Qualifying trainees at square mile trio Travers Smith, Simmons & Simmons and Fieldfisher experience contrasting fortunes
Silver circle outfit Travers Smith has revealed a strong retention figure of 94%, keeping 17 of its 18 autumn new qualifying (NQ) lawyers.
The firm, which offers around 25 training contracts annually, will place five of its new associates in corporate. Finance and tax will take three a piece while two NQs will be based in the firm’s commercial department. The remaining junior lawyers will be split across dispute resolution, pensions, real estate, financial services and markets.
Travers — which has only two offices, one in the City (pictured above) and the other in Paris — also posted a 94% retention figure this time last year, when it kept 16 of its 17 trainees.
In contrast, London-based international firm Simmons & Simmons has posted a disappointing autumn figure.
The firm, which revealed an encouraging 80% spring figure earlier this year, announced that only 22 of a cohort of 28 actually completed their training. Of those 22 NQs, 19 offers were made, of which 18 were accepted, giving the Moorgate-based outfit an autumn retention figure of just 64%.
It was slightly better news for one of the City’s smaller international firms. Fieldfisher, which offers around 12 training contracts each year, has posted an autumn retention figure of 77%.
The firm announced it would be retaining ten out of a training cohort of 13 NQ lawyers post September. Three trainees will be heading to Fieldfisher’s technology, outsourcing and privacy practice. Competition and corporate will gain two a piece, while real estate, IP and IT/IP litigation will receive a trainee each.
The news follows several pay boosts for lawyers across the City in the past week. Those opting to remain at Fieldfisher will benefit from an improved NQ salary of £62,000, up from £58,0000, while Simmons has increased its NQ pay from £63,000 to £68,000. While last week, Legal Cheek revealed that NQs committing their future to Travers post-qualification would be taking home £70,000, up from £64,000.
City law pay bonanza — three firms boost junior wedge by as much as 9% [Legal Cheek]