It must be a bitter blow for the good denizens of Slaughter and May who have awoken today to find they are no longer working at a Magic Circle firm. The enigmatic firm appears to have been downgraded by the Financial Times. In a
piece about Allen & Overy's financial results, the FT's correspondent concludes:

Ouch.
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A Slaughters lawyer reacts to news of the firm's relegation
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