The Magic Circle is an informal term for the five London-headquartered law firms with the largest revenues, the most international work and which consistently outperform most of the rest of the London market on profitability. Latham and Watkin is now considered the worlds richest law firm. The law firms described by most commentators as comprising the Magic Circle are Allen & Overy, Clifford Chance, Freshfields Bruckhaus Deringer, Linklaters and Slaughter and May.