If you’re studying law you’ll more than likely have considered the possibility of working for a law firm. But what kind of law firm are you aspiring to work for? The working environments are as diverse as the legal field itself. We’ve taken a look at the different types of law firms, explore what kind of work you might undertake, and examine the pros and cons of each.
By Grant Longstaff. Published 18 September 2024.
Magic Circle firms
An informal phrase, the term Magic Circle was coined by journalists in the 1990’s to identify the five most distinguished and profitable law firms with their headquarters in London. The Magic Circle generally includes A&O Shearman, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May, though you will find arguments made for and against other firms from time to time. The firms themselves tend to shy away from using the term Magic Circle in any official capacity, but the phrase is widely used in the legal sector to informally identify those firms at the top of their game.
Ultimately, Magic Circle firms are multinational organisations with offices and lawyers around the world. Their work generally tends to cover corporate law and mergers and acquisitions. For some aspiring lawyers, the Magic Circle represents the pinnacle of the legal world and working for one comes not only with prestige, but often a higher salary. However, employment with such a firm can come with a compromise as you’ll likely be expected to work longer hours in a high pressure environment and positions can be extremely competitive.
Silver Circle firms
The term Silver Circle was first used in 2005 and refers to those firms who have a lower turnover than those in the Magic Circle, but still have a significant presence in the City and beyond. Often, their profit per equity partner – the average figure used to benchmark a firm’s profitability – is still much higher than the average of UK law firms. Identifying the firms in the Silver Circle is often more difficult than those in the Magic Circle, and you’ll often find variations in the list.
The work carried out by firms in the Silver Circle offers more variation in regard to the legal practice areas in which they operate. A benefit for many lawyers. Whilst you might be working for one of the most elite firms in the world, you’ll still find they’re well respected, offer competitive salaries and a better work-life balance.
US law firms in the UK
Firms from the United States have been making their way across the Atlantic for decades and there are many with bases in London. You’ll find they offer some of the best salaries, exceeding those of even the Magic Circle in some instances. But this comes at a price, as US firms have also exported their uniquely American way of working. You’ll be expected to work long, demanding days and might regularly have to work unsociable hours in order to attend meetings, meet deadlines and close deals with your colleagues in the US.
Boutique law firms
Boutique law firms tend to specialise in a single practice area and pride themselves on being the experts in their chosen legal field. Often smaller than their corporate counterparts, boutique firms have fewer lawyers and offices. That said, it could be the ideal place to develop your career if you’re interested in practicing in more niche legal areas, such as intellectual property, technology, entertainment, or private client law. Whilst salaries tend to be lower, the workload will likely bring less pressure and more flexibility, meaning you could find a better work life balance.
Mid-sized law firms
You’ll find the mid-sized law firms exist in the space between the Magic Circle and smaller boutique firms. Mid-sized firms vary greatly in terms of their size and handle work from a broad spectrum of practice areas. The beauty of this is, no matter what kind of law you’re looking to practice you’ll find a mid-sized firm in which to put your expertise to good use. Mid-sized firms offer people a better work life balance, but salaries will be less than that offered by Magic and Silver Circle firms.
Regional law firms
You’ll find many regional law firms in the UK and, whilst their head office could be anywhere in the country, they could also have an office closer to home. Practicing law in London isn’t for everyone, and regional firms offer those wishing to enhance their legal career a great place to grow. You’ll find these offices have a smaller staff and the work spans more than one practice area. Also, like boutique and mid-sized firms, you’ll be better positioned to learn from your colleagues and work more closely with the associates and partners.
High street law firms
High street law firms refers to the smaller legal practices found across the UK. You’ll see them in your local town or city, often on the “high street”, hence the name. They provide a range of legal services and advice to both individuals and smaller businesses, covering legal areas such as property, divorce, criminal and personal injury law. High street firms will have a small staff – sometimes a single lawyer. Salaries likely won’t compete with those offered by even regional firms, but there are ample opportunities to be found locally if you’re looking for a smaller, community led approach to practicing law.
What kind of law firm is best for me?
There’s not always an easy way to identify the kind of law firm best for you and your career. You’ll need to consider the kind of law you want to practice, the firms operating in that legal area, and where you’re based. Competition at the biggest law firms can be fierce and you’ll need to reflect on the compromise between the salary and work life balance. Speak with people in the sector and ask about their experiences, network with legal professionals, and seek out opportunities to work at the firms you’re considering. Finally, keep your options open – you could find the perfect role in a firm you’d never previously considered.
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