The Silver Circle Law Firms: Who They Are, And What They Do
Published:
January 23, 2024
Last updated:
July 16, 2024
We have more than 25 years of experience in corporate law, business and finance.
We’ve worked at leading law firms advising the world’s biggest banks and global corporations on complex legal issues and, in our business lives, we’ve instructed law firms as paying clients.
One of the most important skills for the modern lawyer is commercial awareness.
It’s this skill that separates the good lawyers from the great lawyers.
It’s this skill that will get you promoted at your law firm.
It’s this skill that will mean that the best clients will instruct you on the best matters.
This guide breaks down commercial awareness for lawyers. We’ll look at:
We hope you find it useful.
The Silver Circle is the name given to a select group of leading UK law firms.
The term was first coined in 2005 to distinguish the group from the Magic Circle of larger (and more prestigious) City law firms.
Both sets of firms do very similar work, specialising in corporate, finance and disputes, while having a full service offering across a broad range of practice areas.
They often work for many of the same clients, including the likes of big name banks, listed companies and governments, but Silver Circle firms will generally work on (slightly) smaller deals and matters.
While clients might pick the Magic Circle for big ticket takeovers or financing transactions, Silver Circle firms will pick up much of the mid-market work.
Both groups are seen as prestigious, but Magic Circle firms are larger (they employ more lawyers), have a bigger international footprint and are more profitable.
To use a football analogy, the Silver Circle can perhaps be seen as the equivalent of clubs in the top half of the Premier League table, with the Magic Circle occupying the the Champions League spots at the top of the table.
Let's look in more detail at the Silver Circle firms.
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The group is generally considered to consist of the following firms:
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Addleshaw Goddard | £52,000 | £56,000 | £100,000 |
| Akin Gump | £57,500 | £62,500 | £169,235 |
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Ashurst | £52,000 | £57,000 | £125,000 |
| Baker McKenzie | £56,000 | £61,000 | £140,000 |
| Bird & Bird | £47,000 | £52,000 | £98,000 |
| Bristows | £46,000 | £50,000 | £88,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Burges Salmon | £45,000 | £47,000 | £68,000 |
| Charles Russell Speechlys | £47,000 | £50,000 | £88,000 |
| Cleary Gottlieb Steen & Hamilton | £57,500 | £62,500 | £160,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Clyde & Co | £42,000 | £44,500 | £85,000 |
| CMS | £50,000 | £55,000 | £110,000 |
| Cooley | £52,000 | £57,000 | £150,000 |
| Davis Polk & Wardwell | £65,000 | £70,000 | £170,000 |
| Debevoise & Plimpton | £55,000 | £60,000 | £160,500 |
| Dechert | £50,000 | £55,000 | £145,000 |
| Dentons | £50,000 | £54,000 | £95,000 |
| DLA Piper | £50,000 | £55,000 | £110,000 |
| Eversheds Sutherland | £46,000 | £50,000 | £100,000 |
| Farrer & Co | £45,000 | £48,000 | £83,000 |
| Fieldfisher | £46,000 | £49,500 | £95,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Fried Frank | £55,000 | £60,000 | £175,000 |
| Gateley | £36,000 | £38,500 | £75,000 |
| Gibson Dunn | £60,000 | £65,000 | £180,000 |
| Goodwin Procter | £55,000 | £60,000 | £175,000 |
| Gowling WLG | £47,000 | £52,000 | £98,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| HFW | £46,000 | £50,000 | £100,000 |
| Hill Dickinson | £39,000 | £41,000 | £72,000 |
| Hogan Lovells | £56,000 | £61,000 | £135,000 |
| Irwin Mitchell | £40,000 | £42,000 | £75,000 |
| Jones Day | £54,000 | £63,000 | £145,000 |
| K&L Gates | £50,000 | £55,000 | £110,000 |
| Kennedys | £41,000 | £44,000 | £85,000 |
| King & Spalding | £50,000 | £55,000 | £156,000 |
