It’s sweaty palm time for NQs around the UK as law firms finalise their NQ allocations and start to announce their retention rates. We take a look at the early figures to see what trends we can expect over the coming weeks.
Only a few firms have released their autumn 2017 retention figures so far, among them magic circle firm Slaughter and May. The firm has reported that all 32 of its qualifiers applied to remain with the firm, out of which 29 are staying on (a retention rate of 91%). This compares to its impeccable record in spring 2017, when it retained all 25 of its qualifiers and its 89% showing this time last year.
This is an early indication that the doom and gloom some commentators expected this autumn may not materialise. The Lawyer reported in early July that fewer NQ roles would be available this year. This was put down in part to the fall-out from the collapse of King & Wood Mallesons earlier in the year and the uncertainty surrounding Brexit.
Other figures recently released show that these industry fears may be unfounded certainly so far as the London market is concerned.
Silver circle firm Ashurst is keeping on all but one of its 20 qualifiers (95%), an improvement from its 85% result in the spring. Fieldfisher has gone one better, retaining all 13 of its trainees qualifying in September. Elsewhere in London, US firm Shearman & Sterling has reported an 87% retention rate for this autumn, down on its 100% record last year, but still an impressive return.
Not quite such good news for Newly Qualified Solicitors at Mayer Brown and Withers, who posted identical scores of 73%, both keeping on eight out of 11 trainees. Mayer Brown’s results contrast sharply with their 100% record in the spring, albeit from only four qualifiers. Withers’ result is a fall from 83% last year.
Trowers & Hamlins is another firm whose figures are on a downward curve, with only seven out of 10 qualifiers staying on compared to 79% last year and 92% in the spring.
The market in Manchester was reported in The Lawyer as being “a tense one” for qualifiers with rumours of firms that usually had room for four or five NQs in some departments taking one or none.
So far, none of the large Manchester firms have revealed their figures, but some positive news has come from other regional/national firms.
Bristol-based Burges Salmon has announced a perfect 100% retention rate for its 28 September qualifiers. This is an improvement on its already impressive recent average of 92% over the last three years.
Leeds firm Walker Morris also has a clean sweep, keeping on all 14 of its autumn qualifiers. National firm Blake Morgan is losing only one of its nine qualifiers (89%) and RPC is keeping 14 out of 17 (82%). Hopefully these figures give NQs in other regional and national firms confidence as they pitch for their jobs over the summer.
We’ll keep you updated as further announcements are made over the rest of the summer.