For decades, the term ‘Magic Circle’ meant five elite British law firms. A widely discussed June analysis by Law.com International argues that, by today’s commercial metrics, London’s Magic Circle has effectively become an all-American group.
The five are Kirkland & Ellis, Latham & Watkins, Paul Weiss, Simpson Thacher & Bartlett, and Quinn Emanuel. The original five, Clifford Chance, Freshfields, Linklaters, A&O Shearman and Slaughter and May, were absent from that list. What determined this assessment was not heritage or reputation. It was profitability, London market position, deal flow and strategic momentum.
The pace has been considerable. Paul Weiss launched its London office in 2023 and has since hired more than 20 partners from rival firms. Quinn Emanuel raised its London NQ salary to £189,000 in early June, making it the highest confirmed NQ rate in the City, overtaking Davis Polk, Gibson Dunn, and Paul Weiss, all of whom pay £180,000 at NQ level. The new rate came into effect on 1 July.
The original Magic Circle firms pay NQs £150,000. Quinn Emanuel now pays £189,000. At one year PQE, that firm’s associates earn £205,000. The gap between the two groups, up to £39,000 at qualification and remaining substantial through the associate salary scale, is significant for anyone making qualification decisions this year. Several of these firms have also been among the earlier adopters of generative AI within their London practices, a trend beginning to reshape aspects of junior legal work as well as remuneration.
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