The concept of red circle comes from top law firms. Similar to the "magic circle" of British lawyers, China lawyers have gradually developed "red circle" law firms. The concept of "Red Circle" was put forward in an article entitled "Red Circle Law Firm" by Asian Law Journal, which is known as "Forbes" in the legal field.
20 14 created the English lawyer magazine with the term "silver circle" after the "magic circle", and also created the term "red circle" for leading law firms in China. According to the definition of British Lawyers Magazine, the first "red circle" includes the following eight law firms: King Wood, Hejun, Fonda, Jing Tian, Trade, Global, Wenhai and Zhonglun.
The "red circle" drawn by the British Lawyers Journal may be more focused on the consideration of foreign-related business. Therefore, the connotation of this "red circle" may be limited to "the leading law firm circle of foreign-related business in China". Apart from foreign-related business, these eight China law firms are also excellent in domestic business.
Evaluation of "Red Circle Research Institute"
The competition in China's legal market is becoming increasingly fierce, complex and changeable. It is difficult to ensure that those inside the "red circle" will not be squeezed out, and those outside the "red circle" may not be able to squeeze in. Lawyer Wu Wang of Beijing Global Law Firm pointed out that the "red circle" is either regarded as an honor and accepted by insiders, or regarded as a kind of pressure. People outside the circle either regard it as a false name and look at it lightly, or regard it as a driving force for catching up.
However, no matter what it is, if this special term can be widely recognized and spread in the future, then China law firms can be better displayed on the international stage as a whole.
Red Circle is the representative of excellent law firms in China, but not all of them. At that time, the selection standard was based on business income, but there were three rating standards in the world: peer evaluation, customer evaluation and index evaluation. So with the development of the times, many other excellent law firms have emerged. The red circle is mainly suitable for a few excellent law students, and most law students are suitable for law firms outside the red circle.