TLT’s retention rates tumble to 83 per cent

Bristol-based TLT Solicitors has announced that it will only be retaining 83 per cent of its newly qualified solicitors this year.

The firm confirmed it has fallen short of the 100 per cent retention rate it achieved in September 2009 and would only be taking on five out of six trainees who qualified in March.

TLT’s training principal and partner Maria Connolly said: “Career development at TLT is about giving people the support they need to achieve their professional and personal goals.”

The five NQs will join the firm’s banking and asset finance, banking and financial services litigation, commercial dispute resolution, commercial property and corporate finance teams.

But despite missing out on its 100 per cent record the firm’s retention rate compares favourably with other law firms, particularly the magic circle.

Clifford Chance announced that it is losing 30 per cent of its spring 2010 qualifiers, giving it a retention rate of 70 per cent.

This gives Clifford Chance the lowest NQ retention rate in the magic circle but the firm is closely followed by Linklaters which only achieved a slighter higher 73 per cent.

Meanwhile, Allen & Overy managed to keep on 83 per cent of its spring qualifiers while Freshfields Bruckhaus Deringer has reported an 80 per cent retention rate.

Elsewhere, at just 14 per cent, Denton Wilde Sapte’s retention rate for spring 2010 qualifiers made the firm one of the worst performers. The top 20 law firm only managed to offer one of its NQs a job in the real estate department out of a cohort of seven. The result is much lower than the 79 per cent Dentons managed in Spring 2009 (read more).