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Monday 9 April 2007

What is the "Magic Circle" Anyway? And What Makes it so Magic?

The so-called Magic Circle consists of five law firms:
  • Slaugher & May
  • Freshfields Bruckhaus Deringer
  • Clifford Chance
  • Linklaters
  • Allen & Overy

In a nutshell, what makes them magic is size and money.

Slaughters has always stood apart from the rest. In part this is because it has not chased the comprehensive 'global' strategy of the other four, and so has less overseas offices. Instead, it has a network of'best friends': i.e., firms it considers to be first rate in foreign jurisdications which it refers work to and receives referrals from.

So, while Slaughters has considerably fewer lawyers than the other four, it also has a higher PEP ("profit per equity partner") than them, so it stays in the club by having the richest partners.

One well known legal magazine, excludes Slaughters from the magic circle, because "it lacks global presence". Well, we include Slaughters because (a) it is the firm that all other corporate lawyers either admire, envy or both, and (b) according to the same legal mag., Slaughters' equity partners trouseres over £1.1mil each last year. Now that is magic.

Slaughters aside, the rest of the Magic Circle tend to (a) be humungous compared to other firms, and (b) make more money (in absolute terms and again on a PEP basis) than other law firms.

To be fair, London is the legal and financial capital of Europe and many other parts of the world as well. The Magic Circle firms sit at the top of the heap in London, so they have a legitimate clam to be among the 'best' law firms in the world.

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21 May 2013 at 18:07

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