London firm confirms eight out of nine qualifying trainees will stay
Nabarro has put a disappointing autumn retention result behind it to reveal an encouraging spring figure of 89%.
The international outfit, which is best known for its property law work, confirmed that eight of its nine soon-to-be newly qualified (NQ) lawyers had committed their futures to the firm, with only one trainee deciding to head for the exit upon qualification this March.
The London Wall-based practice — that offers around 25 training positions annually — will be glad to see the back of its autumn 2015 figure, when only 77% of its junior lawyer talent opted to stay.
Despite the firm revealing earlier this summer that revenues had rocketed by 21%, pay boosts for its fresh-faced associates have remained modest.
With an extra £2,000 being chucked their way as of last summer, those starting life as a lawyer at Nabarro’s London office will take home £61,000, while their regional-counterparts will be on a remuneration package of around £38,000.
Nabarro — which has UK outposts in Sheffield and Manchester, as well as international offices in Brussels, Dubai and Singapore — posted a perfect retention score of 100% this time last year.
Yesterday the firm revealed that three NQs would be heading to the firm’s real estate department. Funds and indirect real estate would receive three new lawyers; meanwhile, corporate, banking & finance and intellectual property would gain a new associate each.
Nabarro’s graduate recruitment manager Mel Brooking said:
We work hard to give our trainees a positive experience of Nabarro across six seats, so it is always a pleasure to see a high proportion choosing to qualify with the firm. I would like to wish them all well as they start the New Year in their chosen practice areas.
Earlier this week, magic circle giant Slaughter and May was the first firm to reveal its 2016 spring retention figure, posting a strong 95% result.
Recording its highest rate since 2014, the ultra-elite outfit confirmed 38 out of 40 of its trainees due to complete their training contract in March had accepted permanent job offers.