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Trainee retention rates: Freshfields and Slaughters post 86% and 84% results

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By Rhys Duncan on

26

37 of 43 and 36 of 43


Freshfields and Slaughter and May have posted strong autumn trainee retention scores of 86% and 84% respectively.

This makes Freshfields the top performer within the Magic Circle so far, keeping on 37 of its 43 qualifying trainees. All rookies who were offered a role accepted it.

Slaughters comes in at a close second, retaining just one fewer with 36 out of 43 trainees. The firm confirmed to Legal Cheek that all NQ solicitors have been retained on permanent contracts.

Earlier this week Clifford Chance announced that it was keeping on 75% of its trainees (42 of 56), with A&O Shearman earlier recording a retention rate of 66% (37 of 56).

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Linklaters is the only Magic Circle firm not to have released its retention figures so far.

Whilst Freshfields’ retention has stayed relatively level across this year, posting an 84% score for its spring qualifying cohort, Slaughters’ score had dropped slightly, falling from a very impressive 95% spring score.

Speaking on the latest retention figure, Craig Montgomery, partner and training principal at Freshfields, said:

“We are thrilled that many of our trainees are choosing to advance their careers at Freshfields and their exceptional skills and dedication during the Trainee Associate Programme have been impressive. Our commitment to their development reflects our belief in fostering a strong, diverse workforce for the future and is a vital part of our strategy to cultivate a dynamic and forward-thinking global firm.”

Earlier this year Freshfields raised NQ pay to a new high of £150,000, with Clifford Chance, Linklaters and A&O Shearman all swiftly following.

Slaughters is the only Magic Circle firm to have kept its NQ salary at £125,000 so far, although it has raised trainee pay in line with its Magic Circle rivals.

26 Comments

Freshies

Another metric showing that FBD is clearly breaking ahead from the rest of the MC!!

SM… *yawn*

Reply Report comment
(24)(9)

Let's be honest

“Slaughters is the only Magic Circle firm to have kept its NQ salary at £125,000 so far”

Can we stop pretending that Slaughters are an MC at this point? It is a solid SC firm. Full stop.

Reply Report comment
(42)(4)

Fred

Slaughters is on par with the other Silver Circle firms like Macfarlanes and Travers Smith as it shares the same business model.

No international offices just one London office and relationship firms.

How can you call yourself a magic circle firm without an international presence?

Reply Report comment
(35)(5)

realist

Because the MC was never defined in terms of salary or international presence…?

That’s enough salary comparison now freshers. Vac scheme applications will be back soon and it’s nearly your turn to apply.

Reply Report comment
(23)(23)

Alan

Slaughter and May is Platinum Circle. It is the only firm in the Platinum Circle.

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(16)(17)

Prestige pays my bills

I think you mean the Prestige Circle…

Reply Report comment
(10)(0)

Jewellers

The Gold-Plated Circle

Reply Report comment
(4)(0)

Lol

SM very conveniently haven’t disclosed that a good number of the NQs are on FTCs. This is something that the firm, traditionally, has never done.

Reply Report comment
(59)(0)

Shocked but not surprised (and need more info)

Stoooop it – tell us more

Reply Report comment
(19)(0)

Lol

At least 7 of the retained are on FTCs, rumours are that it’s actually 10. It’s beyond me that someone has confirmed that all are on permanent deals – it’s demonstrably false.

Reply Report comment
(28)(1)

Saul

How long are the FTCs? Are they there to genuinely give them a chance / see if the market picks up or is the message that they won’t be kept on after the end so they should look for jobs (but still boost the retention rate)?

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(9)(0)

4 year term

Usually around 6 months. The claim is that the period will iron out any “performance issues” / uncertainty they have about trainees before bringing them on full-time as associates. Unless the market picks up though, I can see a lot of these FTCs lapsing…

Shocked but not surprised (and need more info)

BEGGARS BELIEF !!!

I would be keen to scope how much internal politics has influenced FTC/perm gigs and/or being given a role on qualification or not.

I am not sure some who qualify are really talented or even a safe pair of hands, at some firms it truly seems to be whether you are palatable or not

wondering what is happening at the US firms …

Reply Report comment
(6)(0)

The partner schmoozer

At a super-hierarchical firm like Slaughters, I imagine internal politics and your “polish” as a trainee plays a big part…

'The Expert'

You all need to understand that Slaughter and May’s multi-specialist approach and unique market strengths – including advising more FTSE 100 companies than any other firm and its long history as a market leader – means it needs to make tough choices in regards to retention.

Slaughter’s only takes and keeps the best of the best – those who are willing to truly serve clients in an excellent manner. Any trainees who have complained about the lack of a raise or else have not embraced the firm’s multi-specialist mindset, commitment to quality of service, and unique approach to billing clearly do not fit into Slaughter’s culture and are not viable long-term candidates for firm partnership. After all, if they cannot make sacrifices for the firm now, what will they be like 15 years down the line when they’re considered for partnership?

Ergo, many of them have been kept on fixed-term contracts – and it will be clear soon whether they sink or swim.

Reply Report comment
(1)(32)

3 is a magic number

1. My E-toro account performs better than the FTSE 100 companies. FTSE 100 clients are mainly old-world companies in the banking (the worst investments), tobacco, oil and mining sectors or dinosaurs like BT, Royal Mail etc. that no one cares about.

2. Your pitch of Slaughter’s culture is that of indentured servitude, reeeaaalll attractive.

3. 15 years for partnership? You’re more likely to be “up or out” after 10 years.

Loooooool

This is BS

Reply Report comment
(2)(0)

S&M Unretained

Yep.

Also that those with offers are not all qualifying into the teams they wanted albeit this seems to be happening at all firms this NQ cycle.

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(20)(0)

curious george

Which groups at SM were oversubscribed/undersubscribed?

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(1)(0)

NQ deader than a graveyard

Not slaughters but generally all practice areas were oversubscribed.

Corporate is always oversubscribed across city firms but this time especially given the reduced number of positions.

Finance seems to be buoyant but from what I’ve heard they also have tightened their hiring budgets as it has been oversubscribed for not as many roles going this time.

The real killer this cycle is the niche practice areas which includes your employment, intellectual property, tax, data protection, insurance, pensions, technology and sourcing etc.

There are little to no roles going at NQ level in those areas and if there are roles there are over 100 applicants.

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(3)(1)

Trainee

Corporate was the only group where people didn’t get offers

Reply Report comment
(2)(0)

Bob

It’s a client business. We want people as juniors that work hard, are personable, and have the right attitude. It’s a given that any trainee at a top firm will have the intellect to do good quality work.

Reply Report comment
(0)(3)

Lieutenant Evident

Thanks Captain Obvious!

Reply Report comment
(12)(0)

SMM or SMH

So those on FTC tends to be due to performance issues?

Reply Report comment
(5)(1)

SM-er

From what I can gather, its more about “fit” not so much that the trainee did anything egregious (i.e trainee not as social etc etc).

Reply Report comment
(10)(0)

Insider

SM conveniently leaving out that most of the leavers did not apply or did get an offer but turned it down

Reply Report comment
(2)(4)

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