I don't know where the term came from or who founded it. But who are the Magic Circle law firms? [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. Want a more specific insight into each of these firms? And how can you get to work for them? The Magic Circle is an informal term describing the five most prestigious London-headquartered multinational law firms with the largest revenues, which generally outperform the rest of the London law firms on profitability. [2] The "club of nine" was an informal group of law firms that comprised Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Herbert Smith (now Herbert Smith Freehills), Linklaters, Lovells (now Hogan Lovells), Norton Rose (now Norton Rose Fulbright), Slaughter and May and Stephenson Harwood. It seems to be a term to describe the leading City firms and there is some truth in it. In 2013, The Lawyer 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 [UK] market on profitability." Although a rather old-fashioned term, the phrase ‘the Magic Circle’ has only been used since the late 1990s; before then, the prestigious law firms were called the “Club of Nine”, and included Lovells (now Hogan Lovells), Norton Rose (now Norton Rose Fulbright), Herbert Smith (now. 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. [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 first City law firm to establish a presence in Hong Kong; The only law firm to have been involved in almost every aspect of the UK financial crisis; We use cookies to give you the best experience on our website. The "club of nine" was disbanded in 2000. Advised on the first hostile takeover in the City of London; Arranged the first Eurobond in the 1960s; Introduced one of the first schemes to allow full equity partners to work part-time; First global law firm to open an office in Morocco; The only law firm to be named the most innovative in Europe by the Financial Times 3 times. At the time, these firms were Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May. "[6][7] Other commentators still consider Slaughter and May to be a member of the Magic Circle. 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! What sets them apart from other firms? The Economist labelled the magic circle a group of ' posh London law firms ', but we reckon you need a more helpful definition than that. The OED defines the term “magic circle” as “[a] small group of people privileged to receive confidential information or make important decisions." But what about the UK? [4][5], As of 2017 The Lawyer magazine no longer considers Slaughter and May to form part of the Magic Circle due to its lower revenues and UK domestic focus. Arguably, for this reason, it was not included in the initial Magic Circle. This group fragmented at the beginning of the 2000s, and now comprises the five that now make up the “Magic Circle”, a term coined by legal journalists. [2] Generally, the Magic Circle firms have among the highest earnings per-partner and earnings per-lawyer of UK-headquartered law firms. I am sharing my experience in the hopes that I can aid aspiring lawyers and support others in taking advantage of similar opportunities. [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. The Super Boutique law firms comprise Cravath, Swaine & Moore, Debevoise & Plimpton, Paul, Weiss, Rifkind, Wharton & Garrison, Slaughter and May, and Wachtell, Lipton, Rosen & Katz . A commitment to a career in international commercial law; A commitment to and clear articulation of why you want to work at Allen & Overy; Commercial awareness of both the law and business; Genuine interest and a motivation towards a career in commercial law; The name “Freshfields” was introduced by James William Freshfield. Magic circle (mathematics), an arrangement of natural numbers on circles such that the sum of the numbers on each circle and the sum of numbers on each diameter are identical Magic circle (social), a concept used in sociology and psychology 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. Mon - Fri 9:00 to 17:00 GMT. [12] 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[13][14][15] (and, in some instances, higher than members of the Magic Circle). Read one of these interviews with Magic Circle employees! The Magic Circle firms have headquarters in London but offices around the world. Although a rather old-fashioned term, the phrase ‘the Magic Circle’ has only been used since the late 1990s; before then, the prestigious law firms were called the “Club of Nine”, and included Lovells (now Hogan Lovells), Norton Rose (now Norton Rose Fulbright), Herbert Smith (now Herbert Smith Freehills) and Stephenson Harwood. Or a Magic Circle partner salary? Who are the Silver Circle Law Firms? Clifford Chance trainee Kishan was kind enough to share with us his top tips for those looking for a Clifford Chance training contract or vacation scheme. – 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. A Magic Circle law firm is a company traditionally seen as one of the leading five in the UK. "[2] 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. [12], 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.[16][17][18]. The Magic Circle refers to law firms in the UK, so it seems appropriate that we start with the Oxford English Dictionary. Initially, the Magic Circle's membership was described by commentators as comprising the UK firms with strong corporate practices or international work. The five Silver Circle law firms consist of: You’ve probably heard of the phrase 'the magic circle'. Take our new Which Magic Circle Law Firm is Right For Me? A magic circle is a ritually defined space in a number of magical traditions.. Magic circle or Magic Circle may also refer to: . Is Linklaters the law firm for you? 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’. Contrary to what the term Silver Circle may suggest, there is no Golden Circle. 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. "[2], In 2013, The Lawyer argued that Clifford Chance and Slaughter & May should no longer form part of the Magic Circle. This two-minute quiz is designed to reveal your perfect match when it comes to the prestigious Magic Circle law firms, to help you decide which one to target when applying for training contracts. Across the globe, other countries have their own Magic Circle. What do they look for in Clifford Chance training contract candidates? [2], In 1996, Stephenson Harwood was asked to leave the ‘club of nine’ due to its stagnant performance.

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