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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 mixed recent performance.
- Top employees are attractive targets for
poaching by US firms.
International Firms (Blue) - Typically have regional offices outside of London.
- More relaxed culture than many City firms.
- Cost of maintaining many offices impacts margins.
- A lucrative target for UK training contracts.
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