News Ashurst Clifford Chance Eversheds Osborne Clarke Banking and finance UK Business Leadership In-house Panel reviews RBS drafts in Richard Susskind as firms put on standby for panel cull By Kate Beioley 23 June 2014 00:05 21 December 2015 12:35 Sign in or register to continue reading. It's FREE Sign in Email Password Keep me logged in Forgot your password? Not registered? It's FREE! Register now Register with The Lawyer Anonymous 23 June 2014 at 12:50 And nobody ever got fired for buying IBM. I don’t think that the Silver Circle, let alone the Magic Circle will be quaking in their boots. They do stuff that ordinary firms don’t (because no bugger at the Banks will give them the chance…) Reply Link Anonymous 24 June 2014 at 12:48 I’m not sure the exercise is worthwhile. Slimming down the size of the roster will do nothing to achieve cost efficiencies, if most of the money is spent on expensive Magic Circle firms anyway. Surely a large roster would be more likely to foster competition? I am a Magic Circle associate and feel that, although we are undoubtedly very well placed to handle some of the largest and most complex matters, we also get a fair amount of routine work which could be handled less expensively elsewhere. I think it has to be driven by a culture change. The people instructing us would need to be comfortable using other firms. At the moment those instructing us just go to their mates (who invariably work at the same kind of firm they did). I think the importance of personal relationships needs to be reduced if organisations are to achieve cost savings. Reply Link Anonymous 24 June 2014 at 22:57 “Change theorist”, indeed. PS: “I am a Magic Circle associate”. Yes, sure you are. Reply Link Anonymous 29 June 2014 at 08:26 To Anonymous @ 24-Jun-2014 10:57 pm I agree with your attitude to “change theorist” but I feel your skepticism as to the Magic Circle associate was unwarranted. Of course, we cannot be sure, but his/her comments were intelligent and consistent with being made by a Magic Circle associate. May I suggest you play the ball, not the man (and no, I am not a Magic Circle associate). Reply Link Name Email Cancel reply Threaded commenting powered by interconnect/it code.