Clyde & Co and DAC Beachcroft also throw their results into the mix
Nabarro, a firm which saw its profit per equity partner (PEP) soar 21% to £586,000 in 2015, has revealed an autumn retention rate of 83%. From a trainee cohort of 18, the firm confirmed that 15 had chosen to stick around, accepting full-time associate positions.
The firm has revealed that eight new lawyers will be heading to Nabarro’s dispute resolution division, four will be based in business advisory and the remaining three will start associate life in real estate.
Next up, CMS. Earlier reports suggested the firm had posted a slightly underwhelming autumn figure of 73%, with just 22 of its 30 newly qualified (NQ) lawyers staying on. Keen to confirm the result, Legal Cheek reached out to the firm earlier this week, but so far has been met by a wall of silence.
Perhaps this is because CMS — which offers around 60 training contracts each year and pays its London associates a salary of £67,500 — has other pressing matters on its mind.
Earlier this week, both Nabarro and CMS revealed they had green-lighted a three-way merger with City outfit Olswang. A spokesperson revealed the new firm will trade as CMS, but have the rather un-catchy UK name of CMS Cameron McKenna Nabarro Olswang LLP, and will employ over 4,500 lawyers across 36 different countries. The merger — which will be the largest ever in the UK legal services market — is set to go live on 1 May 2017.
Back to retention rates and US giant Latham & Watkins has confirmed an autumn score of 85%. Holding on to 17 of its 20 qualifiers, the result marks a slight drop on this time last year when the firm retained 95% of its London trainees. Having bumped up pay packets earlier this summer, Latham’s new associates will trouser an eye-watering £124,000.
From a trainee cohort of 41, Clyde & Co confirmed 34 had accept full-time associate positions, giving the firm a result of 79%. Twenty-five NQs will be based at the firm’s London headquarters, while Manchester and Dubai will gain two new associates apiece. Guildford, Oxford, Singapore, Doha and San Francisco will also receive one newbie each.
Meanwhile DAC Beachcroft has retained 80% of its autumn trainees. From a qualifying cohort of ten, the firm saw just two NQs head to the exit. The firm’s managing partner David Pollitt said:
We are delighted to be able to welcome our latest new recruits officially and to congratulate them all on achieving qualification.