Fieldfisher has trumpeted a perfect 100% autumn retention score, as its latest set of financial results reveal top partners are trousering a whopping £2 million.
The firm, one of the smaller corporate outfits based within the City, has confirmed it’s successfully kept hold of all 13 of its trainees due to qualify this September.
Three will join Fieldfisher’s finance group, two will head to the technology practice, two to the regulatory team and two to IP. Property litigation, corporate, dispute resolution and employment/pensions will receive a newly qualified lawyer (NQ) each. Legal Cheek’s Most List shows that the firm’s new recruits will start lawyer life on a modest (by City standards) salary of £63,000.
Commenting on the flawless retention result, Edward Miller, training principal at Fieldfisher, said:
Many congratulations to our trainees — we are delighted that they are staying with the firm. Internal training is a key value at Fieldfisher and we are dedicated to developing the lawyers of the future. To reflect this, and the firm’s growth, this year we have increased the number of our trainees in London to 14, as well as two in Birmingham and two in Manchester.
Away from retention news, but sticking with Fieldfisher, the firm’s latest set of financial results shows its top equity partners pocketed a cool £2 million in the past financial year. The firm — which has 17 offices across seven countries — confirmed that the top of its equity had jumped from approximately £1.2 million to £2 million, a rise of over 70%. However, it’s worth noting that only a select few at the very top of the firm walked away with this vast sum.
Moreover, the latest figures show that some partners at the very bottom of the equity ladder walked away with £230,000, a drop of 30% on last year’s figure of £330,000. In May the firm revealed that its profit per equity partner (PEP) was up 16% to £640,000, while revenue increased by 34% to £165 million.
Turning to Fieldfisher’s performance in the Legal Cheek Trainee and Junior Lawyer Survey, the firm notched up A*s for partner approachability and work/life balance, as well as As for training, quality of work, peer support, perks, office and that all important social life.
Back with retention rates and yesterday magic circle outfit Slaughter and May revealed a solid retention score of 91% (29 out of 32). This followed similar results earlier in the week from Ashurst (95%) and Shearman and Sterling (87%).
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