Projections show that the UK’s big four magic circle law firms are set to continue their meteoric success, long after the economic downturn is over. Peter Sherer says put your money on it
The big four magic circle firms (Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters) have had an incredible run over the past 15 years. All of them achieved the benchmark of extraordinary success for a large law firm – profits per equity partner (PEP) near or over $2m (£1.4m) and gross revenues of around $2bn (£1.4bn). What made their success all the more impressive was that in the early 1990s their standing was less than ‘magical’ relative to premier US firms.
