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May 21, 2008

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The UK Market

• The UK legal market is carved up into firms that can be grouped into four broad categories: The Magic Circle, The Silver Circle, International Firms and UK National Firms.
• Whilst revenue volume, strategy and client base define a firm's position in the market, employees should also be interested in PEP. However, PEP can overestimate margins and remuneration for fir ms with a high number of non-equity partners.
• In support of Robert Joffe's point regarding diseconomies of scale, there is little correlation between the size of firm and its profitability. The exception to this is the Magic Circle, who proudly maintains both.

Magic Circle (Pink)

• Historically dominated the top end of the City Mergers & Acquisitions market.
• No sign that they are losing this position and several are strengthening their grip.

"Silver" Circle (Grey)

• Generally advise premium UK clients rather than global institutions.
• Work tends to be real estate, AIM business, private equity and litigation.
• Dislike for bureaucracy and over management.
• Strong recent performance and have adapted well to the recent downturn.

International Firms (Purple)

• Internationally focused City firms whose larger members are known as the "Chasing Pack".
• Slower to react to the downturn than their mid-tier rivals due to their larger size - producing ... Read the full article