Mixed results for law firm trio
Three more law firms have unveiled their autumn 2016 retention results.
First up, media boutique Olswang. The firm — which provides around nine trainee solicitor positions each year — has revealed a respectable autumn retention figure of 83%. Olswang confirmed that from a trainee cohort of six, five were offered newly qualified (NQ) positions, all of which were accepted.
Three new associates — starting on a salary of £61,000 — will be based within the firm’s media, commercial and technology group, while Olswang’s real estate and IP teams will gain one new lawyer each. The outfit revealed that the one NQ who decided not to hang around has “accepted a position outside the firm”.
The news comes less than a week after Olswang confirmed it had entered into “discussions” over a possible three-way merger with international giant CMS Cameron McKenna and City outfit Nabarro. Through a joint statement issued last Friday, Olswang claimed that the combination would create a “differentiated” firm with “exceptional depth”. Legal Cheek understands that partners at all three firms are yet to vote on the tie-up.
Dechert — which offers around 11 London-based training contracts annually — chalked up a somewhat disappointing 73% figure, hanging on to just eight of its 11 NQs. The Philadelphia-founded law firm’s new recruits will pocket a cool £90,000.
Finally technology and IP specialist Bristows has posted a solid retention result of 89%. The firm — which pays its fresh-faced associates a salary of £60,000 — confirmed that from a trainee cohort of just nine, eight have accepted full-time positions at the firm.