THEY ARE AMONG Hong Kong's highest-paid elite, pocketing millions of dollars and maintaining one of the SAR's longest-running cartels. Some refer to the clique as a notorious old-boys network where members know the right people, the right judges and maintain a heavily guarded closed shop. You will see them fighting the most lucrative, complex and high-profile cases in Hong Kong's courts. The same faces, week in and week out.
The so-called 'Magic Circle' of barristers are in a league of their own. They command the top legal fees - some rarely getting out of bed for less than HK$12,000 an hour or a HK$1 million brief - and are in hot demand. Numbers vary depending on who you speak to. Some refer to five leading silks at the pinnacle, others cite a band of 30 to 60 senior counsel who complete the ring. How they became known as the Magic Circle is not clear. But they are never short of work.
A few clouds are starting to gather, however. The pressure is on to curb litigation fees - a judicial think-tank is devising a way to bring costs down and make the courts more consumer-friendly. There is also a threat from solicitors who are fighting for rights of audience.
A more potent challenge perhaps comes from the Bar itself: will the quality of newly trained barristers match that of the present elite in 10 years' time? Plans are also underfoot to allow advertising: barristers would be allowed to publicise rates in a bid to compete against the cream by offering lower fees.
Another challenge is the changing legal landscape. With China's entry to the World Trade Organisation the hunt will be on for legal experts in anti-dumping and environmental law, potentially forcing the Bar back to the books.
Are 21st century threats endangering the legendary Magic Circle?