Nine NQs head for the exit
Clifford Chance has become the latest magic outfit to reveal its autumn retention rate, chalking up a fairly underwhelming 82%.
The firm revealed that of its 49 autumn qualifiers, 41 were made offers, one of which politely declined. This equated to a final retention result of 82%. The magic circle newbies will trouser a recently improved salary of £85,000.
Clifford Chance — which offers around 100 training contracts annually, split across two intakes — hasn’t had a great 2016 as far as retentions go.
With magic circle firms aiming for scores in the high nineties, Clifford Chance could only muster a spring 2016 result of 80%. On that occasion, 43 of its 54 trainees remained at the firm.
Today’s news means Slaughter and May is the only magic circle firm yet to reveal an autumn figure.
Last month Linklaters announced a healthy score of 91%, with 51 out of 56 trainees committing their future to the firm. Meanwhile, back in July Allen & Overy posted a retention rate of 86%, holding on to 36 trainees from a cohort of 42.
Finally, Anglo-German outfit Freshfields. Still topping the magic circle retention table, the firm posted a very impressive 95%, holding to 40 of its 42 lawyers autumn qualifiers.
Over to you Slaughter and May…