Magic Circle (law firms)

"Magic Circle" was an informal term coined in the 1990s describing the five most prestigious London-headquartered multinational law firms, which generally outperformed the rest of the London law firms on profitability. The term has also been used to describe the most prestigious barristers' chambers in London. All of the 'Magic Circle' law firms and barristers' chambers specialise primarily in corporate law.

Over time, legal commentators and firms included in the definition have increasingly shunned the use of this term.^[1] In fact, The Lawyer, who coined the term, declared in 2024 that the Magic Circle had died following the merger of Allen & Overy with Shearman & Sterling.^[2] Undoubtedly, the term has continued to be used by some, but as its original members' fortunes diverge and there is a growing emphasis on legacy members to be seen as part of a 'Global Elite', it is likely the term will eventually fall out of use, just as its predecessor, the "Club of Nine", did.