And it’s not even Christmas yet
Elite magic circle outfit Slaughter and May has revealed a perfect 100% spring 2017 retention score, just a week after it upped the salaries of its junior lawyers.
Slaughter and May — which offers around 80 London-based training contracts annually — confirmed that all 25 trainees due to qualify in March 2017 had put pen to paper on a recruitment contract. Becoming the first City outfit to reveal its spring retention result, a spokesperson for the firm said:
Slaughter and May is pleased to announce that all 25 trainees eligible to qualify in March 2017 have been made a qualification offer by the firm, all of which have been accepted.
Despite Christmas still being a week away, the spring-themed statement continued:
Our consistently high retention rates demonstrate that the long-term future of the firm, as well as its distinctive culture and ethos, is in good hands.
Back in September the elite outfit revealed a respectable autumn retention figure of 89%, with 32 trainees — from a cohort of 36 — opting to stick around post-qualification.
The latest retention news comes less than a week after the firm disclosed new remuneration packages and perks for its hardworking lawyers. As part of the new deal, Slaughter and May has chucked an an extra £6,500 (9%) at its newly qualified (NQ) lawyers, bumping base salaries to £78,000.
According to Legal Cheek’s Most List, the move put NQs £500 better off than their counterparts at Linklaters (£77,500), but a whopping £7,000 behind those at both Clifford Chance and Freshfields Bruckhaus Deringer (£85,000). It is worth noting however that Slaughter and May, unlike some of its close rivals, does not include a performance-related bonus as part of its base salary figure.
As for the perks, Slaughter and May confirmed that annual holiday leave will be upped to 30 days and that lawyers of more than three years post qualification experience (PQE) will be able to take advantage of “a four-week paid sabbatical”. Leaping aboard the flexi-working bandwagon, the magic circle firm also said its top legal talent will be able to “apply” to work from home one day a week.
