what is the magic circle law

[2] Generally, the Magic Circle firms have among the highest earnings per-partner and earnings per-lawyer of UK-headquartered law firms. You’ve probably heard of the phrase 'the magic circle'. [8][9][10][11], Among the large firms not included in the term are Herbert Smith, Lovells, Norton Rose and Stephenson Harwood, which are less profitable. It argued that Clifford Chance’s profitability does not match the other Magic Circle firms, and Slaughter & May operates a different (UK-focused) model and its revenue is less than half of the other Magic Circle firms. If you are an aspiring solicitor, you will have almost definitely heard about Magic Circle law firms and quite possibly the Silver Circle too. Arguably, for this reason, it was not included in the initial Magic Circle. Not to be confused with the magicians' union of the same name, this is a moniker for an elite group of five London law firms which share a focus on corporate and finance work. [21], The following barristers' chambers in the United Kingdom are occasionally, by analogy, described by commentators as the Bar's Magic Circle:[22][1], In August 2018, research from The Lawyer, however, showed that South Square Chambers received more instructions from the Magic Circle law firms than any other chamber. [1], The term Magic Circle was coined by legal reporters in the 1990s[2] and includes the following five law firms per most commentators: Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May.[1]. The Magic Circle refers to law firms in the UK, so it seems appropriate that we start with the Oxford English Dictionary. It's mainly something that comes up when we talk to journalists or they talk to us. South American law firms are known as the ‘Big Five’, top tier Canadian law firms are called the ‘Seven Sisters’, and in New York they’re either known as ‘White Shoe’ firms or ‘Charmed Circle’. [2], The Silver Circle 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. It seems to be a term to describe the leading City firms and there is some truth in it. We caught up with Siobhan, TLP Ambassador for the University of St Andrews, who was lucky enough to secure a summer internship with Magic Circle law firm Allen & Overy in their Abu Dhabi office! If you’re an aspiring solicitor, you’ve almost certainly heard of the Magic Circle law firms. A magic circle is a ritually defined space in a number of magical traditions.. Magic circle or Magic Circle may also refer to: . The Global Elite law firms comprise Allen & Overy, Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell, Freshfields Bruckhaus Deringer, Kirkland & Ellis, Latham & Watkins, Linklaters, Simpson Thacher & Bartlett, Skadden, Arps, Slate, Meagher & Flom, Sullivan & Cromwell, and Weil, Gotshal & Manges. It was argued that by 2023 global law firms will rather be split between the Global Elite law firms, International Business law firms and Super Boutique law firms. The Magic Circle refers to law firms in the UK, so it seems appropriate that we start with the Oxford English Dictionary. The bonus scale paid by Cravath to its junior lawyers is seen as the gold standard in the US legal industry and its lead is generally followed by the top US and UK law firms. – The Lawyer - Legal insight, benchmarking data and jobs", "UK 200: Record 11 firms join the £1m PEP club – The Lawyer - Legal insight, benchmarking data and jobs", "The long read: How the silver circle shattered - Lawyers4law", "Magic Circle Law Firms: The Ultimate Guide", "The magic circle: meet the City's top commercial law firms", "Guest post - The Magic Circle is doomed. Who are the Silver Circle Law Firms? 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'.". This is an informal term used to describe what are generally regarded as the five leading UK-headquartered law firms, namely Allen & Overy, Clifford Chance, Freshfields, Linklaters and Slaughter and May. Call Us: +44 (0)20 8834 4579 At the time, these firms were Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May. Take our new Which Magic Circle Law Firm is Right For Me? Is Allen & Overy the law firm for you?

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