Trowers & Hamlins has revealed a reduced retention rate of 71 per cent, keeping on five of seven autumn 2015 qualifying trainees.
Two trainees will join the London office while the Dubai, Exeter and Manchester offices will take one trainee apiece. It’s the first time a trainee has qualified into the firm’s Exeter office in at least three years, and the fewest newly qualified (NQ) solicitors the London office has taken in the the same period.
The five NQs will sit within the banking and finance, commercial property, corporate and dispute resolution departments, with commercial property taking two NQs.
The firm’s retention has been erratic in recent times, ranging from 69 per cent to 100 per cent over the last three years; however this is partly explained by the firm’s small intake size, meaning the departure of one trainee can make a big difference to the overall percentage kept on.
Trowers’ training partner Tonia Secker said: “We want to congratulate these exceptional trainees on becoming qualified solicitors. They have all worked very hard over the last two years.”
The firm has had a rocky few months, last week announcing a drop of 96 per cent in international net profit. It now makes just 0.5 per cent of its revenue from its overseas offices in Abu Dhabi, Bahrain, Dubai, Malaysia and Oman.
Its UK revenue rose by 5.5 per cent while net profit also grew by 7.2 per cent.