Retention result of 81%
Travers Smith has confirmed 17 of its 21 trainees due to qualify in September have accepted permanent newly qualified (NQ) positions at its City of London base. This hands the firm, which offers 25 training contracts each year, a solid 2019 autumn retention rate of 81%.
Four soon-to-be associates will join the two-office-outfit’s dispute resolution team, while three are private equity bound. The firm’s commercial, IP & technology and corporate finance departments will receive two rookies apiece. Competition, finance, financial services & markets, investment funds, pensions and tax will each gain one NQ lawyer. Two rookies didn’t receive offers, while the other two opted to leave for other outfits.
Travers’ fresh-faced recruits will start on a salary of £78,500 which places them just above their opposite numbers at a host of City players including Mayer Brown (£78,000), Baker McKenzie (£77,000) and Norton Rose Fulbright (£77,000). Trainees at Travers currently earn £45,000 in year one, rising to £50,500 in year two.
Today’s performance represents a slight dip on Travers’ autumn 2018 score. On that occasion, the firm — which is perhaps best known for its private equity practice — posted a perfect 100% rate, keeping all of its 21 qualifiers. Travers unveiled a 90% rate (18 out of 20) in 2017 and 94% (17 out of 18) in 2016.
In this year’s Trainee and Junior Lawyer Survey, Travers scored A*s in four categories including training and quality of work, and received commendations in five categories including Firm of the Year, at the Legal Cheek Awards earlier this year.
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