91% retention figure is impressive, if not magical
Global giant Allen & Overy has posted a strong spring retention result, holding on to 91% of its trainee cohort who are due to qualify this month in London.
The magic circle player revealed that from a pool of 43 trainees, 41 had applied for full-time associate positions. Of those willing to commit their future to the firm, 39 were made offers, all of whom accepted. Two trainees — despite applying — were not made offers by the firm.
Receiving a very respectable £42,000 in year one and £47,000 in year two of their training contracts, A&O associates will see their pay packets swell to a magic circle-topping £78,500 upon qualification. Today’s result marks a slight drop on this time last year, when the firm retained 93% of its spring 2015 cohort, or 43 out of 46.
James Partridge, partner and training principal at Allen & Overy, said:
Our trainee retention rate for March 2016 is 91%. It’s a strong result which we are very pleased with and testament to the continuing quality of our trainees.
Over the past two months a number of law firms have revealed excellent retention performances.
City pair Nabarro and Trowers & Hamlins unveiled strong results of 89% and 88% respectively, meanwhile single office-outfit Macfarlanes posted a perfect retention score of 100%, keeping all six of its trainees.
Elite player Slaughter and May kept 38 out of 40 of its spring qualifiers, equating to a 95% result. Meanwhile, US firms have also performed well, with New York-headquartered duo Weil Gotshal & Manges and White & Case posting 100% and 87% respectively. Herbert Smith Freehills also continued its solid retention run, annoucing earlier this year that 94% of its trainees had committed their future to the firm.
However, yesterday, Berwin Leighton Paisner posted the lowest retention result of the spring season so far, keeping just 70% of its March qualifiers.