Criticism
In the wider legal community, it has been suggested that the 'magic circle' label is a little self-aggrandising. Not only does the group suggested by Legal Business seem fairly big (with nine firms, as opposed to the five firms in the original magic circle) but it also appears to contain a fairly high percentage of the total number of offshore firms, including almost all the significant Channel Islands firms.
The major offshore firms recognise this criticism and do not use the 'magic circle' terminology. Edward Fennell, a legal columnist for The Times, has expressed slightly irreverent views of law firms designating themselves as part of an offshore magic circle. However, the concept of an offshore magic circle has gone down very well with some of the smaller firms involved, and the phrase is actively promoted by legal recruitment consultants who earn substantial fees by persuading city lawyers to spend a few years working in an offshore jurisdiction.
Read more about this topic: Offshore Magic Circle
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