The “magic circle” is an informal term for a set of UK firms — Allen & Overy, Clifford Chance , Freshfields Bruchhaus Deringer, Linklaters
Since Slaughter does not quite fit in with the other 4, and since Clifford Chance is slipping, the magic circle isn’t quite so magical as before, and of course the market is always evolving. That is why The Lawyer predicts the global elite of of 2023 will look something more like this:
Global elite 2023
Allen & Overy
Cleary
Davis Polk
Freshfields
Latham & Watkins
Linklaters
Simpson Thacher
Skadden
Sullivan
Kirkland
Weil Gotshal
As for the original “sweet sixteen,” they are predicting the US elite to expand, with Wachtell Lipton and Cravath becoming super-boutiques like Slaughters, and with Paul Weiss and Debevoiose joining the group