| Kirkland & Ellis | £60,000 | £65,000 | £169,235 |
| Latham & Watkins | £50,000 | £55,000 | £169,235 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Mayer Brown | £50,000 | £55,000 | £120,000 |
| McDermott Will & Emery | £65,000 | £70,000 | £174,418 |
| Milbank | £57,500 | £62,500 | £174,418 |
| Mills & Reeve | £30,000 | £32,000 | £58,000 |
| Mischon de Reya | £47,500 | £52,500 | £95,000 |
| Norton Rose Fulbright | £42,500 | £53,000 | £120,000 |
| Orrick | £55,000 | £60,000 | £140,000 |
| Osborne Clarke | £54,500 | £56,000 | £94,000 |
| Paul Hastings | £55,000 | £60,000 | £173,000 |
| Paul Weiss | n/a | n/a | £180,000 |
| Penningtons Manches Cooper | £45,000 | £47,000 | £75,000 |
| Pinsent Masons | £47,000 | £51,500 | £97,000 |
| Quinn Emanuel | n/a | n/a | £180,000 |
| Reed Smith | £50,000 | £55,000 | £125,000 |
| Ropes & Gray | £60,000 | £65,000 | £165,000 |
| RPC | £44,000 | £48,000 | £85,000 |
| Shearman & Sterling | £55,000 | £60,000 | £145,000 |
| Shoosmiths | £43,000 | £45,000 | £97,000 |
| Sidley Austin | £60,000 | £65,000 | £175,000 |
| Simmons & Simmons | £52,000 | £57,000 | £120,000 |
| Skadden | £58,000 | £63,000 | £173,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
| Squire Patton Boggs | £47,000 | £50,000 | £110,000 |
| Stephenson Harwood | £50,000 | £55,000 | £100,000 |
| Sullivan & Cromwell | £60,000 | £65,000 | £170,000 |
| Taylor Wessing | £50,000 | £55,000 | £115,000 |
| TLT | £42,500 | £45,500 | £75,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
| Trowers & Hamlins | £45,000 | £49,000 | £80,000 |
| Vinson & Elkins | £60,000 | £65,000 | £173,822 |
| Watson Farley & Williams | £50,000 | £55,000 | £102,000 |
| Weightmans | £32,000 | £34,000 | £60,000 |
| Weil Gotshal & Manges | £60,000 | £65,000 | £170,000 |
| White & Case | £62,000 | £67,000 | £175,000 |
| Willkie Farr & Gallagher | £55,000 | £60,000 | £150,000 |
| Withers | £45,000 | £49,000 | £90,000 |
| Womble Bond Dickinson | £42,000 | £44,000 | £78,000 |
Rank | Law Firm | Revenue | Profit per Equity Partner (PEP) |
|---|---|---|---|
| 1 | DLA Piper* | £2,833,000,000 | £2,140,000 |
| 2 | Hogan Lovells* | £2,158,000,000 | £2,204,000 |
| 3 | Allen & Overy | £2,100,000,000 | £1,820,000 |
| 4 | Clifford Chance | £2,060,000,000 | £2,000,000 |
| 5 | Linklaters | £1,900,000,000 | £1,779,000 |
| 6 | Freshfields Bruckhaus Deringer | £1,840,000,000 | £2,090,000 |
| 7 | Norton Rose Fulbright* | £1,640,000,000 | £820,000 |
| 8 | CMS** | £1,591,000,000 | Not disclosed |
| 9 | Herbert Smith Freehills | £1,186,000,000 | £1,173,000 |
| 10 | Ashurst | £879,000,000 | £1,170,000 |
| 11 | Clyde & Co | £788,600,000 | £708,000 |
| 12 | Eversheds Sutherland | £730,900,000 | £1,290,000 |
| 13 | Bryan Cave Leighton Paisner* | £664,000,000 | £740,000 |
| 14 | Pinsent Masons | £605,900,000 | £797,000 |
| 15 | Slaughter and May*** | £572,000,000 | Not disclosed |
| 16 | Simmons & Simmons | £521,000,000 | £1,002,000 |
| 17 | Bird & Bird** | £495,000,000 | £669,000 |
| 18 | DWF | £451,600,000 | Not disclosed |
| 19 | Addleshaw Goddard | £443,000,000 | Not disclosed |
| 20 | Taylor Wessing | £439,000,000 | £809,000*** |
| 21 | Womble Bond Dickinson* | £417,000,000 | £550,000 |
| 22 | Osborne Clarke** | £377,000,000 | £687,000 |
| 23 | Fieldfisher | £370,000,000 | £930,000 |
| 24 | Kennedys | £313,000,000 | Not disclosed |
| 25 | Macfarlanes | £296,600,000 | £2,100,000 |
Silver Circle firms are ‘full service’ law firms specialising in corporate law. They advise large companies, financial institutions and governments on transactions and disputes across a broad range of practice areas, including:
While they all offer broadly similar services, there are some subtle differences:
Ashurst: Ashurst is a global player with offices in 18 counties. It has a prestigious history as a City law firm dating back to 1822. Ashurst has a strong foothold in corporate and finance law. It’s especially known for its work in banking, capital markets, energy, resources, and infrastructure.
