184:
marketing material." Linklaters' then head of corporate, David Cheyne, said: "City law firms years ago used to provide information to each other so they could keep in touch with what was going on, but that ended yonks ago... It seems to be a term to describe the leading City firms and there is some truth in it." Then corporate partner at
Herbert Smith Freehills and former investment banker Henry Raine said: "The phrase was coined by a legal magazine and referred to firms which were very strong in corporate or international work. At the time, Herbert Smith was languishing in the corporate stakes, and so was consigned to the outer darkness."
55:
2428:
109:
457:, an informal term for leading law firms in Australia. In 2012, three of these firms merged with overseas firms, and one other began operating in association with an overseas firm. As a consequence, it has been proposed that the term is no longer applicable to the Australian legal profession, displaced by the concept of Global Elite law firms or International Business law firms.
180:
outperformed the other Club of Nine counterparts. At the time, these firms were Allen & Overy, Clifford Chance, Freshfields
Bruckhaus Deringer, Linklaters, and Slaughter and May. Generally, the Magic Circle firms have among the highest earnings-per-partner and earnings-per-lawyer of UK-headquartered law firms.
179:
In contrast to the Club of Nine, the Magic Circle is an informal grouping of law firms. Initially, the Magic Circle's membership was described by commentators as comprising the UK firms with strong corporate practices or international work. The term "Magic Circle" denoted that the firms within it had
278:
argued that the term Magic Circle would lose its relevance, becoming "outmoded": "It will remain an easy shorthand to denote the UK-heritage firms with the biggest revenues, the most international work and which consistently outperform the rest of the market on profitability." It was argued that by
246:
magazine in 2005 in response to the pre-existing term, Magic Circle. These firms have a lower turnover than the members of the Magic Circle, but consistently have an average profits per equity partner (PEP) and average revenue per lawyer (RPL) far above the UK average (and, in some instances, higher
383:
wished to discard its Magic Circle designation in the US in favour of being part of the Global Elite. Similarly, in 2014, Linklaters' then managing partner, Simon Davies, said "The Magic Circle isn't what it used to be in the context of the US market or any market. I don't think it's going to gain
203:
than the Magic Circle quartet it is commonly lumped in with. To put it in the same category as Allen & Overy, Clifford Chance, Freshfields
Bruckhaus Deringer and Linklaters would be inaccurate, and to say it is in a class of its own is frankly showing the firm too much deference." Nonetheless,
198:
magazine stated that it no longer considered
Slaughter and May to form part of the Magic Circle due to its lower revenues and UK domestic focus. It wrote "Slaughters fits the silver circle bill in every respect. London-centric, sky-high PEP, top-tier work, an aura of prestige: Slaughter and May is
193:
argued that
Clifford Chance and Slaughter and May should no longer form part of the Magic Circle. It argued that Clifford Chance's profitability did not match the other Magic Circle firms, and that Slaughter and May operated a different (UK-focused) model, with revenue less than half that of the
183:
In 2004, Slaughter and May's then senior partner, Tim Clark, said: "It's a funny concept. I don't know where the term came from or who founded it. It's mainly something that comes up when we talk to journalists or they talk to us. We don't describe ourselves as a Magic Circle firm in any of our
228:, which are less profitable. Also, at the time the term was coined, the corporate practice at Herbert Smith (as it was known pre-merger) was focused on privatisation work, which had dried up. Arguably for this reason, it was not included in the initial Magic Circle.
176:. The members of the Club of Nine had an informal "no-poaching" agreement and the firms' senior partners would meet. In 1996, Stephenson Harwood was asked to leave the Club of Nine due to its stagnant performance, and the Club was disbanded in 2000.
123:
The Magic Circle has been termed a "journalistic device, coined by legal reporters in the wake of the break-up of its predecessor, the 'Club of Nine'". The Club of Nine was an informal group of law firms that comprised
430:, however, showed that South Square Chambers received more instructions from the Magic Circle law firms than any other chambers. Barristers from it worked on 64 matters for the Magic Circle law firms since 2015.
384:
power or momentum and I don't think it's a strengthening brand in itself." and "At the end of the day we see ourselves as one of the leading global law firms, not one of the leading Magic Circle firms".
240:
is an informal term for perceived elite corporate law firms headquartered in the United
Kingdom that are the main competitors for the Magic Circle in the United Kingdom. The term was coined by
269:
UK law firms, including Magic Circle law firms, have experienced increased competition from US law firms both domestically (from US law firms with a UK presence) and internationally.
