67%
Reed Smith has retained 67% of its London trainees, with ten newly qualified (NQ) solicitors from a cohort of fifteen staying on in permanent roles.
Four will join the energy and natural resources industry team, with two apiece joining the finance and global corporate teams. The remaining two NQs will join transportation and global commercial disputes.
The Legal Cheek Firms Most List shows NQs will start on a salary of £125,000 before any bonuses.
Alongside the retention figures, Reed Smith has announced a £3,000 pay increase for both first and second-year trainees, raising salaries to £53,000 and £58,000 respectively. This represents a 6% rise for first year trainees and a 5.5% increase for second years.
David Ashmore, training principal at the firm, commented:
“Congratulations to our new class of associates. They are hugely talented and will become the bedrock of the next generation of the firm. We are proud to be investing in their development and look forward to seeing their careers grow with the firm.”
Legal Cheek recently reported record global revenues for Reed Smith in 2024, surpassing $1.5 billion (£1.2 billion), while profit per equity partner PEP grew to $1.8 million (£1.4 million). This was underpinned by strong recovery for the firm’s London office since the Covid-19 pandemic, where revenue per London lawyer shot up nearly 30% to almost $950,000 (£732k).