domains such as corporate and commercial matters, banking and finance, dispute resolution, and real estate.
They amalgamate exceptional talents across their 27 worldwide offices. The firm embarked on expansion in various regions, establishing a presence in New York in 2012, Germany in 2013, South Africa in 2015, and Melbourne in 2016.
Herbert Smith Freehills is renowned for its unwavering commitment to diversity and inclusion. Their consistent dedication is reflected in their recognition as one of the UK's top employers for LGBT staff in Stonewall's annual Top 100 Employers list, a recognition they've held for a decade.
With a global partner count exceeding 460, including 160 in the UK alone, the firm is dedicated to recruiting the most outstanding individuals for training contracts and other avenues of advancement within the organization. Notably, half of Herbert Smith Freehills' trainees come from non-law backgrounds, and they seek specific qualities in candidates:
- Intellectual agility
- Distinctiveness
- Determination and drive
Macfarlanes
Macfarlanes stands as a prominent corporate law firm headquartered in London. Their reputation is solidified by their exceptional caliber of work and a nurturing work environment. They extend their advisory services to both domestic and international clients, encompassing matters that span multiple jurisdictions.
The firm's areas of expertise encompass mergers and acquisitions, private clients, and private equity, often involving expansive global projects. An accolade of note is the recognition of Senior Partner Charles Martin, who earned the title of Management Partner of the Year in 2017 at the Legal Business Awards.
Macfarlanes has a history of advocating for refugees and is deeply committed to fostering diversity within the firm. Their recruitment goal revolves around onboarding approximately 60 trainees annually, and they prioritize certain attributes in potential candidates:
- Robust interpersonal skills
- Demonstrable ambition and a sound commercial mindset
- Resilience
Travers Smith
Travers Smith primarily operates as a comprehensive corporate law firm located in London, and it also boasts an impressive office in Paris. Their expertise lies in providing specialized guidance to both domestic and international enterprises across the entire spectrum of corporate and commercial affairs. Additionally, they excel in areas such as dispute resolution, employment, finance, tax, and real estate.
Travers Smith has gained a notable reputation for its outstanding commitment to training, positioning itself among the finest in the City. With a commitment to diversity, the firm annually recruits approximately 40 trainees from a variety of backgrounds. They seek particular attributes in potential candidates, including:
- Ambition
- A steadfast dedication to the legal field
- Responsiveness in the face of challenges
Mischon de Reya
Mischon de Reya presently maintains a trio of national offices situated in London, Cambridge, and Oxford, alongside two international branches in Singapore and Hong Kong, both inaugurated in 2020 and 2021, respectively. Their specialized areas encompass commercial litigation, finance, and banking. Notably, they earned the accolade of the UK Trademark Contentious Law Firm of 2022 Award at the Managing Intellectual Property EMEA Awards.
The firm is deeply committed to effecting a meaningful positive influence on society and the environment. They prioritize endeavors that expand access to legal services, foster opportunity, and promote sustainability. Operating as a relatively smaller establishment, Mishcon de Reya takes on approximately 25 trainees annually. Essential attributes they seek in potential candidates include:
- Innovative thinking
- Adaptability
- Societal consciousness
For individuals pursuing a legal career, the prospect of training at a prestigious law firm, whether within the Silver or Magic Circle, is undoubtedly a coveted one. Yet, reaching that pinnacle necessitates considerable effort. Thus, we strongly recommend perusing our guides and enhancing your commercial awareness well in advance.
Furthermore, the selection of a suitable law firm to apply to can be a complex task. It involves in-depth personal research, comprehension of each firm's training program and application procedure. While conducting research, it's vital to delve into each firm's culture, as this aspect holds significant importance. Discover the right Silver Circle law firm for you by taking our quiz!
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