732:
842:
1211:
1685:
2134:
993:
1012:
942:
1204:
1343:
797:
1948:
279:
2023 global law firms would rather be split between the Global Elite law firms, International
Business law firms and Super Boutique law firms.
260:
2371:
2058:
1197:
38:, which generally outperform the rest of the London law firms on profitability. The term has also been used to describe the most prestigious
927:
2124:
740:
365:
2183:
1929:
850:
2454:
2432:
633:
2089:
2084:
2048:
1875:
307:
2145:
2140:
1870:
1051:
576:
2376:
2175:
2079:
1943:
1895:
590:
1220:
508:
448:
754:
283:
264:
85:
The term was coined by legal reporters in the 1990s and is generally considered to include the following five law firms:
1697:
695:
256:
618:
2256:
2099:
964:
478:
373:
997:
2188:
2053:
2030:
887:
247:
than members of the Magic Circle). Contrary to what the term Silver Circle may suggest, there is no Golden Circle.
956:
2234:
2193:
2165:
2035:
1977:
1924:
1794:
1383:
1097:
779:
713:
380:
137:
94:
62:
2299:
1914:
1240:
303:
20:
2074:
1538:
978:
1880:
1478:
1338:
873:
396:
in the United
Kingdom are occasionally, by analogy, described by commentators as the Bar's Magic Circle:
1987:
1822:
1044:
464:
442:
357:
548:
2459:
2396:
1902:
1890:
1857:
1235:
1117:
1064:
1013:"Elite 'red circle' firms Zhong Lun and Jun He plot merger as consolidation grips China legal market"
648:
503:
484:
315:
237:
2261:
1885:
1832:
1569:
1443:
1423:
346:
287:
2381:
2333:
2160:
2094:
2040:
1774:
1764:
1711:
1574:
1559:
1488:
1393:
1173:
1150:
415:
393:
213:
145:
39:
2266:
42:
in London. All of the 'Magic Circle' law firms and barristers' chambers specialise primarily in
1759:
1734:
470:
361:
960:
2312:
2203:
1847:
1739:
1458:
1408:
1037:
902:
460:
350:
221:
165:
2155:
1982:
1769:
1754:
1528:
1493:
1368:
1168:
1163:
410:
405:
78:
663:
8:
2326:
2305:
2129:
1749:
1503:
1158:
454:
400:
299:
291:
819:
204:
other commentators still consider
Slaughter and May to be a member of the Magic Circle.
2354:
2283:
2276:
2104:
1599:
1589:
1533:
1508:
1273:
1189:
225:
173:
74:
2239:
2213:
1799:
1744:
1724:
1644:
1498:
1473:
1263:
1107:
473:, an informal term for leading law firms in the People's Republic of China coined by
369:
169:
102:
1809:
2198:
2002:
1817:
1664:
1453:
1428:
1288:
1268:
1087:
125:
2347:
2150:
1827:
1789:
1779:
1624:
1448:
1323:
1303:
1178:
1130:
1092:
1029:
490:
420:
295:
133:
129:
112:
90:
86:
58:
54:
1669:
1594:
1579:
1513:
1468:
1463:
1413:
1398:
1373:
1333:
1283:
1224:
330:
322:
70:
2448:
2012:
1997:
1992:
1919:
1649:
1614:
1523:
1403:
1353:
1328:
1318:
1313:
1135:
338:
311:
217:
157:
141:
43:
2229:
2251:
2007:
1842:
1784:
1719:
1619:
1418:
798:"Ashurst, Herbies ride out tough year; BLP, Macfarlanes, SJ Berwin succumb"
487:, a collection of seven leading Canadian law firms with offices in Toronto.
439:
Big Three law firms, an informal term for leading law firms in New
Zealand.
116:
2246:
1634:
1543:
1438:
1388:
1378:
1278:
1125:
326:
200:
161:
2340:
2319:
1837:
1659:
1604:
1483:
1433:
1308:
1102:
943:"Linklaters' Simon Davies: "The magic circle isn't what it used to be""
474:
274:
242:
189:
149:
98:
66:
2271:
2208:
1654:
1629:
1363:
1358:
342:
334:
250:
1609:
1584:
1293:
108:
35:
77:'s headquarters lie just outside the boundary of the City, in the
1639:
1518:
1348:
1298:
153:
677:
577:"One Essex Court is the 'go-to' set for litigation heavyweights"
2386:
31:
874:"Can the magic circle ward off the challenge of the US firms?"
493:, an informal term for leading law firms in the United States.
