Wragge & Co has announced it will be retaining 83 per cent of its newly qualified (NQ) solicitors this year.
The Birmingham giant has offered jobs to 20 out of 24 of its NQs. This is a slight drop from last September’s figure of 89 per cent.
Head of recruitment Juile Caudle told Lawyer 2B: “Obviously we took some time to make the decision and we had to take into consideration the needs of the business. However, in light of the current economic climate, we feel we have achieved a good retention rate.”
The news comes after 15 future trainees agreed to defer their start dates by 12 months for a payment of £7,000 while 20 joiners decided to defer by six months in return for £3,000.
The firm’s trainee solicitors will qualify into corporate, commercial litigation, competition, employment, pensions, real estate and trade.
Elsewhere, litigation specialist Holman Fenwick Willan (HFW) became the latest firm to announce a 100 per cent retention rate. The firm has offered jobs to all 14 of its trainee solicitors who are due to qualify in September. This is the second year in a row that HFW has posted a 100 per cent retention rate.
The news came after HFW announced stellar financial results with a double-digit rise in both turnover and net profit. Turnover has rocketed by just over 27 per cent from £77.6m to £98.7m while net profit increased by almost the same amount from £25.4m to £31.9m