Elite firm retains 33 of its 35 spring 2016 qualifiers
The London office of international law firm Herbert Smith Freehills has continued its impressive trainee retention rate performance, posting a spring 2016 figure of 94%.
Revealing that 34 out of a qualifying trainee cohort of 35 had applied for associate positions, the London-based global elite outfit made 33 offers. All were accepted.
The news comes on the back of HSF’s upping of its junior lawyer pay last year.
Associate pay packets saw a 6% boost to £69,000, while trainees at the firm — which offers around 70 training contracts annually — were also chucked a little extra cash. Those in the first year of their TCs now walk away with £42,000 — up from £39,500 — while their second year counterparts take home £46,000.
This is HSF’s third successive retention rate in the nineties, with the firm — which has 23 offices in 18 different countries — most recently posting a 92% retention rate last autumn and 93% last spring.
Yesterday’s announcement continues a strong spring performance for City firms.
New York-headquartered outfit Weil Gotshal & Manges revealed a perfect retention result of 100% last week, keeping all 15 of its London trainees. Meanwhile, City firm Nabarro revealed a spring 2016 retention result of 89%, narrowly beating national outfit Trowers & Hamlins on 88%.
Magic circle player Slaughter and May kicked off this spring’s retention round with a strong 95% result.