Silver Circle (law firms)

The Silver Circle is a group of elite corporate law firms headquartered in London that has evolved significantly as the UK legal market has been affected by globalisation and mergers. The law firms generally described by "The Lawyer" magazine as comprising the Silver Circle were historically Ashurst, Herbert Smith, Macfarlanes, SJ Berwin and Travers Smith, but are currently limited to Macfarlanes and Travers Smith. Slaughter and May and Mishcon de Reya are also sometimes considered to be members. 
Etymology.
The term 'Silver Circle' was coined by "The Lawyer" magazine in response to the term 'Magic Circle'. According to "The Lawyer", the term 'Silver Circle' is intended to define a category of firms with a similar approach. 
"The Lawyer"s editor Catrin Griffiths' definition in 2005 read thus: "Silver circle firms are content to advise a premium UK client base rather than service global institutions. A lot of work is private equity-dominated […] it is sexy and it pays. By the way, there is something else that characterises these firms: a disdain for an overtly managerial approach and a horrified avoidance of big firm bureaucracy."
History and evolution.
The Silver Circle in 2005.
As defined by "The Lawyer" in 2005, the Silver Circle initially comprised Ashurst, Herbert Smith (now Herbert Smith Freehills), Macfarlanes, SJ Berwin and Travers Smith. At the time, Berwin Leighton Paisner was listed as an ‘associate member’ of the Silver Circle. According to "The Lawyer" it was "Not yet well enough established to merit full membership".
According to "The Lawyer", Lovells (now Hogan Lovells) and Norton Rose (now Norton Rose Fulbright), which had ambitions of expanding internationally, did not meet the criteria for the Silver Circle and were instead designated in an ‘internationalists’ bracket that also included DLA Piper, Clyde & Co, Simmons & Simmons and Denton Wilde Sapte.
The Silver Circle in 2017.
In 2017, "The Lawyer" argued that the group of five firms which made up the original Silver Circle in 2005 had adopted different strategies. Three pursued international ambitions, while two remained UK-focused. Ashurst, Herbert Smith Freehills and SJ Berwin each followed international expansion strategies, and, according to "The Lawyer", did not meet the criteria for continued membership of the Silver Circle.
"The Lawyer" was also of the view that Berwin Leighton Paisner, which initially had the potential to be a full member of the Silver Circle, did not meet the Circle's criteria.
In addition to Macfarlanes and Travers Smith, "The Lawyer" argued that Mishcon de Reya formed part of the Silver Circle.
Relationship with the Magic Circle.
The Silver Circle firms have a lower turnover than the members of the Magic Circle, but consistently have an average profits per equity partner (PEP) and average revenue per lawyer (RPL) far above the UK average (and, in some instances, higher than members of the magic circle). 
The term 'Silver Circle', however, is not intended to mark these firms as subservient to the Magic Circle. Contrary to what the term 'Silver Circle' may suggest, there is no Golden Circle.
For the debate about Slaughter and May's membership of the Magic Circle and the Silver Circle, see Magic Circle.