The Magic Circle refers to five prestigious and multinational London-headquartered law firms. They are Allen & Overy; Clifford Chance; Freshfields Bruckhaus Deringer; Linklaters; and Slaughter and May. They have been particularly relevant as they provide essential legal services that support global business operations, contribute to economic growth, and drive innovation in the legal field. They have tended to specialize in corporate law and, minus Slaughter and May, all featured in the top ten largest law firms based on revenue in the United Kingdom in 2023. Furthermore, three out of the five firms were ranked as the best law firms in the United Kingdom in the same year. The best law firm rankings were based on a combination of factors including financial and cultural, revenue per lawyer, and pro bono performances.
Billion dollar turnovers and impressive PEPs
When ranked on turnover, the annual revenue of Allen & Overy has made it the top law firm within the Magic Circle, totaling around two billion U.S. dollars over the last several years. Not far behind Allen & Overy was the revenue of Linklaters, also totaling over two billion U.S. dollars. In addition, the profits per equity partner (PEP) of Clifford Chance amounted to approximately two million British pounds annually during the same time period.
Gender hierarchies still dominant
As has often been the case when it has come to the diversity of law firms, senior positions have been largely occupied by men, with the Magic Circle being no exception. The gender ratio of the workforce at Freshfields Bruckhaus Deringer, for instance, has shown that men accounted for almost three-quarters of partners working for the firm in 2023. Conversely, administrative roles have been dominated by women, as demonstrated by the gender ratio of the Linklaters workforce. In 2023, almost all of the secretary positions at the firm were filled by women.
The Magic Circle law firms have been an asset in the legal world due to their expertise, global reach, and influence on major legal and business matters. They set industry standards, attract top talent, and drive innovation, contributing significantly to the evolution of legal practice worldwide.
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