In addition to Macfarlanes and Travers Smith, "The Lawyer" argued that Mishcon de Reya formed part of the Silver Circle. The Silver Circle firms have a lower turnover than the members of the Magic Circle, but consistently have an average profits per equity partner (PEP) and average revenue per lawyer (RPL) far above the UK average (and, in some instances, higher than members of the magic circle). The term 'Silver Circle', however, is not intended to mark these firms as subservient to the Magic Circle. Contrary to what the term 'Silver Circle' may suggest, there is no Golden Circle. For the debate about Slaughter and May's membership of the Magic Circle and the Silver Circle, see Magic Circle.