Shearman & Sterling hits 100 per cent retention

Shearman & Sterling will keep on 100 per cent of its trainees as newly-qualified (NQ) lawyers, with all trainees qualifying into the London office.

The cohort of 13 will qualify into a variety of practices including antitrust, asset management, finance, financial institutions advisory, M&A, project development and finance and tax. The firm would not disclose whether any of the 13 were on short-term contracts.

Shearman started its London office training programme 16 years ago. Last year it notched up 75 per cent retention while in 2013 it kept on 87 per cent, or 11 of 13, trainees.

The qualifying crop will benefit from NQ salary increases, which the firm raised by 6 per cent from £83,000 to £88,000 last month.

Training principal Mei Lian said: “We are delighted that all of our trainees have been offered, and have accepted, positions within the firm. What is particularly significant about this is that we were able to offer each of them their first choice of practice area on qualification this year – it is a great result, both for them and the firm.”