Clifford Chance latest magic circle firm to release newly qualified retention rate — 82% stay on

Nine NQs head for the exit

CliffordChanceLondon

Clifford Chance has become the latest magic outfit to reveal its autumn retention rate, chalking up a fairly underwhelming 82%.

The firm revealed that of its 49 autumn qualifiers, 41 were made offers, one of which politely declined. This equated to a final retention result of 82%. The magic circle newbies will trouser a recently improved salary of £85,000.

Clifford Chance — which offers around 100 training contracts annually, split across two intakes — hasn’t had a great 2016 as far as retentions go.

With magic circle firms aiming for scores in the high nineties, Clifford Chance could only muster a spring 2016 result of 80%. On that occasion, 43 of its 54 trainees remained at the firm.

Today’s news means Slaughter and May is the only magic circle firm yet to reveal an autumn figure.

Last month Linklaters announced a healthy score of 91%, with 51 out of 56 trainees committing their future to the firm. Meanwhile, back in July Allen & Overy posted a retention rate of 86%, holding on to 36 trainees from a cohort of 42.

Finally, Anglo-German outfit Freshfields. Still topping the magic circle retention table, the firm posted a very impressive 95%, holding to 40 of its 42 lawyers autumn qualifiers.

Over to you Slaughter and May…

24 Comments

Anonymous

And as with the majority of the MC firms struggling against US pay the 85,000 salary isn’t really an 85,000 salary.

(7)(3)
Pongobulb

What is it then? Regardless of competition in the market, an £85k salary is still erm an £85k salary.

(2)(6)
Anonymous

I suggest you research. Only the top performing associates will get the 85k salaries and there is no longer any bonuses.

Strange way to try and manufacture figures.

(8)(0)
Anonymous

Actually the 85k is the median, top performers get more. Right about the bonus though.

(2)(1)
Anonymous

Is that right? If so then I apologise, everything I have read so far suggests it is an attainable maximum. Are you a cheeky inside source?

(2)(0)
Anonymous

I guess it depends on how well the pool got cleaned whilst they were on duty during their TC.

(3)(0)
Anonymous

Links, CC and a and o all got rid of the bonus for being ‘good’ and put it into the salary- it’s well known. And the bonus they cannibalised hasn’t been replaced. So yeah the pay is a little bit misleading

(5)(0)
Rich bastard

Yeah, over at Skaddens my bonus alone was £65k last Xmas. I ain’t complaining.

Enjoy your bonus-less compensation lads – don’t forget to think of all the MC preftige!

(11)(3)
Northerner

Over at Irwin Mitchells, we were all handed out £10 gift cards to Boots and a 2-for-1 voucher for a bacon butty at Greggs last Xmas. The equity partners told us we better take it and shut up, so we all did.

I ain complaining.

(15)(0)
Anonymous

Over at Trowers & Hamlins, we were given several book vouchers as our bonus. Some of us used them to wipe our tears when we walked by Slaughter and May’s offices next door.

(9)(0)
Anonymous

slaughters pay there partners double what the other MC get and more than almost all the US firms so it’s worth sticking it out there until you get told to leave or made up

(0)(2)
Anonymous

If that makes you feel better, honey, then go for it 😉

(1)(1)
US trainee

Well it’s a fact. Where do you work/train, dear Anonymous?

Sadly this website became completely infested with semi-literate keyboard warriors who have nothing better to do than bitch and throw about snide remarks.

I sincerely hope most of these idiots are without TCs and will struggle dearly to get one. I shudder to think people like this actually work as City lawyers…

(4)(1)
Anonymous

This post has been removed because it breached Legal Cheek’s comments policy.

(0)(1)
Barrister & Pimp

NQs at city firms crawling over these pages and wanking over the extra £1.5k per year they get compared to their closest rival never had an original thought in their lives.

Too scared to make it at the Bar.

B&P vitals: 28, £200k p/a, no cuntish boss, own clients…secret contempt for all solicitors.

(1)(8)
tunde

Big dik barista, almost like me, altho I iz blacks 👨🏿=🍆

(1)(1)
Barrister & Pimp

Tunde, fuck off mate. Legal aid don’t count. Glorified public sector worker minus pension, regular pay and job security…

(1)(0)
Anonymous

This post has been removed because it breached Legal Cheek’s comments policy.

(0)(0)
Barrister & Pimp

Man he fuck up then…50% of pupillages are a one way ticket to minimum wage so wouldn’t be too upset Molly….

(0)(0)

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