Clyde & Co’s autumn newly qualified (NQ) retention rate has fallen to 77 per cent from 88 per cent at the same point in 2010.
The law firm, which is the penultimate top 20 firm to confirm its NQ rate, announced it is keeping 20 out of 26 qualifying trainee solicitors. Last year the firm held on to 23 from its 26-strong cohort.
The news comes after partners at Clydes and Barlow Lyde & Gilbert voted to proceed with plans to merger in November, with the combined firm set to have 270 partners and an international network consisting of 27 bases (4 August 2011).
Out of the top 10, Slaughter and May is the strongest performer as the only firm to post a 100 per cent NQ retention rate, while Allen & Overy remains the weakest with a retention rate of 72 per cent.
Simmons & Simmons is the only top 20 law firm not to have reported its retention rate.