Retention rate news: Pinsent Masons posts 74% score

As Forsters reveals perfect 100% result

Global outfit Pinsent Masons will be welcoming 67 newly qualified (NQ) lawyers to its UK ranks this autumn.

Of the 91 soon-to-qualify trainees at the City of London-headquartered firm, 84 applied for associate positions. With 67 signing on the dotted line, Pinsents today posts a 74% retention rate score.

This is not far off the firm’s previous retention score, which was 80%. However it’s a big improvement on the season beforehand (spring 2016) when just 50% of lawyer rookies stayed on.

On today’s news, head of recruitment and graduate development Deborah McCormack said:

We pride ourselves on the inclusive and encouraging culture which gives our trainees the opportunity to thrive and I’m pleased to welcome them to the team.

The news comes just days after Legal Cheek revealed pay at the 22-office firm had been given a healthy boost. London associates will now begin lawyer life on £68,000 (up from £65,000), while Pinsent Masons regional NQ pay is up £2,000 to £42,000. Salaries in Scotland and in Belfast have also been boosted, by £1,000 to £39,000 and £28,000 respectively. Happy days all round.

In other retention rate revelations, private client and real estate outfit Forsters has posted a 100% score. The Mayfair firm has told Legal Cheek it’s retaining all eight of its trainees. On qualification, the new lawyers will earn a tidy £61,000.

Pinsents and Forsters today join the likes of magic circle big shot Allen & Overy and US stalwart Sullivan & Cromwell in the list of firms that have posted their retention scores this week. Allen & Overy’s is 85% (40 out of 47), while Sullivan & Cromwell’s is 100% (four out of four).

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