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 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.
[1][2] 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.
[1][2] 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.
[1][2] In addition to Macfarlanes and Travers Smith, The Lawyer argued that Mishcon de Reya formed part of the Silver Circle.