One on fixed-term contract
Linklaters has become the final magic circle firm to reveal its autumn 2020 retention score, with 46 of its 53 final-seat trainees staying put.
The global firm confirmed one rookie, who qualifies into its pro bono team, is on a fixed-term contact due to the nature of the project they’re working on. This hands Links — which dishes out around 100 TCs annually, the highest of any other City outfit — a score of 87%, or 85%, depending on how you interpret the numbers.
Links’ latest recruits will start on a salary of £90,000 after the firm opted to reduce NQ wedge earlier this month to negate the financial impact of COVID-19. Trainees receive £47,000 in year one, rising to £52,500 in year two.
Richard Hodgson, trainee development partner, commented:
“We are delighted to once again retain a high number of quality lawyers from our September qualifiers. This figure demonstrates our ongoing commitment to attracting, developing and retaining a diverse group of talented people and we look forward to seeing their careers progress at our global firm.”
So how does the firm’s autumn result stack up against its MC rivals’?
Last month Clifford Chance and Allen & Overy chalked up scores of 78% (36 out of 46, plus two on fixed-term deals) and 93% (38 out of 41) respectively, while Freshfields revealed a result of 84% (32 out of 38). Slaughter and May, meanwhile, retained 38 of its 41 autumn NQs — or 93%.
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