Herbies and Mishcon reveal boosted retention rates

Herbert Smith Freehills has revealed a retention rate of 88 per cent, its highest since spring 2012.

The City firm offered 30 of its 34 second year trainees newly-qualified (NQ) roles with the firm, and all accepted.

Last spring it offered 24 of 32 qualifiers an NQ position with the firm, resulting in a 75 per cent retention rate, while its autumn 2012 rate was 80 per cent, when it offered 45 of its 56 qualifiers jobs.

Last year, legacy Herbert Smith partners voted on a full financial merger with Australia’s Freehills (21 June 2012), with the combined firm launching in October. It has since unveiled its first financial results since merging, with net profit of £137.2m for the six months between October 2012 and April 2013. This compares to Herbert Smith’s full-year results of £480m in the 2011/12 financial year, prior to its October merger with Freehills.

CEO David Willis said: “We made good progress in respect of our two main priorities in this period, clients and integration. Inevitably however, work flow was impacted by on-going uncertainties about the Eurozone and also challenging market conditions in Asia and Australia.”

Mishcon de Reya also revealed its retention rate today. The firm retained six of a cohort of seven qualifiers, giving it a retention rate of 86 per cent.