In our blog last month, Spring Retention Rates Reflect Brexit Uncertainty, we looked at the early spring retention rates published by some of the larger London firms.
Since then nine more leading firms have released their figures, among them magic circle firms Allen & Overy, Freshfields and Linklaters. Let’s start with these three heavyweights.
Freshfields just edged it with a retention rate of 84% compared to Linklaters’ 83% and Allen & Overy’s 82%. Freshfields offered NQ positions to 31 of its 37 spring qualifiers, all of whom accepted. This is the same number as last spring although it had 38 qualifiers at that time. The NQs will start on a healthy £85,000 a year.
Linklaters had 51 spring qualifiers – the highest number of any UK law firm – of whom 48 applied for NQ positions and 44 will be staying with the firm. They will be on £77,500.
Over at Allen & Overy, 36 out of its 38 spring trainees applied for jobs as NQs with all but five being successful. Its retention rate of 82% is down on last autumn’s 86% and its impressive 91% this time last year.
These results place Linklaters, Allen & Overy and Freshfields comfortably between rivals Slaughter and May (an impeccable 100%) and Clifford Chance (a less than impressive 67%).
Elsewhere, Simmons & Simmons has announced a spring retention rate of 80%, with 12 of its 15 qualifiers taking NQ positions. This represents an impressive bounce-back from its stumble last autumn when it kept just 50% of its 24 qualifiers. But is all as it seems? There have been accusations in the legal press that “several” of its NQs are on fixed-term contracts. Is this a dastardly attempt by the firm to skew the figures? We couldn’t possibly comment (as we don’t know).
But there’s even more to this than meets the eye. Last year, the firm announced a spring retention rate of 78% (seven trainees from nine). Later, there were suggestions (again in the legal press) that it started with 13 trainees. If this is true, and again we don’t know, the true retention rate would have been only 54%.
Silver circle firm Herbert Smith Freehills will be disappointed with the 77% retention rate at its London office because it marks a dent in its impressive recent record. In the past four rounds it has managed to retain more than 90% of its trainee solicitors and this is the first time since 2009 the figure has fallen below 80%. Offers were made to 28 (out of 35) trainees, all but one of whom accepted.
Better news was to be had at fellow silver circle firm Macfarlanes. It proudly claimed a clean sweep, though from a modest six qualifiers. This is an improvement on a more than respectable 85% last autumn from 21 qualifying trainees. This spring’s new crop of NQs will start on £71,000 a year.
Norton Rose Fulbright will be pleased enough with its spring retention rate of 83% though it is a reduction on its 96% this time last year. The 20 qualifiers remaining with the firm (out of 24) are split evenly between male and female trainees and will start on £72,000 a year.
Transatlantic firm Hogan Lovells is keeping 23 out of 29 spring qualifying trainees (79%). This is in line with its performance last autumn when it retained 80% (24 out of 30).
Finally, good news at Osborne Clarke which is keeping all six of its trainees. Three will be based in its London offices, two in Bristol and one in its Thames Valley office (Reading). Last spring, the firm kept on all seven of its qualifiers.
Once again we have a mixed bag, with (not surprisingly) the best results coming from the firms with the smallest intakes. The figures are not consistently good across the board, though, which as we mentioned in Spring Retention Rates Reflect Brexit Uncertainty is probably due to prevailing uncertainty. Lawyers are renowned for their caution and taken as a whole these figures reflect that.
We will be bringing you further updates as more firms announce their retention rates in the coming days and weeks.