Jones Day and Taylor Wessing continue strong autumn retention trend for City firms
Anglo-German firm Taylor Wessing posts 87% retention figure, while London office of US giant Jones Day reveals it’s keeping all of its autumn qualifiers
The strong autumn retention trend continued today as Taylor Wessing and Jones Day revealed their autumn results.
Taylor Wessing — known for tech, IP and life sciences work — has announced today that 20 of its 23 trainees have opted to remain at the firm post-qualification, equating to a retention figure of 87%.
The 20 newly qualified (NQ) lawyers will start on a salary £61,000 and will be spread across several of the firm’s key practice areas.
Intellectual property, private client, private equity, tax and disputes and investigations will each receive two new lawyers. The remaining 10 will be spread across various departments including corporate tech, real estate, finance, corporate, commercial projects and employment.
The firm, which offers around 22 training contract opportunities a year, has seen a slight dip in its retention figure since last autumn, when it posted 91%.
Meanwhile, the London office of US giant Jones Day have announced that all of its autumn trainee cohort will remain at the firm.
The 15 trainees will begin life as NQs on a salary of £78,000, a full £8,000 more than their magic-circle counterparts at Clifford Chance.
The NQs will be shared amongst several of the firm’s departments, corporate taking the largest share, with six. Banking and global disputes will take two a piece, while the remaining five will be shared among real estate, tax, employment projects/infrastructure and financial institutions litigation/regulation.
Today’s news marks a notable improvement on the figure posted this time last year, when the firm kept 82% of its trainees.
Jones Day adds itself to an ever-increasing list of City firms posting perfect retention figures this autumn. In the past month White & Case, Shearman & Sterling, Sullivan & Cromwell and Weil Gotshal & Manges have announced 100% retention results.