Herbert Smith set to retain 74% of September trainee intake

Herbert Smith has retained 48 of its 65 trainees set to qualify this September, equating to 74% of its intake.

The retention rate represents a significant drop on last year's figure, when the firm kept on 45 out of 49 (92%) trainees. The firm's March intake earlier this year saw 26 out of 31 (84%) taken on.

The number is roughly in line with retention rates at other top UK firms. In May Freshfields Bruckhaus Deringer confirmed that it was to retain 70% of its trainees - along with a no-strings cash payment for those not offered a job - while Allen & Overy has said that it also expects to hold onto only 70% of this year's September intake.

US firms, although managing fewer trainees than their UK counterparts, have managed to hold onto the majority of their budding lawyers.

Cleary Gottlieb Steen & Hamilton is to keep on all six of its September 2009 qualifying trainees in the City, while Weil Gotshal & Manges is to retain 11 out of 13 of its September qualifiers.

Skadden Arps Slate Meagher & Flom has handed jobs to all three of its September qualifying intake while Latham & Watkins has secured positions for seven of the nine qualifiers.

Herbert Smith on the Legal Week Wiki