The Magic Circle

The Magic Circle is a British organisation. Members of the organisation learn about and promote the art of magic. The Magic Circle started in 1905 and is based in London.
The group comprises Allen &amp; Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters, and Slaughter and May.
Definition.
The term Magic Circle was coined by legal reporters in the 1990s and includes the following five law firms per most commentators: Allen &amp; Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May.
Firms not included.
Among the large firms not included in the term are Herbert Smith, Lovells, Norton Rose and Stephenson Harwood, which are less profitable. Also, at the time the term was coined, Herbert Smith's corporate practice was focused on privatisation work, which had dried up. Arguably, for this reason, it was not included in the initial Magic Circle.