Erratic retention performance continues amid concerns swirling around firm’s profits and financial health
Trowers & Hamlins has failed to steady the ship, as its fluctuating retention rate will continue into this autumn.
The firm — which has offices across the UK and Middle East — revealed yesterday that just five of seven September-qualifiers will remain.
Trowers — which offers around 20 training contracts annually — will no doubt be disappointed with yesterday’s announcement, having posted an encouraging spring figure of 82%.
Two of the newly-qualified (NQ) lawyers will be based at the firm’s London headquarters, while its Manchester and Exeter outposts will receive a new associate each.
The remaining NQ will be based at Trowers’ Dubai office, which has been open since the early 1990s.
The London NQs will start on a salary of £58,000, while their regional counterparts will be on a more modest package of £37,000.
In recent years Trowers’ retention rate has fluctuated dramatically between 60% and 100%, and even hitting a low as 28% in 2012.
But it isn’t just NQ retention rates occupying the senior management’s collective mind. Last week, The Lawyer newspaper reported (registration required) that international profits at the firm — which has had a big presence in the Persian Gulf region for years — had took a 96% tumble last year.
Yesterday’s announcement came on the back of another disappointing autumn retention rate for City firm Nabarro. Last week the firm revealed that three lawyers had opted to leave the firm post-qualification, equating to a retention figure of just 77%.