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Mishcon de Reya’s autumn retention figure slumps to 64%

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24

As Stephenson Harwood keeps 90% of its NQs

Mishcon de Reya has confirmed a not so impressive 2017 autumn retention figure of 64%.

The firm revealed that from a trainee cohort of 14, just nine have put pen to paper on permanent deals. This means Mishcon, which acted in the Article 50 case on behalf of Gina Miller, is keeping less than two thirds of its new-qualifiers.

Traditionally, the litigation and private client specialist is a strong retention performer. This time last year the outfit racked up a perfect 100% score (11 out of 11), while in 2015 it posted a result of 85% (11 out of 13).

Commenting on the “disappointing” outcome, the firm said:

We are constantly testing and improving our recruitment procedures. It’s disappointing that retention is lower this year — in the previous three years it has been over 80%. But we are confident that our evolving strategy will help ensure that the matching of trainees to the firm works well on both sides.

Mishcon’s profile on the Legal Cheek Most List shows that it offers around 14 training contracts each year and pays its fresh faced associates a starting salary of £63,000. The firm boasts a healthy profit per equity partner (PEP) of £1 million, and has just two offices: London and New York.

The retention news comes just days after it emerged Keir Starmer QC had said thanks, but no thanks, to a lucrative job at the firm. Shadow Brexit Secretary Starmer had been in talks to become an advisor to the Mishcon Academy (an arm of the firm connected to learning and leadership), but eventually decided against it. He said:

I am grateful to Mishcon de Reya for discussing a possible role advising the Mishcon Academy with me, but given my other commitments, I have decided not to further the discussions.

Back to retention rates and City outfit Stephenson Harwood has trumpeted a solid 90% result.

The firm, which offers roughly 18 training contract positions annually, confirmed that nine of its ten autumn newly qualified lawyers (NQs) were offered, and subsequently accepted, permanent associate positions in its London office.

The new recruits will join Stephenson Harwood’s corporate, marine and international trade, commercial litigation and finance practice areas. Legal Cheek’s Most List shows that NQs at the firm start on a salary of £65,000.

Neil Noble, partner and trainee principal at Stephenson Harwood, said:

As we look to achieve our ambitious growth strategy, and to build on the success of recent years, developing a strong pipeline of talent is more important than ever. We aim to attract and retain the very best lawyers and these figures reflect the firm’s ability to provide a supportive environment in which they can thrive in their legal careers.

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24 Comments

Anonymous

Stop plugging your “Most List.” It’s pathetic. An advertiser paid for list, is something none of us are interested in.

(13)(2)

Anonymous

Disagree. I am interested in lots of firms on the list.

(9)(3)

Anonymous

Well you would be, Alex.

(6)(2)

Anonymous

I am not Alex, I am an associate at one of the “Most List” firms.

(3)(6)

Jones Day equity partner

Mishcon de Reya?

Never heard of her.

(19)(6)

Anonymous

Hey Patrick!

(0)(0)

Patrick

I must return some videotapes…

(4)(0)

Anonymous

Mishcon is the kid you think is cool but turns out to be a bully.

(7)(3)

Anonymous

Just wait ’till those CMS retention figures are published.

(6)(1)

Anonymous

There will be more axing going on there than during the French Revolution.

(6)(0)

Anonymous

er – says who

(0)(2)

Anonymous

They will muck the figures by claiming people chose to leave (when in fact all CMS trainees, even the next bunch, have been job hunting pre-emptively for months).

(3)(1)

Anonymous

CMS = Culling More ‘Socciates

(7)(0)

Anonymous

Top bantz.

(1)(0)

Anonymous

What about sponsor firm Kirkland’s retention rate, Tommy? Or did HR give you a stern warning?

(1)(0)

Dianne Abbott

I smell conflict of interest. What is it Tom? A swanky new pair of Kanye West trainers or reporting the facts?

(0)(0)

Anonymous

Kirkland would always have a 100% retention, who wouldnt want a 3x pay rise?

(0)(0)

Former K&E trainee

LOL.

(3)(0)

Banter Inspector

That article was utter top bantz – comments revealing molester partners (including their names!), threatening with law suits… That article truly has it all!!!

(0)(0)

Anonymous

What purpose do these retention rate articles serve? Are they trying to find some sort of pattern? It’s annoying and means basically nothing, not all trainees will want to stay at a firm post qualification

(1)(2)

Anonymous

Yeah – most want to leave to a US firm.

(0)(2)

Snackbar

Can’t see that happening from a shop like Mishons… Jump ship to…Fieldfisher, maybe.

(0)(1)

Chicken Connoisseur

So Mischon losing bare manz.

Still, mandem can jus get next job at other shop – like propr West End firm – can still boss some sick creps on £50k/yr and have time to go Footlocker after work.

(5)(2)

Latvka Da blitz

Absolute chronic retention compulsion.

(0)(0)

Comments are closed.