Are Magic Circle Law Firms making it hard for themselves when trying to secure the top talent?
by Heat Recruitment
Do the top firms in the UK, ie the magic circle firms miss out on the top talent?
- When you are a law graduate in the UK, you choose to go down two routes to become either a Solicitor or a Barrister
- This causes a split, are the top graduates choosing to become a Barrister over a Solicitor in a magic circle firm?
Compare this to how American Law Firms retain talent:
- America doesn’t have this problem, as all of their graduate’s progress to a Lawyer/Attorney and naturally progress into the top firms
- This means they get the best new legal minds to see them through while the UK’s magic circle struggles.
With the strength of the dollar to the pound, could the American Law Firms muscle in on the Magic Circle firms and take their talent?
- With the strength of the dollar over the pound, it can be seen that the US Law Firms are bulking up their presence in London
- With some of the US firms paying huge salaries to attract talent away from the magic circle firms
Could this lead to a long term knock on affect for the UK’s leading firms?
These points were made in a blog post by Mark Brandon, who wrote on the matter, noting that the UK magic circle had failed to grasp a firm hold on the US. Brandon also goes on to say:
“Yes, you can go on as much as you like about how special the English court system is, how respected around the world it is, and so on, but the net effect of taking many of the most talented legal brains out of the intake valves of law firms and sticking them as guns-for-hire in antiquated premises clustered where the centre of the English legal universe used to be has been to deprive the UK’s law firms of the cream of the legal talent pool, not to mention revenue.”
Dan Hazzard is one of our Senior Recruitment Consultants specialising in Legal. Connect with him on LinkedIn here or call to have a chat on 0117 922 1771