Period of unpredictable retention rates continues for national firm as it posts an 88% spring 2016 result
Trowers & Hamlins has revealed an improved spring retention performance, retaining six of its seven March qualifying trainees.
The national outfit — that has a strong presence across the Middle East — revealed that a further trainee had qualified early due to his previous experience, resulting in a final retention figure of 88%.
Offering around 23 training contracts annually, the international M&A specialists confirmed that from the seven qualifiers, four would be based at the firm’s London office, two new associates would be heading to Trowers’ Exeter outpost and the remaining March qualifier was Manchester bound.
London-based associates will start on a pay package of £62,000, while their regional counterparts will be on a figure closer to £40,000.
The firm confirmed that two associates would be heading to its housing and regeneration team. The remaining NQs will be spread across commercial property, real estate litigation, projects and construction, private wealth and the firm’s employment department.
Today’s news continues an erratic retention period for Trowers.
During better times the firm hit perfect 100% retention scores on three separate occasions between spring 2012 and spring 2014. However, the firm’s retention plummeted to just 64% the following autumn. Despite the proceeding period of ups and downs, the firm will no doubt be pleased to make a return to the high 80s.
Trowers & Hamlins training principal Tonia Secker reflected:
We have been very impressed by these trainees over the past two years and it is a pleasure to welcome them to the firm as qualified solicitors. On behalf of the entire firm, I congratulate them on a job well done and wish them all the best as they begin their careers in law.
Last week, national firm Nabarro revealed a spring 2016 retention result of 89%, keeping eight of its nine soon-to-be NQ lawyers. Meanwhile magic circle outfit Slaughter and May kicked off the 2016 retention season by posting a strong 95% result.