Commerical Law Recruitment Process

Magic Circle Firms

The Magic Circle represents the five most prestigious law firms in the UK:

• Clifford Chance
• Freshfields Bruckhaus Deringer
• Linklaters
• Allen & Overy
• Slaughter and May

These firms dominate the fields of corporate law, banking, and finance, offering services to top global clients. As of 2023, Magic Circle firms generated approximately 25% of the UK's total legal revenue, highlighting their dominance in high-value commercial and financial work.

Recruitment Process: These firms hire large numbers of trainees annually, but competition is fierce. Each firm receives thousands of applications for vacation schemes and training contracts, with only 2-4% of applicants securing a place.

Silver Circle Firms 

Silver Circle firms, including:

• Ashurst
• Herbert Smith Freehills
• Macfarlanes
• Travers Smith

These firms are recognised for their excellence in litigation, corporate work, and real estate. While they tend to have smaller intakes compared to Magic Circle firms, they offer equally prestigious opportunities.

Fact: Silver Circle firms focus on strong client relationships and more specialised practice areas, often allowing trainees greater exposure to significant legal matters.

Vacation schemes at both Magic and Silver Circle firms are essential for securing a training contract. These schemes allow firms to assess candidates over several weeks, while students gain invaluable work experience in a legal setting.

Key Tip: Application deadlines for summer vacation schemes are often in October or January of the previous year, so early preparation is key. Students typically apply during their penultimate or final year of university.

Many Magic Circle firms fill the majority of their training contracts through vacation scheme participants. In 2023, over 90% of trainees at Magic Circle firms were recruited through summer schemes. Therefore, securing a place on a vacation scheme significantly increases your chances of landing a training contract.

Commercial law firms expect candidates to understand how the law affects businesses. This includes being well-versed in current economic issues and understanding their impact on industries. Firms often assess this skill during interviews, so staying up-to-date on global business trends is crucial.

Firms look for candidates who can demonstrate strong teamwork and leadership skills. Whether through university societies, internships, or part-time work, it's essential to show you can contribute effectively to group projects and lead when necessary.

Legal work requires precision, and attention to detail is highly valued. Showcase this skill through examples such as proofreading legal documents during internships or conducting thorough research for university assignments.

Most firms use an online application portal where you will need to fill out personal details, educational background, and answer motivational questions such as, "Why do you want to work in commercial law?" and "Why this firm?"

Many firms require candidates to complete online aptitude tests. These typically include:

• Verbal reasoning
• Logical reasoning
• Situational judgement tests

Assessment centres typically involve a day of exercises, including group tasks, written assessments, and sometimes case study presentations.

Fact: Approximately 30% of candidates who attend assessment centres receive training contract offers.

Interviews often combine competency-based and commercial awareness questions. Some firms may also conduct case study interviews, where you are asked to provide legal solutions to hypothetical client problems.

Vacation schemes are not only paid work experience but a key route into securing a training contract at many top firms. These schemes give you the opportunity to work alongside lawyers, experience real legal work, and network with partners and associates.

Fact: Over 80% of training contract offers at Magic Circle firms are made to individuals who have completed a vacation scheme.

During a vacation scheme, you’ll typically:

• Shadow experienced lawyers
• Attend client meetings
• Complete tasks such as legal research or drafting documents
• Attend social events, which offer opportunities to network with colleagues and learn about the firm’s culture

• Tailor each application to the specific firm. Mention their key clients, recent deals, and why their culture appeals to you.
• Demonstrate your skills through experiences outside academics, such as part-time jobs, volunteering, or leadership roles.

• Don’t rely solely on academic achievements. Law firms are looking for candidates with practical skills and well-rounded experiences.
• Avoid generic answers. Show that you have thoroughly researched the firm and understand its unique selling points.

• Training Contracts: There are approximately 5,500 training contracts available in the UK each year.

• Acceptance Rate: Magic Circle firms receive thousands of applications for training contracts and vacation schemes, but only 2-4% of applicants are successful.

• Trainee Salaries: Magic Circle trainees typically earn around £50,000 to £55,000 in their first year, with Silver Circle firms offering slightly lower but still competitive salaries.

Not all candidates enter the legal profession through traditional routes. Here are some alternative options to consider:

• Legal Apprenticeships: Some firms now offer legal apprenticeships, allowing students to work and study simultaneously, leading to qualification as a solicitor.

• Paralegal Work: Gaining experience as a paralegal can strengthen your CV and provide practical insights into the legal industry before applying for training contracts.

 If you're ready to begin your commercial law journey, here’s what you can do next:

• Research different firms and understand their areas of specialisation.
• Attend law fairs and networking events to connect with recruiters and gain insights.
• Join university law societies or interest groups to build your network.
• Subscribe to Let'sBreakDownLaw’s monthly newsletter to stay informed on commercial awareness topics and recruitment tips.

Newsletter Subscription: Stay ahead of the competition by subscribing to our monthly newsletter, where we break down key commercial law trends, offer recruitment advice, and provide tips on how to improve your applications.

 The path to securing a training contract at a top firm is highly competitive, but perseverance is key. Focus on continuously improving your application materials and refining the skills that recruiters value. Take advantage of networking opportunities and don’t be afraid to seek feedback.

With the right preparation, determination, and the resources provided by Let'sBreakDownLaw and LawInColour, you’ll be well-equipped to succeed in the competitive world of commercial law.