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 law firms generally described by The Lawyer magazine as comprising the Silver Circle were historically Ashurst, Herbert Smith, Macfarlanes, SJ Berwin and Travers Smith, but are currently limited to Macfarlanes, Travers Smith and Mishcon de Reya. Slaughter and May is also sometimes considered to be a member.