Ince and Olswang among raft of firms revealing retention rates

Ince & Co has come forward as the latest firm to reveal that it will be retaining 83 per cent of its newly qualified (NQ) lawyers.

The top 40-firm confirmed that it will be taking on 10 out of the 12 trainee solicitors who are due to qualify in September 2010.

Meanwhile, Olswang has confirmed that it is shedding 42 per cent of its Aumtum 2010 qualifiers giving it the lowest NQ retention rate in the UK 200 so far. The firm only managed to offer 14 jobs out of a cohort of 24, giving it a disappointing result of just 58 per cent.

A spokesman for the firm said: “Our experience shows that trainees that take whatever is offered generally do not prosper in the long-term, which is not good for them or the business. During the remaining three months of their contracts, we will use our recruitment and client contacts to help them find places at other firms or with clients.”

Herbert Smith has also announced a 75 per cent retention rate for September 2010, after offering jobs to just 50 of its 67-strong intake.

Elswhere, US firm Shearman & Sterling has revealed that it is retaining 92 per cent of its NQs, taking on 11 out of the 12 trainee solicitors who are due to qualify in September 2010 (see story).

The news comes after Taylor Wessing came forward as the first major law firm to reveal its September 2010 NQ retention rate (see story).

It announced that it would be taking on 19 out of the 24 trainee solicitors who are due to qualify in September 2010, giving it a retention rate of 79 per cent.

The only other firm to so far to announce an autumn retention rate is Denton Wilde Sapte, which said it hoped to achieve an 80 per cent figure following a 14 per cent retention rate for its spring 2010 qualifiers (see story).