The Global 100: Magic Circle Firms Have the Magic Touch
Latest report shows the top U.K. firms enjoying a surge in profitability that isn't just smoke and mirrorsBy Richard Lloyd
New market forces are playing into the hands of top U.K. firms, especially the Magic Circle, which now dominates high-end corporate work in most of Europe's major jurisdictions. In the last financial year, the Magic Circle quintet saw growth in profits per equity partner of above 20 percent, dispelling any stateside views that Brits are soft on underperforming lawyers, blindly wedded to locksteps, and on holiday too often. Magic Circle firms are gaining ground and, in some cases, surpassing U.S. rivals.