Jones Day reveals autumn retention and hands NQs £7,000 pay rise

Jones Day and Taylor Wessing have revealed their retention figures for this autumn.

Taylor Wessing is to keep on 77 per cent of its qualifying cohort. A total of 17 out of 22 are to take on newly qualified positions at the firm.

Two trainees each go to the firm’s disputes; banking and finance; corporate commercial and projects; employment and pensions; and private equity practices.

The final seven will join the corporate technology; real estate; patents, IP and media; IT and telecoms; competition, private client; and corporate finance practices.

Graduate recruitment partner Tim Worden said: “Taylor Wessing is committed to developing high quality lawyers who will become valuable business advisors to our clients in some of the world’s most exciting and cutting-edge sectors.” 

Taylor Wessing retention 2016
Taylor Wessing NQ destinations

Meanwhile, Jones Day’s revealed that its retention rate for this autumn is 68 per cent. The firm confirmed to Lawyer 2B that of 16 qualifiers this autumn, 12 were offered jobs and 11 accepted.

Jones Day retention 2016

Of those staying on, three joined the corporate group, four went to global disputes, two to real estate and one each to business restructuring and antitrust.

Jones Day NQ destinations

Jones Day has also increased its trainee salaries. First years will now receive £45,000, up 4.6 per cent from £43,000. Second years will now get £50,000, while newly qualified solicitors have been handed a 9 per cent boost. They will be paid on qualification £85,000 on qualification, up from £78,000.

Allen & Overy is the only magic circle firm to publish its autumn retention so far. It is keeping on 86 per cent of its intake. Shearman & Sterling is the best performer of the six firms where results are known so far. It is retaining all 13 of its qualifiers in NQ roles.