I was also aiming from magic circle but students should also think about pros and cons.
Few weeks ago I would kill for such chance nowadays am hoping that company will motivate me enough at comming interview.
Because...
Its not just about the fantastic money when you have no time to spend it.
Its not just known case when you have to do it 12h/day.
Its not just prestige but the question where will you grow when 40.
Its not about expert in segment of commercial law when you loosing touch with the general legal profession.
Its not about you, its about economy.

http://business.timesonline.co.uk/tol/business/law/article1381567.ece