Encouraging 80%+ performances from ‘silver circle’ outfit and ‘northern giant’
From a trainee cohort of 21, Macfarlanes made 20 offers, with all but two newly qualified (NQ) lawyers accepting. This resulted in a final autumn retention figure of 85%. The silver circle outfit’s new associates will pocket a respectable £71,000 a year.
Commenting on today’s result, Sean Lavin, partner and head of graduate recruitment, said:
When recruiting and training we always have the long-term careers of those that join us front of mind. Our aim is for 100% trainee retention and in March we were in the excellent position of having achieved this. 85% retention is a very satisfactory outcome. While 100% retention is our objective, it is inevitable that individual expectations and the opportunities available cannot always be matched.
Earlier this year, the single-office outfit posted an impressive spring result of 100%, keeping all six of its new recruits.
Meanwhile, northern giant Addleshaw Goddard has revealed an autumn retention rate of 81%. From a trainee cohort of 27, the large national outfit confirmed 22 NQs had committed their future to the firm. A spokesperson for Addleshaws said:
We have seen a slight decrease in our trainee retention rate this summer, due to the changing personal circumstances of the handful who left the firm. Despite this our retention rate remains strong and reflects a genuine commitment to attracting, retaining and developing great people.
Though it is not clear how many offers were made, Legal Cheek is aware of at least one NQ who has opted to join a much higher paying US outfit in the City. Addleshaws’ new London-based associates will start on a salary of £61,000, while those starting life as a lawyer in one of the firm’s eight regional offices will pocket a figure closer to £38,000.
This newest 81% result marks a slight drop on Addleshaws’ 2015 autumn result. On that occasion the firm held on to 23 out of 27, or 85%, of its NQs.
It’s turning out to be a very mixed autumn retention rate season this year. Late last week, Reed Smith revealed a disappointing autumn figure of 67%, keeping hold of just eight of its 14 NQs. Meanwhile Pinsent Masons confirmed that 47 of its 59 final-seat trainees had committed their future to the firm, equating to an autumn result of 80%.