Magic Circle (law firms)
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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,[citation needed] and consistently have among the highest earnings per-partner and earnings per-lawyer of UK-headquartered law firms.[citation needed]
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]
| 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]
| 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
- List of 100 largest law firms globally (2010)
- List of largest European law firms 2011
- List of largest European law firms 2009
- List of largest European law firms 2005
- List of largest United Kingdom-based law firms
- List of largest Chinese law firms (2009)
See also
- Big Five law firms (South Africa)
- Seven Sisters (law firms)
- Big Six law firms
- Silver Circle (law firms)
- White shoe firm
- Red Circle (law) -China
- Big Four (audit firms)
References
- ↑ 'Different types of law firm'
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- ↑ LawBritannia Legal Glossary: Online UK Law Careers Counselling
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- ↑ 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
- ↑ Set for a fight - 26 June 2000
