CMS Cameron McKenna has revealed a retention rate of 68 per cent for trainees qualifying in March.
Out of a 28-strong cohort, 19 have been retained in newly qualified positions.
This figure, the lowest for CMS since just over 60 per cent in autumn 2010, marks a significant drop in the firm’s recent retention rates. Last autumn, CMS announced a rate of 84 per cent, holding on to 26 out of 31 qualifying trainees. Last spring the firm posted an 81 per cent retention rate.
Graduate recruitment partner Simon Pilcher said: “This is a bit lower than usual, but market conditions remain challenging.”
In the last week, Ashurst has announced a retention rate of 70 per cent while Weil Gotshal has retained both its qualifying trainees to achieve a 100 per cent rate. On 7 January, Nabarro announced a rate of 78 per cent.
This week CMS launched a redundancy consultation with up to 40 staff, including 26 lawyers, at risk of having their jobs cut (15 January 2013).