Jones Day reveals retention rate drop

Jones Day has revealed an 83 per cent retention rate for its newly qualified (NQ) solicitors, a 17 percentage point drop on this time last year.

With one trainee choosing not to apply for an NQ role, the US firm kept all five London trainees who applied for a job with the firm.

The firm has had a strong run of retention rates in recent years, albeit its intakes have been small. This time last year, all three trainees went on to NQ positions, giving the firm a 100 per cent retention rate, while in autumn 2012 it posted a 92 per cent retention rate, keeping on 10 out of 11 trainees in an NQ capacity. In 2011, it had an 80 per cent retention rate across the year, with 12 NQs out of a cohort of 15 staying at the firm.

As the 14th largest international firm in London with a revenue of £90.5m in 2011, worldwide the firm has 2,371 lawyers and 840 partners worldwide. Its UK office is dwarfed by comparison with 158 lawyers and 46 partners and historically small trainee intakes.

Other firms to announce their retention rates recently include Trowers & Hamlins, which is to retain all 13 of its March qualifying trainees, with four qualifying into Middle East offices, and Olswang, which posted a 78 per cent retention rate earlier this month.