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Four trainees say no to Slaughter and May as firm records 89% autumn retention

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Blue-blood City player today revealed that 33 of its 37 September qualifiers will remain at the firm

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Magic circle giant Slaughter and May announced today that 33 of its 37 newly-qualified (NQ) lawyers will remain at the firm, equating to an 89% autumn retention figure.

Of the 37 trainees — who will start an on recently improved pay packets of £70,000 — two opted to withdraw from the process before formal qualification offers were made. The remaining 35 were all offered places at the firm, of which two declined and will be heading for the exit in September.

According to an official firm statement, S&M’s retention figure is 94%, but taking into account those that dropped out of the process, the true figure is 5% lower.

The firm — which offers around 80 training positions a year — has ever so slightly improved on its spring figure of 88%. On that occasion, five of its 42 trainees decided that life at arguably the most elite firm in the Square Mile wasn’t for them.

Today’s developent followed a strong set of retention results for the US firms in the City. In the past month Jones Day, White & Case, Shearman & Sterling, Sullivan & Cromwell and Weil Gotshal & Manges have announced 100% retention results.