Retention rate of 83% for offerer of most training contracts in the City
Magic circle giant Linklaters has just posted a pretty good (if not quite magical) retention rate — keeping hold of 83% of its trainee cohort due to qualify this month in London.
The firm — which hiked its junior lawyer pay dramatically on Friday — announced that from a total 54 trainees, 49 were made offers and 45 accepted. Nick Rumsby, Linklaters’ partner, commented:
After a number of years of consistently strong retention rates we are pleased to retain so many high quality lawyers from our March qualifiers. Our retention rate of 83% demonstrates our continuing ability to offer our trainees impressive qualification opportunities into a globally minded and commercially successful firm.
Linklaters’ results are not as strong as the other magic circle firms to have released their spring 2016 retention rates, with Allen & Overy keeping 91% of its new qualifiers and Slaughter and May 95%.
But they were a good deal better than mid-tier City firm Berwin Leighton Paisner, which managed to hold on to just 70% of its March qualifiers — the poorest showing so far of the year.
All eyes are now on Freshfields and Clifford Chance, whose retention rates are expected in the coming weeks.