Part I: The evidence that the US elite have eclipsed the UK's magic and silver circle firms

Editor's Note: this is the first in a three-part series looking at competition between elite US and UK firms. Part I presents evidence that the US elite has vanquished their UK counterparts; Part II examines how this victory came about; and Part III draws out lessons for firms of all types.

The top end of the legal world has long been dominated by a small group of elite US firms and their UK counterparts—the magic and silver circles. But no more. The US elite have left their UK brethren behind. The proof? Lateral partner movement between the two shows that US firms have a clearly established an upper hand. The higher profitability of the elite US firms, combined with their wider compensation bands, has rendered the UK elite unable to compete on remuneration for the most commercially-successful partners.