Magic Circle (law firms)

For other uses, see Magic Circle (disambiguation).

The Magic Circle is an informal term for what are generally considered the five leading law firms headquartered in the United Kingdom,[1][2][3] and the four or five leading London-based commercial barristers' chambers.

Law firms

The five law firms generally regarded as constituting the Magic Circle are:[2][4]

These firms are generally regarded as being the most prestigious law firms headquartered in the UK, and consistently have among the highest earnings per-partner and earnings per-lawyer of UK-headquartered law firms.

In 2013 four members of the Magic Circle were among the ten largest law firms in the world measured by revenues, with Clifford Chance, Linklaters, Allen & Overy and Freshfields Bruckhaus Deringer respectively the fifth-largest, seventh-largest, eighth-largest and ninth-largest by this measurement.[5] In 2010 Slaughter and May was the 48th-largest law firm in the world by this measure, with revenues of $628,500,000.[5]

10 largest law firms in the world measured by 2013 revenues
Rank Firm Revenues Location of headquarters
1 Baker & McKenzie $2,540,000,000 United States
2 DLA Piper $2,480,000,000 United Kingdom/United States
3 Latham & Watkins $2,290,000,000 United States
4 Skadden, Arps, Slate, Meagher & Flom $2,230,000,000 United States
5 Clifford Chance $2,130,000,000 United Kingdom
6 Kirkland & Ellis $2,020,000,000 United States
7 Linklaters $1,960,000,000 United Kingdom
8 Allen & Overy $1,930,000,000 United Kingdom
9 Freshfields Bruckhaus Deringer $1,920,000,000 United Kingdom
10 Norton Rose Fulbright $1,900,000,000 United Kingdom

Those UK-headquartered firms commonly regarded as the main competitors of the Magic Circle are sometimes referred to as the "Silver Circle"; these firms are generally smaller than the members of the Magic Circle in revenues, but also have a level of earnings per-partner and earnings per-lawyer which are far above the average for UK-based law firms.[6][7]

10 largest UK-based law firms measured by 2013 worldwide revenues[8]
Rank Firm Revenues
1 DLA Piper £1,566,300,000
2 Clifford Chance £1,359,000,000
3 Linklaters £1,255,100,000
4 Allen & Overy £1,234,300,000
5 Freshfields Bruckhaus Deringer £1,232,000,000
6 Norton Rose Fulbright £1,152,000,000
7 Hogan Lovells £1,098,000,000
8 Herbert Smith Freehills £800,000,000
9 Dentons £807,300,000
10 CMS £710,400,000

Barristers' chambers

The following barristers' chambers are often described as constituting the Bar's Magic Circle:[9][10]

Rankings

See also

References

  1. 'Different types of law firm'
  2. 1 2 "Clifford Chance Is Top U.K. Law Firm as Revenue Falls". Bloomberg Businessweek. 8 July 2010. Retrieved 9 May 2011.
  3. "It's a kind of magic". The Law Gazette. 21 May 2004. Retrieved 9 May 2011.
  4. LawBritannia Legal Glossary: Online UK Law Careers Counselling
  5. 1 2 "Global Law Firms Chart Slow But Steady Growth". The Wall Street Journal. Retrieved 9 February 2015.
  6. "Silver Circle". The Lawyer. 3 September 2007. Retrieved 25 October 2010.
  7. "'Silver circle' firms upset the legal order". The Times. 28 August 2005. Retrieved 25 October 2010.
  8. "LB100 2014: The Main Table". Legal Business. 2 September 2014. Retrieved 10 February 2015.
  9. http://www.thelawyer.com/magic-circle-sets-dominate-commercial-bar-with-solid-revenue-growth-in-201314/ Magic circle sets dominate commercial bar with solid revenue growth in 2013/14
  10. Set for a fight - 26 June 2000
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