According to the late, great Robin Williams, “Spring is nature’s way of saying, ‘Let’s party!’” We look at which of spring’s NQs have spent the past few weeks dressed up in their glad rags and popping open the champagne.
The magic circle firms were among the first to release their spring 2018 retention figures, with Freshfields at the bottom of the pile after posting disappointing results for the second round running. Out of 42 qualifiers, it made offers to 32, of whom 31 accepted (74%). This follows a disappointing score of 66% last autumn. Its new cohorts start on £85,000.
A spokesman for Freshfields said: “As ever, our retention rates vary across each intake as we balance a number of different factors when determining the offers that we make to individuals.” A lesson in how to say very little in the face of indifferent news if ever there was one.
Linklaters kept on 43 newly qualified solicitors out of 51 (84%). This is slightly ahead of Allen & Overy’s 80% (32/40) but behind Clifford Chance’s impressive 92% (44/48) and Slaughter and May’s almost flawless 95% (35/37).
Linklaters’ training partner Richard Hodgson said the firm’s performance “demonstrates our continuing ability to offer our trainees exciting qualification opportunities into a best in class and globally minded firm”. Its NQs will start on a base salary of £78,500, but this could jump to £90,000 depending on bonuses.
Outside of the magic circle, Herbert Smith Freehills was punching the air after 35 out of its 37 NQs accepted offers to stay on (92%). Training principal James Bailey was quick to point out that a number of London trainees qualified into overseas offices which, he said, “shows the extent of international opportunities at the firm”. Its new lawyers will be on £82,000.
Leading global firm, Baker & McKenzie, kept on 14 out of 17 (82%) which was only a smidgen behind Norton Rose Fulbright who posted an 83% figure with 20 out of 24 staying with the firm. This is a pleasing bump after its poor 69% retention figure last September. Another global firm, Hogan Lovells, announced a 78% figure (25 out of 32), only a tiny dip compared to its 80% last autumn. They are on £75,000.
Elsewhere, Macfarlanes announced it was to keep on all six of its qualifiers. They must be doing something right over in Cursitor Street as this is the third successive round in which the firm has managed a perfect 100% score. This eclipses Simmons & Simmons nevertheless impressive 83%, the firm holding onto 10 out of 12 NQs, who will start on £71,000.
White & Case retained 13 out of 16 (80%) of whom 11 will be based in London and two in Dubai. CMS meanwhile racked up a score of 75%, 30 out of its 40 qualifiers staying with the firm. Of these, 27 will be based in London (on 67,500 pa), two in Bristol (£49,000) and one in Manchester (£40,000).
Overall, a steady set out results from the big firms in this retention cycle, without any of the horror stories we sometimes see at this time of year. Keep an eye out for our blog later in the summer when firms start revealing their all-important autumn 2018 figures.