Gateley has revealed that it will keep on just 47 per cent of its autumn-qualifying newly-qualified (NQ) cohort, in contrast with Clyde & Co’s retention of all but one of its trainees.
The Birmingham-headquartered firm will retain just eight of its 17 NQs.
Three of the eight will work in Birmingham in the commercial, corporate and real estate groups, two will go to Manchester’s construction and pensions teams and another two will work in Nottingham in banking and finance and real estate. The remaining NQ will work in the Leeds residential development group. None of the qualifiers are on fixed-term contracts
The firm stated that it had more vacancies available than trainees qualifying but that the offices and practices areas did not match trainees’ ambitions. Gateley’s revenue rose by 8.6 per cent in the last financial year, from £66m to £71.7m but its trainee retention is the worst of the season so far.
By contrast, Clyde & Co will keep on 98 per cent of its trainees, after offering to 100 per cent. Of its 43-person cohort, 42 will remain with the firm as NQs.
The London office will be home to 33, with another three remaining in the UK in the firm’s Manchester office. One will qualify into Dubai and another will work in San Francisco. Two of the three NQs due to work in the Hong Kong office accepted roles with the firm, while another chose not to.
A large number of firms have revealed high retention rates this year. Nine firms with smaller intakes have kept on 100 per cent of their trainees while firms retaining a high percentage of a larger intake include Linklaters and Slaughter and May (7 August 2014).