Silver Circle

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The Silver Circle is a group of corporate law firms headquartered in London, United Kingdom which are each outside of the Magic Circle, and have a substantially lower turnover than the members of that group, but have an average profits per equity partner (PEP) and average revenue per lawyer (RPL) far above the UK average.[1][2][3] The term was first coined by The Lawyer magazine in 2005.

Composition[edit]

As defined by The Lawyer magazine, the Silver Circle comprises Ashurst, Berwin Leighton Paisner, Herbert Smith Freehills, King & Wood Mallesons, Macfarlanes and Travers Smith.[1] Their 2012/13 and 2013/14 turnover and profits per equity partner are shown below:

# Law firm Turnover (2012/13)[4] Profits per equity partner (2012/13)[4] Turnover (2013/14) Profits per equity partner (2013/14)
9 Herbert Smith Freehills £671m £784,000 £800m £741,000
13 Ashurst £323m £680,000 £586m £801,000.
17 Berwin Leighton Paisner £233m £401,000 £246m £542,000
22 King & Wood Mallesons £185m (as SJ Berwin) £565,000 £855.9m (as King & Wood Mallesons) -
29 Macfarlanes £114m £989,000 £139.75m £1,200,000
41 Travers Smith £86m £790,000 £97.2m £882,000

Related phrases[edit]

  • Magic Circle - considered to be the five leading law firms based in the United Kingdom
  • Global Quartet or Big Four - members of the Magic Circle other than Slaughter and May as it has, in general, not pursued a policy of expansion
  • Offshore magic circle - considered to be the leading offshore law fims
  • White shoe firms or Charmed Circle - considered to be the leading law firms based in New York City
  • Seven Sisters, referring to the seven Canadian law firms considered to be the top tier
  • Big Six - considered to be the six leading law firms based in Australia
  • Big Five - the five largest Singapore law firms
  • Red Circle - considered to be the leading law firms based in China
  • Big Four - considered to be the leading law firms based in Japan

References[edit]

  1. ^ a b "Ashurst, Herbies ride out tough year; BLP, Macfarlanes, SJ Berwin succumb". The Lawyer. 14 July 2008. Retrieved 25 October 2010. 
  2. ^ "Silver Circle". The Lawyer. 3 September 2007. Retrieved 25 October 2010. 
  3. ^ Fletcher, Martin (28 August 2005). "'Silver circle' firms upset the legal order". London: The Times. Retrieved 25 October 2010. 
  4. ^ a b http://www.thelawyer.com/analysis/intelligence/uk-200-2013-free/uk-200-financial-data/3011203.article