Four NQs seek pastures new
Elite magic circle outfit Slaughter and May has revealed an autumn retention figure of 89%, hanging on to 32 of its newly qualified (NQ) lawyers.
The London-headquartered firm — which has just four offices across the globe — confirmed that from a trainee cohort of 36, 35 wannabe associates had put themselves forward for full-time positions. Making 34 offers, Slaughter and May revealed that all but two accepted, equating to a respectable autumn retention figure of 89%.
Slaughter and May’s new recruits will pocket a salary of £71,500, which — due to some sizeable pay increases across the City — makes them the lowest paid associates within the magic circle fivesome.
Commenting on today’s result, spokesperson for Slaughter and May said:
In terms of September qualification, 35 of 36 qualifiers put themselves forward and the firm made 34 offers of which 32 were accepted. Our overall retention rate was therefore broadly in line with previous years. We are very pleased with this continued strong showing which bodes well for the long-term future of the firm.
Slaughter and May is the final magic circle outfit to reveal its autumn rate.
Back in August Linklaters revealed a strong 91% result, hanging on to 51 out of 56 trainees. Meanwhile, back in July, Allen & Overy posted a retention rate of 86%, holding on to 36 trainees from an autumn cohort of 42. Clifford Chance — posting the lowest rate within the magic circle this autumn — revealed an 82% figure earlier this month. But the spoils go to anglo-German giant Freshfields Bruckhaus Deringer. Posting a very impressive 95%, the firm kept hold 40 of its 42 new lawyers.