‘Magic Circle’ law firms trying to distance themselves from the prestigious phrase
The ‘Magic Circle‘ is a term that has long been used to describe the elite London-based law firms. However, within the circle, the mood is shifting around this esteemed phrase.
Recently, a high-ranking partner of a ‘Magic Circle’ firm responded, “It’s a sign of lazy journalism,” when I used the term. Their disdain for the prestigious title is not unique, a sign that the landscape of the City’s legal sector is changing.
The informal title has been in use since the 1990s, referring to the five most prestigious English law firms: Allen & Overy (now A&O Shearman), Clifford Chance, Freshfields, Linklaters, and Slaughter and May.
However, the only reason the phrase is around is that journalists needed a new title to replace the ‘Club of Nine’, which contained these five firms, along with Herbert Smith (now Herbert Smith Freehills), Lovells (now Hogan Lovells), Norton Rose (now Norton Rose Fulbright), and Stephenson Harwood.
The ‘Club of Nine’ broke up in 2000, and the ‘Magic Circle’ was born. Still to this day, the term leads news story headlines, even for media platforms that don’t entirely focus on the legal sector, and is in the focus of captions on ‘day in the life’ TikTok videos of the new generation of lawyers.
However, some of these firms’ agendas (not Slaughters) have shifted over the years to focus on pushing into the US legal market.
Eyes on ‘Global Elite’
Partners of some of the ‘Magic Circle firms (again, not Slaughter & May) have been eyeing the “Global Elite” title. A title that many are currently vying for, and for the English firms, US Big Law has had a head start.
US Big Law already has the advantage of dominating the US market, and over the last decade, these firms have made significant gains worldwide, especially in the UK. US law firm Kirkland & Ellis is the highest-grossing and most profitable law firm in the world, generated nearly $9bn over 2024, with partners, on average, pocketing more than $9m
The push from Freshfields, Linklaters, Clifford Chance, and A&O is to establish a foothold in the US market, each doing its way. A&O opted for a merger with the US law firm Shearman & Sterling, while the others chose new offices and filled them with people who have names in the market.
However, part of Freshfields, Linklaters, Clifford Chance and A&O Sherman’s strategy is to appease a US audience. Last September, Freshfields unveiled its rebrand, which included dropping its German name’ Bruckhaus Deringer’.
Another issue is trying to shake off the very English upper-class term ‘Magic Circle’. And to do that, calling out the people who use it the most, journalists may be part of their plan.
Eyes on the Law is a weekly column by Maria Ward-Brennan focused on the legal sector.