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Allen & Overy posts 85% autumn retention result

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40 out of 47 rookies commit future to magic circle firm

Allen & Overy has revealed a 2017 autumn retention rate of 85%.

Of the 47 trainees due to qualify next month, 40 will be taking up newly qualified (NQ) positions. The magic circle outfit confirmed this afternoon that it had made 41 associate offers, with all but one accepting.

Legal Cheek’s Most List shows that Allen & Overy is one of the biggest training contract providers in the City, dishing out around 90 each year. Trainees at the firm earn £42,000 in year one, rising to £47,000 in year two, and NQs start on a healthy £78,500.

Commenting on today’s autumn result, James Partridge, partner and training principal at Allen & Overy, said:

This is another good result. It’s testament to our compelling offering and commitment to developing exceptional talent.

The firm — which recently offered free space to legal tech start-ups within its plush London HQ — posted an 82% spring retention score (31 out of 38) back in March, and an 86% autumn result (36 out of 42) this time last year.

The latest retention news follows a strong set of financial results. Trouncing its magic circle peers, Legal Cheek reported last month that profit per equity partner (PEP) was up by 26% to £1.51 million, while revenue enjoyed an uplift of 16% to £1.52 billion.

Allen & Overy was one of the standout performers in Legal Cheek’s Trainee and Junior Lawyer Survey. Securing A*s for its perks, international secondment opportunities and canteen, the firm racked up As for, among other things, social life, training and peer support.

The only other magic circle member to release its 2017 autumn retention figure so far is Slaughter and May. The firm, which offers around 80 training contracts each year, kept hold of 29 out of 32 NQs, giving it a score of 91%.

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46 Comments

Kirkland & Ellis NQ

“NQs start on a healthy £78,500.”

Oh look Ma, that’s just under half as much as what I earn! Poor bunch of gimps. 😂

(7)(19)

Corner shop owner

More lube?! Crickey.

(6)(0)

Anonymous

I guess its a toss up between rectal preservation and money.

(4)(0)

Anonymous

What does rectal mean?

(1)(0)

Anonymous

You cun have them both, like get the preservashun and also the money. It isn’t always just about the moneys.

(1)(1)

Anonymous

SC paying more.

(1)(2)

Anonymous

Lol no they’re not.

This must be coming from an Ashurst associate, delusional little bunch.

(8)(0)

Anonymous

Mac far lanes paying NQS £81k plus 5% firmware bonus plus up to 25% performance related bonus.

(0)(0)

Anonymous

Firmwide**

(0)(0)

Anonymous

ROFL, a K&E associate talks about others being gimps. Take a long, hard look at your firm mate, the stories aren’t pretty.

(7)(1)

Anonymous

I second Kirkland & Ellis NQ. Why would you vote him down? We should celebrate success not keep making excuses for mediocrity. I just do not believe that firms like A&O or CC just could not possibly pay their associates more. Obviously they could – but the partners are too greedy.

(6)(1)

Anonymous

Good firm A&O are. I work at a smaller (but not tiny) firm where things are a bit more tight – for example, the stationery cupboard does not have scissors. I had a pair at my desk… mysteriously gone missing over the weekend. It is just a bit of a farce, I need my scissors. Now my scissors are gone. What do I do? Resort to stealing someone else’s? This is all so petty.

(18)(1)

Anonymous

Irwin Mitchel or Ince and Co?

(1)(2)

Anonymous

Hah, think half way between those and MC

(0)(0)

Anonymous

Sounds like the Black Hole of Calcutta. Or DWF.

(0)(0)

Anonymous

Ashurst / BLP?

(1)(0)

Anonymous

Pfft, that’s nothing. We aren’t even allowed Post-It notes – we have to scribble on the back of our hands mostly. On busy days our chests, the soles of our feet etc.

(1)(0)

Anonymous

what happened to the other 6?

(0)(0)

Anonymous

Lore Firms don’t publish that kind of information

(1)(1)

Anonymous

You reckon they will revise their salary bands ? They haven’t indicated either way

(1)(0)

Gossipmonger Goy

Tumours have it A&O are upping NQ rates to £95k in September. You’ve heard it here first.

