The Magic Circle, once shorthand for a select group of elite UK-founded law firms, has lost some of its sparkle in recent years as its five firms have been battered by competition from larger, more profitable US firms.
The term is bound to lose even more of its meaning as Allen & Overy’s merger with Wall Street firm Shearman & Sterling becomes final, creating a behemoth with roughly 3,900 lawyers and a combined gross revenue of $3.5 billion. The merger, which closed Wednesday, highlights the differing strategies the five firms have pursued to maintain their elite status and move ...