Yet another strong retention rate suggests that firms may finally be able to stop slashing training contract numbers
Allen & Overy has become the latest firm to post encouraging trainee retention figures, with the firm announcing that it is to hang on to 93% — or 43 of its 46 — of its spring 2015 new qualifiers.
The magic circle giant, where newly qualified solicitors earn £66,500, is the sixth big corporate firm to reveal its spring retention rate this year, with all achieving a figure of over 80%.
The good news, of course, comes on the back of years of bad news for wannabe corporate lawyers as firms have slashed their training contract numbers by around 30%. Amid all the PR gloss about the positive results, it’s easy to forget that in 2008 Allen & Overy and its magic circle peers handed out a whopping 120 training contracts each.
These days the depleted A&O offers a mere 85 TCs in London, down another five from 90 last year after the firm opted to expand trainee numbers in its low cost Belfast support office.
The fall has been even sharper at Freshfields Bruckhaus Deringer, where only 80 training contracts are up for grabs in this year’s recruitment round. Yesterday, Freshfields announced an 85% spring retention rate.
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