Daniel Slotta
Research expert covering Greater China
The Magic Circle of London-headquartered law firms - statistics and facts
The Magic Circle refers to five prestigious and multinational London-headquartered law firms. They are A&O Shearman; Clifford Chance; Freshfields Bruckhaus Deringer; Linklaters; and Slaughter and May. They have been of particular significance in the legal world as their services have provided support to global business operations, contributed to economic growth in the countries they operate in, and have driven 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 2024. Furthermore, three out of the five firms have been ranked as some of the best law firms in the United Kingdom. The best law firm rankings were based on a combination of factors including financial and cultural, revenue per lawyer, and pro bono performances.
In 2024, Allen & Overy became A&O Shearman following a merger with Shearman & Sterling - a small but prestigious white shoe multinational law firm based in New York City. This seems to have boosted the profile of A&O Shearman, with them also succumbing to taking on pro bono work for the second Trump administration following threats of presidential executive orders on BigLaw firms.
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.
Billion dollar turnovers, impressive PEPs, lucrative mergers
When ranked on turnover, the annual revenue of A&O Shearman 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 A&O Shearman 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.In 2024, Allen & Overy became A&O Shearman following a merger with Shearman & Sterling - a small but prestigious white shoe multinational law firm based in New York City. This seems to have boosted the profile of A&O Shearman, with them also succumbing to taking on pro bono work for the second Trump administration following threats of presidential executive orders on BigLaw firms.
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 70 percent of partners working for the firm in 2024. Conversely, administrative roles have been dominated by women, as demonstrated by the gender ratio of the Linklaters workforce. In 2025, 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.
