Mishcon de Reya and Addleshaw Goddard post encouraging autumn retention results

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Duo both keep 85% of new-qualifiers — hanging onto a combined 34 trainees out of 40


Well-known London private client firm Mishcon de Reya and self-styled northern powerhouse Addleshaw Goddard have both announced trainee retention rates of 85%.

Mishcon has today revealed that 11 of their 13 strong qualifying trainee cohort will remain with it upon qualification.

The firm, which began life in a one-room office in Brixton, south London, seems to be in good health. Earlier this month, Legal Cheek revealed that it was upping its target trainee intake from 12 to 15 — part of a wider City trend that has seen graduate numbers increased by a host of firms, including White & Case, Ashurst and Squire Patton Boggs.

Meanwhile, Addleshaw Goddard has revealed that it is hanging onto 23 out of 27 trainees.

The firm told Legal Cheek that 13 of the newly qualified solicitors would remain at Addleshaw’s City of London headquarters, while the Manchester office would receive eight rookies and Leeds would gain six.

Both Mishcon and Addleshaw have improved on their autumn 2014 retention figures, when they kept, respectively, 72% and 82% of their trainees.

Pay at the two outfits varies. At Lincoln’s Inn Fields-based Mishcon, trainees start on what is a relatively modest — by London commercial law firm standards — £34,000. However the firm prefers not disclose what it pays its newly qualified (NQ) associates. Please feel free to enlighten us in the comments.

Like many firms with a presence in the regions, there is a big discrepancy between what Addleshaw pays its junior lawyer in and outside London. Trainees in the capital start on £37,000, but those up north get just £25,000, while newly qualified rates are £62,000 in the Square Mile but a mere £40,000 in Leeds and Manchester.



Why don’t Mishcon disclose NQ salary? One of the very very few that don’t. Is it a bad sign?



It’s because they pay peanuts. NQs are up for a nasty suprise



To my knowledge, Mishcons pay around £48-£50k+, the latter of which is wholly dependent largely on how willing the NQ is to bend over, lube up and brace for penetration.



Mishcon likes to position itself alongside City firms, yet it is still firmly a West End firm…



Lathams have also upped their training contract numbers this year, by 20%. At £101k for NQs, that is no small number.



Fuark, more souls into the meatgrinder.



I’ve heard Mishcon NQ pay is £45k



I’ve just checked. There PEP is £897,000 for 2015. This is nearly double compared to the majority of firms sitting above it in the Legal 100 this year. So the Partners are laughing and the staff work for pittance. Why do they have a high retention rate?



Is this anything new? Partners have always loved exploiting the drones for fat profits.





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