Strong retention season continues
Transatlantic giant Hogan Lovells is holding onto 27 out of the 29 trainees who are due to qualify as solicitors at the firm in the spring.
This equates to a retention rate of 93% — the highest recorded by the firm in recent years after a spell hovvering in the high 70s.
However, it is worth noting that one of the rookies has received a fixed term contract “with a view to it becoming permanent”. So if you take this individual out of the equation Hogan Lovells’ 2016 retention figure dips slightly to 89%.
10 trainees qualify into corporate; two into competition; eight into litigation, arbitration and employment; five into finance and two into IP. All will be based in London with the exception of one who goes to the firm’s Hong Kong office and another who heads to Singapore.
Hogan Lovells’ training principle, David Moss, said:
We are very pleased with the results of the qualification round. There were vacancies in a wide range of practice areas to suit our qualifying trainees.
The announcement continues a strong spring performance for City firms in the spring 2016 retention round.
New York-headquartered outfit Weil Gotshal & Manges revealed a perfect retention result of 100% last week, keeping all 15 of its London trainees. Meanwhile, City firm Nabarro posted a spring retention result of 89%, narrowly beating national outfit Trowers & Hamlins on 88%.
Magic circle player Slaughter and May kicked off this spring’s retention round with a strong 95% result. Meanwhile, earlier this week, Herbert Smith Freehills released a 94% retention rate.