Camerons reveals retention rates, ups NQ pay

CMS Cameron McKenna has revealed improved results for its Autumn 2011 newly qualified lawyer (NQ) retention rates following disappointing figures for its Spring qualifiers.

The top 20 law firm is keeping 24 of 30 its final seat trainee solicitors across all its UK offices and 18 out of 24 in its London office, resulting in a retention rate of 80 and 75 per cent respectively. One trainee withdrew from the application process.

The majority of trainees got their first choice seats, qualifying into banking, energy, projects and construction, real estate, insurance, commercial litigation, pensions and corporate across the firm’s UK-based offices in Aberdeen, Bristol and London.

This is a boost from Camerons’ London office Spring 2011 retention rate, which sat at 70 per cent after the firm offered 22 positions to 31 trainees.

This year’s figures, however, are slightly down on September 2010 where almost 82 per cent of NQs were retained by the firm.

Meanwhile, in a related move Camerons has also confirmed that it is boosting second year trainee solicitor and NQ salaries by around one per cent.

Second year trainee solicitors’ pay packets are going up from £41,500 to £42,000, while NQs will pocket an extra £1,000 with their pay from £59,000 to £60,000.