1564:
979:"Revealed: The magic circle's barristers chambers of choice"
733:"The magic circle: meet the City's top commercial law firms"
30:" is an informal term describing the five most prestigious
1729:
994:"An obituary for the term 'Big 6' law firms in Australia"
451:, an informal term for leading law firms in South Africa.
1219:
477:
magazine in 2014. For further information, see also the
2135:
Institute of Chartered Accountants in England and Wales
774:
772:
231:
755:"Guest post - The Magic Circle is doomed. Here's why"
928:"Freshfields in the US: Don't call us magic circle"
769:
212:Among the large firms not included in the term are
1059:
996:. Beaton Research & Consulting. Archived from
445:, an informal term for leading law firms in Japan.
251:Impact of globalisation and relevance of the term
2446:
678:"The long read: How the silver circle shattered"
570:
568:
566:
1949:Public Prosecution Service for Northern Ireland
649:"UK 200: Record 11 firms join the £1m PEP club"
634:"Is this the end of the 'Magic Circle' brand?"
321:The International Business law firms comprise
261:List of largest United Kingdom-based law firms
2372:British and Irish Legal Information Institute
1205:
1045:
843:"'Silver circle' firms upset the legal order"
563:
780:"The silver circle - Chambers Student Guide"
714:"Magic Circle Law Firms: The Ultimate Guide"
625:
463:, an informal term for leading law firms in
366:Paul, Weiss, Rifkind, Wharton & Garrison
2125:Authorised Conveyancing Practitioners Board
2059:Society of Writers to Her Majesty's Signet
1930:Crown Office and Procurator Fiscal Service
1212:
1198:
1052:
1038:
991:
840:
730:
619:"2018: The magic circle will be no more"
308:Skadden, Arps, Slate, Meagher & Flom
107:
53:
49:
2090:Chartered Institute of Patent Attorneys
2085:Chartered Institute of Legal Executives
2049:Royal Faculty of Procurators in Glasgow
965:The Modern Bar: diverse and open to all
940:
812:
790:
661:
612:
610:
546:
387:
2447:
2146:Judicial Conduct Investigations Office
2141:Intellectual Property Regulation Board
1010:
992:Dobrjanski, Jarek (October 31, 2012).
976:
871:
662:Simmons, Richard (19 September 2017).
575:Rogers, Alexandra (14 December 2017).
574:
542:
540:
538:
536:
534:
532:
530:
528:
526:
524:
356:The Super Boutique law firms comprise
2415:Co-headquartered in the United States
2377:Incorporated Council of Law Reporting
1944:Attorney General for Northern Ireland
1193:
1033:
900:
834:
646:
631:
616:
479:list of the largest Chinese law firms
207:
888:"Gaining ground on the magic circle"
607:
509:Big Three (management consultancies)
284:Cleary Gottlieb Steen & Hamilton
901:Bruch, Nicholas (October 2, 2016).
841:Fletcher, Martin (28 August 2005).
521:
282:The Global Elite law firms comprise
265:List of Hong Kong law firms by size
232:Relationship with the Silver Circle
13:
2080:City of London Solicitors' Company
941:Beioley, Kate (28 November 2014).
374:Wachtell, Lipton, Rosen & Katz
257:List of largest European law firms
194:other Magic Circle firms. In 2017
14:
2471:
2100:Institute of Trade Mark Attorneys
872:Geffen, Charlie (8 August 2017).
731:Lockhart, Keely (February 2014).
2427:
2426:
2189:Bar Professional Training Course
2054:Society of Advocates in Aberdeen
2031:Law Society of England and Wales
930:. The Lawyer. 29 September 2014.
617:Byrne, Matt (2 September 2013).
433:
2455:Law firms of the United Kingdom
2194:Common Professional Examination
2166:Solicitors Regulation Authority
2036:Law Society of Northern Ireland
1978:Bar Council of Northern Ireland
1004:
985:
970:
963:, The Lawyer, 30 October 2000;
955:Bar Magic Circle, AllAboutLaw;
949:
934:
920:
894:
880:
865:
747:
724:
706:
647:Byrne, Matt (27 October 2016).
1925:Solicitor General for Scotland
1384:Freshfields Bruckhaus Deringer
1098:Freshfields Bruckhaus Deringer
1011:Dowell, Katy (25 March 2014).
977:Taylor, Alex (6 August 2018).
822:. The Lawyer. 3 September 2007
688:
670:
655:
640:
632:Byrne, Matt (2 October 2014).
