Magic Circle (law)
Encyclopedia
The "Magic Circle" is an informal term used to collectively describe what are generally regarded to be the five leading UK-headquartered law firm
s and the four or five leading London-based commercial barrister
s' chambers
.
These firms are generally regarded as the most prestigious law firms headquartered in the UK, and consistently have the highest earnings per-partner and earnings per-lawyer among UK-headquartered law firms.
In 2010 four members of the Magic Circle were among the ten largest law firms in the world measured by revenues, with Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy respectively the third-largest, fourth-largest, sixth-largest and seventh-largest by this measurement. In 2010 Slaughter and May was the 48th-largest law firm in the world by this measure, with revenues of $628,500,000.
Those UK-headquartered firms which are commonly regarded as the main competitors of the Magic Circle are often referred to as the "Silver Circle".
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
s and the four or five leading London-based commercial barrister
Barrister
A barrister is a member of one of the two classes of lawyer found in many common law jurisdictions with split legal professions. Barristers specialise in courtroom advocacy, drafting legal pleadings and giving expert legal opinions...
s' chambers
Chambers (law)
A judge's chambers, often just called his or her chambers, is the office of a judge.Chambers may also refer to the type of courtroom where motions related to matter of procedure are heard.- United Kingdom and Commonwealth :...
.
Law firms
The five law firms which are generally regarded as constituting the Magic Circle are:- Allen & OveryAllen & OveryAllen & Overy is a global law firm headquartered in London, United Kingdom.A member of the UK's Magic Circle of leading law firms, Allen & Overy is widely considered to be one of the world's elite law firms, advising national and multinational corporations, financial institutions, and...
- Clifford ChanceClifford ChanceClifford Chance LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading UK law firms. It is one of the ten largest law firms in the world measured by both number of lawyers and revenue...
- Freshfields Bruckhaus DeringerFreshfields Bruckhaus DeringerFreshfields Bruckhaus Deringer LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading English law firms. It is the second-largest law firm in the world measured by revenues. In 2010-11 it achieved total revenues of £1.14 billion and profits...
- LinklatersLinklatersLinklaters LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading UK law firms. Linklaters is the world's fourth largest global law firm by revenue. In 2009/10 it received total revenues of £1.18 billion and profits per equity partner of £1.2...
- Slaughter and MaySlaughter and MaySlaughter and May is an international law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading UK law firms. It also has offices in Beijing, Brussels and Hong Kong....
These firms are generally regarded as the most prestigious law firms headquartered in the UK, and consistently have the highest earnings per-partner and earnings per-lawyer among UK-headquartered law firms.
In 2010 four members of the Magic Circle were among the ten largest law firms in the world measured by revenues, with Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy respectively the third-largest, fourth-largest, sixth-largest and seventh-largest by this measurement. In 2010 Slaughter and May was the 48th-largest law firm in the world by this measure, with revenues of $628,500,000.
| Rank | Firm | Revenues | Location of headquarters |
| 1 | Baker & McKenzie Baker & McKenzie Baker & McKenzie is an international law firm, founded in Chicago in 1949 by Russell Baker and John McKenzie. It is home to more than 3,800 lawyers spread over 70 offices in 42 different countries.... |
$2,104,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
| 2 | Skadden, Arps, Slate, Meagher & Flom Skadden, Arps, Slate, Meagher & Flom Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates , founded in 1948, is a prominent law firm based in New York City. With over 2,000 attorneys, it is one of the largest and highest-grossing law firms in the world. Forbes magazine calls Skadden "Wall Street's most powerful law firm"... |
$2,100,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
| 3 | Clifford Chance Clifford Chance Clifford Chance LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading UK law firms. It is one of the ten largest law firms in the world measured by both number of lawyers and revenue... |
$1,874,500,000 | United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
| 4 | Linklaters Linklaters Linklaters LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading UK law firms. Linklaters is the world's fourth largest global law firm by revenue. In 2009/10 it received total revenues of £1.18 billion and profits per equity partner of £1.2... |
$1,852,500,000 | United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
