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Perched at the very top of the UK legal market sit five law firms known as the “Magic Circle.” The commonly held wisdom about these firms, at least until recently, was that they had built an impenetrable position as the leading firms for complex high-value legal services in their home market. While these firms still enjoy prestigious reputations, this market position appears less certain than it did in years past. US firms have invaded their home market, increasing competition for clients and talent.

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