Law Firms

Some of the UK’s largest City firms have released their trainee retention rates for the September 2008 intake, with the majority offering places to fewer than 90% of their trainees.

Of the eight firms that have released numbers only Herbert Smith and Norton Rose have offered more than 90% of their intake places.

Herbert Smith has offered contracts to 45 of the 49 trainees qualifying in September but does not yet know how many will accept a position.

Norton Rose, meanwhile, has offered places to 20 of the 22 trainees due to qualify in September – all of whom have accepted the offer. This follows the 100% retention rate that the firm recorded for its March 2008 qualifiers.

In the magic circle, Freshfields Bruckhaus Deringer has offered 88% of its trainees a contract starting in September. The percentage equates to 40 of the 45 lawyers due to qualify in September being offered places. Allen & Overy has offered 48 of its 58 qualifiers a contract (82.7%).

Simmons & Simmons has offered 81% of its September qualifiers a position and expects all to accept. Meanwhile Camerons has offered just under 89% of its qualifying lawyers a contract while Denton Wilde Sapte has offered just over 85% a permanent position.

The retention rates are marginally down on those for the March 2008 qualifiers. Legal Week reported earlier this year that 18 of the UK’s top 25 firms held on to more than 90% of their March 2008 intake, with six firms, including Norton Rose, reporting a 100% retention rate.

Firm	No. due to qualify	Contracts offered	Acceptances	Offer rate (%)
Freshfields Bruckhaus Deringer	45	40	N/A	88.9
Allen & Overy	58	48	N/A	82.7
Herbert Smith	49	45	N/A	91.8
Simmons & Simmons	33	27	24 so far	81.8
Norton Rose	22	20	20	90.9
CMS Cameron McKenna	27	24	22 so far	88.9
Denton Wilde Sapte	27	23	23	85.2
Clyde & Co	23	18	N/A	78.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Talkback: Does the drop in retention reflect tougher market conditions? Click here to have your say.

Comments

The headline and numbers the firms put out disguise the fact that many trainees now routinely don't bother applying for associateship at their firms: they will either apply to a "better" firm (read: magic circle, US, etc.), downsize, go in-house or leave the law altogether.

Posted by: US associate on 16 Jun 2008

It would have to be a very short-sighted law firm that cut back on NQs offers because of the market. That said, there are some very short-sited law firms.

Posted on: 16 Jun 2008

Remember too of course that these are only "offered" places and trainees may be offered something so far removed from what they actually requested that it broadly equates to non-retention (especially if it's to an unpopular department with shocking hours, say). Disagree with US associate though - most trainees apply even if they're thinking of moving on as it is easier to get a job if you were offered by your current employer (except for maybe a few that might have things sown up well in advance).

Posted on: 16 Jun 2008

My firm has more NQ jobs than trainees and we still are not at a 100% retention. This is because a number of trainees wanted jobs where there was only one job available. I think the market will recruit a similar percentage of NQs as it has done in recent years.

Posted by: Top 15 Law Firm on 16 Jun 2008

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