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Shearman & Sterling revises down autumn retention figure following trainee numbers oversight

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87% 75%

The London office of US titan Shearman & Sterling has revised its 2017 autumn retention figure after it omitted one trainee from its final calculation and another changed her mind.

Last month, Shearman trumpeted an impressive 87% retention result, revealing that 13 of its 15 soon-to-be associates would be staying on. However, it has since emerged that the firm’s newly qualified (NQ) headcount actually stands at 16.

This is because, as a spokesperson for Shearman told Legal Cheek: “One trainee opted out of the qualification process to fulfil a career outside of law which is why we didn’t include them in our numbers.” We understand that the trainee who has opted for a life away from law is in the process of setting up their own business.

Then, after the outfit went to press with its 87% result, one offer-accepting NQ decided to leave the firm. The spokesperson continued:

After we announced our retention rate, one of the NQ lawyers accepted a position elsewhere. We wish her well in her future career.

Crunching the new numbers, Shearman — which offers around 17 training contracts annually — now has a new autumn retention figure of 75%.

Legal Cheek‘s Most List shows that the 12 who have put pen to paper on permanent NQ deals will start on an eye-watering £105,000 a year. This salary puts Shearman’s newbies on a pay par with their peers at fellow US giant White & Case, and a full £20,000 better off than their nearest magic circle rival. The commercial firm’s trainees trouser £45,000, rising to £50,000 in year two.

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12 Comments

Latvka Da blitz

Ooo rectificate my retention again baby.
Doc!?

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Anonymous

Nice try

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Anonymous

Nicked from RollOnFriday and not even credited.

What does Alex pay you guys for?

Oh, I forgot, he doesn’t pay you.

Jokers.

(10)(1)

Anon

Has more detail than the ROF article.

What is all this crap people spout about LC copying ROF? Do you expect the telegraph not to report anything already reported in the FT? It’s the way news works for crying out loud

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Anonymous

Eat my choad, Alex.

(6)(1)

Anonymous

cringe

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Anonymous

No it’s not. The FT, The Times etc. always credit RoF when they take their stories. LC is sufficiently desperate to try and gloss over the fact that all it’s unpaid volunteers can do is rehash other publications’ scoops.

(5)(2)

Anonymous

I wonder if there are general press feeds. Although I have never seen anyone mention it on here, the (Law Society) Gazette often runs similar stories to Legal Cheek too.

(2)(1)

Anonymous

Why is this even news?

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Anonymous

Trouser, bag, eye-watering.

This sounds somehow sexual.

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World (Paediatric Mental) Health Organisation

Give us a clue with the Anal Retention thing? Please?

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Anonymous

Not just 20k off is it as the MC roll the bonus into the “salary” whereas the US firms don’t. If you want to report it properly, do so.

(5)(0)

Comments are closed.