Do the pads touch the rim as soon as you start pulling the lever or is there simply too mch space between the pads and rim? In the former case you might have to look at bleeding indeed, but in the latter they just need to be set up properly.
1 ) Loosen the screws a bit so that the calipers can move around inside the mounting plates. No excessive play, just enough so the calipers can move
2 ) Put the pads against the rims, then tighten the bolts on one side of the bike.
3 ) Pull the lever a few mm back (Magura recommends 2mm, I suggest however much play you want), you'll notice that the caliper on the loose side slides outwards a mm or so.
4 ) Tighten the loose side, loosen the other one.
5 ) Pull the lever back a bit more so that the other caliper moves outward a bit as well
6 ) Tighten
Done
In step 2, you may want to put something thin between the rear of the pads and the rims to provide the right amount of toe. Otherwise they might squeal every time you brake.