This year’s Euro 100 sees fewer mentions for the magic circle and elite US firms. Are cost-conscious clients turning to cheaper options? RAVINDER CASLEY GERA reports.
For years, national UK firms have predicted that the magic circle’s domination of European law is coming to an end. National firms, they argued, would encroach on the elite firms’ practices as clients grew more sophisticated and more concerned with value.
Now, it seems, that shift might be beginning. Chambers’ sixth annual Euro Survey shows that European public companies are indeed turning from the magic circle in favour of cheaper firms. In this year’s results, for the first time, all of the magic circle firms and several ‘white shoe’ US firms have fewer mentions than last year.
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