Bryan Cave Leighton Paisner: BCLP was formed from the merger of the UK-based Berwin Leighton Paisner and the US-based Bryan Cave in 2018. The firm has 31 offices in 11 countries worldwide. BCLP is strong in construction and real estate work, as well as corporate M&A.
Herbert Smith Freehills: Long considered the most prestigious firm outside of the Magic Circle and founded in 1882. A large international footprint with offices in 17 countries. Herbert Smith Freehills is traditionally a powerhouse in big-ticket corporate litigation. The firm is also notable for its work in the energy and infrastructure sectors.
Macfarlanes: Considered one of the most prestigious City law firms with a tight culture. Founded in 1875, Macfarlanes is also known as one of the most profitable UK law firms. It consistently posts PEP (profit per equity partner) that’s as good as the Magic Circle. A small international footprint, Macfarlanes excels in corporate M&A, disputes and private client work.
Travers Smith: A similar reputation and culture to Macfarlanes. Travers Smith was founded in 1810. A small international presence, with just one international office in Paris. The firm is known for its corporate M&A work, particularly in private equity.
Silver Circle firm salaries have risen sharply in the last few years in response to rival Magic Circle rivals boosting pay to keep up with the growing threat of elite US firms in London.
Here’s what Silver Circle firms currently pay their lawyers.
You can see a list of salaries paid by all the top UK law firms here.
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| A&O Shearman | £56,000 | £61,000 | £150,000 |
| Clifford Chance | £56,000 | £61,000 | £150,000 |
| Freshfields Bruckhaus Deringer | £56,000 | £61,000 | £150,000 |
| Linklaters | £56,000 | £61,000 | £150,000 |
| Slaughter and May | £56,000 | £61,000 | £150,000 |
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £52,000 | £57,000 | £125,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
Revenues are lower at Silver Circle firms than among the Magic Circle. Profits per equity partner (PEP) can be considered ‘tier two’ behind the Magic Circle but ahead of other top UK firms.
Law Firm | Trainee First Year | Trainee Second Year | Newly Qualified (NQ) |
|---|---|---|---|
| Ashurst | £52,000 | £57,000 | £125,000 |
| Bryan Cave Leighton Paisner | £50,000 | £55,000 | £105,000 |
| Herbert Smith Freehills | £56,000 | £61,000 | £135,000 |
| Macfarlanes | £56,000 | £61,000 | £140,000 |
| Travers Smith | £54,000 | £59,000 | £120,000 |
While they largely do the same type of work, there are some differences between Silver Circle and Magic Circle firms:
Size and Reach: The primary difference lies in size and global reach. Magic Circle firms, like Clifford Chance and Linklaters, are larger in size. They have more lawyers, more partners, more offices, bigger revenues and bigger profits. They have a more extensive international network with offices across the globe.
Financial Performance: Magic Circle firms have quite significantly bigger revenues than Silver Circle firms. All of them, except Slaughter and May, have revenues around the £2 billion mark. The highest-revenue Silver Circle firm is Herbert Smith Freehills which booked £1.1 billion of revenue in 2023.
Profits are also higher at Magic Circle firms. Average profit per equity partner (PEP) is nearer £2 million (Slaughter and May’s PEP is thought to be as high as £3.5 million). PEP at Silver Circle firms is nearer £1 million, although Macfarlanes is known as an outlier with Magic Circle-beating PEP of £2.1 million in 2023.
Culture and Approach: While it used to be the case that there were meaningful cultural differences between Magic Circle and Silver Circle firms, those lines have blurred in recent years, at least among the Silver Circle firms with global ambitions.
The culture at Ashurst and Herbert Smith Freehills is very similar to that at Magic Circle firms. That being said, Macfarlanes and Travers Smith are still known for their more compact, ‘collegiate’ culture with more flexibility around work-life balance.
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