Bosses “pleased” retention rates are back on track
International law firm Pinsent Masons has announced a positive autumn retention rate of 80%.
Out of the 59 final-seat trainees qualifying this autumn, 47 have committed their future to the international big shot and will be taking up newly qualified (NQ) associate roles. These 47 newbies will be pocketing an annual salary of £62,000, up £21,000 on the firm’s second year trainee pay.
This autumn result represents a comfortable step up from Pinsent’s disappointing spring retention rate of 50%, something Deborah McCormack — who heads the firm’s training and development function — is happy about. She said:
I’m pleased that our retention rates are back in line with their historic norm. We offer an attractive environment for NQs and are committed to retaining the great new talent that we have entering the firm.
Pinsent Masons’ announcement comes in the middle of what’s shaping up to be a mixed autumn retention rate season.
While the likes of Sullivan & Cromwell and Shearman & Sterling have managed to retain all of their qualifying trainees, Dentons and Simmons & Simmons have reported retention scores of 68% and 50% respectively.