Addleshaw Goddard has become the latest firm to report a drop in its newly qualified (NQ) retention rates.
The national law firm has reported a retention rate of 75 per cent after offering jobs to 33 out of 44 of its NQs. This is a slight drop from last September’s figure of 80 per cent.
The news comes after Addleshaw Goddard opted to slash its first year trainee solicitor pay by nearly three per cent from £36,000 to £35,000 in May, rather than ask any of its future trainee solicitors to push back their start dates.
HR director Judith Hardy said: “In common with many other firms we’ve thought carefully and considerately about how we align the size of our business with the current and future needs of our clients.”
Ashurst, meanwhile, confirmed a 73 per cent retention rate this year, offering 22 out of 30 trainees jobs with the firm in September. Last year it retained a healthier 92 per cent.
Elsewhere SJ Berwin is keeping on 27 out of 38 NQ solicitors, giving it a retention rate of 71 per cent. Last year the firm had a rate of 89 per cent, keeping 32 out of a total of 36 NQs.
SJ Berwin partner and co-head of recruitment Laura O’Neill said: “I think this is a great result given current market conditions.”
In line with many others SJ Berwin is offering outplacement services to the NQs who were not successful in securing a position with the firm.
Meanwhile, a total of 96 trainees are due to qualify at DLA Piper and out of that figure 88 have applied for positions at the firm. So far the firm has kept on 53 of those that applied, giving it a 60 per cent retention rate.This is a massive drop on last year’s figure of 77 per cent.
Head of graduate recruitment at DLA Piper Sally Carthy said: “This is a tough year to qualify in and under normal market conditions we would have retained the majority of our newly qualified lawyers. Those who have not been offered a position will be offered support and guidance to assist them with their future plans.”