Slaughter and May has revealed an 88 per cent retention rate, matching its performance last autumn.
The top ten City firm offered 46 jobs to a cohort of 51 trainees newly-qualified (NQ) positions at the firm. One trainee did not accept the firm’s offer. Of the 45, 26 are going into the corporate and financing department while the other 19 are qualifying into specialist.
Executive partner Richard Clark said: “Once again we have maintained a high retention rate in line with our strategy to recruit lawyers who will stay with the firm and continue to make a contribution to our practice.”
Slaughter and May has historically posted very high retention rates. Last autumn, the firm posted an 87.5 per cent rate, giving 42 of 48 qualifying trainees NQ roles with the firm, of whom 21 went into corporate and financing departments. Since spring 2010, its retention statistics have remained above 85 per cent and it retained all 59 of its autumn 2011 qualifiers.
So far, retention rates for September 2013 qualifiers have been largely positive. White & Case’s London outpost accepted 79 per cent of its qualifying trainees into NQ positions (25 July 2013) while Clifford Chance gave 48 of 60 jobs (25 July 2013), resulting in an 80 per cent retention rate. Freshfields recorded 81 per cent retention (18 July 2013), while BLP’s rate was announced as 86 per cent (19 July 2013).
Herbert Smith Freehills revealed a retention rate of 88 per cent, its highest since spring 2012 (25 July 2013). The City firm offered 30 of its 34 second year trainees NQ roles with the firm, and all accepted. Mishcon de Reya has also revealed its retention rate (25 July 2013). The firm retained six of a cohort of seven qualifiers, giving it a retention rate of 86 per cent. Finally, Mills & Reeve has revealed a bolstered retention rate of 85 per cent (29 July 2013).