(2)(5)

Anonymous

Sounds too good to be true

(3)(0)

Eversheds Trainee

I like the sound of this.

(1)(0)

Anonymous

If they do up to £95k that will surely only be inclusive of bonus.

Still puts them £30-40k behind the top US shops – accounting for the juicy US bonuses which aren’t included in their salary, unlike this trend which the MC and other firms are doing.

People can say what they want, but to think that there is any significant difference in the hours done by top US firm NQs and that at the magic circle firms is silly. Having worked at both a MC firm and now at a US firm, the hours I’ve worked are practically identical, including number of weekends.

(6)(0)

Anonymous

Out of curiosity, does your US firm have equivalent support infrastructure (for eg document production unit, legal support centre)?

(3)(1)

Anonymous

What major US firm doesn’t have a document production unit and legal support? Amazing that UK firms are still convincing their associates to stay for a £50k+ pay cut because there is an extra PSL and a few more printers.

(4)(2)

Anonymous

LOL THIS.

(2)(0)

Anonymous

@Anon 6:02

Support infrastructure is slightly less obviously, NYC is where the bulk of that is at, but I’ve found this largely irrelevant and not affecting my day to day?

Bottom line is I still work identical hours to what I did at the MC, my quality of work is equal, the responsibility I’m getting is definitely higher for my level, the clients are just as good, I actually do a greater variety of work which makes life far more interesting, I know a higher number of people in my office than I did at my MC firm as it feels more like one big family than one huge machine where people only interact within their teams, and alongside all this I get paid roughly £60k gross (factoring bonuses into it) more than what I would be paid at my old MC firm – what is not to like about it?

The only cons that I see at the firm I’m at now compared to my MC firm is there is slightly more stress and accountability, I feel like I need to know more and am pushed harder, there’s no hiding away in the background and my days are ever so slightly more intense (which I actually prefer). Partnership prospects are also the same in my view.

(5)(0)

Anonymous

Wholly agreed, except for partnership prospects. Those are very much next to zero for an overwhelming majority of US firms in London.

(0)(0)

Motorhead

I got a piece O lettuce, a guacamole, a Brazil nut and a tomatoe up my ass right now.

O yeah baby

(4)(1)

Jones Day Equity Partner

I prefer my trainees to post under their own names, and not to disclose what I did to them this afternoon.

(2)(1)

Anonymous

“Guacamole guacamole. Sleep deprivation’s driving me insane….”

(0)(0)

Anonymous

It is all about the money. Money gets you laid, it get you fed lobsters, it gets you lavish holidays, it makes you happy.

I love money, I really do. I want more of it, I want to spend spend spend. I want to Deliveroo £50 worth of scallops and eat them off a plate made of pure gold. I want it all, I want it now. YES MONEY.

(7)(3)

Irwin Mitchell Partner

Last night I ate cat food with a sell-by date in 2013.

(5)(1)

Anonymous

It could be worse. I see former KWM people scrimping around my bins all the time.

(2)(1)

Anonymous

I’ve heard conflicting numbers. What did A&O manipulate to get this percentage?

(6)(1)

future trainee

what do you mean by ‘manipulate’?

(0)(0)

Anonymous

I mean I don’t think the true rate is 85%. In other words, these numbers might be manipulated.

(1)(1)

Anonymous

Probably on temporary contracts

(0)(0)

Anonymous

You think that based on what?

(1)(0)

Anonymous

Based on the person above saying ” these numbers might be manipulated.”

Simmons put some of their trainees on temp contracts to boost their retention numbers.

(0)(0)

Anonymous

This post has been removed because it breached Legal Cheek’s comments policy.

(5)(1)

Anonymous

This post has been removed because it breached Legal Cheek’s comments policy.

(3)(0)

Anonymous

Says Freshfields partner/HR Director…

(0)(0)

Anonymous

None of us is on a temporary contract.

(0)(0)

John Milton

That soulless glass cube, echoing with the ghosts of people playing 5-a-side in the Spitalfields City League, is a gateway to hell for, verily I say unto you, A&O are Satan’s ‘king law firm…

(1)(2)

Comments are closed.