A mounting assembly for mounting accessories to a dovetail rail on a firearm is provided. The mounting assembly includes a main body having a lower portion with a first engagement member extending downwardly along one side thereof and a clamping assembly installed into the main body opposite the engagement member such that the clamping assembly can be engaged and disengaged with the dovetail rail to hold the mounting assembly on the dovetail rail. In addition, a buffer pad is provided between the clamping assembly and the interface point on the dovetail rail to protect the rail from wear. The clamping assembly includes a means for retracting the buffer pad when the clamping assembly is in the disengaged position, the retraction means preferably being magnetic. Such that the buffer pad is held out of the way when mounting or dismounting the mounting assembly.