Allen & Overy posts 85% autumn retention result

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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