Magic circle law firm

An excellent issuer of legal opinions, and one of the few international enterprises whose business model was wholly unaffected by the global financial crisis. Magic-circle charge-out rates have been steadily rising since 1985, to the point where it is now more expensive to hire a trainee solicitor for an hour than to fly to Monaco for a weekend at the Grand Prix.

The rate of increase in charge-out rates has been so steady as to draw comparisons with the performance of Fairfield Sentry’s investment in Madoff. No-one tell Harry Markopolous.