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RPC and Reed Smith post latest trainee retention scores

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By Rhys Duncan on

27

66% and 36%


RPC and Reed Smith have recorded low scores in the latest trainee retention season.

RPC, which has 18 trainees set to qualify later this year, is retaining 12 of them, equating to 66%. Of the 18 trainees, 17 applied for roles within the firm, with one opting to focus on a practice area not currently offered by RPC.

The firm said that the five final-seat trainees who were unsuccessful in their applications “applied for highly competitive roles within RPC and, unfortunately, were not successful in securing positions in those popular practice areas”.

This result is down slightly from last year’s figure of 81% (13 out of 16).

Meanwhile, Reed Smith confirmed it has retained four of its 11 trainees. Whilst eight applied for roles, only six were made offers, and four accepted. This gives an overall retention score of 36%.

This is a reduction from the firm’s spring retention score when it retained eight out of 13 NQs, or 62%.

Commenting on the latest retention, David Ashmore, Reed Smith’s Training Principal, said: “Congratulations to our new class of associates, who expand the next generation of talent at the firm. We are proud to be investing in their future successes and career development.”

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“In a competitive market, we continue to work hard to attract and retain our talent.”

Both firms have recently increased their NQ salaries, with RPC boosting pay within its London commercial team to £90,000, whilst Reed Smith has increased NQ rates to £125,000.

This retention season has already seen some low scores, including BCLP which recorded a rate of 58% (11 of 19), and A&O Shearman, which posted a score of 66% (37 of 56).

At the other end of the spectrum, Burges Salmon clocked a perfect 100% in its latest round, keeping on all 24 qualifying trainees in permanent roles.

27 Comments

36%?!

36%!!! Yikesssss

Reply Report comment
(34)(1)

Tom

My initial assumption is that retention is poor across all firms this year because there isn’t as much demand in the specialist areas i.e Employment, Pensions, Privacy, Intellectual Property etc

This may be linked to M&A activity being down and corporate being dead.

Reply Report comment
(7)(3)

Employment Associate

There’s quite a lot of demand in employment lately, especially with the new changes coming under Labour

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(4)(6)

Harry

Bearing in mind that many of those with offers are qualifying into teams that were not their first choice but for the sake of having a job, the figures are distorted.

The % of retained trainees qualifying into their preferred team is probably around 15% (not just at the firms listed in the article but at all firms across the city).

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(21)(4)

Chaz

It’s less bad than it looks.

Of the 11 trainees, only 8 applied for associate positions – it’s a bit unfair to blame RS for not retaining three other people who didn’t even want/bother to apply for associate positions.

Of the remaining 8 trainees who applied for associate positions, six were given offers – again, it’s a bit unfair to blame RS for the people within those six who were given an offer and turned it down – from the perspective of a potential trainee, RS offered 6/8 people who applied associate positions.

Ultimately 8 people applied for associate positions at RS. RS made offers to 6 of those 8 (I.e. 75% of applicants received offers – a much healthier figure). Factoring in people made an offer who rejected it completely distorts the numbers particularly from the perspective of a potential trainee (the bulk of the LC readership).

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(4)(31)

Anon

Why did they not want to accept an NQ role at the firm, though?

Reply Report comment
(35)(0)

Truth Serum

Nobody is blaming Reed Smith.

Literally, no one.

Read the room (and the comments)… everyone is saying the NQ market is dead. The market is to blame

Reply Report comment
(8)(1)

Engage your brain m8

“only 8 applied for associate positions”… why do you think that is?

“unfair to blame RS for not retaining three other people who didn’t even want/bother to apply for associate positions”… why do you think the other 3 didn’t apply?

Use your brain. Clearly there were teams that didn’t have the budget to post an NQ role in a department they wanted to qualify into which is why they didn’t apply.

It is not a case of trainees not being bothered to apply – there simply were not enough roles going in the teams trainees were looking to qualify into.