| 5 | Latham & Watkins Latham & Watkins Latham & Watkins LLP is a global law firm, one of the largest in the world. Latham currently employs approximately 2,000 attorneys in the United States, Europe, the Middle East and Asia. The firm was started in Los Angeles in 1934 and has extensive Californian roots, but its largest office is now... |
$1,821,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
| 6 | Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer Freshfields Bruckhaus Deringer LLP is a global law firm headquartered in London, United Kingdom and a member of the 'Magic Circle' of leading English law firms. It is the second-largest law firm in the world measured by revenues. In 2010-11 it achieved total revenues of £1.14 billion and profits... |
$1,787,000,000 | United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
| 7 | Allen & Overy Allen & Overy Allen & Overy is a global law firm headquartered in London, United Kingdom.A member of the UK's Magic Circle of leading law firms, Allen & Overy is widely considered to be one of the world's elite law firms, advising national and multinational corporations, financial institutions, and... |
$1,644,500,000 | United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
| 8 | Jones Day Jones Day Jones Day is an international law firm founded in Cleveland, Ohio on March 1, 1893, by Judge Edwin J. Blandin and William Lowe Rice. Jones Day is the eighth largest law firm in the world by revenue, and the fourth highest grossing firm in the US with annual revenues of US$1.4 billion... |
$1,520,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
| 9 | Kirkland & Ellis Kirkland & Ellis Kirkland & Ellis LLP is an international law firm with headquarters in Chicago, known for its profitability and its litigation, bankruptcy, intellectual property and private equity departments. Kirkland & Ellis is currently ranked as the ninth most prestigious law firm in the United States by... |
$1,428,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
| 10 | Sidley Austin Sidley Austin Sidley Austin LLP, formerly known as Sidley Austin Brown & Wood LLP, is one of the oldest law firms in the world. It is the sixth-largest U.S.-based corporate law firm with more than 1,650 lawyers, annual revenues of more than one billion dollars, and offices in 17 cities worldwide, with the most... |
$1,357,000,000 | United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
Those UK-headquartered firms which are commonly regarded as the main competitors of the Magic Circle are often referred to as the "Silver Circle".
Barristers' chambers
The following barristers' chambers are often described as constituting the Bar's Magic Circle:- Blackstone ChambersBlackstone ChambersBlackstone Chambers is a leading set of barristers chambers in the Temple district of central London. Established in the 1950s, it has 85 tenants, of whom 34 are Silks...
- Brick Court ChambersBrick Court ChambersBrick Court Chambers is a set of barristers' chambers in London.Currently comprising 71 full-time members, 35 of whom are Queen's Counsel, including well-known silks Sir Sydney Kentridge QC and Jonathan Sumption QC.- External links :* * * *...
- Essex Court ChambersEssex Court ChambersEssex Court Chambers is a leading set of commerclal barristers in Lincoln's Inn Fields, central London. The set is named after their former premises at 4 Essex Court in the Temple. It has 71 tenants, of whom 35 are Silks. With a turnover of £43.6 million, it is part of the Magic Circle and offers...
- Fountain Court ChambersFountain Court ChambersFountain Court Chambers is a leading set of commercial barristers in the Temple in central London. It has 57 tenants, of whom 27 are Silks. With an annual turnover of £43 million, it is in the Magic Circle....
- One Essex CourtOne Essex CourtOne Essex Court is a set of barristers' chambers in London, specialising in commercial litigation.Currently comprising 76 full-time members, 26 of whom are silks or Queen's Counsel. One Essex Court boasts well-known silks Lord Anthony Grabiner QC, Sydney Lipworth QC and Laurence Rabinowitz QC...
See also
- Big Three, referring to three Texas law firms considered to be the top tier.
- Big FiveBig Five law firms (South Africa)The Big Five law firms is a term informally used in South Africa to refer to those law firms which, collectively, are perceived to be the largest firms based in South Africa....
, referring to the five largest South African law firms. - Seven SistersSeven Sisters (law firms)The Seven Sisters refers to a collection of seven leading Canadian law firms with offices in Toronto. The term can be traced back to at least 2001, when it may have been coined by Sandra Rubin to describe the top seven Canadian law firms by mergers and acquisitions deal volume...
, referring to the seven Canadian law firms considered to be the top tier. - Big Six, referring to six Australian law firms perceived to be of the top tier.
- Silver Circle, referring to other elite English law firms considered to be outside the Magic Circle.
- White shoe firmWhite shoe firmWhite shoe firm is a phrase used to describe the leading professional services firms in the United States, particularly firms that have been in existence for more than a century and represent Fortune 500 companies...
s or Charmed Circle, referring to law firms perceived to be the leading New York City law firms.