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Linklaters keeps hold of 45 out of 54 qualifying trainees

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Retention rate of 83% for offerer of most training contracts in the City

Linklaters-umbrella

Magic circle giant Linklaters has just posted a pretty good (if not quite magical) retention rate — keeping hold of 83% of its trainee cohort due to qualify this month in London.

The firm — which hiked its junior lawyer pay dramatically on Friday — announced that from a total 54 trainees, 49 were made offers and 45 accepted. Nick Rumsby, Linklaters’ partner, commented:

After a number of years of consistently strong retention rates we are pleased to retain so many high quality lawyers from our March qualifiers. Our retention rate of 83% demonstrates our continuing ability to offer our trainees impressive qualification opportunities into a globally minded and commercially successful firm.

Linklaters’ results are not as strong as the other magic circle firms to have released their spring 2016 retention rates, with Allen & Overy keeping 91% of its new qualifiers and Slaughter and May 95%.

But they were a good deal better than mid-tier City firm Berwin Leighton Paisner, which managed to hold on to just 70% of its March qualifiers — the poorest showing so far of the year.

All eyes are now on Freshfields and Clifford Chance, whose retention rates are expected in the coming weeks.

13 Comments

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(6)(1)

Anonymous

Hilarious…

(0)(0)

Anonymous

Will LC be publishing the retention rates for every firm, or just the ones it likes?

(2)(2)

Anonymous

How many jobs were offered an show many accepted?

This percentage alone doesn’t really tell you much.

(0)(1)

Anonymous

Can you fucking read?

(3)(0)

Anonymous

what do people do who dont stay? Were they just not offered the job or do they tend to move to other law firms/industries?

(1)(0)

Anonymoose

It depends on the reason for them not accepting/being offered an NQ post is
1.) They may have not been up to scratch (so won’t be offered an NQ post). In which case, they will either find another position outside of law, or at another firm. Training at an MC firm is still a leg up for recruitment.
2.) There may not have been a vacancy in the department they wanted. It is usual to allow for them to apply to two or three departments. Each department will only be looking for so many NQs. If the firm likes them, but can’t allocate them their preference, they may offer them a less desirable seat to keep them. Either way, depending on how it plays out, they may not be offered a place at all, or, they may turn down a position because it doesn’t fall in their desired area. In that case, they will usually go hunting for a position in their desired field prior to finishing the TC (Most decisions are usually made 3 months before qualifying).
3.) Other extraneous reasons. e.g. they didn’t like the firm (will go to another firm); they didn’t like being a solicitor (find a position outside of industry); they didn’t like pp (find an in house position) etc

(8)(0)

Merkel's merkin

4) They balled every secretary on their floor, then ended up getting a tugjob from one of the partner’s wives at a Christmas ball. True story. In other words folks: don’t crap where you eat!

(2)(4)

Anonymous

Heh. Yeah, and that…

Oh, and probably number: 5.) Offered a huge pay rise to go and work for a US firm.

(2)(0)

Anonymous

Wonder if a few go into finance, banking/PE sort of stuff…

(0)(0)

Anonymous

No.

(0)(1)

Anonymous

Actually yes…

I know people who went into bulge bracket banks for M&A / investment banking.

So….

(1)(0)

Anonymous

They become highly-paid escorts with their skills and work experience gained from a TC.

(0)(1)

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