583:
426:In August 2018, research from
381:Freshfields Bruckhaus Deringer
379:In 2014, it was reported that
304:Simpson Thacher & Bartlett
138:Freshfields Bruckhaus Deringer
95:Freshfields Bruckhaus Deringer
63:Freshfields Bruckhaus Deringer
1:
1915:Advocate General for Scotland
1539:Watson, Farley & Williams
1241:Economy of the United Kingdom
757:. Legal Business. 16 May 2017
547:Hickman, Lucy (21 May 2004).
514:
34:-headquartered multinational
21:Magic Circle (disambiguation)
2075:Association of Costs Lawyers
7:
1881:Government Legal Department
1479:Reynolds Porter Chamberlain
957:Glossary of Law Terminology
497:
358:Cravath, Swaine & Moore
10:
2476:
2420:Co-headquartered in Canada
1988:General Council of the Bar
890:. The Lawyer. 9 June 1999.
800:. The Lawyer. 14 July 2008
465:offshore financial centers
316:Weil, Gotshal & Manges
254:
18:
2405:
2364:
2292:
2222:
2174:
2117:
2067:
2023:
1968:
1961:
1903:Counsel General for Wales
1891:Crown Prosecution Service
1858:Law officers of the Crown
1856:
1808:
1710:
1678:
1570:Barlow Lyde & Gilbert
1552:
1444:Maclay Murray & Spens
1424:King & Wood Mallesons
1256:
1249:
1236:Law of the United Kingdom
1231:
1148:
1116:
1078:
1071:
504:Big Four accounting firms
347:King & Wood Mallesons
288:Davis Polk & Wardwell
69:are headquartered in the
1886:Government Legal Service
1833:Free Representation Unit
959:, University of Exeter;
849:. London. Archived from
696:"Magic circle law firms"
2382:Legal Services Act 2007
2334:The Law Society Gazette
2161:Master of the Faculties
2095:Civil Mediation Council
2041:Law Society of Scotland
1575:Berwin Leighton Paisner
1489:Shepherd and Wedderburn
1394:Herbert Smith Freehills
1174:Fountain Court Chambers
485:Seven Sisters law firms
416:Fountain Court Chambers
362:Sullivan & Cromwell
214:Herbert Smith Freehills
146:Herbert Smith Freehills
2176:Education and training
595:www.nextcitylawyer.com
549:"It's a kind of magic"
120:
82:
2313:The Global Legal Post
2204:Legal Practice Course
1848:Personal Support Unit
1529:Trowers & Hamlins
1494:Simmons & Simmons
1459:Norton Rose Fulbright
1409:Holman Fenwick Willan
461:Offshore magic circle
351:Norton Rose Fulbright
222:Norton Rose Fulbright
166:Norton Rose Fulbright
111:
57:
50:History and evolution
16:Five London law firms
2300:British law journals
2156:Legal Services Board
1983:Faculty of Advocates
1896:Serious Fraud Office
1712:Barristers' chambers
1369:Eversheds Sutherland
1169:Essex Court Chambers
1164:Brick Court Chambers
1151:barristers' chambers
1000:on November 7, 2012.
491:White Shoe law firms
471:Red Circle law firms
411:Essex Court Chambers
406:Brick Court Chambers
394:barristers' chambers
388:Barristers' chambers
300:Latham & Watkins
292:Kirkland & Ellis
115:is headquartered in
79:Borough of Islington
40:barristers' chambers
19:For other uses, see
2327:The New Law Journal
2306:The European Lawyer
2130:Bar Standards Board
1962:Professional bodies
1810:Legal aid providers
1795:QEB Hollis Whiteman
1735:4 King's Bench Walk
1600:Dundas & Wilson
1504:Squire Patton Boggs
1159:Blackstone Chambers
664:"The silver circle"
401:Blackstone Chambers
136:, Freshfields (now
75:Slaughter & May
2355:Solicitors Journal
2284:Trademark attorney
2277:Solicitor Advocate
1590:Denton Wilde Sapte
1534:Tuckers Solicitors
1509:Stephenson Harwood
1274:Anderson Strathern
903:"Losing the Magic"
591:"Next City Lawyer"
449:Big Five law firms
443:Big Four law firms
226:Stephenson Harwood
208:Firms not included
174:Stephenson Harwood
121:
83:
2442:
2441:
2214:Training contract
2113:
2112:
1876:Solicitor General
1866:England and Wales
1800:Red Lion Chambers
1745:5 Stone Buildings
1725:39 Essex Chambers
1706:
1705:
1499:Slaughter and May
1474:QualitySolicitors
1454:Mills & Reeve
1269:Allen & Overy
1264:Addleshaw Goddard
1187:
1186:
1144:
1143:
1108:Slaughter and May
1088:Allen & Overy
743:on April 2, 2016.
