Client Allegedly Lived Large on Pierce Bainbridge’s or Firm Founder John Pierce’s Dime

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Macfarlanes Hits £3.1m PEP – Proof That Staying Small Can Beat The Magic Circle At Its Own Game

Ben Thomson Apr 5, 2026 4 min read

he 150-year-old City firm just posted profitability numbers that will make some London big law partners wince, but the strategy is deceptively simple. While the Magic Circle firms continue their global expansion arms race, adding offices in places most partners couldn’t find on a map, Macfarlanes has been quietly doing something almost heretical in modern BigLaw: staying focused, staying small, and getting spectacularly rich in the process. Log in to…

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