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(33)(1)

Ding Dong the NQ Market is Gone

In a way, it is oddly reassuring seeing low retention rates at all city firms.

Dear current trainees: it is not you, it is the dire NQ market.

Reply Report comment
(33)(1)

G

I can agree with you there.

When my firm didn’t make offers to a lot of my cohort (including me) I panicked and went through a period of depression and overthinking everything but I can now see that it is happening at all firms and it is due to the NQ market being dead and not to do with trainees not being good enough.

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(18)(0)

Kirkland NQ

I would love to reply, but been so busy buying my holiday home on the Côte d’Azur.

Reply Report comment
(7)(16)

Laura

I qualified last September and thought the NQ market was bad last year but my oh my it is FAR worse this year!!

This is terrible.

Good luck to those unretained and I hope you find something 🙂

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(19)(1)

No Money No NQs

Many firms are posting their highest financial years yet but the NQ retention is lower than ever which goes to show that there just isn’t a demand for NQs.

Firms can afford to hire, but they are not looking for NQs unfortunately.

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(10)(0)

Jay

I think you mean Mo Money No NQs hahaha

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(12)(0)

Unretained SC Trainee

Anyone else without an offer noticing that there are hardly any roles externally solely aimed at NQs?

I keep being told that the roles are going to those with the most experience.

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(12)(0)

David

Knock on impact of the relentless NQ salary increases, or more importantly, salary bunching above that. For example, for one of the commercial teams at RPC, beyond retaining your own trainees (or at least the best ones), why externally hire an NQ on a £90k salary when you could get a 3PQE for perhaps £10k more?

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(15)(1)

peeved off trainee standing in solidarity

Agree, think the pay war hasn’t helped. In increasing those salaries for NQ’s, they have to leverage salaries for those lawyers higher up the PQE chain. Some firms definition of “increase” isn’t even a proper increase tbqhwy.

That probably gives those disgruntled at 2-7PQE and/or those who have their firms taking a sizeable pound of flesh wanting to lateral as they see the roles that offer them the chance to get more G@!n$ elsewhere.

Hopefully the market will open up soon and some new roles come in soon, mayhaps firms will realise they let too much talent go and then vacancies will open up. A bit idealistic but radical optimism is needed during these times – fingers crossed for us all, godspeed

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(2)(0)

Dave

Come September there will be a lot of unemployed NQs…

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(12)(2)

Tré Cool

Wake me up when it ends

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(4)(0)

BethanyTheBuilder

I’m a glass is half full type of person… At least they were given the opportunity to become a solicitor… Would you prefer firms such as BCLP and Reed Smith to give 100 TCs and only offer a small permanent jobs, or only offer a small percentage of TCs from the get go…

A job is not guaranteed in a capitalist society… There are prob plenty NQ jobs around, but London City Law firm Trainees feel they deserve a high salary for what (at their stage) is essentially admin work.

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(0)(14)

Chris

Kirkland retention rate was 104%.

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(11)(1)

Anon

It’s no surprise that every NQ role was highly competitive at RPC since only 4 teams posted them (out of 10).

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(7)(0)

Reuben

Which 4 teams posted jobs? Which 6 teams didn’t post jobs?

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(1)(0)

Ed

It is insightful to know there is a trend among city firms in hiring.

I heard from a friend that the thing happened at DLA Piper. Apparently a few teams didn’t post any NQ roles.

To name a few: Responsible Business (Pro Bono), Real Estate, Intellectual Property, Technology & Sourcing etc.

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(4)(0)

Cc insider

CC apparently 75% amber Heard here first

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(2)(0)

Legal commentator

Far too many lawyers in the market. It’s time to keep the good and eliminate the incompetent.

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(2)(6)

Legal commentator 2

Perhaps the incompetent are those who are already qualified and were overhired during the pandemic period should be eliminated – not the up and coming people who are paying the price and deserve a chance as much as anyone else

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(2)(0)

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