Retention rates have been relatively strong this Autumn, contrary to the expectations of some legal commentators. We look at the latest series of Autumn 2017 retention announcements
In July, we reported on the early retention rate trends amid concerns that Brexit and the fall out from the collapse of King & Wood Mallesons would damage the prospects of trainees qualifying this Autumn. Apart from a few notable exceptions, these concerns have not materialised.
That’s certainly the case at magic circle firm Linklaters, which made offers to 53 out of 56 qualifiers. Six chose not to accept, meaning that 47 are staying with the firm, a retention rate of 84%. This compares closely with fellow magic circle firm Allen & Overy, whose September rate is 85%, with 40 out of 47 NQs accepting offers to stay. Clifford Chance performed slightly worse, keeping on 42 out of 52 trainees (81%).
Not such positive news for Freshfields trainees, though. Its September rate is just 66% (27 out of 41, with offers made to 29).
Best of the magic circle, however, is Slaughter and May’simpressive 91%.
Of the larger City firms outside the magic circle, this Autumn’s weakest performer so far is Taylor Wessing, which announced its worst figures in nine years. Just 16 of its 26 qualifiers are staying on, a percentage of 62%. Perhaps surprisingly, it’s a similar story at The Lawyer’s Law Firm of the Year Mishcon de Reya, which announced a lowly 64% retention rate. Nine out of the firm’s 14’s qualifiers are staying on, a poor figure from a firm that this time last year kept all 11 of its qualifiers. It’s a similar story at Dentons, which is retaining only 14 out of 21 trainees in its London office and five out of seven in Milton Keynes (a total of 68%).
Better news at Stephenson Harwood, with nine out of its 10 NQs accepting jobs (90%). Silver circle firm Macfarlanes has gone one better, with all 25 of its trainees being retained although two of them are on fixed-term contracts.
Other strong performers include Latham & Watkins (an exceptional 20 out of 21, 95%), Reed Smith (12 out of 14, 82%), Bird & Bird (15 out of 18, 83%), and Hogan Lovells (25 out of 30, 83%).
Regional heavyweight Eversheds Sutherland retained 44 out of 55 trainees across the UK. A regional breakdown by the firm showed that it kept all three of its Newcastle trainees, with two out of three trainees at each of their Nottingham and Cambridge offices staying on. The firm’s London office is keeping on 14 trainees and Manchester is retaining eight.
US firm White & Case is retaining 15 out of 18 qualifiers (83%), a good follow up to its 88% retention rate in the Spring of this year. Meanwhile Baker & McKenzie has scored a highly impressive 94% (15 out of 16), with one trainee opting to move into the financial sector.
Less good news at international firm Norton Rose Fulbright who scored a disappointing 69% (18 out of 26). This compares poorly to this time last year (85%) and this Spring (83%).
Outside London (or at least, partly outside London), Bristol headquartered Osborne Clarke has kept on 14 of its 17 qualifiers, eight of whom will be based in Bristol, five in London and one in Reading (82%). This is a creditable performance, though the firm won’t want to be compared to its West Country competitor Burges Salmon, which posted a clean sweep of its 28 trainees.
All in all, it’s a far better set of results than the doom and gloom merchants were predicting at the start of the Summer.