Magic Circle (law)
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The Magic Circle is an informal term used to describe collectively what are considered to be the five leading London law firms - all of which employ primarily solicitors. They are:
As of 2005 the first four listed were in the top six largest law firms in the world by revenue (in 2006 Clifford Chance became the world's highest-grossing business firm), but Slaughter and May ranked only 36th in the world on this measure. [1] These firms are generally ranked amongst league tables as the most prestigious firms by other solicitors in England and Wales, and have the highest earnings per-partner and per-lawyer in the United Kingdom. In recent years their position has been challenged by American "big law" firms operating branch offices in London, due to deep differences in firm structure, remuneration and average attorney education.
Slaughter and May has consistently enjoyed the highest profits per equity partner of the Magic Circle for a number of years, but the firm has not expanded aggressively overseas in the way that the other members of the Magic Circle have, and as a consequence its gross revenues are not only smaller than all the other members of the Magic Circle, but a large number of other English based law firms as well.
[edit] Related phrases
- Global Quartet or Big Four, referring to members of the Magic Circle other than Slaughter and May as it has, in general, not pursued a policy of expansion
- Golden Circle, a term used for example, by The Economist, or Silver Circle as used by "The Lawyer" to refer to a second tier of London law firms less prominent than the magic circle but consistently very successful
- White shoe firms or Charm Circle, referring law firms perceived to be the leading New York law firms
- Seven Sisters, referring to the seven Canadian law firms considered to be the top tier
- Big Six, referring to six Australian law firms perceived to be of the top tier
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