Travers and Simmons have revealed their autumn 2015 retention and boosted their NQ salaries.
Travers Smith has announced that it will retain 17 of 18 autumn qualifying trainees, translating to a retention rate of 94 per cent. Of the 17 newly-qualified (NQ) lawyers, five will work in corporate, finance and tax will take three NQs each and two NQs will work in commercial. The dispute resolution, financial services and markets, pensions and real estate departments will take one trainee apiece.
The firm has historically high retention. In 2014 it kept on 16 of 17 trainees and in 2013 it retained 19 of 20.
Meanwhile, Simmons & Simmons has also published its retention figures. It had 28 second-year trainees due to qualify this September. Of those, 22 went through the qualification process, 19 offers were made and 18 eventually accepted roles as newly-qualified (NQ) solicitors at the firm, giving a final retention figure of 64 per cent.
The firm’s NQ retention is historically one of the legal market’s more erratic: Simmons has kept on less than 60 per cent of its qualifiers on three occasions since 2010, but has also recorded retention in excess of 80 per cent in the same period.
Both firms have decided to boost their NQ salaries. Travers upped its wages by 9 per cent from £64,000 to £70,000 while Simmons increased pay by 8 per cent from £63,000 to £68,000.