Hogan Lovells has revealed a retention rate of 79 per cent, keeping on 23 of 29 autumn 2015 qualifying trainees as newly qualified (NQ) lawyers.
The City giant received applications for an NQ role from 26 of its trainees and made offers to 25. Of those 25, 23 accepted an offer. One of the 23 is on a short-term contract.
The corporate group will take the largest number of trainees, with 11, nearly 50 per cent of the total NQ cohort, joining the group. Litigation, arbitration and employment will take six while four NQs will head for finance. Two will work for the competiton department.
The firm’s retention rate has historically been between 70 per cent and 80 per cent: consistently lower than the average for the wider market.
The qualifying cohort will benefit from an NQ salary of £70,000, revealed by the firm earlier this year, taking home the same pay packet as many magic circle NQs.