Hogan Lovells has retained 80 per cent of its qualifying trainees, keeping on 24 of 30 of its newly-qualified lawyers at the firm this year.
The firm received applications for an NQ role from 29 of its trainees and made offers to 25. Of those, 24 accepted an offer. None of the new starters are on a fixed-term contract.
The corporate group once again takes the largest number of trainees, with 13 – two more than last year. This is more than 50 per cent of the total cohort. Litigation, arbitration and employment will take five NQs between the groups, finance will take three new lawyers, and competition, international and intellectual property will take one each.
All but one of the qualifying cohort will work in the firm’s London office. The international qualifier will be transferred to the Paris international arbitration team.
Hogan Lovells’ retention rate has historically been between 70 and 80 per cent – consistently lower than the average for the wider market. In 2015 the firm retained 79 per cent of qualifiers, or 23 trainees.
The firm increased pay for both trainees and NQs for the second-year running this year. NQs now receive £71,500 while first year trainees are paid £43,000 and second year trainees £48,000. It also increased salary banks for qualified lawyers from 1 May 2016 but said it would not reveal specific figures.
A spokesperson said: “We operate a merit based pay model with broad salary bands to ensure that we are able to take into account an individual’s performance when determining salary within the relevant salary band. In addition, our lawyers have the ability to earn significant bonuses based on chargeable hours and/or a discretionary bonus.”