36 trainees from a cohort of 42 commit their future to the magic circle giant
Commercial giant Allen & Overy is the first magic circle firm to announce its 2016 autumn retention rate, and it’s 86%.
The global titan has revealed that 39 trainees — out of a pool of 42 — applied for associate positions at the firm.
All but one of those applicants was made an offer to work at the firm, which amounts to an offer rate of 97%. But because two would-be A&O lawyers rejected their offers, the overall retention rate is 86%.
This figure represents a slight percentage drop from the firm’s strong spring retention result of 91%. It’s also 14% away from a perfect score of 100%, a figure boasted by both Fieldfisher and Shearman & Sterling this retention rate season.
Regardless, James Partridge — partner at the corporate finance specialist firm — seems pretty chuffed with the result. He commented:
The retention rate for September 2016 is pleasing and in line with what we would expect. It demonstrates our long term commitment to recruiting and retaining our talented young lawyers.
For the newbie Allen & Overy associates, a big pay rise is on the cards. Trainees earn £42,000 and £47,000 in their respective first and second years; on qualification, that figure skyrockets to £78,500.
A staggering pay packet, but nowhere near as high as the money paid to the firm’s London-based US juniors. The elite magic circle outfit revealed in June a number of its US newly-qualified associates, working in London, will take home £124,000 a year.