718:The Lawyer Portal
551:. The Law Gazette
455:Big Six law firms
370:Slaughter and May
170:Slaughter and May
126:Allen & Overy
103:Slaughter and May
2467:
2460:1990s neologisms
2430:
2429:
2199:Judicial College
1966:
1965:
1939:Northern Ireland
1871:Attorney General
1665:Theodore Goddard
1254:
1253:
1214:
1207:
1200:
1191:
1190:
1076:
1075:
1054:
1047:
1040:
1031:
1030:
1024:
1023:
1021:
1020:
1008:
1002:
1001:
989:
983:
982:
974:
968:
953:
947:
946:
938:
932:
931:
924:
918:
917:
915:
913:
898:
892:
891:
884:
878:
877:
869:
863:
862:
860:
858:
853:on June 12, 2011
838:
832:
831:
829:
827:
816:
810:
809:
807:
805:
794:
788:
787:
784:Chambers Student
776:
767:
766:
764:
762:
751:
745:
744:
739:. Archived from
728:
722:
721:
710:
704:
703:
700:Chambers Student
692:
686:
685:
674:
668:
667:
659:
653:
652:
644:
638:
637:
629:
623:
622:
614:
605:
604:
602:
601:
587:
581:
580:
572:
561:
560:
558:
556:
544:
296:White & Case
130:A&O Shearman
87:A&O Shearman
59:A&O Shearman
2475:
2474:
2470:
2469:
2468:
2466:
2465:
2464:
2445:
2444:
2443:
2438:
2401:
2360:
2348:Scots Law Times
2288:
2267:Patent attorney
2262:Legal executive
2218:
2170:
2151:Legal Ombudsman
2109:
2105:Judges' Council
2063:
2045:
2019:
1970:
1957:
1852:
1828:Citizens Advice
1804:
1790:One Essex Court
1702:
1674:
1670:Wragge & Co
1625:Lawrence Graham
1560:Addleshaw Booth
1548:
1449:Mishcon de Reya
1374:Farrer & Co
1324:Clifford Chance
1304:Browne Jacobson
1284:Bird & Bird
1245:
1227:
1218:
1188:
1183:
1179:One Essex Court
1140:
1131:Mishcon de Reya
1112:
1093:Clifford Chance
1067:
1058:
1028:
1027:
1018:
1016:
1009:
1005:
990:
986:
975:
971:
954:
950:
939:
935:
926:
925:
921:
911:
909:
899:
895:
886:
885:
881:
870:
866:
856:
854:
839:
835:
825:
823:
820:"Silver Circle"
818:
817:
813:
803:
801:
796:
795:
791:
778:
777:
770:
760:
758:
753:
752:
748:
729:
725:
712:
711:
707:
694:
693:
689:
682:lawyers4law.com
676:
675:
671:
660:
656:
645:
641:
630:
626:
615:
608:
599:
597:
589:
588:
584:
573:
564:
554:
552:
545:
522:
517:
500:
436:
421:One Essex Court
390:
267:
253:
234:
210:
134:Clifford Chance
113:Clifford Chance
91:Clifford Chance
52:
24:
17:
12:
11:
5:
2473:
2463:
2462:
2457:
2440:
2439:
2437:
2436:
2423:
2422:
2417:
2412:
2406:
2403:
2402:
2400:
2399:
2394:
2389:
2384:
2379:
2374:
2368:
2366:
2362:
2361:
2359:
2358:
2351:
2344:
2337:
2330:
2323:
2316:
2309:
2302:
2296:
2294:
2290:
2289:
2287:
2286:
2281:
2280:
2279:
2269:
2264:
2259:
2254:
2249:
2244:
2243:
2242:
2240:King's Counsel
2232:
2226:
2224:
2220:
2219:
2217:
2216:
2211:
2206:
2201:
2196:
2191:
2186:
2180:
2178:
2172:
2171:
2169:
2168:
2163:
2158:
2153:
2148:
2143:
2138:
2132:
2127:
2121:
2119:
2115:
2114:
2111:
2110:
2108:
2107:
2102:
2097:
2092:
2087:
2082:
2077:
2071:
2069:
2065:
2064:
2062:
2061:
2056:
2051:
2044:
2043:
2038:
2033:
2027:
2025:
2021:
2020:
2018:
2017:
2016:
2015:
2010:
2005:
2000:
1990:
1985:
1980:
1974:
1972:
1963:
1959:
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