91% retention figure is impressive, if not magical
Global giant Allen & Overy has posted a strong spring retention result, holding on to 91% of its trainee cohort who are due to qualify this month in London.
The magic circle player revealed that from a pool of 43 trainees, 41 had applied for full-time associate positions. Of those willing to commit their future to the firm, 39 were made offers, all of whom accepted. Two trainees — despite applying — were not made offers by the firm.
Allen & Overy is one of the top training contract providers in the City, handing out around 90 TCs annually. Only fellow leading firms Clifford Chance (100) and Linklaters (110) offer more.
Receiving a very respectable £42,000 in year one and £47,000 in year two of their training contracts, A&O associates will see their pay packets swell to a magic circle-topping £78,500 upon qualification. Today’s result marks a slight drop on this time last year, when the firm retained 93% of its spring 2015 cohort, or 43 out of 46.
James Partridge, partner and training principal at Allen & Overy, said:
Our trainee retention rate for March 2016 is 91%. It’s a strong result which we are very pleased with and testament to the continuing quality of our trainees.
Over the past two months a number of law firms have revealed excellent retention performances.
City pair Nabarro and Trowers & Hamlins unveiled strong results of 89% and 88% respectively, meanwhile single office-outfit Macfarlanes posted a perfect retention score of 100%, keeping all six of its trainees.
Elite player Slaughter and May kept 38 out of 40 of its spring qualifiers, equating to a 95% result. Meanwhile, US firms have also performed well, with New York-headquartered duo Weil Gotshal & Manges and White & Case posting 100% and 87% respectively. Herbert Smith Freehills also continued its solid retention run, annoucing earlier this year that 94% of its trainees had committed their future to the firm.
However, yesterday, Berwin Leighton Paisner posted the lowest retention result of the spring season so far, keeping just 70% of its March qualifiers.