US law firms put pressure on Magic Circle by upping staff numbers and pay.
As well as outgunning the top UK firms on trainee pay, the US firms are increasing their recruitment demands – with White & Case, for instance, increasing its graduate intake this year from 30 to 40 people.
Latham & Watkins is increasing the size of its intake from 20 to 24, while other US firms in London are also increasing their recruitment quotas. On top of this, students at UK universities are seeing far more payment terms coming from the top US firms than from the domestic practices.
Allen & Overy, for example, offers £80,000 to newly-qualifieds, while Sullivan & Cromwell offers £101,500 and Latham & Watkins £101,000. Commenting on the way US firms are overtaking their UK counterparts, Legal Cheek says: ‘A few years from now, you get the impression that the ‘magic circle’ moniker … could be rendered altogether meaningless.’ Source: Legal Cheek